4 Reasons Why You Should Obtain a Second Citizenship
The Middle East is well-known globally for being culturally rich, with unmatched diversity and extraordinary people, but at the same time, it has been a land marked by conflicts which have negatively impacted the lives of millions. Luckily, many wealthy individuals from the Middle East have been able to escape the adversities from their region, and the only thing they needed to be safe and secure was: A second citizenship or passport.
We wanted to analyse certain aspects and consider some of the top reasons why our clients and most of HNW individuals coming from ME countries have chosen to invest in economic citizenship; reasons are diverse, however, the final goal in most of the cases is, the freedom to travel without border restrictions. Obtaining a second Passport is a fundamental step toward freeing themselves from absolute dependence on any one country. Once Middle East citizens achieve this freedom, it is much difficult for any government to control their destiny.
Here are some of the reasons why you should consider to obtain a second citizenship, especially if you come from a nation in the Middle East under internal conflict:
Freedom of Movement
We all know that applying for a visa before any trip is a real hassle. It can be expensive, frustrating, and time-consuming. One of the main benefits chased by Middle East citizens when they get their second passport is the ease of movement between countries without visa restrictions. Having a stronger passport means being able to develop businesses on a major scale. In a competitive labour market, you cannot compare a businessman from Iraq willing to expand his business with a businessman holding a passport from Antigua & Barbuda.
While the Iraqi citizen only has access to 30 countries with his passport, the Antigua and Barbuda passport holder can access to 134 countries without visa restrictions. Can you imagine all the great opportunities this can bring to the life of any business person or anyone who loves to travel the world and discover new places?
Suffocating economies usually impose high taxes on their citizens; meanwhile, there is a good number of countries with more competitive and beneficial tax systems offering Citizenship-by-investment programs. Just take a look at Dominica's CBI program. There are no taxes for non-residents, there are no capital gains, no property tax, no inheritance tax and capital acquisition.
Most of the individuals who apply to Dominica's program are not looking to relocate to the island, therefore there are no taxes for those who don't reside unless the income is derived or sourced in Dominica. On the other hand, the number of investors coming from the Middle East is high compared to other nationalities; the Dominica program is also preferred in terms of cost-effectiveness as single applicant starts from USD 100.000.
No matter where you live or where you come from, you can benefit from a second citizenship, it will give you peace of mind by providing you with the freedom to select where you want to invest your capital and purchase new assets, without having to develop your business activities on a suffocating economy.
Access Open & Diversified Markets
A second passport will certainly unlock doors to international financial services, no matter if you are opening businesses or opening bank accounts internationally. Many investors from the Middle East with dual citizenship have realized it is more convenient to develop their business under stronger passports. After all, you can't compare a Syrian passport, which grants access to only 32 countries with a passport like the Cypriot one which provides visa-free access to 159 countries. Just imagine all the paperwork required for an HNW Syrian planning to open a business in the European Union with his original passport.
In a competitive and dynamic market, there is a huge disadvantage for those HNWI with just 1 passport or citizenship. Additionally, no one wants to be limited with their investment opportunities; with more access to diversified markets, dual citizens have discovered how beneficial having a second passport can be.
Rights & Benefits Passing Through Generations
Middle Eastern families are well-known for keeping family values as strong as they can. In comparison to different cultures, citizens from the Middle East are more attached to their relatives and this is something that can be observed when it comes to getting a second passport. Many investors feel the need to cover and protect their loved ones with a second citizenship, therefore many of them apply to citizenship-by-investment programs as a family group, including spouse, children and dependent parents. Once the citizenship is obtained, investors will be able to pass their citizenship to their future children and grandchildren, this is a great benefit that will last for generations.
With geopolitical conflicts and risks across the Middle East, a second citizenship and passport will always be considered as a mobility & life insurance for citizens who can afford it. Among other things, it will allow you to invest, live, travel and do business in countries and places you wouldn't otherwise be able to.
There is clearly a need for middle-eastern people to have more access to a world without borders, and we want to be there to assist. Contact Savory and Partners Today and allow us to show you all the amazing opportunities you might have access to by having a second passport. Our team of professionals will be happy to help you secure your second citizenship.