Why would someone want a second citizenship?
The second citizenship programs and to a lesser extent the residency by investment programs around the world are fast becoming highly sought after commodities by High Net worth individuals and their families. But what exactly are the key benefits of “purchasing” a second citizenship?
Here is a non-exhaustive and very brief list of benefits and key reasons why people chose to make an investment that will result in a nationality or residency reward.
EASE OF TRAVEL
Whether you are a CEO of a multinational company, a budding entrepreneur keen to meet supplier and customers at short notice or you just enjoy travelling, it is an understatement that bureaucracy and dated foreign policy severely restrict the ease of travel for certain nationalities. In comparison as a Russian passport holder you would be restricted to travelling to a mere 87 countries primarily consisting of ex-soviet bloc nations, where as a Maltese passport, which is one of the programs available allows for travel to 150 counties visa free, crucially the Maltese passport includes the key markets of Europe and North America. Imagine being able to book a flight to meet a client or to book that well deserved holiday at short notice without having to the delay and cloud of uncertainty around a visa application.
As a high net worth individual you may be employing be best tax advisors and they may be doing a stellar job within the framework of your nations laws however you may be losing thousands if not millions each year due to the tax laws of your country, additionally like certain nations you may be subject to worldwide earnings regardless of the place you reside meaning double taxation in some cases. Depending on the program you may subject to a minimal or sometimes 0% tax rate across the board, including Income tax, gift tax, inheritance tax, capital gains tax. Including generous rates for imported capital, tax holidays for certain types of investments and businesses. Therefore a second passport may pay for itself multiple times over. As an investment it’s almost a no-brainer.
As the old saying goes “what is money without health”, but what is health without safety? Holding a second passport for yourself or your family could possibly be the best safety precaution you make. The risk of harm or mistreatment may well be coming from your own country, the country you are travelling to or any other third country or group. A second passport in comparison to your current passport may reduce the risk of you or your family being targeted by terrorism or government mistreatment, give you better consular support if you have any issues whilst outside your home country, give you a safe haven if your country is unstable, at war or oppressive, help reduce any association with a government or other organisation which casts you or your family in a negative light. Further to personal safety there is also the fact that a second citizenship bringing economic safety to your investment, assets and savings
As mentioned above this list could have been much longer and each paragraph could have been a covered in great detail but it is clear to see form this overview that the benefits of a second citizenship pull on the heart strings of someone the most important aspects of a high net worth individuals life, i.e. Freedom of travel, freedom of income and personal/economic safety
The former Conservative deputy Prime Minister, Lord Heseltine has told the BBC in an interview whilst attending the Conservat Oct, 14, 2014
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It will take nobody by surprise when completing a UK visa application that the form requires them to divulge their criminal h Jul, 24, 2014