Enjoy a Greater Reach With More Passports
In the movies, mostly spies and criminals have multiple passports. In the reality of this day and age, however, wealthy businessmen are the ones who boast multiple passports stemming from legitimate citizenships, thanks to different countries’ economic citizenship programs.
This seems to be the latest trend in the business world. Assets no longer limit themselves to monies and properties; they now include citizenships, too.
photo Ged Carroll
What’s Citizenship By Investment About?
Citizenship by investment or economic citizenship is the process of acquiring a second citizenship and passport through investment in the economy of the country. The program legally grants citizenship without requiring the investor to go through the traditional immigration process. Investors basically become eligible for citizenship without having to immigrate or boast ancestral ties to the country.
The motivation for doing this from the business vantage point is that you gain more freedom of movement as a person of multiple citizenships. This directly impacts your business since laws and restrictions become so much easier for your ventures. Understandably, the programs make the most sense for High Net Worth and Ultra High Net Worth people.
There are more benefits to the endeavor, and they vary in their degree of appeal, depending on the specific needs and wishes of the businessman. What are the main advantages offered by an economic citizenship?
1. Lifestyle
Citizenship by investment allows investors and their families access to the usual services only available to citizens, such as free education and healthcare.
Depending on which countries you decide to invest in, you also get the opportunity to enjoy the quality and standard of life in that region. For instance, if you invest in a member country of the European Union, then your family members can have the privilege of living, working, and studying in any of the EU countries.
If you invest in a Caribbean country, then you can take pleasure in experiencing the Caribbean lifestyle, which is definitely a draw for people from colder and less relaxed places. Thanks to their tropical climate and geographical setting, the Caribbean countries have a way of making you feel as though you’re on a perpetual holiday.
2. Business
The economic citizenship programs are generally regarded as a worthwhile investment by businessmen. First and foremost, you get tax breaks for your trouble. The Caribbean, in particular, offers much lower taxes and other great tax benefits such as improved personal and corporate tax exposure.
Another important advantage of having multiple citizenships is that you get more business and investment opportunities available to you. For instance, many countries do not allow foreigners to benefit from generous interest rates. Having a second citizenship means that there’s at least another country that will grant you financial leeway.
The most obvious advantage, however, is that businessmen who have multiple citizenships are able to widen their reach, targeting even more potential customers in the global market with fewer restrictions.
3. Travel
Freedom of travel is one of the main advantages offered by the citizenship by investment programs. Businessmen encounter restrictions because of the passport they carry. Having a second passport definitely clears a lot of roadblocks for them.
If you do a lot of traveling for business or even for pleasure, visa applications can be not only costly, but time-consuming as well. If you choose your second citizenship well, you will eliminate the need to undergo this oft frustrating process. As it happens, many Caribbean countries offering economic citizenship programs make visa-free travel to many countries all over the world possible to investors.
The Business World’s New Status Symbol
Citizenship may seem like the latest fad in business trends, but it can actually make a big difference on the bottom line; otherwise, it wouldn’t be worth the bother.
With so much more freedom of individual and corporate movement as well as other key financial benefits, high end investors find multiple citizenships a sound strategic step in furthering influence and boosting business.
AUTHOR BIO
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.
