Benefits of Citizenship by Investment. About 30 countries are offering some form of citizenship by investment or the other since the very first program in 1993. People have embraced the idea of paying some investment money and getting citizenship in return.
This program is a mutually beneficial relationship between the countries and their participants. The countries get a good investment amount into the economy while the investor gets citizenship and everything it brings.
The citizenship by investment programs varies from country to country with some countries boasting a faster processing time; some thrive on being the least expensive, while the others pull their weight by having stronger passports.
They all have their pros and cons and it is left for you the investor to choose which best suits your needs.
There are several reasons why citizenship by investment program has become so popular among people looking for second passports and can afford them. Here are some of the strongest benefits you’ll enjoy if you go through the investment route to obtain a second passport.
1. Speed
One of the most obvious advantages you’ll get through the investment route is the speed of obtaining a second passport against going through the traditional immigration route.
The citizenship by investment program has made getting a second passport faster. You do not need to reside in a country for 15 years or more before being eligible for a second passport. Now you can get a second passport in 45 days.
This is very important if you need a passport for an emergency.
2. Access to the World
Individuals with lowly-ranked passports can only visit a few countries visa-free, this means they have to go through the time-consuming and expensive route of obtaining visas before traveling – making impromptu travel almost impossible.
Getting a second passport through the citizenship by investment programs lets you have a stronger passport and visa-free entry into many more countries.
Some countries are more difficult to enter especially if you’re holding passports from countries with bad relationships with the country you intend to enter. Second passports from friendlier countries will ease entry in these countries.
3. Personal Security
An additional passport especially from a smaller country can save your life in an event of a security crisis. People from popular vocal countries are more susceptible to terrorist attacks.
Owning a passport from a smaller country can grant you safe passage. It can also provide you with a safe location to go to when there is a security situation in your country.
4. Protect Your Wealth and Secure Your Future
People from countries with unstable economies, political systems, and security are at risk of losing their wealth in the event of unrest. Also read: Irs penalty and interest calculator
Getting a second passport can serve as a getaway and an alternate business location and investment country to protect your wealth from inflation. It can also provide you with a better environment for growth and ensure a better future for yourself and your family.
5. Tax Haven
Business people looking for better tax structures for their business will find solace by obtaining a second passport from a country with better tax reliefs for businesses.
Most countries offering citizenship by investment have better tax policies and offer businesses and individuals various tax reliefs like tax-free capital gains, inheritance and wealth gains, and income from outside the country among others.
Many investors obtain a second passport solely for tax reasons.
6. First Step to Renouncing Your First Citizenship
If you feel your present citizenship is holding you back or your country’s policies no longer align with yours and you would like to renounce your citizenship, obtaining a second passport through the citizenship by investment program is the first step.
This gives you another citizenship and country of residence if you choose to leave your current country.
7. Better Standard of Living
If you’re looking for better living conditions for you and your family, getting a second passport will prove a shrewd decision.
Most countries offering citizenship by investment will guarantee a better standard of living which includes better education, good roads, access to good healthcare and insurance, social amenities among others.
8. Access to a Wider Market
If you’re looking to expand your market to newer countries, it would be easier to do this as a citizen and not a foreign investor.
It can also make it easier for you to further move into neighboring countries as places like the EU offer free movement and better trade relations for people from other EU countries.
Finally
The benefits of obtaining a second passport through the citizenship by investment program are numerous and will give you and your family another home.