Our citizenship by investment experts share their insights into dual citizenship.
Qualitydocs247 is once again a primary focus for high net worth individuals, with economic and social shifts throughout the world sparking legitimate concerns regarding safety, financial stability and generational security. Even Americans have started to consider dual citizenship through second passport and other documents services.
Investor concerns are well-founded. The 2020 US election, coupled with uncertainty in global markets has made second passports an attractive option for individuals and families looking to access new investment opportunities and more secure societies.
Our second citizenship experts have taken a deep dive into the world of dual citizenship and second passports, and provided insight into how and why you should take advantage of this key asset.
Benefits of a Second Passport
While it may seem like interest in second passports is purely a financial or business decision, the truth is that high net worth individuals have increasing concerns about safety in their home country. As political and social unrest simmer throughout the globe, investors are seeking pathways to a more secure environment, both socially and economically. The greatest benefits of a second passport include:
An Exit Plan
Should you or your family need to leave your home country, either for emergent purposes or just for extended periods of time, a second passport gives you the freedom and mobility to reside elsewhere. It’s a guarantee that you have another place to go if you ever need to leave. And, because you will hold citizenship in that country, you enjoy all of the rights and benefits of a natural born citizen.
Freedom to Travel
Depending on the country you received your second passport from, you will unlock the freedom to travel throughout the world without the need for a visa. For example, citizenship in Grenada unlocks visa-free travel privileges to over 130 countries including China, Schengen Territories, the UK and Russia.
Depending on the country you receive your dual citizenship from, you can receive incredible tax advantages. We’ll again use Grenada as an example. In Grenada, there is no tax on foreign income, wealth, inheritance, capital gains or gifts.
There are also numerous corporate tax incentives, and duty-free trading in the Caribbean. Other countries also offer key tax advantages, which make having a second passport extremely valuable for investors seeking new business opportunities.
How to Get A Second Passport
Traditional routes to a second passport include generational inheritance or ancestry privileges, citizenship by marriage, and naturalization (wherein individuals who reside in another country apply for citizenship after a certain period of time). These routes are unreliable, and for most people, unachievable.
The most reliable and fastest pathway to a second passport is through a citizenship by investment program. Citizenship by investment, also called economic citizenship, is a program that allows a foreign investor to make a financial contribution to an approved real estate project that is sponsored by the government.
In return, the government grants citizenship to the investor and in some cases the investor’s immediate family. The amount of investment required varies from country to country, with the most accessible and affordable programs currently being offered throughout the Caribbean.
The process is fairly straightforward.