Investors pursue dual citizenship due to the numerous benefits it offers; however, each situation is different, and each applicant has their own reasons. Dual citizenship is a great way to work and live in a foreign country, own property, or increase the number of countries where you can travel visa-free.
The benefits of a second passport will differ and depend on the country in which you’re obtaining it. For example, the Caribbean countries allow you to live in the CARICOM member states, reduce your taxes and travel visa-free to countries like Hong Kong, Singapore, or the Schengen zone.
There are many reasons why people choose to get a second citizenship, among other things, it may provide a tax haven and other professional benefits. This brief guide will outline the perks of investing in a second passport and the typical investment options.
How to Obtain Citizenship Through Investment?
One of the main concerns investors have when applying for dual citizenship is the process and investment options through which they can obtain a second passport. The typical investment options include investing in real estate, one-time contributions to national funds, government bonds, or establishing a business abroad.
For example, the citizenship by investment programs in the Caribbean countries allows investors to purchase a property approved by the government and invest in resorts or 5-star hotels. The CBI program in Dominica includes various investment options, such as investing in the Cabrits Resort & Spa Kempinski, a luxury hotel that maintains a balance between the sea and land.
If you choose to invest in Grenada, you can get an E-2 treaty visa for the USA and thus work and reside there. Your children can get free education in public US schools, and your spouse can work anywhere within the country.
St. Kitts and Nevis, on the other hand, has two options – a minimum of $150,000 to the Sustainable Growth Fund or $400,000 in real estate. The real estate investment can be through the purchase of land or fractional ownership. And once your citizenship is approved, you need to pay additional government fees and receive the passport immediately after the payment.
What Are The Benefits?
Below you will find the specific benefits of obtaining alternative citizenship. Let’s check them out!
Many entrepreneurs and wealthy individuals opt for dual citizenship due to the low taxes. Caribbean citizens have minimal or no taxes on capital gains, inheritance, gifts, or income earned outside the country.
Diplomatic protection in a third state is provided by any of the countries in which you’re a citizen. For example, Tajikistan and Russia have an agreement that whenever a person ends up in prison in the USA, the person can seek help from the consulates of Tajikistan or Russia in the territory of the US.
You Can Own Two Passports
Dual citizenship allows you to carry two passports. And since some countries don’t allow their citizens to own more than one passport, this is a huge benefit when it comes to traveling, studying, and working abroad.
For example, if you’re a citizen of the USA and also have a passport from St. Kitts and Nevis, you can easily travel between these countries. It eliminates the need to go through extensive customs processes and guarantees you quick entry into both countries.
It’s also rather convenient if you have family members living in both countries, and you have to travel frequently to visit them. On top of that, it’s helpful for entrepreneurs who have businesses in a foreign country or for students who study abroad.
Work in a Foreign Country
Dual citizens don’t need a permit or a visa to live and work in a foreign country – they can do so freely if they have a second passport for as long as they want. They can also travel between countries without applying for a visa or handling all the annoying paperwork.
You Can Own Property
Since you can purchase property in either country as a legal citizen of both countries. Another benefit of owning a second passport is the opportunity to hold property in your name in a foreign country.
Many investors oversee the benefits of getting cultural education and the chance of living in a country different than theirs. The benefits of immersing yourself into the culture of another country offer an excellent opportunity to learn a foreign language or experience a different lifestyle. It opens your eyes and soul to another type of life!
Invest in Your Future!
Investors not only invest in dual citizenship, but they also invest in their futures as well. A second passport can be life-saving in terms of riots, political and economic instability, or, in the worst-case scenario, a war.
So, make sure you’ve considered all your options and contact an authorized entity to get that second passport now!