There are over 30 countries offering citizenship by investment right now and with the number of successful programs growing, it’s only a matter of time before more countries join
Countries can raise millions of dollars through their citizenship programs which in turn helps their economy. The program is not only beneficial to the country; investors get their desired second passports alongside all the perks of being a citizen in that country.
This is a testament to the growing number of investors entering the various programs. The citizenship by investment programs all have varying requirements and investment options. The program you choose should be based on your peculiar needs.
If you’re still torn between getting a second passport or not, you’ll find this article helpful as it’ll outline some of the major benefits of having a second passport.
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Access to the World
Holding a lowly-ranked passport can be frustrating especially if you have to travel frequently. You’ll constantly have to apply for visas into different countries, wait long periods for its approval, and sometimes denials. It is truly an annoying experience.
This is why a second passport from a country highly ranked, with visa-free access to many countries is so important. No more waiting long periods for visa approval, your traveling can be spontaneous.
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A Second Home Against Instability
Instability of any kind would leave a lot of people either dead or devastated. And with the volatile nature of a lot of countries now, there’s no better time to get a second citizenship and a second home.
You need somewhere to go to if your home country implodes, anything from political, or economic instability can be damning. You can protect yourself and your family by getting second citizenship so you have another place to go to.
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Better Living Conditions
This is even more important if you’re currently living in a country with poor living conditions and a lack of access to basic needs like proper health care, good schools, a good road network, and a working system.
A second passport will let you and your family enjoy a higher standard of living that is not available in your home country. Your kids can now have access to quality education for their future while you enjoy even more freedom in your business.
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Chance to Expand Your Business
A second passport may just be what your business needs to explode. You can take your business into new markets in your second country and establish it there. Of course, you can also go in as an expatriate but starting a business as a citizen gives you so much more freedom, opportunities, and incentives.
You would pay lower taxes and might get government support and other incentives that would boost your business.
A second passport will allow you to see the business environment in the new country and find ways to bring your existing business in to serve the people. You can also decide to start a different business peculiar to that place alone.
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Tax Benefits
Taxation has been a bone of contention for a long time now, with the wealthy seeking means to reduce the tax they pay. One efficient way to pay little to no tax on your income is by obtaining a second citizenship.
Some countries do not collect income tax, inheritance tax, gift tax, income from outside the country, among many others. Getting a second passport from any of these countries will drastically reduce the task you pay and increase your income.
You no longer have to give the government a huge chunk of your wealth in taxes, you will have more money to invest in other ventures.
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Vacation Home
While you can enter another country as a tourist, have your vacation and go back to your home country, nothing beats being a citizen of the country you would be having your vacation in.
You get so many benefits like unlimited stay; you can just decide to spend up to a year working from this country while relaxing. You do not have to worry about overstaying your visa or even getting a visa in the first place.
You and your family can enjoy a vacation anytime you need it and as long as you want without issues.
Summary
Citizenship by investment gives you the all-important second passport that can save your life in times of instability and war. You also get to enjoy better living conditions and have a second home among so many other benefits. If you can afford it, you should get a second passport for you and your family.
