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7 Reasons to Consider a Second Citizenship

A second passport nowadays is very important as it allows you more access to benefits in countries that would otherwise be unavailable.

With the increase in economic hardship, political and social unrest in different regions of the world, an increasing number of people have turned to search for the best ways to obtain citizenship from other countries in quest for better education, a work opportunities, and other benefits.

What Is Citizenship By Investment

Citizenship by Investment means acquiring a citizenship and passport of another country of your choice simply by investing in its economy.

Getting a second citizenship is no longer difficult because many countries now offer you the opportunity to attain citizenship through several methods including by Investment.

In some countries like Bulgaria, Greece, and Canada, you are required to invest a certain amount of money on real estate projects to stand a chance of being offered their passport.

Many countries such as Moldova and Dominica, request you to donate a non-refundable amount of money into the country’s account before you can proceed to the next phase of the process.

Meanwhile, other countries, including Cyprus, offer you a passport without the need to visit the country in person as long as you have all the required documents and criteria.

 

Benefits Of Citizenship By Investment

 

1) Global Mobility

Having a second passport will possibly provide you with unrestricted opportunities to travel to some nations without a visa.

Many countries support a visa-free travel program which is primarily opened to individuals who possess two or more passports.

For instance, Saint Kitts and Nevis provide their citizens with mobility around the world with a passport that supports a free visa to travel to about 127 countries including attractive countries like the United Kingdom.

 

2) New Business Opportunities


Dual citizenship opens doors too many incredible business opportunities in foreign countries. This is because owning dual citizenship simply means you have access to financial aid that will boost your business in your adopted nation.

 

3) Security


Double citizenship enables you to have easy access to a peaceful nation. Should there be any political unrest, wars, or natural disaster in your country of birth, you can easily migrate to your second country without any stress or hassle.

 

4) Quality Standard Of Living


Having successfully obtained dual citizenship, you can reside in a nation where there are better healthcare services, peace, and a booming economy which directly or indirectly guarantees a better living for you and your family.

 

5) Diversification


Whether you are learning another language; getting a better education, or taking over a family business; dual citizenship provides you the opportunity to learn about diverse cultures and ways of life. It also avails the opportunity to diversify your source of income, as you can invest in multiple companies in two or more countries.

 

6) Quality Education


With dual citizenship, you have multiple options regarding where to pursue your academic career, with academic grants and loans available only to citizens.

 

7) Favourable TAX Policy


This fully depends on the country whose citizenship you are acquiring. Nonetheless, It largely reduces your tax liability because global income might be tax-free. For instance, Saint Lucia ensures a friendly tax policy in which capital gains are not taxed. Financial privacy laws also play a role in helping you protect your assets and net worth.

 

Conclusion

Covid-19 has re-emphasized how connected the world is. This connection can be rewarding but in times of crisis it can be devastating to have a passport with minimal world value. LMG Consultants is here to navigate the somewhat complex waters of getting your new passport and enjoying your new opportunities.

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