Why You Should Get a Second Passport and How to Do It
Due to real worries about safety, financial stability, and generational security, high-net-worth people are once again prioritizing global mobility. Even Americans have started to consider dual citizenship through a second passport and citizenship by investment programs.
Investor concerns are well-founded. The next US presidential election in 2020, combined with the volatility of global financial markets, has increased the desirability of obtaining a second passport for Americans and their families in search of safer and more stable living conditions abroad.
Benefits of a Second Passport
While affluent people's interest in acquiring a second passport may seem to be driven only by economic or commercial considerations, the reality is that rising insecurity at home is a major motivator. As political and social volatility spreads around the world, investors look for methods to feel safe in their investments.
The greatest benefits of a second passport include:
An Exit Plan
Having a second passport makes it possible to live and work in a foreign nation if you or your family ever have to leave your home country unexpectedly or for a long length of time. You'll always know you have a safety net if you ever have to go. And, because you will hold citizenship in that country, you enjoy all the rights and benefits of a natural-born citizen.
Freedom to Travel
When you have a second passport, you may visit any nation in the world without a visa as long as it was issued by one of those countries. Citizens of Grenada, for instance, do not need visas to visit more than 130 nations. These nations include China, the Schengen Area, the United Kingdom, and Russia.
Tax Relief
The tax benefits of having dual citizenship vary widely from nation to country. We will take Grenada as an example once again. There is no tax on gifts, inheritance, capital gains, or foreign income in Grenada. In addition, the Caribbean offers a plethora of tax breaks for businesses and duty-free shopping. Having a second passport is particularly useful for investors looking to expand their firm into nations that provide significant tax benefits.
How to Get A Second Passport
Some of the most common ways to get dual citizenship to include marriage, naturalization, or the advantages of citizenship you receive through your ancestors. These methods are not dependable and are out of reach for the vast majority of people. The citizenship by investment route is the safest and quickest option to get a second passport. Investing in a government-backed real estate project is the first step in gaining citizenship under the citizenship-by-investment or economic citizenship program. If they put down enough cash, the government will let the investor and their immediate family into the country legally. Currently, the Caribbean offers the most accessible and cost-effective programs, however, costs can vary from nation to country.
The process is fairly straightforward.
Step 1. Consider the nations where you wish to invest in and live.
If you can afford it, a second passport is useful. If you had to relocate abroad, you'd want to be happy there. Think about your family. Is its education system good? Many jobs? Can you start a business?
These are crucial when choosing a country.
Step 2. Consider your budget.
Country-specific passport fees vary. Most investors cannot afford Europe and North America. Caribbean countries, on the other hand, are cheaper and more accessible for investors under $300,000.
To examine your budget and investing objectives, engage an immigration attorney and financial expert.
Step 3. Contact citizenship by investment advisor
Citizenship by investment programs is developed by a country’s government, which partners with developers and firms to execute real estate projects. Fintech Harbor Consulting is the leading developer of citizenship by investment programs and the only developer to have successfully delivered two luxury hotel projects under CBI programs.
