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5 Benefits of Citizenship by Investment Beyond Visa-Free Travel
May 23, 2019 - Commentary
The ability to travel visa-free at short notice to more than 50% of the world is often considered the primary benefit of investing in a second citizenship.
However, from working with hundreds of clients, we’ve found the chief motivator for many is the ability to secure the long-term freedom and security for their family and future.
For the investment of a minimum of USD200,000 – much less than the cost of purchasing a second home in several leading holiday destinations – investors can obtain not just a share in real estate that can be resold after a few years, but a life-long insurance policy that grants them more options in choosing where and how to live their lives.
These are the top 5 life benefits of investing in a second citizenship expressed by clients over the years:
Freedom to Evacuate Their Families from Risky Situations at Short Notice
In regions of political instability or times of ill health, the ability to leave a country on the brink of war or to obtain better quality medical care can be a life-or-death situation. Many nationalities have to wait 2-4 weeks to obtain a visa – time they may not have in a crisis or medical emergency. Being able to quickly evacuate children or elderly parents in an emergency is a primary motivator for many investors in second citizenship.
Paving the Road to Better Educational Opportunities
Holding a second citizenship from a Commonwealth nation can have unforeseen benefits for children looking to pursue higher education in certain Western countries. Being able to travel visa-free for up to 6 months to Europe, the UK and several other countries allows students the opportunity to visit and familiarize themselves with a country before making the decision to live there for 2-3 years to engage in further studies.
It can also allow them to avoid additional and expensive tests to prove English competency, and allow them to easily extend their student or work visas after completing their courses – a benefit denied to many students from countries deemed to have a high-risk of overstaying their visas.
Even if your children don’t move countries to pursue their higher education, a second citizenship can grant them access to prestigious international and IB schools in their home countries that are often restricted to local citizens.
Future Proofing your Career
Many individuals hoping to future-proof their careers invest in a second citizenship to avoid the issue of future geopolitical policies having an impact on their ability to travel at short notice – a crucial requirement for business people in senior roles.
Sanctions, travel bans and visa “freezes” caused by geopolitical forces are applied indiscriminately, and many businessmen who had never encountered problems obtaining work visas can suddenly find themselves on the wrong “list” of countries subjected to long, document-heavy visa application processes. A second citizenship in such cases guarantees your ability to continue your high-flying lifestyle and ensures your chances at career projection are not blocked by your birth nationality.
Greater Freedom to Do Business and Tap Into New Markets
Businessmen from nations that feature high on international corruption indexes in Asia, Africa, the CIS and South America often face greater red tape when applying for business licenses, bank accounts or transferring money for legitimate purposes than nationals of Western countries. No matter what their personal profile or ethics, they are automatically deemed “high risk” on account of their nationality and their business transactions are subject to undue scrutiny, extra checks and capital restrictions. A second citizenship from a neutral country can greatly ease your ability to do business.
Additionally, many countries impose restrictions on foreign investors operating in certain sectors and apply protectionist policies. If you operate a business with high growth opportunities in the Caribbean region, being a citizen of the CARICOM block rather than a foreign investor can allow you to set up and operate your business with greater ease and efficiency.
Tax Efficiency and Retirement Planning
Having a second citizenship can offer you much greater choice when it comes to where you choose to retire or be tax resident, allowing you to plan your finances more efficiently. Favourable rates of currency conversion can also mean you can enjoy your retirement in greater comfort if you choose to move in your later years to another country with lower costs of living and where the currency you earned enjoys greater purchasing power.
Investing in a second citizenship is so much more than a ticket to easier travel. No one has a choice over the nationality they are born with – those born with nationalities holding powerful passports enjoy many rights, travel privileges and the ability to do business with ease that others are denied purely based on where they were born.
A second citizenship is a way to guarantee that you can have better choices – about your life, your career, your finances and your family’s future.
If you would like to know more about whether you are eligible to apply for second citizenship and the process involved, please fill in the below form, contact firstname.lastname@example.org or call +97145541449 and we will be happy to guide you.