A Citizenship by investment program allows individuals to become citizens of certain countries in exchange for investing in that country. These investments can take many forms, such as purchasing property, investing in a business, or donating to a designated fund.
There are several reasons one might want to participate in citizenship by investment program. For example, they may want to live in another country, or they may want to diversify their investments and have citizenship in multiple countries. Whatever the reason, CBI programs offer an opportunity for foreign investors to gain citizenship and take advantage of the numerous privileges the country offers. These privileges include living and working in that country and accessing its social services and the healthcare system. In addition, many countries offer visa-free or visa-on-arrival travel to their citizens, which can significantly benefit business travellers or those who enjoy travelling.
For the country, CBI programs provide a source of foreign investment that can help boost the economy. These investments can create new jobs and businesses and support fund infrastructure projects. In addition, CBI programs can help a country attract highly skilled workers and entrepreneurs who can contribute to its economic growth.
Although all programs offered by citizenship by investment countries are not the same, you should choose the one that suits you best. As such, we have prepared a list of the essential concerns you should consider as a business person considering investing in second citizenship or residency.
Does the country offer tax exemptions?
Prior to choosing a CBI program, it is crucial for the applicant to understand the tax system of the country they are interested in. For example, Portugal’s Non-Habitual Residency (NHR) tax scheme provides excellent tax exemptions as well as the Caribbean’s zero taxation
How easy is it to open a bank account?
Your business needs a bank account to operate. As a result, you must opt for a country where establishing a bank account is simple and has advantages for both yourself and your business. Since all Caribbean nations have a reliable financial services sector, and banks in European Union countries are held to high standards, you can decide which banking system works best for you.
What is the country’s Ease of Doing Business score?
While it may appear daunting, establishing and running a business in certain countries abroad is much easier than one might think. Checking the Ease of Doing Business Score for a country prior to enrolling in program like Turkey citizenship by investment program can improve the global credibility of your business.
How stable is the country’s currency?
The country’s currency could be an excellent asset for you and your business, so consider it carefully. Countries with no currency fluctuation, such as those in the Caribbean that use the East Caribbean Dollar, which is pegged to the US Dollar, are a safe option. European Union countries with a strong currency, i.e. the Euro, are also secure and advantageous.
On the other hand, nations like Turkey, which sees its Lira go up and down rapidly, may provide you with a fantastic means to make considerably more money if you keep an eye on the market and act when an opportunity arises.
Are international money transfers easy?
A crucial element to bear in mind is the ease of transferring money from your country of origin to the one whose citizenship by investment program you are applying to. Most CBI programs have very few physical residency requirements, so you can stay in your home country until your new business is well-established. However, some countries may have difficulty when it comes to sending money internationally to other nations. In short, the importance of being able to transfer money easily cannot be understated.
Will your business have access to the open market?
Making more international trade is a necessary component of expanding your business internationally. If your company is looking for an edge in the market, sign up for a CBI program that provides access to open trade. Your business will become more profitable and have growth opportunities
Connect with Passport Legacy to determine the best CBI option
With the myriad of options available, the experts at Passport Legacy are in the position to help you choose a CBI program that is best for you. We can help assess your case and present you with optimal options for you, your family, and your business. Connect with us for consultation with one of our CBI experts.