Six Reasons to Invest in A Second Citizenship
Second citizenships may sound unnecessary in hindsight. Many people do not see the point in having citizenships of two different countries if they can only live in one country at a time. In some circumstances, however, these dual citizenships are great to have. Owners of two citizenships might never know until they need that second one until they experience the unexpected. People can invest in citizenships and have it issued to them in 24 months or less time. That citizenship does not expire, and lasts for as long as you are alive.
Here are some reasons for people to pursue citizenship by donation or investment.
You’ll never know when your country might go to war. In the event of any sort of political conflicts in your country, you can get a citizenship by investment that you can use as an insurance policy. Simply leave for the second country when you are ready and you will be free to live in any place in that country that you can afford.
There are a number of passports that are quite strict when it comes to mobility into other countries. If you are looking to just enter one country for one time only, you will need a visa. Getting a second passport, however, can allow you entry into more than one country at any time. For instance, Cyprus is one of the best countries to buy citizenship by donation for, as you are granted a visa-free entry into one of 145 countries. If you consider yourself a traveler, you’ll not only save money, but also save time filing paperwork you need to go to each foreign land.
People also buy second citizenships so that they can attend a school in a foreign country. If there is a school that you feel that you need to attend, you should consider getting citizenship by investment. This way, you or your child can save money by being allowed to pay domestic tuition costs instead of pricier international tuition costs. Once you become a citizen, even the best of universities will treat you as such.
Whether you are going on trips frequently or are looking to new opportunities in another land, getting a second citizenship can make it quicker for you to find and begin new jobs. Once you find a new job, it only makes sense that you get cleared to live in the country, so getting a second citizenship will eliminate many steps between getting a job and finding a place to settle down. A second citizenship can also allow you to travel with more freedom.
There are many citizenships by investment programs that have benefits for family members of the primary applicant. We’ve touched upon how it can help family members afford tuition, but it can also give them access to stellar healthcare in another country, too. These citizenships can ensure a bright future for your children or other relatives.
People who have dual citizenship also have an advantage when it comes to tax management. Investors can manage their wealth in more efficient and effective ways. Some countries will only tax earned income from its own country and generally do not subject gains to taxes. This means that you will end up having to pay less in taxes for life.
As you can tell, having a dual citizenship can come with many benefits. All you need to qualify is to have no criminal history, show proof of investment funding, and invest in a government approved venture, such as real estate in that particular country.