Are you looking to expand your business? Do you feel increasingly boxed in within your current country? Would you like to explore other ideas for growing your enterprise or personal wealth?
If your answers are all yes, then you should consider looking into getting yourself (or even your family members) a second passport. Through the citizenship by investment program (CIP) that is currently offered by several countries or territories such as the Caribbean, you can gain financial freedom and nurture your business to grow in ways that you have only imagined before.
Second Citizenship as the Key to Unlocking Business Liberty
Gaining second citizenship can be advantageous to you and your business. Regardless of whether you are feeling stifled in your current environment or not, second citizenship affords you several benefits that enhance your power to manage and grow your enterprise. Over the years, it has grown to provide high-performance professionals with a variety of entrepreneurial options.
Through citizenship by investment programs, you can get hold of a second passport for yourself or even for your family members. There are three basic routes to gain second citizenship: by making a donation to the government of the country you are applying to, by investing in real estate, or by investing in an approved business.
Of the three, investing in an approved business is the most appealing as it offers the highest returns. Applying for second citizenship in the Caribbean island nations of Antigua and Barbuda, for example, will offer you value-laden benefits for a minimum of US$400,000. Business investors have much to gain from a healthy return on investment (ROI) and participation in the enterprise’s profits.
So while you may have an apartment for rent in Dubai, a restaurant in Singapore, or any business in your home turf, you can still try to widen the reach of your venture through obtaining a second citizenship. Here are other reasons why you should consider getting a second passport to further boost your business:
1. It Extends Business Reach
Having a second passport, especially from Caribbean countries like Antigua and Barbuda, Dominica, Grenada, or St. Kitts and Nevis can throw you a longer leash when it comes to business travel. Obtaining second citizenship in these nations can afford you visa-free travel to at least 130 countries.
Some countries are strict when it comes to conducting business without a visa. With a second passport, you have more freedom to do business as well as build trade relations with other territories that your country of second citizenship gives you access to. With unencumbered travel comes a wider area where you can create chances for your venture to grow.
In addition, this perk also allows you to form better relationships with business partners, especially where personal interaction is concerned.
2. It Opens Up Business and Investment Opportunities
Aside from flexible international mobility, second citizenship can also open up a wealth of business and investment opportunities.
For one, second citizenship can allow you to participate in CIP-approved business funds for international clients. You can look into offshore investment opportunities, such as the acquisition and redevelopment of under-utilized properties with uncommon latent land value, for example. You could also explore commercial development or food or energy production, especially around the Caribbean region.
There are countries that do not allow foreign investors from certain nations to participate in their local or national investment programs. This curtails the possibilities for some foreigners to benefit from generous exchange or interest rates or invest in lucrative ventures in areas such as those in Europe.
Second citizenship makes it easier for you to gain financial access to the country that granted you a second passport and, in some cases, this even extends to nations where they have also had access to.
3. It Helps You Take Advantage of Tax Benefits
Becoming a second citizen of another country, such as the likes of Antigua and Barbuda and other Caribbean island nations, may offer opportunities for greater tax efficiency. Of course, it will depend on the country that you are from and the country where you can obtain a second citizenship.
Incorporating offshore, for example, can allow business investors to enjoy significant and legitimate tax benefits (depending on the jurisdiction) if you base your business operations in the jurisdiction. Additionally, if you obtain a second citizenship, you are not automatically liable to pay personal income tax in that territory. You have to be a resident to be a taxpayer. Professional tax advisors can help you structure your business and your personal tax liabilities in the most efficient manner. There are low tax nations in many parts of the world however a few like Antigua, have no personal income tax at all.
4. It Enables You to Avoid Economic, Political, or Social Instability
Second citizenship also offers you a way to avoid economic unrest, political chaos, or social instability. If and when such concerns arise, you and your family (if they have also obtained second passports) can safely relocate to the country where you chose to get second citizenship.
If such upheavals happen in your home country, you can also protect your business by virtue of your second citizenship. You can relocate your moveable assets to the country that granted you second citizenship and resume to live and work in safer and more stable surroundings.
5. It Allows You to Enjoy Lifestyle and Generational Benefits
Your health and well-being are also important factors for your business to thrive. Choosing to live in the Caribbean as a citizen, for example, will allow you to rest and unwind when it gets too chaotic in your home turf.
Should you also decide that you want a more relaxing and carefree lifestyle while still overseeing your business, you can opt to obtain a second passport for you and your family in territories that suit you the most. This will also allow the younger generation to enjoy the benefits that second citizenship affords.
There are governments such as Antigua and St. Kitts and Nevis that made provisions for additional dependents, provided that they fit into the stipulated parameters. It should also be done within the first five years of citizenship. Depending on the jurisdiction where you applied, additional investment and due diligence processes may be imposed.
Making Deals Anywhere in the World
If you want to exponentially grow your business and reach other corners of the world, then you should consider getting second citizenship. Just make sure that you seek the professional service of CIP experts who are government-licensed agents to help you oversee the commercial, legal, and technical due diligence as well as share insightful inputs on how you can maximize your second citizenship.
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship, residency and investment into the Caribbean, North America, and Europe. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.