Being a citizen of a specific country upon your birth means that you’re bound to the nation you were born in or where your parents held citizenship.
If you’re like most people, you’ll probably live your entire life residing in the same country with that sole citizenship you were born into. However, this doesn’t always create an ideal situation for success in life.
In fact, some might say that it’s like putting all your eggs in a single basket. After all, working and living in the same country can limit your options.
This is where dual citizenships can be useful. Below are five of the best reasons why applying for second citizenship can help you succeed:
If you are an entrepreneur, the expansion of your clout and reach might be limited by geographic borders. You need to be able to travel across these borders with as little hassle as possible so you can make deals all over the world.
With single citizenship, this may not be an option. The extent of your access will depend on the passport you’re holding, which means its flexibility greatly affects how well you can access opportunities for business partnerships, investments, and many others.
Entrepreneurs choose to apply for second citizenship because some passports from other countries afford them more freedom of movement. Certain nations have built ties across the globe that allow their passport holders to enjoy visa-free travel across hundreds of other territories.
For example, Grenada citizenship can help you gain access to more than 130 countries without the need to apply for a visa. This includes other Commonwealth and Caribbean nations, European Union countries, the United Kingdom, Hong Kong, Singapore, and even China.
Other Caribbean nations also offer similar attractive travel benefits. Antigua and Barbuda holds ties with more than 160 countries including 124 sovereign states, six Dutch territories, and many others.
Safety and Stability
General safety affects your chances of success for obvious reasons.
First, you won’t have to worry about investing in a losing business that is bound to go under due to an unstable economy.
Second, you’ll have the choice to relocate your assets should the base country of your business operations face upheaval. And not just any country, of course. You can transfer all of those assets to a more stable nation that is less likely to face economic downfall.
Finally, you’ll have a second option – a plan B, if you will – in case of unrest. Lockdowns, potential conflict, and many other worst-case scenarios can occur in certain countries anytime, so it is better to have an escape route if necessary.
Dual citizenship in almost all countries offering it often carries tax advantages for second passport holders. As a businessman or professional, you can use this to your advantage.
Again, any potential tax advantages depend greatly on the country of your citizenship. Many offer lower taxes (or even tax exemptions) and present greater tax efficiency. And some of these are located in the Caribbean.
Let’s go back to the examples earlier.
Grenada is popularly known as the Isle of Spice and is a major tourism hub. However, the country is also quite famous as a tax haven for savvy business owners.
Favored for its citizenship by investment program and corporate privacy, the nation requires no capital gains, withholding taxes, and inheritance or estate taxes. Offshore companies also enjoy 20 years’ worth of tax exemptions.
The best part is that you get all that by simply contributing to the National Development Fund (NDF) at least $150,000 ($200,00 for families with up to four members) or investing in real estate worth a minimum of $220,000.
Of course, not all countries that allow dual nationality are always like that. Some countries tax citizens for their earnings overseas, which means you might be paying double taxes instead of one. It’s all about what country you choose to get a second passport from.
The bottom line here is that you should do some research first or seek professional guidance before applying for second citizenship to ensure that you choose the right one and avoid hiccups along the way.
Investment and Banking
Another advantage of dual citizenship is that you can enjoy investment and banking opportunities.
You see, certain countries make investments exclusive to citizens of their country. This means that foreign nationals won’t be able to gain access to the wealth of opportunities that are within that nation.
Of course, this changes when you become a dual citizen. From generous exchange and interest rates or the lucrative real property markets, what was previously unattainable could now be within your grasp.
This means the second citizenship you acquire grants you access not only to more income but also other opportunities.
Although this won’t be immediately apparent, you’ll eventually want to pass on what you’ve gained to your family. This is one way to ensure that success continues for several generations, and you can only do this if your spouse and children share your citizenship.
To make the most of your second passport’s family legacy advantage, you must pick a country that extends citizenship to your family. Take note that not all countries allow this, though some of the best ones do.
Here, Grenada offers you a full advantage. Besides the main applicant, citizenship gained after investment in this Caribbean country extends to his direct dependents.
For instance, if you chose to contribute to the NDF to gain citizenship for yourself and your spouse, your minimum investment should be $200,000. This amount also extends all benefits that you, the primary applicant, would enjoy, to three other family members (e.g., your spouse and children). If you’re a family of five or more, you need to add $25,000 for every subsequent dependent added after the third one to ensure that all your dependents get the same advantages.
Aim for Success
Instead of sticking to where you are and putting all your eggs in one basket, expand your reach by exploring the potential of dual citizenship. Remember: Success is within your grasp when you have a second citizenship.
Abire Mansoor is a Director and Licensed Agent 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 her home country of Antigua & Barbuda, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.