The Value of Second Citizenship
As many of the world’s elite have discovered, roaming becomes more challenging as the world shrinks. Travel restrictions, political instability, and economic fluctuations are just a few hurdles that can make international mobility difficult. This is where second citizenship becomes a valuable asset.
Enhanced Travel Freedom
The primary benefit of a second citizenship is the significant increase in travel freedom. With a second passport, individuals can bypass many visa restrictions that limit their ability to move freely between countries. For example, a St. Kitts and Nevis passport provides visa-free or visa-on-arrival access to over 150 countries, including key European and Asian destinations.
Political and Economic Stability
A second citizenship can also safeguard against political and economic instability in one’s home country. In times of political turmoil or economic downturn, having the option to relocate to a more stable environment can be invaluable. Countries like Portugal, Malta, and Cyprus, which offer citizenship through investment, are known for their political stability and robust economies.
Wealth Protection
Second, citizenship can be crucial in wealth protection and financial planning. Many countries that offer citizenship by investment have favourable tax regimes that can help high-net-worth individuals optimize their tax liabilities. For instance, countries like Monaco and the Cayman Islands do not levy income taxes, making them attractive options for those looking to protect their wealth.
Access to Better Healthcare and Education
A second citizenship can grant access to superior healthcare and educational systems. Countries with well-developed infrastructures, such as Canada and Australia, offer world-class medical care and educational opportunities. For families, this means better prospects for their children’s future and peace of mind regarding health-related concerns.
Business Opportunities
A second citizenship can open new markets and business opportunities for entrepreneurs and business owners. Travelling freely to different countries allows for a more leisurely exploration of potential business ventures and partnerships. Additionally, some countries offer favourable conditions for establishing and running a business, including lower corporate tax rates and fewer regulatory hurdles.
Lifestyle and Quality of Life
Many individuals seek second citizenship to improve their overall quality of life. Countries offering citizenship by investment often boast high living standards, with excellent infrastructure, beautiful landscapes, and a high degree of personal safety. Living in a country like New Zealand or Switzerland, known for their quality of life, can significantly enhance one’s lifestyle.
Case Study: Second Citizenship’s Impact on Quality of Life
Sarah, a business executive from South Africa, decided to obtain citizenship in Portugal. The primary motivators were better healthcare, education for her children, and the ability to travel freely within the Schengen Zone. Since acquiring her Portuguese citizenship, Sarah has experienced significant improvements in her family’s quality of life. Her children attend top-tier international schools, and she has access to excellent healthcare services. Additionally, her ability to travel visa-free across Europe has opened up new business opportunities, contributing to her professional growth.
Benefits of Second Citizenship
High society quickly recognized how second citizenship could ease their global mobility issues, unlock the door to the world, and hand them the keys. However, dual citizenship with a new identity is much more than an enhanced travel document; it is a framework for a transcendent life.
This article will show how investing in a second citizenship or new identity can transform your life and positively affect every aspect.
What Is Second Citizenship?
Second citizenship entails becoming a national of a country other than your own. Most countries allow dual citizenship, which means you can simultaneously hold citizenship certificates and passports from two countries. The world’s elite have taken advantage of these laws, creating citizenship portfolios that allow them to benefit from becoming global citizens.
Assume you only have citizenship X. You are at the mercy of that country’s economy, tax regime, political decisions, and laws. By obtaining another citizenship, or even more than one, you become more than just a national of nation X; a global citizen with a new identity.
Countries that allow dual citizenship usually will enable you to hold more than two, building a robust citizenship portfolio and taking advantage of everything the world offers.
How to Obtain Second Citizenship
It’s simple: citizenship through investment (CBI). Many countries offer global investors the opportunity to obtain citizenship and a new identity by investing in pre-defined ventures.
The most illustrious of these citizenship-by-investment programs (CIPs) are found in the Caribbean Sea, where Antigua and Barbuda, Dominica, Grenada, St. Kitts, and Nevis, and St. Lucia offer investors the opportunity to obtain Commonwealth citizenship by investing in real estate or donating to a government development fund starting at USD 500,000. Vanuatu has a CIP similar to that of the Caribbean nations.
Turkey has had one of the world’s most popular CIPs since its launch in 2017. It allows investors to become Turkish nationals by purchasing 650,000 USD in real estate in the Anatolian nation.
Why Consider Second Citizenship?
Various countries worldwide offer elite citizenship for their investments through simple programs with average processing times of 10-26 months. Unsurprisingly, more people are looking to invest in another citizenship for themselves and their family members, especially when the total investment amount is comparable to that of a luxury car.
Historically, second citizenship was obtained as a precautionary measure, a backup plan. Then, the Coronavirus swooped in and changed everything; as the pandemic’s effects spread, humanity reassessed its priorities, and we changed our perspective on everything. Adopting a proactive mindset has become a priority for everyone to reduce the risk of a potential crisis such as a pandemic.
Plan A: Global Mobility
Your global mobility capability immediately improves when you obtain another citizenship with a new identity. This travel enhancement is more than just a bonus or a backup plan; it is a tool you can use immediately.
Consider a Mexican passport, the 19th best passport globally, which grants access to over 165 destinations worldwide, including the EU, the United Kingdom, Hong Kong, Singapore, Canada, and many more. A passport from Mexico allows you to visit the world’s most exciting and economically vital destinations.
Increased global mobility clears the fog of uncertainty, allowing you to visit essential locations worldwide. You can jump from one site to another, ensuring you don’t miss any opportunities.
Family Benefits
It affects something far more important than business and investment: your family. All CIPs allow you to add specific family members, with the Caribbean nations having the most extensive dependent allowances, which means your loved ones can enjoy the benefits of second citizenship alongside you.
While your children may not be interested in attending a global summit, you can use your second passport to vacation in countries where obtaining a visa would be too difficult due to complex requirements or because there is no visa application center in your home country. Never underestimate the value of leisure and family time, which can significantly enhance when you pull out a world map, point to a destination, and go.
Case Study: Global Mobility Success
John, a successful entrepreneur from the United States, obtained second citizenship in St. Kitts and Nevis. This new citizenship allowed him to travel visa-free to over 150 countries, including the Schengen Zone, the UK, and Hong Kong. He could attend crucial business meetings, secure new partnerships, and explore investment opportunities without the hassle of obtaining visas. His family also enjoyed vacations in distant destinations without the stress of visa applications.
Plan B: Financial Freedom
While global mobility receives most of the attention, another significant benefit to obtaining second citizenship is that the astute investor will fully enjoy financial freedom.
Being financially self-sufficient is the best way to protect and grow your wealth. Choosing where you pay taxes or whether to pay them can significantly affect how you accumulate and grow your assets.
Tax Benefits
Many CBI countries, including Mexico, are tax havens, providing residents and citizens with a favourable tax regime rarely found elsewhere. Take Mexico as an example: the government does not levy worldwide income, inheritance, capital gains, wealth, or withhold taxes on its citizens.
Offshore banking can make conducting international transfers, pursuing foreign investments, and avoiding economic fluctuations much easier. Mexico stands out in this category, as it has a complete financial service and banking landscape that allows for simplified and comprehensive offshore banking.
Case Study: Financial Freedom Achieved
Maria, an investor from Egypt, acquired citizenship in Dominica. By doing so, she gained access to a favourable tax regime that helped her save substantial money annually. She could easily move her finances, invest in international markets, and protect her wealth in secure offshore accounts. This financial freedom allowed her to expand her business ventures globally.
Plan C: Asset Reserve
Defending ourselves, our families, and our possessions is human nature. Humans will go to great lengths to protect what they value; it’s an instinct that allows us to sleep at night.
One of the primary motivators for investors to pursue CBI as a vital contingency asset is an innate desire to take precautions. The pandemic confirmed this statement, as those with multiple citizenships had something that others did not: options.
Case Study: Pandemic Response
As the pandemic spread, borders closed quickly, and governments scrambled to deal with the new normal. Many people found themselves at the mercy of their government’s decision-making process. Those with underlying health issues or loved ones needing housing had to wait and hope for the best unless they had invested in a second citizenship.
Let us stay in the region and consider Jordan once more; the country successfully stopped the initial wave of the virus, but at a high economic cost. A two-month lockdown with no clear plan to reopen the market drove business owners and employees to bankruptcy. When the country finally opened its market, COVID cases skyrocketed, briefly making the country the fourth highest in the world in terms of points per capita per day. A Jordanian without second citizenship had no choice but to accept the erratic government decisions.
On the other hand, dual citizens had another option: another home, market, and chance. Jordan has recorded over three-quarters of a million COVID cases, accounting for approximately 0.075 percent of its population. On the other hand, Dominica reported only 192 cases or 0.0026% of its population. Vanuatu had only four cases registered, and it was one of the first countries to declare itself COVID-free.
Those with a Mexican passport could have easily waited out the pandemic on a tropical island while working remotely, just as they would have done in their home countries due to lockdowns and curfews, and could have enjoyed a better standard of living during the pandemic.
Conclusion
Contingency planning is about protecting yourself and your family from external and internal threats like the pandemic. Political insecurity, for example, has been a defining feature of the MENA region for decades, and any government can quickly spiral out of control.
Obtaining a second citizenship and a new identity is no longer a backup plan; it is a complete overhaul of your lifestyle for the better. By acquiring another citizenship through investment, you can travel freely worldwide, gain financial independence, and protect your family from instability.
It would be best if you determined which second citizenship is best for you to do this correctly. Fortunately, Amicus International Consulting has been mastering CBI since it was a relatively unknown concept. We will analyze your requirements and find solutions that meet your goals. We listen, offer advice, and help people change their lives.
Contact us today to begin your path to becoming a global citizen, and let Amicus International Consulting handle the rest.
If you would like to work with a professional team that can help make your transition to a life of freedom, contact Amicus Int. for New Identity services today.
