Dominica Citizenship

Top 4 reasons for Investing in a Second Citizenship

31 December 2018 | Tags:

They say “Variety is the spice of life.” This couldn’t be truer when you think about the opportunities immediately available when you invest in a second citizenship from a reputable country. Acquiring a second citizenship reduces many of the unfair limitations imposed on you because of your nationality. Think about it, have you ever missed out on that important industry conference, or the opportunity to broker a deal offshore due to visa challenges? Do you find yourself suffering from a heavy tax burden? Maybe it’s your child, who’s finding it difficult to enrol in a reputable school because of her nationality. Whatever the limitation, acquiring a second citizenship from a country with a strong passport can remedy it.

If you’re doubtful, here are the top four reasons why you should definitely invest in a second citizenship and passport.

Top 4 reasons for Investing in a Second Citizenship

Passport that allows greater visa free travel

Greater Visa-Free Access and Travel Privileges

Acquiring a second citizenship from a country with a strong passport immediately allows you visa-free travel to more countries, and the ability to stay for longer periods, without having to endure the paperwork and hassle of obtaining a visa. Some passports, such as the passport of the Caribbean island of Dominica, even allows you visa-free travel to over 130 countries and destinations, where you can stay for a period up to six months at a time. Most importantly, acquiring a stronger passport allows for spontaneous trips, should a personal or business emergency arise. For some middle eastern nationals, crossing borders can be a bit of a nightmare due to sanctions imposed on their country. Having a second passport also provides an added layer of protection from being singled-out or scrutinised at borders.

Access Business Opportunities

Besides being able to travel easier for business, having a second passport can open up doors to do business in countries that may not allow foreign investment from nationals from your home country. Opening up foreign bank accounts and accessing better interest rates and exchange rates may also benefit you and your business, should you hold a second passport from a reputable country. All of the Caribbean islands offering second citizenship programmes are included in the Caribbean Common Market. This 20-member group allows for the free movement of goods and services among member states; and the right to establish CARICOM owned businesses in member states without restrictions, among other benefits to nationals of CARICOM countries.

Tax Optimisation and Financial Gain

Having a second citizenship, especially from a Caribbean island where tax thresholds are low can offer tremendous tax benefits. Countries like Dominica do not impose any property tax, capital gains tax, estate duties, or even global taxes. Further, Caribbean islands like Dominica hold treaties with countries like the US and the UK, which prevent the double taxation of any income earned in the island. Additionally, for individuals living in countries where currency valuation is volatile, one’s net worth is always at risk of devaluation. However, having a second passport from a country with a stable currency, such as the Eastern Caribbean Dollar, which has been pegged to the US Dollar since 1976, provides a level of security and stability of one’s wealth.

Improved Quality of Life

Good healthcare, quality education, relaxation, luxury, and peace of mind are a few of the things in life that many long for but are unfortunately out of reach in their homelands. Acquiring a second citizenship puts all of those needs and wants into reach. Caribbean island citizenship programmes, in particular, provide you with safe, stable economic, political and social environments that are not just functionally good but also aesthetically pleasing. Can you imagine waking up to blue skies, blue seas, and palm trees? It’s a perpetual vacation. Further, citizenship from one of the islands, allows you and your family to live, work and even own additional property in other Caribbean islands. If that isn’t good enough, the benefits that you experience from your second citizenship don’t end with you, but it passes on to your entire generation. Now that’s a gift of a lifetime!

Feel like investing in a second citizenship now? Great! There are many programmes available around the world. Be sure to find one that matches your needs and can be accessed in the timeframe you’d prefer. The process may be a bit tedious, but the benefits of a second citizenship will always outweigh the extra effort needed in filing the necessary paper work. If you’re looking for assistance to evaluate your options, Anichi Development will gladly help you find a programme that suits you. Contact us today.