It is always a good thing to have a plan B. This can be anything that can ensure your life in critical situations. Whenever we think of plan B, the first thing that comes to our mind is some kind of saving. Either it is a secret bank account, a pile of cash, gold, or even cryptocurrencies. The thing that will never come to our mind is second citizenship or a second passport. Owning this second passport is a great guarantee for your future safety, business opportunity, education of your family, and healthcare. These are not the only benefits that the second passport ensures. Several other benefits will be presented in the following text.
The second passport can help you grow your business. It can enable you to expand your business and seek opportunities worldwide. This citizenship by investment program gives you the possibility to invest or donate your money into the places or banks, or stock of the host country, as is suggested in the Portuguese golden visa program, where you can get a wide scope of the financial options for your further business moves. This means you can invest your money in places you could not imagine before. More opportunities translate into more freedom.
Better Life for Your Family
You probably think that the citizenship by investment programs give the residence only to the main investor. Well, this is not the case. Actually, the family of the investor gets the residence as well. This means that spouses and children can be given all of the rights granted by the law of the host country. Children who hold two citizenship are offered a greater number of opportunities and have their doors open for better education and lifestyle options. Since most citizens in investment-friendly countries have greater global mobility, you can always take the chances offered based on your second passport. This way you can expand your business to some other global countries, seek better schooling, spend some time in the foreign country and get to know their lifestyle and to be provided with some additional benefits that these countries offer.
Manage Your Wealth Business
Another benefit of having a second passport is that you are given a chance to better manage your property. If you have your wealth spread into two countries it can provide you with more than one or two financial sources. Namely, you can come up with some new business plan in the second residence country and build something new that can financially benefit you. It is likely to appear in the new market with a fresh and new idea. The only difference here is that you are the main investor so at the very beginning of your new business you can have the 100% of the new company share. It is essential to establish your billing process at the very beginning so that you can be regularly paid by your clients. These types of direct investigations only benefit the host country, so there is a greater chance that your application process for setting something new would be approved faster.
As a citizen of the two countries, you are allowed to carry both of your passports. Having a passport of a particular country eliminates the need for long-stay visas and any other requests you need to apply for due to the customs processes. This is beneficial for those who study, have a business, and conduct affairs in both countries they are citizens of. This also guarantees the person who has a dual passport the right of entry in both of the countries.
Better Tax Management
Having a second passport is a game-changer. Some of the countries that offer citizenship by investment have better tax rates than some other countries in the world or even your own country. This can be extremely beneficial for your business. Running a business from a country with lower tax initiatives can save you serious money. This also makes your business much easier to navigate and optimize your tax structure. This is one of the main motives for many when it comes to obtaining a second passport.
It is a well-known fact that political instability in one country can influence the economy considerably. Political distress can close the channels of investments and therefore make domestic businesspeople seek the alternative. Obtaining the passport of a small, peaceful country can be the best move you can make. This will enable you to spread or even move your business to another country. This may lead to the better financial stability of your business. Politically unstable countries have an economy that constantly fluctuates. Citizenship by investment countries can offer you the continuum and constant benefits.
One of the most appealing benefits of the second passport is visa-free traveling. The second passport countries have a longer list of the places you can travel visa-free and enjoy your time. You can travel across the world and get to know new cultures and different lifestyles. But, it is good to know that visa-free traveling privileges can vary depending on the country. Some passports have different policies.
Help Your Upcoming Generation
Another reason for you to obtain a second passport is to help the future generation. The residence in the second passport country can be passed from generation to generation. You can pass multiple citizenship to your children when you are long gone. This will also enable them to come into possession of your asset and control the entire property. There are many smart ways to obtain a second passport, and they vary based on the program you apply to.
Getting a second passport is one of the best ways to avoid political instability in your country and expand your business opportunities. Getting second citizenship means that you are not subjecting yourself to a single government and that you can migrate whenever you want. And it is an undeniable fact that most of the countries let the right people obtain their passports in no time.