Dual citizenship or having a second passport is when a single person is recognized as a citizen in more than two countries, people can obtain dual nationality for many reasons such as if the person was childbirth to another country, or if the person’s parents are from two different countries, another reason is by investing in a country. The investment options are for applicants who are above the age of 18 years old and have the amount of minimum investment to whether purchase a real estate, or open a business in a certain country and by donating in a governmental contribution program.
Countries like Cyprus provide investments program in order to obtain Cyprus permanent residency or Cyprus citizenship, another option is Dominica citizenship by investment programs like Dominica Real estate investment program and Government contribution program in order to obtain the Dominican citizenship. These programs are also available in many other countries such as Malta, and the Caribbean islands such as (Antigua and Barbuda, St. Kitts and Nevis, St. Lucia, and more.
With the complicated situations and unstable circumstances in the Middle East, and around the world, people started to think about traveling into another country to start a new life and to have a safer future for them and for their children, and whether to move their business or to start a new one. Now there are many people who are seeking to have a second passport, it’s easier for them to have it more than the visit visa especially of the restrictions that are imposed on people who are holding an Arabic passport. Here are four key benefits of having the right passport and how it could help an entrepreneur to reach their international business goals:
1 – Freedom of Movement
People have the freedom of movement depending on their passport visa-free entry destinations, but if you have more than one passport you have access as many countries as possible, the applicant will also have the right to live, work and study inside the countries that they have access to. People who also have a dual nationality can provide the security and better future for their children as if there is low the risks of any political issues in any particular countries or any unstable situation. Also, it’s easier for businessmen to move from country to country without the need to apply for visa visit every time they have a business trip.
2 – Tax Benefits
Any potential tax benefits depending on the country you are from and the country you have a second citizenship, countries like the Caribbean, they have the lowest tax rates than many developing nations, therefore becoming a citizen in these countries will give you an opportunity for higher tax efficiency.
3 – Greater Access
One of the main advantages of obtaining a second citizenship is the more significant access it gives to potential customers, having a second citizenship does not only mean you can do business in another country, but you can also trade with all the other country that your second citizenship gives you access to, essentially becoming a gateway to border business world.
4 – Financial Benefits
Eventually, the second passport can open a host of a business and investment opportunities, and allow you to open commercial access to the country of your second passport. Besides having second citizenship can provide you an escape route to any potential conflict or travel authorizations imposed upon your home countries.