Dubai, UAE: Second citizenship is rapidly becoming a popular term among the world’s elite, as many of them have found out, as the world becomes smaller, it becomes even more challenging to roam. The solution to a world full of borders is quite apparent, however, as obtaining a second citizenship through investment knocks down those barriers with exquisite ease.
High-society quickly saw how second citizenship could ease their global mobility issues, unlock the door to the world and hand them the keys, but second citizenship is much more than just an enhanced travel document; it is a framework for a transcendent life.
In this article, we will show you how investing in a second citizenship can transform your life, and how it will positively affect every aspect of it, but first let’s shed some light on the definition of second citizenship.
What Is Second Citizenship?
Second citizenship means becoming a national of another country in addition to your home nation. The majority of countries allow dual citizenship, which means you can hold citizenship certificates and passports of two different nations at the same time, and the world’s elite have been using these laws to their advantage, creating citizenship portfolios that allow them to benefit from becoming global citizens.
Let’s say, for example, you only hold citizenship X. You are then at the mercy of that country’s economy, tax regime, political decisions, and laws. It’s true that most people in life, journey through it living life dependent on a single government’s whim, but an increasing number of pioneers are finding ways to alleviate that claustrophobic setting into something better, something more.
By obtaining another citizenship, or even more than just one, you become more than just a national of nation X, but instead a national of the world. It is worth noting that countries that allow dual citizenship normally allow you to hold more than just two, providing you with the opportunity to create a robust citizenship portfolio that enables you to take advantage of what the entire world has to offer.
But how do you do that? Easy; citizenship by investment (CBI). A plethora of nations offer global investors the chance to obtain their citizenship by investing in pre-defined ventures. The most illustrious of these citizenship by investment programs (CIPs) are located in the Caribbean Sea, as the nations of Antigua & Barbuda, Dominica, Grenada, St. Kitt & Nevis, and St. Lucia provide investors with the chance to obtain commonwealth citizenships through investing in real estate or donating to a government development fund starting at 100,000 USD.
The Oceanic nation of Vanuatu has a similar CIP to that of the Caribbean nations in place, while Turkey currently runs one of the world’s most popular CIPs since its launch in 2017, allowing investors to become Turkish nationals by buying 250,000 USD worth of real estate in the Anatolian nation.
Since various countries in the world offer the elite citizenship for their investments through easy programs which have an average processing time of 3-6 months between them, it is no wonder more people are looking to invest in another citizenship for themselves and their family members, especially when the total investment amount is similar to that of a luxury car.
Historically, second citizenship was obtained as a means to mitigate risk, a plan b. Then the Coronavirus came swooping in and changed everything; as the pandemic’s effects spread, humanity reassessed its priorities, we changed how we view everything. Adopting a proactive mindset has become a priority for everyone to mitigate the risk of a potential crisis such as the pandemic.
Those with second citizenship could count themselves luckier than most, possessing more options for travel or refuge, but even they noticed something vital, that second citizenship is not just a contingency, but a totally new way of life from start to finish. Second citizenship is your plan A, B, and C, and we want to show you why.
Plan A: Global Mobility
Once you get another citizenship, your global mobility ability instantly increases. This travel enhancement is not just an additional perk or a contingency , but a tool to use immediately to your advantage.
Let’s take the St. Kitts & Nevis passport as a prime example, the 24th best passport globally, which grants access to over 155 destinations worldwide, including the EU, the United Kingdom, Hong Kong, Singapore, and many more. Holding a St. Kitts & Nevis passport essentially opens up the world’s most exciting, and economically vital, destinations.
Instead of being reactive and trying to get a visa to an important event or conference, you can be proactive and roam the continent making the best deals and finding hidden investment opportunities which would otherwise be undetectable.
Enhanced global mobility eradicates the fog of uncertainty, giving you access to important locations throughout the globe. You can jump from one place to another, ensuring you don’t miss an opportunity.
It doesn’t just end at business and investment, but affects something much more important, your family. All CIPs allow you to add specified family members, with the Caribbean nations having the most comprehensive dependent allowances, which means your loved ones get to enjoy the perks of second citizenship along with you.
While your kids may not be interested in attending a global summit just yet, you can take advantage of your second passport by vacationing with them in countries that would have otherwise proven too much of a hassle to get a visa to, either because of complex requirements or because they don’t have a visa application center in your home country.
Never underestimate the importance of leisure and spending time with your family, something which can be significantly enhanced when you can just take out the world map, point to a destination, and go.
The benefits of elevated global mobility don’t stop there, as you can easily accompany your children on their quests to fulfilling their potential. Let’s say you have a child who wants to pursue an undergraduate degree in The Netherlands; you can easily travel with them and check out the campus, help them arrange their living situations, and pop in with ease without needing to plan weeks ahead to accommodate a visa application. Everything just becomes much more straightforward.
The Caribbean Citizenship by Investment Programs are extremely popular when it comes to global mobility due to the strength of the passports they offer. You can travel to more than 140 destinations worldwide with a passport from Grenada, Dominica, or St. Lucia, while Antigua & Barbuda and St. Kitts & Nevis go above 150 destinations worldwide.
These Caribbean passports all provide visa-free access to hotspots such as the Schengen Zone, the United Kingdom, Hong Kong, and others, and the simplicity of the process just adds to the elegance of their CIPs.
Vanuatu is a close second, offering visa-free access to 133 destinations worldwide, with a similar visa-free destination list.
Plan B: Financial Freedom
While global mobility dominates the headlines, there is another major benefit of obtaining second citizenship, one that the savvy investor will take full advantage of; financial freedom.
Becoming financially sovereign is the best way to safeguard and enhance your wealth. Being able to choose where you pay taxes, or whether you need to pay them at all, can make a huge difference in how you accumulate and grow your assets.
Many CBI countries such as Dominica, Vanuatu, and St. Kitts & Nevis are tax havens, offering their residents and citizens a favourable tax regime that is rarely found elsewhere in the world.
Let’s take Dominica as a great example, the government does not impose worldwide income, inheritance, capital gains, wealth, or withholding taxes on its citizens.
Consider that Jordan, for example, has an income tax rate that reaches 30%, or that Egypt has capital gains taxes set at 22.5%, or that Japan has an inheritance tax rate of a whopping 55%. You can then see how second citizenship could save you hundreds of thousands, if not millions, of dollars throughout the years.
But it isn’t just about the taxes, as genuine financial freedom spans much more; offshore banking, for example, can make your life much easier for conducting international transfers, pursuing foreign investments, and avoiding economic fluctuations. St. Kitts & Nevis and Dominica shine here, both boasting a robust financial service and banking landscape that allows for simplified and comprehensive offshore banking.
Both countries, along with the rest of the aforementioned Caribbean nations, are regulated by common law, making them safe and efficient reserves for your wealth. It also makes it easier for you to move money around the globe without the difficulties that arise when trying to transfer from some afflicted or sanctioned nations.
Another important factor is the ease of setting up an offshore business or corporation for global entrepreneurs. Again the Caribbean nations and Vanuatu tick all the boxes, enabling you to easily set up a business within their shores and take advantage of long-term tax incentives.
However, it is important that you don’t overlook Turkey when it comes to setting up a new HQ; as it is centrally situated, it offers a robust marketplace, excellent workforce, competitive operating costs, and abundant resources. For those looking to rapidly expand their business empire, paying a few more dollars in corporate tax may be worth it to set up shop in one of the world’s leading markets.
Expanding your asset base also plays a significant role in evolving your financial setup, and a second citizenship can help you find better investment opportunities within growing markets that can yield greater profits.
Caribbean CIPs along the one Turkey offers are great for expanding your asset base. The real estate option in the Caribbean allows you to invest in shares within five-star, global brand resorts in some of the world’s most magnificent tourist hotspots.
Turkey expands that concept even more, as all real estate in Turkey is fair game, and you can buy one or more properties to qualify for citizenship, as long as you reach the 250,000 USD minimum threshold. The ability to create an investment portfolio made up of residential, commercial, or agricultural properties makes Turkey’s Citizenship by Investment Program great for profitable investments.
By being able to make significant investments without government interference, pay tax on your own terms, move your finances around without hassle, safeguard your wealth in secure locations, conduct seamless international banking, and optimize your business on a global scale, then you can say you are genuinely financially sovereign. And getting the right second citizenship helps you do all that – and more.
Plan C: Contingency Asset
It is in our nature to protect ourselves, our families, and what we own. Human beings take extreme measures to safeguard what they love, it is an instinct, one that gives us the peace of mind to sleep at night.
This innate drive to take precautions is one of the main drivers for investors to pursue CBI as a robust contingency asset. The pandemic has confirmed this statement, as those with multiple citizenships had something others rarely did; options.
As the pandemic raged on, borders rapidly closed, and governments scrambled to deal with the new normal, many people found themselves at the mercy of their own government’s decision-making process. Those with underlying health problems or housing loved ones who were at risk had to sit tight and hope for the best, unless, of course, they had invested in a second citizenship.
Let’s stay in the region and take Jordan as an example once more; the country successfully halted the initial wave of the virus, but at great economic cost. A complete lockdown that spanned for two months with no apparent plan to re-open the market led business owners and employees to the brink of financial ruin. Then, when the country finally did open its market, COVID cases skyrocketed, even temporarily becoming the 4th highest country in the world for cases per capita per day.
Now a person in Jordan who does not have a second citizenship had no option but to roll with the fluctuating government decisions. On the other hand, dual citizens had an alternative, another home, another market, another hope.
Jordan, till this date, has registered over three-quarters of a million COVID cases, which is about 0.075% of its population. On the other hand, Dominica reported a measly 192 cases, 0.0026% of its population. Vanuatu only registered four cases – yes, four- and was one of the first nations to declare itself COVID free.
Those with a Dominica or Vanuatu passport could have easily waited out the pandemic on a tropical island while conducting their work remotely, the same way they would have done it in their home nations due to lockdowns and curfews, and could have enjoyed a better standard of living during the pandemic.
But contingency planning is not just about protecting you from external factors such as the pandemic but safeguarding you and your family against internal risks as well. Political instability, for example, has been a defining characteristic in the MENA region the past few decades, while any government may spiral out of control instantly.
You don’t want your kids to live in fear of instability or have their education hindered due to the economic crisis, and second citizenship mitigates that risk and provides them with options.
Being able to whip out that second passport when things go awry is the ultimate backup plan. But CBI allows you to mitigate against other instabilities as well.
By diversifying your asset base, you mitigate the risk of currency fluctuation, economic depression, and more. Having property in Turkey or the Caribbean offsets the probability of losing all your major assets if something goes wrong in your country. They also provide you with varying streams of passive income depending on the investment portfolio you create.
However, it is essential to get a citizenship of a country you would be comfortable residing in, as you may decide to move in case of any disruptions in your country of residence. Turkey is a great example here, as the vast nation has a diverse landscape with bustling cities, excellent healthcare, solid education, and a strong infrastructure.
Turkey also boasts a great living standard for retirees, many of whom look to spend their free time in an affordable country that boasts abundant activities, pleasant climate, good healthcare, and is relatively close to their home nation.
Another great thing about Turkey, which it shares with Grenada, is that their nationals are eligible for the USA’s E2 treaty visa; a US residence permit available only to select nationalities throughout the world. This means that Turkish and Grenadian citizenship open up even more doors for you as a backup plan, making them great for those looking to take precautions against the worst possible scenarios.
Second citizenship is a lifestyle
Getting a second citizenship is no longer a contingency plan; it is a complete transformation of your lifestyle for the better. By obtaining another citizenship through investment, you can roam the globe freely, obtain financial sovereignty, and shield your family from instability.
To do this correctly, however, you need to understand which second citizenship is best for you, and luckily we at Savory & Partners have been mastering CBI since it was still a relatively unknown concept. We will understand your needs and find you the solutions that fit your objectives. We listen, we advise, and we transform lives.
All you need to begin your journey to becoming a global citizen is contact us today and let us take care of the rest.
Savory & Partners is an accredited agent for multiple governments where citizenship by investment is offered. Founded in 1797, the agency has evolved from pharmaceuticals to family assets and legacy protection through second citizenship and residency. The company’s professional, multinational staff is made up of expert advisors who have guided thousands of clients, including many North African investors, on their journey to find the most suitable CBI program for them. The Savory & Partners team will be happy to answer your enquiries in English, Arabic and French.