Dual citizenship is an attractive investment for growing numbers of people. It is particularly attractive to many UK citizens and small businesses who find themselves shut out of the European single market. The list of countries that have recently launched CBI – Citizenship By Investment programs to attract investors, is growing daily. Such programs aim to drive the local economy by encouraging targeted investment and innovation.
These programs target applicants like investors, international business executives, and people who consider dual citizenship a powerful tool for expanding their entrepreneurial and life opportunities. The CBI programmes generally have minimal residency requirements, thus dual citizens can live in the second country as long as they desire.
In this guide, we’ll talk about the benefits of dual citizenship and why more business owners are choosing to invest in it. Let’s see!
Improved Mobility
Owning a second passport is not just a powerful tool that allows you greater freedom of mobility but a dream come true for people who travel often and want to explore different destinations, cultures, and traditions. And it’s a dream come true for business owners as well since they can avoid the bureaucracy of applying for visas for certain destinations, plus they can save on visa fees. In the post-Brexit UK there has been a surge in people trying to attain dual citizenship through overseas family links; CBI offers an alternative route for those who don’t have those family links but do have funds to invest.
Having dual citizenship grants you visa-free access to multiple countries and the freedom to travel, work and live there. Depending on the geopolitical situation, the number of countries you can travel to without a visa or with a visa on arrival varies.
For example, the Maltese passport ranks 4th worldwide in terms of freedom of travel, which enables holders to travel without a visa to 144 countries, with a visa on arrival to 31 countries, and with an electronic travel authorization to 11 countries. Portugal’s residency by investment programme is the most accessible and the most popular within the EU.
Before starting the application process, it can be well worth consulting a legal body or an authorized agent about the CBI program’s terms and conditions to ensure your application is successful. Such an authorized body is NTL Trust. You can check their website NTLtrust.com and get the necessary help and guidance throughout the entire process.
A Plan B
The world today has gone mad…and can be uncertain. So, it’s a good idea to have a plan B and protect yourself, your family, and your business in case of unforeseen events like market crashes, civil unrest, political and economic instability, natural disaster, or in the worst case scenario, a war.
A second passport gives you peace of mind and a getaway to a more stable and secure country. With this passport, you can work and live in a foreign country, enjoy excellent financial benefits and have a safe place to raise your children.
Endless Business Opportunities
Dual citizenship opens the doors to many business opportunities abroad and grants access to business owners to new, emerging, and established markets. Entrepreneurs who are looking for opportunities to expand their business horizons often opt for a second passport.
Other countries offer a wide array of industries where business owners can expand and trade internationally, so a second passport can be worth the investment. The countries that offer citizenship by investment have successful schemes of incorporating foreign nationals into their economies where they can prosper in different industries.
Better Healthcare and Education
Education and healthcare play a vital role in the economic, social, and human development of the country, and alternative citizenship offers a wide range of opportunities for better healthcare and education.
These are benefits that might not be available in your native country. And for families with children, it’s important to have access to educational institutions and healthcare systems of higher quality.
Family Legacy
After a certain age, few of us are totally independent. You might have a spouse or children. So if you are considering dual citizenship it’s important to be clear about whether the status also extends to your dependents. The good news is that the majority of CBI programmes do include family members, which can include your spouse or legal partner, dependent children and siblings while they are still in education, and even your and your spouse’s parents. This would mean that you can be reassured that the business you build up, in your new place of residency, can be kept in the family for future generations.
Want to Learn More?
While we’ve covered the most important aspects of owning a second passport, the unprecedented opportunities for businesses are undeniable. Dual citizenship is a safety net for the business and an access point to much larger markets. It generally takes a few years of part-time residency before you can access full citizenship; so if this is something that you intend to do in the future, the sooner you get started the better.