With the changing economic climate in various countries, investors are rapidly seeking second citizenships through the investment route. European Schengen area countries & some areas in the Caribbean are common areas where they can gain citizenship by investment, with varying amounts in terms of value. Here are five reasons why you should consider citizenship by investment:
1. Visa-free travel
Spain's golden visa, for example, can cost up to 500,000 euros, but enables you to travel freely within the Schengen area. While it may cost quite a bit, it enables you to easily establish business relationships with visa-free travel. This trade-off comes at a cost, but depending on the nature of your business, you can easily reap the benefits. You can tap into a wider business world with second citizenship, with better access to millions of potential customers. You can also avoid restrictions on only doing business in your home country. Imagine never having to pay for a visa again!
2. Tax-free benefits
Depending on the country, your business will enjoy some tax-free benefits and you often will be able to write off your visa application as a business expense, thereby enabling you to travel. In some cases, you may also consider investing in Dubai, where you can also avail of tax-free benefits, with low levels of corporate tax.
3. Political safety & stability
With unrest spreading in some countries, many investors flock to safer political climates. Businesses & assets are usually incorporated in a safer country so as to avoid any mishaps. In the Middle East, Dubai is considered one of the safest destinations to put your money in. Its great connectivity to other cities worldwide enables it to be a great port to operate out of. Dubai is one of the few places that offers "affordable luxury" in comparison to similar cities worldwide like Hong Kong & Singapore, who have exorbitant real estate prices in comparison.
4. Your family's future
Most investors also make it a point to seek foreign citizenship with their family in mind. More and more of them they want their children to attend great educational institutions and want to ensure the future generations of their family are kept safe and are in a positive environment through second citizenship. Having this option gives them a choice between at least 2 or more countries.
What are your options?
Please see the below table as a reference: