Having a plan B is crucial when it comes to traveling, tax optimization, and additional benefits enjoyed as a dual citizen.
There are many reasons to obtain a second passport, and the scenarios can differ significantly in each country.
Securing a second passport doesn’t mean fleeing from your country’s troubles, it’s about creating new opportunities and possibilities, and the freedom to pursue them.
In this article, we will talk about the benefits of obtaining a second passport via a CBI – Citizenship By Investment program.
Financial Freedom
One of the main reasons people decide to pursue a dual nationality is the financial freedom they get outside their country. They can invest, reside and do business in places you couldn’t do it previously due to the country’s regulations and legislation.
You can fulfill your dreams and expand your business globally while setting the rules of your financial freedom. For more information and guidance in the CIB process, you can visit ntltrust.com and communicate with the team of professionals from NTL Trust to get your paperwork in order.
Security
Having a second passport means having the opportunity to improve your personal and professional security. With the current economic and financial strife, dual citizenship provides you the chance to live in a stable country. It’s critical when it comes to protecting your family and loved ones from the harmful circumstances in your country, for example, being in a state of warfare.
Dual citizenship programs offer anonymity and privacy protection, which means you’ll be protected against any harmful discrimination.
Better Education
As people, it’s hinged in our genes to strive in providing better living conditions and improving the lifestyle of our children. Children who hold a second passport, whether it’s a Caribbean region or a country in Europe, will enjoy significant benefits. They have opportunities to get quality and better education in different countries.
The children can also extend their visas by acquiring a work agreement after finishing their studies and overstaying their visas. Many countries do not offer these benefits.
Let’s take an example from the country of Cyprus – the children can obtain a passport and choose in which country to continue their education. The benefits of having a quality education help us later in life in pursuing our dreams.
Travel Visa-Free
Traveling visa-free is a total blast when it comes to all of the customs processes, documentation, and headaches of obtaining a visa. However, not all passports are equal and you can’t travel visa-free to many countries with your native nationality.
Some passports allow you to travel to more than a hundred countries without applying for a visa, while others will allow you to travel to no more than 30. The passport of Malta allows its citizens to travel to 180 countries. While St. Kitts and Nevis has visa-free travel to 157 destinations.
Visa-free traveling has a lot of benefits, including not having to worry about approvals or submitting documents. If your country has limited traveling options, you can consider becoming a dual citizen through the citizenship by investment program in some of the countries that offer it.
Improved Lifestyle
Applying for a second passport often comes to achieve a better lifestyle, for you and your beloved family. While the option of improving your life quality might not be available in your country, you can consider obtaining a second passport and landing in another one.
For instance, if you want to have a more relaxed lifestyle, enjoy the beach, admire majestic views, breathe fresh air, and eat traditional food, you can try your chances in one of the Caribbean countries.
On the other hand, if your priority is to protect your assets, you can consider becoming a citizen in Malta. This country has a well-established tax process and robust financial infrastructures so it’s one of the candidates for securing your assets.
Better Healthcare Conditions
Not every country can brag about great healthcare conditions. Some countries provide awful services, while in others you need to pay a fortune to get the needed care.
If you are not satisfied with the quality and level of healthcare service, and you have the chance of getting a proper one, you can apply for citizenship in another country.
Additional Benefits
Some countries allow for parental leave, so you can enjoy your time with your newborn without worrying about whether your job is at risk.
Additionally, there are some countries that offer little or no income or inheritance taxes, so you are free to build your fortune without paying enormous sums to the country.
Not Convinced Yet?
Making the move in obtaining second citizenship can be overwhelming and frustrating for most people. To get additional insight and more information on the entire process, or check articles with similar content, please feel free to check our blog.