Getting a Second Citizenship – Is it Worth it?

20 April, 2018

Everyone has their dream list, and some of have something bigger in store, like escaping to a foreign land. The reasons vary, but if you always dreamt of becoming a citizen of your dream country, but wasn’t compelled to try your luck, then the following reasons may change your mind. This guest post from one of our writers John will discuss some benefits of buying second citizenship.

passport citizenship

Picture credits: Shutterstock/Lifestyle Graphic

Tax Benefits

The tax benefits of buying second citizenship depend on what country you belong to, and the country you are applying for. Many countries offer lower tax rates, and becoming a second citizen offers you to save on tax.

This is possible as you classify your expense related to citizen application and business expense including your travel and stay between both the countries. This can land you a possible tax break.

An Investment

Getting second citizenship is more like an investment as doing so open doors to various business and investment opportunities. Most countries don’t allow foreign investments from different nations, therefore getting second citizenship will make you viable to take benefit from such opportunities.  There are many lucrative opportunities you can’t afford to lose.

Therefore, keep in mind getting a second citizenship grants you access to more than financial opportunities. Many countries allow people to do business on their soil with second citizenship. This means you can trade with the people in that country and make forming relations with easy face to face meetings.

Break from Political or Economic Collapse

There are only a few lucky countries where the political atmosphere is kind. Otherwise it’s always ranting and bashing each other. This tends to affect the overall work statuesque of a country including its Economy.

If you belong to one such country, you are looking for a better setting for you or your business to thrive; then these citizenship programs are your only option. Heck, we don’t need to say it, political or economic unrest is the worst things that can happen to a country.

Expand Your Reach

If you are a businessman and you want to improve your reach, then what better way get access to a foreign land. Sure it will be quite the challenge, but you can’t dismiss the benefits.

With the geopolitical and economic landscape, these issues always remain a possibility.  If something like this is declared, there is nothing you can do except steer clear of it. Having second citizenship pays here. You can easily get yourself away from everything that affects you and your business (less likely).

Better Lifestyle

There is no argument here. This may not be strictly business but we all need a break from our hectic routine and getting second citizenship may do that. You can get second citizenship, let’s say something more vibrant or exotic than your homeland, and this will serve as the perfect getaway.

There are many countries in Europe, Asia, North and South America offering this, but you have to read all the regulations and requirements of a country before applying.

Zhiqiang & Tingyi

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