Benefit of Investment to Acquire a Second Passport?
- Publish date: Sunday، 22 July 2018 | Last update: Thursday، 25 February 2021
Benefit of Investment to Acquire a Second Passport?
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The vogue of acquiring a second citizenship has grown immensely in recent years and has become one of the main objectives for entrepreneurs and many families in the world due to its multiple benefits and advantages.
A second passport, in other words, can be your key to a new world of free movement, greater flexibility, and legal tax reduction.
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One of the major advantages of a second citizenship is the significant reduction in your tax burden. Investors and businesses owners of the world get a second citizenship to protect their investments in a second location and make it a shelter for their finances, avoiding high tax collections for their earnings.
Yet another way an alternative passport become an advantage is the ability to open bank and stock brokerage accounts around the world as a citizen of the new country. Thus, investing in a second citizenship benefits not only third-country passport holders, but also expats from other countries including the US who want to minimize their tax bills says Paul Hymers, financial director at Atlas Corporate Services to Gulf news.
Thirty countries that offer residency for buying property
Many countries do not allow foreign investment from certain nations. Therefore, some foreign nationals may not be able to take advantage of generous interest or exchange rates or be allowed to invest in lucrative property markets, such as those in Europe. Owning properties in a second country also becomes easier and hustle free with a citizenship of that country. So dual citizenship benefits people who plan to invest extensively in real estate.
Some of the world’s popular destinations, including Austria, Dominica, Saint Kitts & Nevis, UK, USA, Canada, New Zealand and Cyprus have their own investor programs that offer high-net-worth individuals a chance to obtain a second passport in exchange of their investment.