Why Entrepreneurs Need a Second Passport
Some of the more affluent entrepreneurs residing in the UAE are taking advantage of the opportunity to obtain a second passport. Studies conducted by Professional Wealth Management (PWM) indicate that Antigua citizenship by investment programs (CIPs), as well as similar programs in Dominica, Grenada, Cyprus and Austria, are some of the most popular for residents.
Getting a second citizenship in these countries offers several benefits, including:
- Ability to travel visa-free to more countries
- Higher standard of living
- Shorter citizenship acquisition
- Relatively fast and straightforward application process
To entice more people to apply, some countries are offering additional perks. For instance, the cost of a second citizenship application in Antigua & Barbuda and in Dominica starts at around $100,000 for a single applicant. The CIP application rates in these countries are considered some of the cheapest on the market today.
International entrepreneurs will also find several benefits to holding two (or more) passports. If you are planning to establish a business outside your home country, here are a few reasons why turning to citizenship in investment programs may be beneficial for you:
1. You get a second home.
Applying for citizenship in a different country allows you to take advantage of most (if not all) of the benefits that natives or other local citizens enjoy. Two of these benefits include the ability to work and to live in the country.
The importance of these two advantages cannot be emphasized enough. Imagine doing away with visas or applying for residency. With a second passport, you can come and go in the country as you please. Moreover, you can create a personal and financial foothold in another part of the world.
The importance of this advantage goes beyond the ease in getting in and out of your second home. You can also use the country as an alternative location in the event that economic or political conditions in your original home turn sour.
By owning a second passport, you will always have a place to go to regardless of what happens in your home country. As a result, you get peace of mind knowing that you can freely set up a new life elsewhere anytime you want.
2. You gain access to more markets.
As an entrepreneur, your business relies on its ability to reach out to more leads and customers. With a second passport, you can explore business opportunities in your second home country and region with fewer issues as compared to a foreigner. Taking advantage of the local markets equates to larger potential profits for your business.
By holding a passport in a European country, for instance, you will have the chance to do business in any of the member states in the European Union. Setting up a business here will give you access to an additional 500 million customers.
3. You discover additional investment options.
Businesses require more than a permit. Offices need a space. As a citizen, you have the option of buying or renting property with fewer hassles as compared to non-resident entrepreneurs and avoiding any alien-landholder taxes.
You can also think of property as an investment for your business. With a second passport, you can freely purchase and accumulate property or take advantage of other investment options such as buying or selling stock.
4. You benefit from convenient banking services.
Entrepreneurs need access to their funds to get their international businesses running smoothly. A local bank account makes it easier to conduct local transactions such as buying equipment, renting office space, paying for bills, and maintenance, among others.
By obtaining a second passport, it becomes easier to open a bank account. There is no need for you to produce visas or submit a long list of requirements just to open a local account.
You can deposit, withdraw or transfer cash without so many restrictions. Depending on where you plan to get your second passport, you may also enjoy better rates than those offered in your home country.
Having a bank account in your second home also provides security. In the event that something occurs in your home country, part of your funds are safely secured in a different location. Plus, given your citizenship, you are free to access your funds anytime.
A second passport makes it easier to conduct business elsewhere. It offers security, added convenience and other perks.
For entrepreneurs looking to strike it big internationally, having a second citizenship makes the endeavor a lot easier. Consult a CIP specialist today to discover what a second passport holds for you.
AUTHOR BIO
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean, North America and Europe. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.
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