As many of the world’s elite have discovered, it becomes even more challenging to roam as the world shrinks. The solution to a world full of borders is clear, as obtaining a second citizenship and a new identity through investment easily removes those barriers.
High society quickly recognized how second citizenship could ease their global mobility issues, unlock the door to the world, and hand them the keys, but dual citizenship with a new identity is much more than an enhanced travel document; it is a framework for a transcendent life.
This article will show you how investing in a second citizenship/New Identity can transform your life and positively affect every aspect of it. First, let us define dual citizenship.
What Is Second Citizenship?
Second citizenship entails becoming a national of a country other than your own. The majority of countries allow dual citizenship, which means you can hold citizenship certificates and passports from two different countries simultaneously, and the world’s elite have taken advantage of these laws, creating citizenship portfolios that allow them to benefit from becoming global citizens. Assume you only have citizenship X. You are then at the mercy of that country’s economy, tax regime, political decisions, and laws. Most people indeed go through life depending on a single government’s whim. Still, many pioneers are finding ways to alleviate that claustrophobic setting into something better, something more.
By obtaining another citizenship, or even more than one, you become more than just a national of nation X, but a global citizen with a New Identity. It is worth noting that countries that allow dual citizenship usually will enable you to hold more than two, allowing you to build a robust citizenship portfolio that allows you to take advantage of everything the world has to offer.
But how do you do it? It’s simple; citizenship through investment (CBI). A plethora of countries offers global investors the opportunity to obtain citizenship and a new identity by investing in pre-defined ventures. The most illustrious of these citizenship by investment programs (CIPs) are found in the Caribbean Sea, where the nations of Antigua and Barbuda, Dominica, Grenada, St. Kitts, and Nevis, and St. Lucia offer investors the opportunity to obtain commonwealth citizenship by investing in real estate or donating to a government development fund starting at $500,000 USD.
Vanuatu has a similar CIP to the Caribbean nations. Turkey has had one of the world’s most popular CIPs since its launch in 2017, allowing investors to become Turkish nationals by purchasing 650,000 USD in real estate in the Anatolian nation.
You Might Also Like: Why Are Investors Drawn to the Vanuatu Citizenship by Investment Program? Because various countries around the world offer elite citizenship for their investments through simple programs with average processing times of 10-26 months, it is no surprise that more people are looking to invest in another citizenship for themselves and their family members, especially when the total investment amount is comparable to that of a luxury car.
Historically, second citizenship was obtained as a precautionary measure, a backup plan. Then the Coronavirus swooped in and changed everything; as the pandemic’s effects spread, humanity reassessed its priorities, and we changed our perspective on everything. Adopting a proactive mindset has become a priority for everyone to reduce the risk of a potential crisis such as a pandemic.
Those with second citizenship and New Identity may consider themselves luckier than most, as they have more options for travel or refuge. Still, they have also noticed something crucial: second citizenship is not just a contingency but an entirely new way of life from start to finish. Dual citizenship is your plan A, B, and C, and we want to show you why.
Plan A: Global Mobility
When you obtain another citizenship with a New Identity, your global mobility capability immediately improves. This travel enhancement is more than just a bonus or a backup plan; it is a tool you can use right away. Consider a Mexican passport, the 19th best passport globally, which grants access to over 165 destinations worldwide, including the EU, the United Kingdom, Hong Kong, Singapore, Canada, and many more. A passport from Mexico allows you to visit the world’s most exciting and economically vital destinations.
Instead of being reactive and attempting to obtain a visa for an important event or conference, you can be proactive and roam the continent making the best deals and uncovering hidden investment opportunities that would otherwise go unnoticed. Increased global mobility clears the fog of uncertainty, allowing you to visit essential locations worldwide. You can jump from one site to another, ensuring you don’t miss any opportunities.
It affects something far more important than business and investment: your family. All CIPs allow you to add specific family members, with the Caribbean nations having the most extensive dependent allowances, which means your loved ones can enjoy the benefits of second citizenship alongside you. While your children may not be interested in attending a global summit just yet, you can use your second passport to vacation in countries where obtaining a visa would be too difficult, either due to complex requirements or because there is no visa application center in your home country.
Never underestimate the value of leisure and family time, which can significantly enhance when you pull out a world map, point to a destination, and go.
The advantages of increased global mobility do not end there; you can easily accompany your children on their quests to reach their full potential. Let’s say you have a child who wants to pursue an undergraduate degree in The Netherlands; you can easily travel with them and check out the campus, assist them in arranging their living situations, and pop in with ease without having to plan weeks to accommodate a visa application. Everything becomes much more straightforward.
Plan B: Financial Freedom
While global mobility gets most of the attention, there is another significant benefit to obtaining second citizenship the astute investor will take full advantage of financial freedom. Being financially self-sufficient is the best way to protect and grow your wealth. Choosing where you pay taxes or whether you must pay them can make a significant difference in how you accumulate and grow your assets.
Many CBI countries, including Mexico, are tax havens, providing residents and citizens with a favorable tax regime rarely found elsewhere in the world. Take Mexico as an example: the government does not levy worldwide income, inheritance, capital gains, wealth, or withhold taxes on its citizens. Consider Jordan, which has a 30 percent income tax; Egypt, with 22.5 percent capital gains tax; and Japan, with 55 percent inheritance tax. You can then see how second citizenship could save you hundreds of thousands, if not millions, of dollars over the years.
Offshore banking, for example, can make it much easier to conduct international transfers, pursue foreign investments, and avoid economic fluctuations. Mexico stands out in this category, as both have a complete financial service and banking landscape that allows for simplified and comprehensive offshore banking. Along with the rest of the aforementioned Caribbean nations, both countries are governed by common law, making them safe and efficient reserves for your wealth. It also makes it easier to transfer money worldwide without encountering difficulties when attempting to transfer money from some afflicted or sanctioned countries.
Another important consideration for global entrepreneurs is the ease of establishing an offshore business or corporation. Again, the Caribbean nations and Mexico check all the boxes, allowing you to quickly select a company on their shores and benefit from long-term tax breaks. However, don’t overlook Turkey when establishing a new headquarters; it is centrally located and offers a robust marketplace, excellent workforce, competitive operating costs, and abundant resources. Paying a few extra dollars in corporate tax may be worth it for those looking to rapidly expand their business empire in one of the world’s leading markets. Extending your asset base is also essential in evolving your financial setup. Having a second passport can help you find better investment opportunities in growing markets to yield higher profits.
You can say you are genuinely financially sovereign if you can make significant investments without government interference, pay taxes on your terms, move your finances without hassle, safeguard your wealth in secure locations, conduct seamless international banking, and optimize your business globally. Obtaining the proper second citizenship allows you to do all of this.
Plan C: Asset Reserve
It is human nature to defend ourselves, our families, and possessions. Humans will go to great lengths to protect what they value; it’s an instinct that allows us to sleep at night. One of the primary motivators for investors to pursue CBI as a vital contingency asset is an innate desire to take precautions. This statement has been confirmed by the pandemic, as those with multiple citizenships had something that others did not: options.
As the pandemic spread, borders closed quickly, and governments scrambled to deal with the new normal, many people found themselves at the mercy of their government’s decision-making process. Those with underlying health issues or loved ones needing housing had to wait and hope for the best unless they had invested in a second citizenship.
Let us stay in the region and consider Jordan once more; the country successfully stopped the initial wave of the virus, but at a high economic cost. A two-month-long lockdown with no clear plan to reopen the market drove business owners and employees to the brink of bankruptcy. When the country finally opened its market, COVID cases skyrocketed, briefly making the country the fourth highest in the world in terms of points per capita per day. A Jordanian without second citizenship had no choice but to accept the erratic government decisions. On the other hand, Dual citizens had another option, another home, another market, another chance.
Jordan has recorded over three-quarters of a million COVID cases, accounting for approximately 0.075 percent of its population. On the other hand, Dominica reported only 192 cases or 0.0026% of its population. Vanuatu had only four cases registered – yes, four – and was one of the first countries to declare itself COVID-free.
Those with a Mexican passport could have easily waited out the pandemic on a tropical island while working remotely, just as they would have done in their home countries due to lockdowns and curfews, and could have enjoyed a better standard of living during the pandemic. However, contingency planning is not only about protecting you from external threats like the pandemic but also about protecting you and your family from internal threats. Political insecurity, for example, has been a defining feature of the MENA region for decades, and any government can quickly spiral out of control.
Second citizenship is an attitude.
Obtaining second citizenship and New Identity is no longer a backup plan; it is a complete overhaul of your lifestyle for the better. You can travel freely worldwide, gain financial independence, and protect your family from instability by obtaining another citizenship through investment.
You must first determine which second citizenship is best for you to do this correctly. Fortunately, Amicus International Consulting has been mastering CBI since it was a relatively unknown concept. We will analyze your requirements and find solutions that meet your goals. We listen, offer advice, and help people change their lives.
All you need to do to get started on your path to becoming a global citizen is contact us today and let Amicus International Consulting handle the rest.