As a businessman and an entrepreneur, you’d like to take advantage of all of the benefits that come along your way. Let’s take an example – you are invited to an international conference to discuss potential benefits and opportunities for your company. However, you need to go through an extensive paperwork process to obtain a travel visa, with the risk of being rejected.
It takes courage and passion so your business succeeds on a national and global level. For experienced entrepreneurs, the global economy is full of opportunities for expansion and growth in new markets. What’s stopping you from avoiding the hurdles of economic instability, regulatory pressures, or travel restrictions?
You are one step away from benefiting from all the advantages and accessing new business opportunities. And the answer is to apply for second citizenship. In this article, we’ll shortly discuss the main benefits of dual citizenship for you as a businessman. Follow along to learn more.
Expansion to Global Markets
Imagine seeing your products or services marketing campaign displayed on a billboard in New York. Dipping your toes on a second jurisdiction increases your business potential of reaching a global audience and recurring customers. Thus, establishing strong connections and business relationships across the globe.
One advantage of such opportunities is participating in the citizenship by investment program. Many countries offer affordable programs, with a variety of benefits, depending on which country’s citizenship you apply for. For instance, you can check the Grenada citizenship by investment programme and become familiar with the application process, fees, benefits, and perks.
Additionally, you can trade with the countries your second country has access to. Which is pretty amazing! It’s the ultimate getaway to the business world.
Copyright: Unsplash I License: CC0 Public Domain
Reduced Taxes
Tax benefits are the main reason for owning a second passport as a businessman. Any potential benefits will solely depend on the country you apply to and the country you are from. Some countries have rules and regulations that offer lower tax rates so that you can take advantage of the tax efficiency.
Additionally, you can lower your tax liability when traveling between countries and classify the costs as a business expense. However, it’s worth noting that many countries require their citizens to pay taxes for their profits overseas. This means you can be caught in the process of paying taxes in two countries – which is not something you’d want.
What we would advise is to research and learn about the tax system in the country you’ll apply for a second passport and check whether you’ll be liable for paying taxes in the native country.
Visa-Free Traveling
Many wealthy business people decide to apply for second citizenship due to the straightforward process of check-in and traveling abroad. You will not be required to apply for a visa or fill out tedious paperwork before traveling to a specific country. For example, if we take Portugal, you can travel to around 172 countries without a visa.
Being an entrepreneur often means traveling to another country on short notice. It can be inconvenient and costly if you need to obtain a visa for that country.
Regardless, the country of second citizenship might offer visa-free traveling to more than a hundred countries, which means, that not all the countries worldwide will be included. So, you will need to check whether you’ll need to obtain visa for particular destinations.
Copyright: Unsplash I License: CC0 Public Domain
Avoid Economic Instability
Economic instability is among the major considerations for businessmen, when applying for a second passport. The insatiable economy in your country may affect your business negatively. Thus, leaving you with limited options and on a dead-end street. With dual citizenship, you can “escape” this crossover and use the safety measures in the other country. And avoid any potential civil unrest, conflict, or sanctions in your native country.
Investment Benefits
Another advantage of being a dual citizen is the investment. There are literally hundreds of investment options for your business. While many countries do not allow citizens of particular nations to invest in their economies, you’ll need to research your liability as an investor.
Among the options for investing are real properties, hotels, and resorts, one-time donations to the National Fund, etc. The ability to actively invest in an industry will boost your banking opportunities where you can get better interest rates, exchange rates, etc.
That’s Not All!
Citizenship by investment programs are flourishing nowadays, with entrepreneurs always searching for new ways of capitalizing on new opportunities and opening their business doors to growth and expansion. Many companies can help you in the process of obtaining a second passport, from the paperwork to the hustle of taking care of the regulations.