More and more people, especially large investors, have more than one passport. For significant capital, borders are only a hindrance. Therefore, by obtaining an additional document, it is possible to conduct business in a new region. It is best to use the citizenship by investment program. It works in dozens of countries.
The principle is simple. The investor has to contribute a certain amount of money, and he will be granted a residence permit. Usually, one has to make a non-refundable investment or purchase a specific type of real estate. According to a specialist of the company Immigrant Invest Zlata Erlach, the easiest way to do it is in small island states. In them, the cost of new documents is relatively low, plus the procedures themselves are operating for a long time, so they are perfectly tuned.
It is not legal to have a second passport everywhere. It has to be taken into account. However, the countries that offer the registration of documents are loyal to it. They recognize this right, plus they do not create any restrictions. For example, they do not impose fines or criminal prosecution. They are interested in new investments and do not oblige investors to give up their first (primary) citizenship.
What is Dual Citizenship?
Everything is straightforward. It means having a passport in two countries at once. Usually, the situation is such that a person already has one document and issues a second one. More often than not, the first one is given by birthright. The second one is provided for special merits to another country or, more often, for economic investments. It can be a direct investment in a special fund or:
- housing purchase;
- creation of new enterprises, modernization of existing ones (opening of new jobs);
- assistance in the restoration of works of art.
There are many investment options. However, the rules and regulations depend on the particular state. Therefore, it is essential to study the conditions beforehand to choose the best option.
The Benefits of Dual Citizenship
More and more owners of significant capital are trying to have documents from several countries at once. It is not surprising because there are a lot of dual citizenship benefits. These include:
- The right to stay in the country legally, to participate in its social and political life. Everyone who has obtained a full-fledged document has such an opportunity.
- Possibility to work legally to conduct labor activities. It is one of the main advantages. In addition, obtaining a document will allow one to develop their business and open up new horizons. Any prominent investor is interested in this.
- Access to all social services and opportunities. It applies to medicine, education, and other areas. The second passport gives the same rights as those who have received a document from birth in this country.
- The possibility of visa-free travel around the world. Countries with ways to get second citizenship through investments usually offer to use it for travel. For example, island countries have a visa-free agreement with more than 150 countries worldwide. It is very convenient because one can move freely without thinking twice about drawing up additional documents.
- Official title to a property. One can legally dispose of existing property, sell it, inherit it, and conduct other operations.
It is not a complete list of benefits. The number of pros of dual passports is enormous. Since many countries recognize this system, the investor has nothing to lose. He just gets another document with which he can work, travel, or legally reside in a new country. It is very convenient and easy to make sure of by making one of the varieties of significant investments.
The Drawbacks of Dual Citizenship
However, let’s not forget about the downside. The main cons of dual passports are the need to pay taxes in two countries simultaneously. It discourages many potential investors. But all is not so sad. The tax policy of most small states suggests that they do not need to pay the commission. The only exception is real estate transactions.
It creates the most favorable conditions for business development. So, if you have a firm or a company in one country, the other (in which you issue a passport) does not require payment of taxes.
Another reason for dissatisfaction is the inability to occupy certain positions. In some countries, this is unavailable precisely because of the presence of a second passport.
Investors are also intimidated by the length of the procedure. However, now in some states, everything can be done online. However, serious investments and expectations have remained. These dual citizenship drawbacks still discourage potential investors.
How to Acquire Dual Citizenship
Do you want to draw up papers? Then you need to be prepared for some requirements that are put forward. The most common ones are:
- Age – the applicant must be over 18 (in some cases over 21);
- The legality of income – you need to provide a document that the funds were obtained legally;
- No criminal record or prosecution – also requires the appropriate paper, certified by a notary.
The most important thing is to be prepared for a significant investment. The amounts are pretty serious, so they are not affordable to everyone.
Final thoughts
Nowadays, it has become much easier to obtain a document from another country. Moreover, with the proper budget, there are virtually no restrictions. Therefore, it allows one to conduct business, open new countries, get an education, and enjoy legal work.
Such an offer looks incredibly top for people in business. With two passports, promoting a business and opening new frontiers is much easier.
Since it is now easy to find programs that do not require you to stay in the country or pass various tests, the only obstacle is the amount in your account.
