Perks of A Second Passport Through Investment

March 5, 2020

With increased regulations to travel from one country to another, there is a surge in dual citizenship. Understandably because there are many benefits that entrepreneurs gain from being citizens of more than one country. Apart from gaining mileage in business, a second passport through investment exempts you from travel economic risks. 

Migration from one country to another, even when doing business, can prove hectic. However, with agencies like PassPro Immigration services, you can get a secondary passport. The passport gives you the freedom to get citizenship of another country without residing there. But what do you gain from a second passport through investment?

Ease of Travel to Many Countries

Whether you will travel visa-free or on a visa-on-arrival basis, a Nevis passport will enable you to travel across countries with fewer restrictions. Some passports like Portuguese and Dominican give you access to over 100 countries. You will also avoid inconvenience due to sanctions or border wars between countries. For example, during political disturbances, countries may restrict their citizens from visiting the affected country. Your second passport comes in handy in such circumstances.

Market Expansion

A second passport gives you leeway to do business hassle-free in that country. Most countries allow citizens only to establish businesses. In cases where foreigners can do business, there are many restrictions. You can also tap the potential of new markets in your new country. The second passport also gives you an opportunity to meet more businesspeople and like-minded individuals for insight. You can also easily establish subsidiaries of your business in the second country of citizenship. 

Tax Benefits

Taxes and tariffs when doing business in a foreign country can be unbearable. But with the second passport, you can avoid the high charges. Dual citizenship may exempt you from paying taxes to your native country. However, you should get the necessary advice because some countries may still require you to remit your taxes. In such a case, your business may be taxed twice. The tax benefits are subject to the regulations in your native and second country. 

Right of Residence

It is not a requirement to reside in the country where you obtain citizenship through investment. However, you are entitled to reside in that country if you so wish. Some passports may also give you the freedom to reside in several countries. For example, if you obtain a second passport from any EU member country, you can reside in any of the member countries. Apart from you, your close family members may also get entitlement to residence in other countries. 

Stability

We are not immune to the effects of social, political, or economic instability in our countries. But a second passport through investment can help you mitigate the effects of such policies like Brexit. You can also seek relocation to your second country in case of occurrences such as political instability in one country. Countries are also imposing economic sanctions and it can affect your business if your home country is affected. You can easily choose the best countries for your business in case of disturbances with a second passport through investment.