The freedom and opportunity a separate passport can provide is virtually priceless, a report said, noting that with the number of countries offering CIP (Citizenship by Investment) programs, obtaining a second passport has never been easier.
The report titled “Citizenship by Investment” issued by Amman-based Bluemina, consultancy firm specialized in citizenship-by-investment and second passports, explores the top reasons why investing in a separate passport might make sense for you, your business or your family.
1. Financial benefits and business opportunities
It's no secret that certain Arab nations fall under particular scrutiny or restrictions with regards to international business, investments and finance. A separate passport from another country often opens those doors, allowing insightful businessmen, professionals and entrepreneurs to invest and conduct business and banking across the globe with ease.
2. Decreased tax liability
Tax incentives are another major factor driving the popularity of these programs. Reducing tax burdens is a major advantage for many wealthy individuals and business owners with assets around the globe. Many nations offering second citizenship by investment programs also offer impressively low (or no) tax liability for businesses operating from or registered out of their domicile.
For example, all five Caribbean countries offering Citizenship by Investment Programs (CIP) have zero inheritance or capital gains taxes, with income tax only being levied against those new citizens who reside within the country’s borders for a certain number of days each year.
Further, these nations place high importance on privacy and confidentiality of any business it deals with.
3. Visa-free travel
Travel restrictions aren’t just an inconvenience, they can hinder business, postpone critical trips, and more. Investing in a second passport to improve the ability to travel freely around the world is one of the primary reasons so many individuals look into these programs. Many programs provide the passport holder with the ability to travel visa-free to over 150 countries worldwide.
For example, obtaining a second passport Saint Kitts and Nevis opens up the ability to travel to 169 countries visa-free. This includes travel to the UK and over 25 European countries such as France, Germany, Italy, and Switzerland.
4. Safe harbor
In today’s climate, political, economic and civil turmoil abound. For those in afflicted areas, or areas where there is a higher risk of things taking a turn for the worse, having the ability to seek a safe harbor and travel free of limitations is crucial. This is also a benefit for those who live in areas prone to major natural disasters and extreme weather. You can’t put a price on the safety and well-being of yourself and your family.
5. Increased civil liberties and reduced exposure to blowback from foreign policy
Many in Western nations often take certain liberties for granted. These can range from the ability to vote in a democratic nation, office, or express religious freedom, to something as simple as buying property, having unrestricted access to the internet or driving a car.
In other cases, fear or insurance against blowback from foreign policy may be a motivating factor for obtaining another passport. Policies on trade, restrictions on travel and sanctions can impact businesses and families alike. While countries offering these opportunities (such as St. Kitts and Nevis, Antigua and Barbuda and Grenada) can offer much stability in this area.
According to Forbes Magazine, the market for second passports is booming, having reached a staggering $2 billion. Other surveys reveal that up to 89 per cent of individuals would like to own a second passport. If you find yourself considering one for yourself or your family, now might be the perfect time to take the plunge.
Copyright 2020 Al Hilal Publishing and Marketing Group