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Citizenship by Investment - Second Passport

Citizenship by Investment - Second Passport

Saint Kitts and Nevis passport Why do you need a second citizenship and a second passport? Whatever your situation, there are many reasons why you should consider becoming a citizen of more than one state, and, accordingly, have more than one passport.

Who and why?
For example, political circumstances for citizens of many countries can make it difficult to travel abroad, as tensions between states may lead to an increase in the visa regime. As a result, every time you visit a country, you need to collect documents and spend time getting a visa, and, of course, there is never a guarantee that it will be opened. Moreover, although you can get a visa, the procedure can be very tedious. And when you apply for a visa, the passport in which the visa will be placed may not be available for several days or even weeks. This important factor can delay your travel plans and, in turn, lead to wasted time and money.

If, for any reason, you cannot obtain or renew (get a new one after the expiration of the old one) passport in the state of your residence, for example, due to political instability, civil war and other circumstances, then the right to a legal second passport can be very useful, if not key and decisive. Even if you just lose your passport, it can take some time to replace it, and having a second passport can be very important. Suppose you urgently need to go somewhere to sign an important contract.

Tax aspect
Every year alternative citizenship becomes more and more important and effective tool for international tax planning - tax optimization. Indeed, there is a growing trend in many countries that follow the lead of the United States and tax citizens who do not reside in their territory. The basic principle of taxation in the modern world (at the place of permanent residence or at the source) by the United States has long been ignored. That is why many immigrants to the United States, having received permanent residence, that is, a green card, are in no hurry to obtain US citizenship if they have a business outside the United States. Returning to the issue of second citizenship, we note that citizens of two or more countries have much more open opportunities for tax planning, as well as have more confidentiality when making banking transactions and planning investments. Here is the opinion of one famous and respected American: “Everyone has the right to conduct their financial affairs in such a way as to keep the corresponding tax payments to a minimum; no one should plan their expenses and income to the maximum convenience of the Treasury Department: there is absolutely no patriotic duty for the citizen to increase his own tax payments ”(Federal Justice Hand, Halvering v. Gregory, Supreme Court of the United States of America).

Security
Perhaps, when possessing a second citizenship of a small peaceful state, travel safety in times of political instability, civil war and terrorism is of the greatest importance. For these reasons, many international business people, wealthy families and prominent personalities who do business in multiple countries or have to fly frequently see second passports as a key element of their personal safety. And in a sense, a second passport is the best insurance policy you can get. In an uncertain and ever-changing world, acquiring a second citizenship is a wise decision and an investment in the future. Your second citizenship is for life. In passing, we note that almost countries offering citizenship by investment allow not only an investor to issue a passport, but also family members: spouse, children, and some states allow even parents to be included in the application for citizenship. And, of course, countries offering citizenship purchase schemes do not require abandoning the previous passport, giving investors the opportunity to enjoy all the benefits offered by such a tool as a legal second passport.

On the other hand, citizens whose passports allow them to have easy access to a large number of countries may also find it difficult to obtain visas due to time constraints imposed by trade sanctions and other geopolitical troubles. Citizens of rich countries can be exposed to terrorist threats or other hostile actions only on the basis of their belonging to the citizenship of the states that bring "order" to the world: the USA, Great Britain and others. That is why, as strange as it may seem to some Russians, many wealthy citizens of developed countries also apply for a second citizenship and a second passport of such neutral states as Dominica, Saint Kitts and Nevis. These are the independent states of the Caribbean, which are part of the British Commonwealth.

Citizenship by Investment in the Caribbean
These are the classic versions of the so-called economic citizenship. The amount of investment required for obtaining Dominica citizenship starts from USD 100 per person and up to USD 000 for family registration. The amount of investment required to obtain citizenship of the islands of Saint Kitts and Nevis is from 200 USD for one investor and up to 000 USD for a family of four. In addition to the above-mentioned states in the Caribbean, three more countries officially offer citizenship by investment: Antigua and Barbuda, Grenada and Saint Lucia.

Citizenship by Investment in the European Union
In Europe, Bulgaria has passport programs (a passport can be obtained in 2 - 2,5 years, having invested 5 euros in government papers for 1 years), Malta and Montenegro. Malta citizenship can be obtained within 024 year, subject to a combination of a gift of 000 euros and a returnable investment in real estate of 1 euros.

As for Montenegro, although this is the most economical option (250 euros in real estate + 000 euros non-refundable donation to the state), it should be borne in mind that Montenegro is not yet a member of the EU. Its entry into the European Union is scheduled for 100.

In our opinion, obtaining legal citizenship by investment is a more reasonable option than looking for non-existent ethnic Europeans and manipulating your family tree. Especially in light of the fact that many Russians at one time were deprived of illegally issued Greek passports. And not only Greek: Hungarian citizenship is in the same series. After the adoption of the law on a simplified procedure, the authorities issued Hungarian passports to everyone in a row with minimal checks, but then the number of scandals with left roots became very high, and the shop naturally closed.

Source: honoraryconsul.ru

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