Preserve Your Wealth With A Second Citizenship
In the search for freedom of movement, families in the U.A.E often consider a second citizenship. With years of instability in some countries in the Middle East and the growing trend of more restrictive policies on immigration, several nations have been affected.
As a result, alternative solutions are being looked at by many Arab families. As there are tangible benefits to obtaining a second passport the citizenship by investment program is growing exponentially. There are multiple rewards that come from having a second passport. And some of these benefits are life changing to the applicant.
Most investors who apply for a second citizenship are high net worth individuals. Can they protect their wealth through a second citizenship? Some countries in the Caribbean are considered to be tax havens. This has resulted in wealthy individuals residing in countries with a not so attractive passport to seek a second passport and protect their wealth altogether. People of high net worth are often advised to protect their assets through a citizenship by investment program and this has become valuable advice indeed.
How exactly can a second citizenship protect wealth? Cyprus, for instance, offers the quickest route to obtaining a second citizenship. In just six months investors can obtain an EU passport allowing them to be eligible to some of the lowest taxation in the European Union. Wealthy investors from the Middle East and South Asia can place their wealth under this generous tax scheme.
Double Tax Agreements or DTAs can either reduce or completely eliminate personal tax in its entirety. For individuals from countries with high tax reforms can certainly benefit from tax policies which are profoundly reasonable or lower. For instance, citizens of Cyprus pay zero taxes on the profit of sale of securities and dividend income.
With government imposed controls in some countries around the world, people may feel that they cannot act fast and freely with their money. This is a problem many wealthy individuals face around the world. If they want to transfer money internationally in an emergency and cannot do so, the wealth in itself becomes void. At the same time, investors are also interested in savvy interest rates. A second citizenship allows individuals to choose a bank of their own choice that is applicable to their specific financial requirements.
Business people need to travel far and wide in this day and age. And in 2018 having to deal with the inconvenience of strict visa rules and regulations are tiresome to many. Investors want to grow their business and expand into lucrative foreign markets and a second passport will allow them to do so. It also allows opening offshore companies and opens up a wealth of opportunities pertaining to wealth and inheritance tax.
The ultimate goal of a second citizenship is to open doors to new business opportunities and to experience the world without restriction and uncertainty. And citizenship by investment provides this possibility.