Many successful businessmen operate highly reputed and profitable companies, however, they are unable to expand beyond their own country simple because their passport is not accepted, or else, there are numerous travel restrictions including lengthy visa applications and time consuming interviews. If you are in a similar situation it is likely that you feel boxed in. You have so many things to consider when running a business like the economic changes and political unrest that the last thing you need is another hurdle in the way of conducting your business.
Citizenship by investment not only gives you freedom of movement being a European citizen but also makes laws and restrictions much more easier for your business. Tax benefits, ease of travel and a wider market will not just make your business expand but flourish.
You have to contend with the fact that the passport you possess unfortunately has a bearing on where you can travel in the world. This limits opportunities of making deals, investments and receiving tax breaks. But, let’s get to the good bit. Businessmen can obtain a citizenship by investment in return for investing on government bonds. It means that you can get a second citizenship which opens up the doors of possibility like never before.
First things first, you get visa-free travel or visa on arrival to key destinations. It is the primary reason for wealthy businessmen who want to travel internationally and are afforded the same freedom as a citizen holding the same passport. For example, if you have a second citizenship in Portugal you can travel to 172 countries visa-free or get visa on arrival.
Let’s talk about tax breaks as this is another significant benefit of holding a second passport. For businessmen, in particular, you will be offered lower taxes particularly in the Caribbean. Having a second citizenship will give you an opportunity to enjoy greater tax benefits.
Another key advantage is the business and investment opportunities that can open up. Most countries do not allow foreign investments from other nations. This leads to foreign nationals not being able to benefit from generous interest rates. A second citizenship will give businessmen financial leeway in your second country.
The obvious yet understated advantage is that businessmen have a wide reach and can target potential customers from a second country, and have access to the global market with no travel restrictions whatsoever. You can trade in your own country, and trade in your second country. You can also do business face to face with potential consumers, any day and time hassle-free.
And last but not least, let’s be honest you get to enjoy your second country for not just business but also pleasure. If you become a citizen of the Caribbean, for instance, you can make it your holiday destination while conducting business at the same time.