The world has so far seen a rise in the popularity of the second passport, with a growing demand for dual citizenship options for individuals wanting to have a clear plan in place to protect against economic uncertainty and instability.
Second citizenship and alternative residence can increase your security and help you achieve a better quality of life. If you are looking for an extra safeguard and exploring the available options for diversifying your investment assets beyond your country’s borders, there are some significant considerations to be taken into account.
Avoiding incorrect motivating factors
It is essential that you make the right decision for the right reasons and that it forms part of a broader wealth management strategy.
However, there are some situations where it might fit in with your business and family needs. In these cases; second citizenship planning can become an element of your legitimate tax and estate planning. Nevertheless, you should consult with a specialised consultant regarding your circumstances, as it is vital that your citizenship planning meet all your requirements and goals.
The reasons for obtaining second citizenship can be misconstrued as synonymous with migration when it could not be further from the truth. While many high-net-worth individuals are migrating part of their assets offshore, this does not necessarily mean they are using global options available to them to protect their assets.
Safeguarding personal safety. A second passport can aid you in times of political unrest, civil war or similar situations. This is also one of the main reasons why many individuals consider the second citizenship as the best life insurance a person can have.
Reducing visa restrictions.
If you travel internationally for business, you will know the practical difficulties that often accompany business trips. The logistical side of it usually involves completing lengthy and time-consuming paperwork; traveling to a consulate or embassy for an interview; costly visas; and being subjected to waiting for unidentified periods of time for your passport to be sent back from the consulate or embassy with the possibility of your application being rejected. If you have dual citizenship, your second passport can make traveling between countries much easier.
Another key advantage of dual citizenship is the ability to own property in another country. As a legal citizen of two places, you can purchase property in either or both countries. If you frequently travel between the two countries, this can also offer you a more economical way to live in both of them.
Making the world’s markets work for you
Gaining second citizenship is a sensible strategy with which to reposition and protect your assets. At Savory & Partners, we partner with governments around the world for citizenship planning for individuals and families seeking free mobility, investment diversification and personal security.
Through this partnership, the highly-qualified team at Savory & Partners can help make sure that you are expertly guided through the whole process of acquiring what is widely considered one of the most valuable assets in the world today – the second passport.