Dual citizenship provides multiple benefits like visa-free travel opportunities, access to diverse financial opportunities, and tax optimization. It’s a way of insurance against political oppression in case you are living in a country with an unstable political system.
In the 90s, only a couple of countries offered citizenship to foreigners through CBI – Citizenship by Investment programs. These countries became popular due to the legitimate options they offered for citizenship.
At the beginning of the 21st century, St. Kitts and Nevis and Dominica launched their CBI programs, thus providing options to investors to obtain a second passport. Nowadays, many countries have launched new programs and increased the competition in the market.
The Caribbean jurisdictions offer many benefits to UK citizens, so many citizens opt for a second passport. Here are the main reasons why businessmen from the UK apply for a passport in the British Commonwealth Realms.
Access to Many Financial Institutions
There are many advantages when it comes to obtaining a passport in the Commonwealth Nations. You will have access to alternative financial and banking services. A second passport is an essential tool for businessmen, moreover, if they plan on expanding their business overseas.
Additionally, you can secure and diversify a wealth portfolio with a new bank account and get access to premier international transactions. Before you start the application process, you must consult a company that works with the CBI programs and helps investors get their passports.
Such a legal entity is NTL Trust. The company has a team of professionals that will guide you through the application process, so feel free to check them out.
Tax optimization is another benefit for UK businessmen as dual citizens of the Commonwealth realms. Most entrepreneurs apply for a passport in Caribbean countries like St. Kitts and Nevis, Antigua and Barbuda, St. Lucia, Grenada, Dominica, etc.
Proper tax planning and a second passport can go the long way toward securing you higher protection than you can get in your country. Thus, applying for second citizenship would be the best option.
We can take as an example Vanuatu and the Caribbean states – these countries do not have taxes on capital gains, nor restrictions on imported capital.
With dual citizenship, UK businessmen can get citizenship for the whole family. In the application process, the main applicant can have multiple individuals included for citizenship, for example, their spouse, their children, or their parents. The children and grandchildren will then inherit the citizenship you’ll obtain through the CBI program and all of the perks that come with it.
Vanuatu and the Caribbean countries allow even grandparents to be eligible to apply along with the main applicant. What’s more, obtaining a second passport can also provide additional educational and healthcare benefits for your family and future generations.
Global mobility is another advantage for people applying for citizenship in another country. The ability to travel without a visa to many countries opens the doors to many opportunities, regardless of whether it’s a lifestyle, economic, financial, or business. The Vanuatu passport for instance gives you the ability to travel visa-free to 135 countries.
Have a Plan “B”
It’s always useful to have a plan B in cases like economic or political turbulence, civil unrest, or in the worst case scenario, a war. No matter how safe the country you live in is, it’s always recommended to have additional options where you can be safe and secure.
Low Living Costs
The Commonwealth nation, Dominica, is the country with the lowest costs of living. It’s a former British territory that was conquered by the French that later became a British state. Dominica and the Caribbean states, in general, are known for their low living costs, unspoiled nature, thermal lakes, scenic views, and protected parks.
According to the newest reports, the Caribbean was determined as some of the most affordable islands to relocate on. Due to the Covid-19 pandemic, the interest rates have increased and web traffic was up to 225%.
For example, living in Antigua and Barbuda is 20% less than in most countries in Europe and North America.
No Need to Renounce Your Current Citizenship
Many immigrants follow the trends of the Americans and renounce their native citizenship to enjoy the tax benefits. Nevertheless, most countries that offer citizenship to foreigners do not require them to renounce their native nationality.
The CBI programs are legal and you can get a second passport in no time, however, you need to hire an authorized agent and submit the application through it.
There are many more benefits to getting dual citizenship. To learn more about CBI programs, the application process, required documents, and more, visit our blog.