As an international entrepreneur, you will surely face problems with volatile exchange rates, unstable markets, as well as economic and political changes, so your business will be closed or die may not be born because of all these obstacles.
It is known that when entrepreneurs hold their projects in many countries around the world, this means that they must be able to travel freely without any hassle hindering their projects, the passport has a significant impact on the number of countries he can go around his could limit or expand investment opportunities, business partnerships and tax efficiency on its projects.
Other than that, even if an individual is able to reach their destination of choice, it is likely that they will need a visa and maybe it can take a long time, so this is not suitable for entrepreneurs who have many meetings on many countries.
However, the positive side is that many countries welcome citizens from other countries to have second passport by investment.
Before making such an important decision, you must make sure that you have taken the right advice and information about the right second citizenship for you.
Karibi’s team will help you at any time to get the right advice about the country and the program you are looking for.
The benefits of the second citizenship for entrepreneurs are:
1- Visa Free Travel
The main reason why many rich entrepreneurs are moving towards second citizenship is to grant them freedom of movement to many countries, how many countries you can travel freely without a visa depends on where you acquired second citizenship. For example, Cypriot passport holders can Travel freely to 157 countries, while citizens of Portugal can arrive without a visa (or visa on arrival) to 172 countries.
These benefits depend on your country of origin and the country of your second citizenship, where some countries around the world like caribbean islands, offer much lower tax rates than many countries, so when you get a second citizenship from these countries may provide opportunities for increased efficiency tax. There is also the possibility to classify any expenses associated with your citizenship application (such as travel between the two countries) as a business expense, which reduces tax liability.
On the other hand, some countries may require citizens to pay taxes on money acquired abroad, meaning that citizens with dual citizenship may be responsible for paying taxes in two countries. Obtaining professional advice from a trusted authority is essential to ensure that no problems are encountered in the future.
3- Banking and investment
The other major advantage of getting second citizenship is good employment and investment opportunities. Many countries do not allow foreign investment from some countries, so some foreigners may not be able to take advantage of benefits or exchange rates or allow them to invest in real estate markets such as those in Europe, so as a businessman you should be sure of which country You will choose your second nationality.
4- Political and economic stability
Needless to say, any political or economic turmoil in your country is one of the bad things that complicates your business. In this regard, second citizenship has two advantages: if the country in which you work has a major financial, social or political turmoil, you have the option of transferring your assets to a more stable country, which is much easier when you have a second citizenship . In addition, second citizenship can provide you with an escape route from any potential conflict, civil unrest or travel sanctions imposed from your country.
5- Large-scale investments and business
While it may be obvious, one of the major advantages of second citizenship is the greater access it gives to millions of potential customers. As many countries only allow their own citizens to do business, obtaining second citizenship means you can not only do business in that country, but also trade with the many others that your country of second citizenship gives you access to– essentially becoming a gateway to the wider business world.
What’s more, depending on your chosen second citizenship, visa-free travel to a host of countries around the world makes forming relationships and doing business face-to-face virtually hassle free.
6- Happy lifestyle and protection for generations
This point may not be directly business-related, but we all need time to rest and relaxation . We suggest that you choose one of the Caribbean regions to benefit from unlimited visa-free travel to and from your tropical paradise. It is ideal for a happy holiday. You will also be able to pass on the benefits of second citizenship to your children and grandchildren.