Having second citizenship has many advantages. This might be something you’re not familiar with, but things are like that. Of course, there are downsides to it, just like with all things in this world. Nothing is perfect. But people will still pursue this potion in many situations, and if you’re one of those people, we’re going to introduce you to the pros and cons of citizenship by investment programs. Yes, that’s right, you can gain citizenship in some countries by investing your money there.
This is not some wild idea, and many countries offer this opportunity. Just some of those that might become your second home if you want to invest your time and money there are Portugal, Montenegro, Malta, Austria, and Grenada among others. As we said, this can be a great opportunity for some, but others might see bleaker sides to this move. This is why we’re going to talk about the highs and lows of citizenship by investment.
Pros
The best way to go around things is to talk about why they’re positive. Being an optimist is not all that bad and citizenship by investment is an excellent example. Below you’re going to see the pros of why you should do this if you have an opportunity. For one, you’ll have two passports. If you are coming from an undeveloped country having another passport can allow you to travel more freely. Furthermore, once you’re a citizen of one of these countries you can take advantage of things such as lower tax rates for example. After all, you’ll become an investor there, and this should be the matter you prioritize. Also, once you are a citizen you can reap various benefits from the social systems of both countries. With time you can even enter politics and become a voter at first.
From the social perspective, your family can live in two places, learn two or more languages, and have the opportunity to access a better educational system. But, as you’ll be an investor first and everything else second, you can also look to expand your portfolio.
Investing in real estate in the Caribbean could provide amazing benefits. Learning a new culture and a way of life is also good for both you and your family. The experience you’ll have once you settle in the new country can be used back and forth between your enterprises. Another aspect that shouldn’t be forgotten is the climate. If you’re coming from a country with a colder climate, you are going to have a lot of fun if you choose Malta or Grenada as your second country. Many investors choose the Caribbean, not only for the tax relief but primarily for their geographical position which is you must agree perfect.
Another aspect that shouldn’t be overlooked is the various memberships these countries have. If you are looking for yourself to have better access to the counties of the European Union, for example, gaining citizenship by investment in Malta could prove as the right move. This country is a member of the EU since 2004, and many people choose to invest there for the sole purpose of obtaining an EU passport. As you probably agree, everything listed above makes gaining second citizenship through investment an opportunity to expand your views and benefit greatly from it.
Cons
While you probably enjoyed viewing all the advantages of gaining second citizenship through investment, we are sorry to inform you that there are downsides to this move. Yes, there are cons and we have to write about them too. The first things you need to be aware of are laws and legislation. They are probably different in both states and this might be something not as easily adjustable. Many people ignore this fact and it quickly backfires to them. Law is nothing to joke about, and the issues might arise if you move from a lesser country to a more developed one.
Another factor most people are not even aware of is that many countries all over the world have mandatory military service. If you’re not willing to participate in army drills you need to know if this is a part of your new duties as a citizen. Also, serving in an army in another country can pose you an issue back in your original homeland. This could be a minor issue if you, for example, forget about taxation. Some countries offer better tax rates for new investors, and yes, you’ll receive citizenship in the process. But, this doesn’t mean you’ll be free of the taxes in the country where you hold your original citizenship. Double taxation is a thing, and not one you have the luxury to forget.
Furthermore, you need to be aware of the geopolitical situation between your country and the country where you plan to gain citizenship by investing. If the two countries don’t have a good relationship, your goal of having dual citizenship might pose a security risk for your homeland, and your local security services might take a look into your dealings.
Many countries see the citizenship by investments programs as potential security risks, and they have a look at individuals that would try to use them for criminal actions or to avoid the local juridical system. Many members of the European Parliament don’t see this program as beneficial for their union as many people use their wallets to gain EU citizenship through investment.
Also, you should be aware that some of the leading world counties, such as the United States of America do not look lightly at dual citizenship, especially if you gain it through investments in one of the countries they do not rate highly. They can easily forbid you the entrance the US or have employees in certain fields on their territory.
In the end, the two countries you have citizenship can enter a war or any other conflict and you can find yourself in between with no clear path out. Whatever the case might be, above you have all the pros and cons you might want for this type of decision now, it is all up to you. If you’re still not sure what to do you can seek help at https://imperiallegal.com/citizenship-by-investment/.
