To the mind of a businessman, investing in one thing that will fuel other investments is undoubtedly appealing.
A second passport means a second citizenship. And if the intent for this move is to unlock business opportunities, then being a citizen of a country that can offer more than your home country can is certainly a great move.
Most often, entrepreneurs seeking a second passport as a gateway for business expansion come from countries rife with political instability or have restrictive business environments and tax policies. Seeking opportunities abroad gives the entrepreneur greater freedom in the business playing field.
A second passport is the end goal of a Citizenship by Investment program. Several countries offer CBI programs to foreign nationals to attract foreign capital into their economy and in exchange these countries offer investors opportunities.
Dual citizenships are also allowed in most countries with CBI programs. For countries like Dominica and Grenada, they do not report the person’s second citizenship to the home country. This way, the individual is guaranteed privacy.
The best part of a second passport is that you can apply for a second citizenship for your family, provided they meet the age requirements for dependents.
Once you are given your citizenship, you can set up a business in the country. Strict privacy rules protect business operations and transactions. The same goes for banking. Investor data and records are not shared outside the tax residency and to the public.
Once you hold a reputable second passport, you have access to a broader reach of the banking system. You are now able to open accounts freely; thus, transferring financial assets is now a breeze, and you can transact in any foreign currency.
Countries like St Kitts, Grenada and Dominica, and other Caribbean nations offering CBI programs are considered tax havens. There are no taxes for inheritance, gifts, wealth and no capital gains. There are also no taxes on income generated from earnings abroad.
Mostly, there are no restrictions on transferring corporat profits or imported capital.
