Investing in a second citizenship with a passport gives you several advantages and opens up a world of possibilities for high-net individuals, investors, self-employed, retirees and families. Second passports are primarily used for global mobility, as an asset protection instrument and increasing used as a form of insurance policy to protect you and your family in times of political unrest, persecution and other difficult situations.
Applications for second passports can take approximately six months (sometimes quicker). Upon approval of your lifetime second citizenship, you will receive a valid, visa-free passport that will enable a world of possibilities and opportunities in business, investment and personal safety.
HXL Partners has the experience and expertise necessary to advise and assist clients with regard to second citizenships.
Below are a few main reasons to invest in a second citizenship/passport;
Citizens of many countries find it restrictive to travel internationally due to strict visa conditions each time they want to enter another country. A second passport can increase global mobility by offering visa-free travel to many more countries compared to their home country passport. For example, Chinese passport holders can enter 22 countries visa-free, whereas holders of a St. Kitts and Nevis passport can enter over 130 countries visa-free. This will save time and money in having to fill out application forms and sending your passport to an embassy or consulate and not miss that important business meeting or investment opportunity.
Approval in the program will enable you to conduct business, make investments and take advantage of new opportunities without restriction in the applicant country you have applied for your second citizenship. An example is property. In some countries, there are restrictions on foreign-direct investment in commercial and retail property. A second passport from the right country can assist in circumventing these rules.
Second citizenship allows individuals to manage their wealth more efficiently and effectively by carrying out international tax planning optimisation strategies and potentially paying lower rates of taxation on income earned. As each portfolio is constructed differently, we advise to contact your Accountant or Tax Advisor to discuss your situation.
In times of political unrest, civil war, terrorism and other delicate situations, a second passport from a stable, peaceful country can save your life in the event of any kind of issue or natural disaster to one’s home country. Many people consider having a second passport as a type of insurance policy giving peace of mind for individuals and families.
A second citizenship is considered an investment in the future offering an improved standard of living privacy and freedom in living. Most programs are also available to your spouse and children enabling them to access world-class health and aged care systems, education and improved infrastructure. However, there may be restrictions placed by your home country in having a second nationality. HXL will advise if you are eligible for a second citizenship.
An overlooked benefit of a second citizenship is the ability to access the best schools and universities not only for individuals, but also for their children. Not only will this will be beneficial to your children’s future, it may also quality them to pay domestic tuition fees rather than international tuition fees saving you thousands.
HXL Partners will work with you in choosing the right program to acquire a second citizenship and passport in order to protect your assets and have peace-of-mind.
Key Factors to consider for second citizenship
Acquire permanent citizenship and passport (provided you do not have a criminal record)
Protected by citizenship law of the country you apply
Lifetime solution to protect your wealth
Programs opened to family and dependents
Immediate visa-free access to over 140 countries allowing frequent travel
Ability to open bank accounts, establish companies and purchase assets
Overall better quality of life, improved lifestyle and greater freedom of movement with no capital restrictions
Access to Aged and Healthcare systems
Political and Economic stability
High standards of living and world class infrastructure
Education for children
Privacy and Freedom in Living
Accommodation and living costs
Real estate investment and estate planning
Efficient Tax planning to mitigate taxes such as income, wealth, inheritance and capital gains tax.
Tax system and any double taxation treaties with your country
Overall cost of obtaining a residence permit
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