There are a variety of legal ways to protect the wealth you’ve accumulated over the years and pass it onto your family. While an investment expert and/or a solicitor can help you find tax shelters or prepare legal documents protecting your money from being lost through taxation, you can consider other measures such as dual citizenship in another country. Here are some of the benefits in considering a dual citizenship.
Move To A First World Country
If you are considering a dual citizenship in order to protect your wealth, you don’t have to consider moving to the Caribbean or a third world country in order to do so. Many first world countries offer residents from the United Kingdom dual citizenship, which includes their passports. Switzerland, Canada, and the United States all offer dual citizenship status for making investments in their countries.
No Visa Necessary
Depending on the program, when you become a dual citizen of their country, you may not need a visa when you travel to some countries in the European Union or other places around the world. Some programs allow citizens visa-free travel to over 100 countries. If a visa is required for travel, having a dual citizenship can help shorten the process of getting one.
Find Business Opportunities
Depending on the country in which you are considering investing, you may also find ample opportunities to register a business, invest in real estate, or make other investments in the country without having to live there all year round. In some countries, you will need to invest in businesses that hire local residents in order to be granted dual citizenship. However, in other countries you can get your citizenship by donating money to a chosen fund.
Most wealthy individuals want to keep from paying high taxes on their assets and you will receive several tax benefits by obtaining dual citizenship in certain countries. Depending on the country, you may not be taxed on your income and your family will not have to pay inheritance taxes or gift taxes, you may also be able to avoid paying capital gains taxes. You can learn more about tax laws by consulting Berkeley Citizenship about citizenship by investment programs.
Family Member Citizenship
When you become a dual citizen in some countries, your children under 18 years of age also become citizens. Your spouse and adult children will have to apply for citizenship, but they may have to make additional investments or pay additional fees to gain their citizenship. Your citizenship, and that of your family, is usually irrevocable once it is granted.
There are many benefits to be gained by participating in a dual citizenship program. Not only is it a good way to protect your wealth and the money you want to pass onto your family but you can establish yourself through business opportunities and further increase your wealth without being taxed on new earnings. In addition, with a second passport you can travel to and from many countries without needing to apply for a visa.