As an international entrepreneur, there are chances you might feel boxed in while having just one passport. Having been able to travel across the world isn't just the luxury but need of international entrepreneurship. In fact, successful entrepreneurs are more than just to deal with number crunches, profit margins, inclining revenue graphs and fluctuating exchange rates.
In order to make deals, entrepreneurs need to travel across the different markets of this world will a little to no hassle. Besides, the type of passport you possess also put a huge impact on your legal flexibility to travel. If you have the Citizenship through investment, there is plethora you get benefited with especially in terms of business.
Visa Free Travel
The major reason many well-to-do entrepreneurs go for the dual citizenship is the ease that allow them to travel almost everywhere having the same freedom like the locals. The passport you choose will decide the number of countries you can travel. For instance, you will be able to travel to around 157 countries with Cypriot Passports whereas you get the visa free access to around 172 countries with Portugal passport.
It would considerably depend upon the country you are from and your country of second Citizenship through investment. In case you are willing to get benefited with the great tax efficiency and lower tax rates, it's better to go with the Caribbean. In fact, there is also a flexibility to discover the expenses associated with citizenship application like lowering your taxes and business expenses. This would surely not be that simple. Instead, consulting some expert about this is ever more beneficial.
Avoid Economic & Political Liability
It's no less than a worst scenario if there is any sort of economic and political fluctuation in your home country. Keeping this thing in consideration, second citizenship offers two great advantages. First, you have option to relocate in case there is any significant political, social and financial constraints in your country. Moreover, the second citizenship offers an escape route from any civil unrest, travel concerns and political conflicts in your home country. Therefore, if you have got the Citizenship through investment and you find the place temporarily unsafe to live and work, you have the right to leave the place and work in much secure surroundings.
Generational and Lifestyle Benefits
For sure, you would love to spend the retirement phase of your life to some beautiful place of this world. The second citizenship that you bought as an entrepreneur would be continued to get benefited with for the lifetime. Make sure that you choose to be the citizen of some exotic location just like the Caribbean that would give you tremendous entrepreneurial benefits initially and relaxation benefits after that. Besides, the benefits of your second citizenship can also be passed on to the coming generation of your depending on the citizenship requirements.
In a nutshell, gaining a second citizenship is definitely very complex that requires enough investment as well. So just make sure to consult some expert in order to help you out with this.