Are you considering becoming a global citizen? Many countries are eager to attract foreign investment and talent, offering enticing incentives such as permanent residency or citizenship.
From enjoying an alternative lifestyle to gaining additional travel entitlements and receiving financial perks like tax holidays and training grants, the benefits are vast. However, these incentives are typically reserved for those who can contribute to the country's economy. Each country has its own points of focus, such as job growth or specific business ventures.
So, if you are ready to explore the world and make a meaningful impact, becoming a global citizen could be your next move.
In this article, we explore the benefits of becoming a global citizen and if it is the right choice for you.
Becoming a global citizen can afford individuals immense personal freedom. As more and more of our lives and businesses operate online, the need to be physically present in one place is much reduced. Obtaining alternative citizenship can allow you to make your home or office wherever you go, whether it be an island paradise or an ancient European city.
Predictions estimate that 25% of workers will be working remotely by the end of 2023, so whether you are looking to enjoy your retirement or still working, there has never been a better time to become a global citizen.
Wealth protection has always been an important incentive for citizenship or residency by investment. Becoming a global citizen allows you more flexibility about where you keep your money and in which currency.
Offshore bank accounts are extremely beneficial for individuals who frequently travel for work, are paid in foreign currencies, or have business ventures in multiple countries. They are an excellent way to protect you from costly conversion fees and double taxation.
By becoming a global citizen, you can also cultivate assets by investing in property in more than one country, without the red tape usually faced by foreign buyers.
One excellent perk of becoming a global citizen is access to visa-free travel or visa-on-arrival travel areas. If you obtain a European passport from a citizenship by investment program, you can enjoy visa-free travel throughout the 27 member states of the Schengen zone and access to the European single market.
Some citizenship-by-investment programs can be excellent stepping stones to other opportunities too. Achieving citizenship in Grenada allows visa-free travel to China, and Grenada maintains an E-2 Investor Visa treaty with the US, allowing its citizens to do business in the USA.
Security & Safety
Holding multiple passports is extremely beneficial in terms of security and safety. Should your home country or country of residence become unstable for any reason, safe passage to and protection of an alternative state is invaluable to you and your family.
Furthermore, as there are parts of the world where high net-worth individuals are frequent targets of crime, multiple citizenships can offer an extra layer of protection in your day-to-day life.
The tax benefits on offer are one of the most attractive aspects of becoming a global citizen. Obtaining residency or citizenship in more than one country can allow you to make the best possible financial decisions for your personal situation. You can take advantage of low or no-tax destinations whilst continuing to live or operate your business from its original base.
Dominica, for example, has one of the longest-running citizenship by investment programs in the world and operates a generous taxation system that exempts wealth, gifts, inheritance, capital gains, and foreign income.
Tax holidays are often offered as incentives for investments that grow local economies. Antigua and Barbuda offer tax breaks on profits made from investments in the country and also offer waivers and exemptions depending on the number of jobs you create in the local economy.
Quality of Life
Lastly, becoming a global citizen can have a significant, positive impact on your quality of life. At present, five Caribbean nations offer citizenship or residency through investment programs. These island nations all boast outstanding natural beauty and a laid-back pace of life. Aside from the excellent weather and crystal clear water, they offer relative ease of doing business, low-cost labor and materials, and governments looking to entice investors. All these factors lead to reduced stress.
Canada, which consistently ranks highly in happiness and quality of life, has possible investor programs for high-net-worth individuals seeking a slice of the Canadian lifestyle. Canada has an extremely varied and stunning natural beauty which is perfect for those who find fulfillment in skiing, hiking, and much more.
Quality of life in Canada is also extremely high due to access to government-funded healthcare, safety and stability, and quality education. Obtaining Canadian residency allows your children access to some of the world's best universities. Becoming a global citizen enables you to cultivate multiple options for yourself and your loved ones.
Increasing your personal freedom, your safety, and protecting your wealth, amongst other factors, all combine to increase your quality of life. Not only can you make the most astute financial choices, but you can access dream destinations for your family to live, work, study, and travel.
As a high-net-worth individual, it is time for you to join the increasing number of people who recognize that citizenship is wealth. Global citizens are able to increase their happiness, their opportunities, and their safety with just a passport.
Book a free consultation with High Net Worth Immigration today
and explore what it means to be a global citizen.