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Dual Citizenship

 

What is Dual Citizenship?

 

  

Dual citizenship means that you are legally recognized as a citizen of two (or more) countries and that you have the rights and obligations associated with this. Many countries does not allow 

Some may think that having dual citizenship would be a further burden on your wealth but there are actually many reasons to obtain dual citizenship, dual nationality, second passport, or similar status to preserve your net worth.

 

What are the Benefits of Dual Citizenship?

    

Security

Having a dual citizenship and passport can provide a safe haven during times of instability in your home country. It can be invaluable to have an alternate place to live in one of the below scenarios:

  • War or political unrest
  • Discrimination and resulting violence
  • Economic downturns
  • Natural disasters like hurricanes, floods, fires and earthquakes
  • Business

As a successful professional, you might want to expand your global reach and business into new areas. A second passport in the right country can open up lucrative markets in the European Union, the Middle East, Africa, Asia, the Caribbean (via CARICOM) as well as North and South America.

   

Safety

Another reason for alighting to dual citizenship for high net worth individuals is to shield you and your family from the negative attitudes many in your home country may feel towards those with high net worth status. Shudder to think but there is the possibility of rogue bandits or even government sponsored terrorists flexing their muscles against you and your family simply because of your elevated wealth status. Dual citizenship in a more docile nation allows that variable to be all but eliminated.

   

Mobility

A second passport can open up visa-free and visa-on-arrival travel to hundreds of foreign countries. This enables you to jet-set as you please without the constant hassles of visa applications and fees.

  • Visa-free travel opportunities vary by country, but it generally ranges from 50-150 countries for each program.
  • Holders of some passports earn the right to travel to and reside in another country for up to 6 months per calendar year.

   

 

Tax Benefits

You’ve worked hard to earn your wealth and deserve to preserve it as effectively as possible. Advantageous tax policies are a key financial reason to seek a second passport. These include:

  • Zero tax or low tax rates on different kinds of assets. Global income may not be taxed at all. Domestically-generated income may be subject to a low tax rate, or no tax for a specified period of time.
  • Tax rates may vary for corporations, individuals, self-employed people, and for those who are retired.
  • Financial privacy laws can help individuals shield their wealth and protect their assets.
  • Storing your assets in a different country can protect your wealth from high inflation or poor economic policies in your home country.

   

 

Wealth Expansion

The tax burden of some countries can really be a drain on your wealth; maintaining dual citizenship can help lessen that burden. Dual citizenship also allows individuals economic shelter in a developing nation with a lower tax rates. This dual citizenship status allows for growth and expansion of your wealth and preservation of your high net worth status.

   

 

Quality of Life

Having a second passport enables you to enjoy the best of as many worlds as you please. The benefits of living in another country can include:

  • Easy access to cultural gems including museums, art galleries, theatres, concert halls, gardens, festivals, restaurants, stores and historical landmarks.
  • Luxurious lodgings in beautiful locations: tropical paradises and beaches, mountains, or metropolitan cities.
  • World class health care, including universal health care services or internationally-acclaimed public and private clinics, hospitals, and cosmetic surgical facilities. Even if you have achieved high net worth on your own, you still could be stricken with some debilitating disease; having access to the world’s best health care can lessen those blows.
  • Good infrastructure including sewers, roads, public rail, sea and air transport.

   

 

Education

A second passport can create the means to a successful future for your children by providing access to the best schools and universities in the world, and in many cases the ability to attend them for domestic tuition fees.

    

 

Privacy

Going right along with that instability argument, the lack of privacy in many nations is more of a reason than any to have your wealth shielded through dual citizenship, dual nationality, second passport, or some similar setup.

 

   

Military

If you and your family have achieved your high net worth individual status you may wish to help guide the path of your children and of yourself. If you or your children are being forced into military service by your home nation, that may not sit too well with you. Being able to select where you live means being able to determine what your military service status is.

   

 

Can You Have Triple Citizenship?

There are some countries in the world like Turkey, Hungary and France that allow their citizens to have triple or multiple citizenship. However the rules for each nation can be very different so make sure to check your country's government website or embassy to find all the information and details you need. 

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As you can see by all of the compelling benefits above, there is very good reason that the Québec Investor Program is one of the desirable and exclusive programs of its kind. When it comes to expanding your mobility, protecting your wealth, increasing your freedom and improving your quality of life, a permanent residence in Canada is an incomparable opportunity.

If you are interested in learning more about the Québec Immigrant Investor Program, please contact us today for your free initial consultation.

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