Why You Need Alternative Citizenship
• Visa Restrictions
• Tax Planning Aspects of Alternative Citizenship
• Investment in the Future
• Personal Security
• Your business trip is approaching, and you need a visa.
• You have to fill out a long form
• You may need to travel to a consulate or embassy for an interview.
• The visa may cost much as your airline ticket and
• You may have to send your passport to the consulate
• Due to political circumstances, many countries have strict visa restrictions.
• This is always a very tiresome procedure.
Tax Planning Aspects of Alternative Citizenship
There is a growing tendency for many countries to follow the lead of the United States in taxing even non-resident citizens. Citizenship may also be a factor in the rules of tax treaties.
It is important to point out however that the acquisition of alternative citizenship in itself does normally not alter one’s tax situation. In every case, you should consult with a specialized tax advisor regarding your individual situation.
Investment in the Future
In a continually changing world, acquiring a second citizenship is a prudent decision and an investment for the future. Your citizenship of choice is for life, your spouse and children can be included, and there is often no need to give up your present nationality while you enjoy the benefits of a legal second passport.
Most importantly perhaps, citizenship and a passport, particularly from a small, peaceful country, can even save your life when traveling and in times of political unrest, civil war, terrorism or other delicate situations.
The Benefits of a Second Passport
If for some reason you cannot get or renew a passport in your home country (e.g. political instability, civil war, etc.), or you simply lose it the right to another passport can be very useful. You should, however, check the laws of your current country of citizenship to ensure that you are in a position to legally acquire a second nationality.