Few, if any wealthy entrepreneurs only do business in their country of origin. Big business almost always means international trading but that comes with a host of potential difficulties regarding laws, taxes, and borders. For those reasons, many wealthy individuals are opting for dual citizenship and reaping significant benefits.
Anyone doing business right across the globe ought to consider dual citizenship as a way to expand and get a foothold in multiple countries. A second passport delivers access to not just one but potentially many new markets facilitating trading and scaling-up opportunities.
Take investing in one of the Caribbean citizenship by investment programs. Not only do you become a citizen in one of the stunning island states, but you also gain visa-free access to over 140 countries, including the UK and Schengen Area countries. What’s more, dual citizenship there may provide access to the US market.
Having a second passport means direct access to millions of new customers as well as red-tape-free business relationships. The tax implications can also be favorable. Depending on the country of choice, wealthy businesspeople can reduce their tax bills, thus maximizing the profitability of their enterprises.
A foothold in a second jurisdiction also provides the potential for better business relationships across the globe. As every entrepreneur knows, a passport can be an obstacle as well as the key to global trading.
The opportunities dual citizenship delivers are far-reaching and include, first and foremost, the possibility to expand across a truly global market.