Why You Should Consider Alternative Citizenship

More and more people are seriously considering getting a second passport. Alternative citizenship has many benefits, and depending on your personal circumstances, you can save you a lot of hassle in the future. With the right advisor, it is relatively easy to get that second passport that you want. There are many people on the internet around selling citizenship, but most of them are just salesman and do not really know the conditions how to apply and on what to pay attention. Citizen Lane has its own experienced advisors and lawyers who work on a every ay basis just with citizenship by investment applications. It is a good idea to know what you stand to gain from a second citizenship before taking the leap. What is important to know:

Visa restrictions

The political circumstances of some countries make it difficult for its citizens to obtain visas. Getting a visa can be expensive and time consuming especially if you need to travel on short notice. This may mean missing an all-important personal or professional opportunity. A second passport might be just what you need to make acquiring your visa that much easier.

A second passport

Circumstances can make it difficult to obtain or renew a visa in your home country. This can make it impossible to travel out of the country. With a second passport however, you can travel at your pleasure, and sort out your passport problems at your own time. Having a second passport also means that you are free to travel if one passport is held up at a consulate or embassy for processing.

Tax implications

There can be some positive tax implications depending on your alternative citizenship either in St. Kitts & Nevis or Vanuatu, both countries have no income tax, no inheritance tax, no capital gains tax and offer favourable tax vehicles which allow fully legally to optimize your tax situation. Although you will most likely not be fully exempted from taxation in your country of origin in case you are there still a tax resident. In regards of succession planning, to avoid inheritance tax, the possession of an alternative citizenship is in many countries a legal way to avoid inheritance tax. It is a good idea to talk to a tax expert to find out about your unique situation. Still, there is a chance you may be able to run businesses in two countries while reducing taxation in your home country.

Personal security

Acquiring an Austrian residence permit or finding a dual citizenship arrangement can also help with your personal security especially if the political situation in your country of origin is volatile. It is easier to travel and gain access to safe havens in the event of terrorism, civil war, political unrest and other delicate situations. Many politicians and prominent business people invest in second passports as a form of life insurance. In addition to this, a second passport has the potential to keep you safe in the event you face hostility or personal injury based on your nationality.

It is worth sitting with an expert on alternative citizenships and going through the options to find out if this is the best course of action for you. In addition to this, such an expert will be able to recommend the countries you should be looking into.