Why Affluent Individuals from East and West Are Seeking Second Citizenships
The world is undergoing fast-paced change so getting a second citizenship becomes a coveted option for many business execs and affluent individuals in general.
Here’s a good example. Jim Rogers, a celebrated US investor, Co-Founder at the Quantum Fund with George Soros, has resided in Singapore since 2007 enjoying direct access to the booming Asian markets. That said, he also secured a passport of a third country which is not the US or Singapore. Rogers explains he’d like to expand the horizons for himself and the family and have a plan B handy.
Investment migration is a business that yields $3 billion per year and it’s growing 25 percent annually. 13 countries now offer their passports in exchange for investment. The exact sum may range from $100K in the Caribbean up to several million in the EU.
What’s the rationale behind investment migration? Business people from Asia, CIS, Middle East and Africa may be limited in their travel mobility. For instance, two large Saudi families have recently acquired 62 Maltese passports to cross the EU and US borders with ease and unlock the residential and business opportunities in Europe.
On the other hand, affluent individuals from the West may receive citizenships of smaller states to avoid unnecessary attention. Another incentive cited by investment migrants is disagreement with their home politics. By that token, Monty Python actor John Cleese relocated to a Caribbean state of St. Kitts and Nevis following the Brexit referendum.
Relaxed taxation is another compelling reason to seek a second nationality. Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, and St. Lucia offer low taxes and lucrative investment opportunities. Plus, new citizens are not required to be physically present in their second homelands.
Getting a passport is a streamlined, quick and comfortable procedure if you apply to authorised advisors and reputed investment migration firms. The qualifying investment may come in the form of one-time donation, property investment and other assets. Non-reimbursable fees range from $35,000 per application in the Caribbean up to $500K+ in the EU. Passport processing may take up to several months depending on the country.
Astons is a leading global immigration advisory firm with offices in London, Beijing, Moscow, Dubai and Limassol (Republic of Cyprus) and offers residency & citizenship investment solutions worldwide including UK, Turkey, Vanuatu, EU & the Caribbean. Astons is a Member of the Investment Migration Council (IMC).
For further information or to discuss your personal circumstances in a private consultation, please contact Astons at email@example.com or call +44 207 292 2977