No matter how well your business may be doing in your own country, having a global client base will not only increase the visibility of your business but will increase your profits manifold in very little time. Setting up a business is not easy. Once you have secured it in every possible way to keep it going, the next step is to think about business expansion.
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Going international will soon have the eyes of the world on your business. And one of the quickest ways to do that is to opt for dual citizenship. This can be very lucrative for business owners because it will be far easier to operate your business from another country if you are a citizen.
You may choose to surrender the citizenship of your native country, or you may opt for dual citizenship. Either way, you will enjoy several benefits as a business owner because your second passport will open a world of new opportunities.
How can Citizenship by Investment Help Business Owners?
Citizenship by Investment, or CBI, is a method of gaining citizenship by contributing towards the growth and development of the host country by investing in its infrastructure. If you are a business owner, you can invest in the land of your choice and, likewise, get citizenship in three to four months.
After all, seeking citizenship by traditional means will entail waiting for months. You can immigrate only as a skilled worker, in most cases, or as a student. However, what if you run your venture and do not want to work for anyone else? This is where CBI becomes the preferred choice of business owners worldwide.
Depending on which country you are applying to, you can travel Visa-free to many other countries, something that might not have been possible with your native passport. In addition, the secure economy of the country and the medical and educational benefits provides a safe and comfortable haven for your family.
However, the most significant perks are the ones you enjoy as a business owner. By investing internationally, you get several tax benefits and start earning profits in foreign currency. In return, your investment contributes to the well-being of the host country, so both parties win from this arrangement.
Benefits of Citizenship by Investment for Business Owners
As a business owner, here is why you should give citizenship by investing some serious thought.
As mentioned earlier, as soon as you start operating overseas, your business credibility increases. You can also get additional aid from your host country to set up your business operations. As soon as your business gains international status, you will see investors flocking to invest in your business.
You can start buying personal and business assets with the profits, further solidifying your position in the host country. You will have new markets to cater to, and you can make new business associations, leading to new partnerships and growth.
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Become a Global Citizen
With innumerable opportunities for travel, your economic CBI program will allow you to move visa-free to almost any part of the globe. This usually takes a lot of time through traditional channels, but the CBI program makes traveling easier for business owners.
The “Golden Visa” offered by countries like Montenegro, Malta, Turkey, Grenada, and Portugal, among others, gives you numerous travel benefits. This is most useful in situations where your native country may be undergoing civil or political unrest and you have to move your family quickly.
You don’t have to wait for interviews and visa permits that would have otherwise delayed your move.
Better Financial Security
A second passport will allow you to distribute your risks over a larger area. For example, if your business is only centered in one location, then it is entirely dependent on the laws and tax regulations of that particular country. Any change in government or a crash in the stock market can destroy your business overnight.
However, with your second passport, you can mitigate the risks by conducting business overseas. This will act as insurance because you know that a part of your business will always remain unaffected, and you will always have somewhere to operate from.
Better Tax Plans
As a business owner, handing over much of your hard-earned profits for taxes can be frustrating. By opting for dual citizenship, you can conduct your business from the tax havens of the Caribbean. The best thing is that you do not have to move to make this happen.
You can continue staying in your own country but enjoy the perks of the host country simply because of the investment you made there. You can buy bonds and stocks, invest in the healthcare sector, or finance a business there.
And in turn, you can enjoy various tax benefits that will allow you to enjoy your profits. The offshore banking system also allows you more security for your savings.
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As a business owner, opting for Citizenship by Investment is one of the quickest ways to gain citizenship in another country. Whether you want a second passport from a European or a non-European country, you can do so by investing the minimum amount per that country’s rules.
Once you have established your capacity to pay and prove that your investment money is acquired through legal channels, in addition to having no criminal records in your native country, you can apply for CBI.
Regarding the other rules, you can approach intermediate agencies like GlobalResidenceIndex.com to help you with the application process.