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11 Reasons why you should consider Second Citizenship

November 5, 2018
Read: 4 minutes

Why you should consider Second Citizenship?

In 2018, it is now possible to acquire second citizenship from many countries.
 
However, the question remains; why do people consider second citizenship?
Malta citizenship through investment
Whilst some of the reasons are more self-explanatory, a few of the points that we will mention in this article will explain ones you might have missed.
 
To be in possession of dual citizenship and secondary residency is more than just a document.
 
While the benefits gathered differ from one product to another, the below list summarizes the results of investing in citizenship & residency. The truth is that the country where you are born determines the way your life will unfold and later on that of your children.
 
So if you could choose where to have your citizenship, would you change it?
 
Let’s explore the,
 

11 Reasons to Consider Second Citizenship

  1. Freedom of Movement
  2. Ease of Travel
  3. Plan B with Second Citizenship
  4. Economic Stability
  5. Business Opportunities in Malta
  6. Physical Safety
  7. Child Education through Second Citizenship
  8. Family Legacy with Second Citizenship
  9. Tax Efficiency with Second Citizenship
  10. Relocation Services in Europe
  11. Status Symbol

Freedom of Movement

The fundamental reason a person opts for secondary citizenship is for freedom.
 
Freedom for:
 
  • Education for all your children
  • Equal rights independent of gender or race
  • Clean environment
  • Safe environment
  • Work opportunities
  • Ability to travel
  • Freedom of speech and self-expression
If you may live in a more developed country where you never questioned your freedom of expression, consider yourself lucky.
 
Whilst this may seem reasonable, we can guarantee that this is not the case for a large number of countries and their inhabitants.
 
Let us explain…
 
The vast majority of people have no choice as to where they are born.
 
You might not know it but where you are born determines a substantial part of your life. The country you take birth in, the parents you are born to, whether you have access to education and wealth. The list continues to whether you live in an oppressive regime and wish for equal rights or live too close to polluted environments.
 
Most of the people in the developed world take these freedom rights for granted.
 
Nevertheless, the reality is that even the neighbourhood surroundings as a child will be the determining factor if you will succeed in life. For the ones who beat the odds and come from environments that are not easy or at the very least are more difficult from others, they now have options.
 
You can ensure that your family enjoy those freedoms that the western world (European Union/United States/Canada/Australia) take for granted. As an established individual, you can acquire citizenship through investment and secure your family's future.
 
wahaat_citezenship_Freedom of Movement

Ease of Travel

They say travel broadens the mind.
 
However, does this saying still stand if your passport does grant you to travel as you wish?
Taking a look at your passport, you can easily tell if you have the opportunity to visit countries of your choice freely.
 
The vast majority who do not have this luxury will have to apply for a visa each time they travel.
 
Applying for a visa;
  • Takes time
  • Expensive
  • Not guaranteed
You are stuck in your country and will be prohibited from travelling either for business or for leisure. Should you be granted a Visa, you should note that this is not permanent and you will need to re-apply.
 
This constant renewal of a visa turns out to be a long and tedious process.
 
On the other hand, this might be very different from your situation. If you come from one of the countries which have an excellent credit rating, the odds are that you would have a very powerful passport. Different countries have different strengths in their travel documents.
 
The top countries which rank in the high places, typically have entry rights to 180+ countries. These include many of the most developed European Countries for the most part who also form part of the Schengen area.
 
The Schengen area is unique. You have different EU countries which have one trading block. There no border checks so a national ID is enough.
 
wahaat_Ease of Travel
 

Our dedicated team of experts can help you at every step of the way for obtaining your Maltese citizenship. 

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Plan B with Second Citizenship

‘Home sweet home’...
People tend to have a certain longing for their own country.
 
However, the reality is that if you are in a country that is;
  • Politically unstable
  • Economically unstable
  • Neighboring country at war
 
Would you start to think - what if something else happens? Would you begin to worry about your family and their future?
 
Even if you have a wealthy family… The fact of the matter remains that if something happens in your country, then you become a travelling nomad.
 
Imagine you have a US visa or a Schengen visa, so after 90 days you have to leave the Schengen area and cannot travel to another country in the Schengen area. If something happens - you are subject, no matter your wealth to refugee status in another country.
 
Having the right to reside in a country other than your own is incredible insurance - this is where Plan B comes in. If you opt for a full-blown EU citizenship which gives you the right to settle down in 32 countries.
 
Or whether you decide you want to limit your cost and want to go for a permanent residency in a country which offers good prospects or has economic and financial stability. The fact of the matter still remains it is an excellent insurance policy.
 
If something happens, you are safe in the knowledge that you can pick up and leave overnight with your family and continue your life in a different country.
 
Malta citizenship by investment

Economic Stability

Different countries operate under different economies.
 
Of those regimes, you have countries which are more stable resulting in a predictable economy. Naturally, you also have countries which do not fare as well with an ever-fluctuating economy.
 
Businessmen are scared for the future of their companies, so they essentially want to have their master holding company in a jurisdiction which gives them protection. A jurisdiction with defined and clear rights with adequate laws and transparency of the judicial process if something goes wrong.
 
This happens in more developed countries.
 
If you decide that you want to have a holding company either for your business or for your assets it does help if you are a resident or citizen of that country... being a citizen of that country ensures that in the eyes of the law you are recognized.
 
If you transact business where there is a lot of boom and bust cycles, it can be quite exhausting for your business stability. We’ve seen countries in South America, the Southern part of the EU, Asia and in the Middle East passing through instability and time to time.
 
No country is immune to the nature of the economy; this is a fact of life.
 
There a few countries in the world which have survived incredibly long periods without a recession but the fact of the matter is that sooner or later, there tends to be a downturn.
 
How severe is the downturn tends to depend on the country.
 
For example, in the EU the last two countries to get hit from the financial crisis in 2008 were Germany and Malta and the first to get out where again, Germany and Malta. One looks at economic stability is not the possibility that the country doesn’t experience a slowdown or recession because realistically every country will pass through it.
 
However, t would help if you took note of the severity of those fluctuations of those downturns and crashes between extremely good times and bad times.
 
If you had to plot it on a chart - more moderate growth with the more moderate corrections. Rather than fast growth and high-speed crashes.
 
Taking a country in the Mediterranean as an example, Malta offers a favourable jurisdiction for businesses when relocating to Malta.
 
Economic Stability in Malta

Business Opportunities in Malta

You should pursue the countries which offer the most opportunities and the least barriers to entry.
 
Countries where you do not need to stress about;
  • Passport checks
  • Border patrols
  • Stable economy
  • Opportunity for business growth
Take for example the  EU or USA, namely the world’s largest economic zones. Effectively you gain the opportunity to reach a vast audience with the least possible barriers coupled with a high income per person.
 
The aim is to look to expand to people who have money and with the least hassles.
 
Acquiring residence or citizenship in another country must provide you with the best possibilities that your own country does not.
 
Choosing a country like Malta, which has enjoyed three successive years of highest economic growth in the EU, offers you endless possibilities with so many booming industries such as iGaming and Blockchain.
 
So make sure to research a country's portfolio of industries before you make your decision. Take into account the countries economic predictability and evaluate if your business fits in the puzzle.
 
To find out more about your Business opportunities in Malta,
Contact Now
 
Business Opportunities in Malta

Physical Safety

There are countries around the world where you need to live in gated compounds and where there is armed personnel at the gates.
 
Where if you stop at red lights you can end up with a gun against your head.
 
If you go down the wrong alley you will be in trouble- this ends up as a very stressful living situation.
 
You might be living well, but you will always be concerned that you will be attacked or your children kidnapped or extorted. You’re in constant danger and uneasy.
 
One of the things people look out for when they have wealth is the possibility to relocate their family to a safe environment where they do not need to worry about what will happen to them when they get out of the house.
 
This is possible with second citizenship or permanent residency which will grant you freedom of movement to safer countries.
 
malta_safest_country_in_the_world

Child Education through Second Citizenship

The sixth reason to consider second citizenship is for your children and their education.
 
Every culture around the world tends to put a tremendous amount of emphasis on developing their children. This is consistent throughout cultures where they take great pride in promoting their children going forward.
 
It remains the fact that certain countries have far higher education quality than others. Parents often feel that they must have the best education to be able to compete with countries that are at the forefront.
 
Certain countries naturally give preference to their citizens so; in this respect, people consider second citizenship for this reason. When a family with wealth has the opportunity to alternative citizenship for a better future for their children, it is worth considering.
 
Improving A Child’s Education means;
 
  • Same opportunities as leading countries
  • Better career opportunities
  • Higher quality of education
  • Valuable social connections from a young age
  • Securing family wealth
 Child Education through Second Citizenship

Family Legacy with Second Citizenship

Some countries allow birthright to convert automatically to citizenship such as the USA.
However, in the vast majority of the cases, being born in a particular country doesn’t denote you the right to inherit citizenship.
 
You will need to prove that there are far more genuine links, such as;
  • Parents connection to the country
  • Family lineage
  • The motivation for acquiring a second citizenship
By taking citizenship you are guaranteeing that your future children and grandchildren will inherit citizenship by right.
 
This is a legacy plan that goes beyond setting up trusts and foundations or who controls the business. This is a guarantee that comes what may in your country of birth, you and your children can live and do business elsewhere.
 
Linking with Plan B, you need to provide the right, freedom that your children and grandchildren can live in peace.
 
Family Legacy with Second Citizenship

Tax Efficiency with Second Citizenship

Most people tend to confuse citizenship, ordinary residency and tax residency as one. In fact, they are not.
 
You can become a tax resident in the country without being a permanent resident and vice-versa.
You can be a tax resident in a country without being a citizen and you can also become a citizen without being a tax resident.
 
While each of these statuses has some relation to each other it is important to note the differences when considering;
 
  • A second citizenship
  • Permanent residency or;
  • Golden visa
Critically they should not be seen as some automated tax avoidance system because they are not.
 
Be wary of any consultant or article that claims otherwise as this is a recipe for trouble. However, the fact of the matter remains that if you decide to lose your tax residency from one country by moving into another country, then a different set of rules apply.
 
There are exceptions. If you are an American citizen, it makes little difference whether you reside in the country or not, because you are always going to be taxed by virtue of being a US citizen.
 
However, ignoring the US which is an exception, tax residency is usually denoted by the number of days spent within a  country. Some people decide to physically change their residency by ensuring that they are not spending enough days in any particular country.
 
There are solutions to those people who are known as tax nomads; i.e. not spending enough time to qualify under any of the tax resident rules.
 
Again people are mistaken in their belief that just because they are not spending 183 days in one place that they are now free from paying tax. This is not correct and the reality is that it will give rise to the country that you have spent most of your time and most links to potentially claiming tax residency.
 
There are solutions which mitigate this, but if you decide to pick up residency or citizenship, then you pick it up in a country that it has an advantageous tax regime.
 

Our professional tax advisors can assist you in clarifying all your doubts.

Contact Now

Know more about Malta Taxation System here.

 
Tax Efficiency with Second Citizenship

Relocation Services in Europe

From time to time, whether it is for family purposes or economic opportunities or retirement people will move.
 
People wanting to change their country for many reasons like;
 
  • Political instability
  • War
  • Lack of career opportunities
  • Lack of  freedom of movement
  • No security for family
  • Poor business stability
  • Retirement plans
 
You have taken the conscious decision to let go of your country of birth and relocate another country.
 
Retirement is one of the main motivations to relocate.
 

Retirement

To secure your retirement plans, you need two things:
  1. Relocation
  2. Tax efficient country
 
You need a country where you enjoy the climate and the perks which the country enjoy due to the favourable climate.
 
For your retirement, you need to secure yourself in a country that is tax efficient and protects your assets. Relocating to a new country is quite the feat but with the help from the right advisors, it could be a whole lot easier.
 
It would be best if you considered a country that;
 
  • Easily accessible
  • Offers citizenship through investment
  • Offers visa-free travel
  • Good quality of living
  • Good connectivity
  • Desirable living locations
 
We provide a personalised service that is tailor-made to the needs of our clients. To know about your relocation options,
Get in Touch
 
Relocation Services in Europe

Status Symbol

And finally we have status.
 
How would you like to become a member of a very exclusive club?
 
The price tag?
 
Around 1 million euros (US$1.15 million).
 
With the people who have a yacht, a jet, a home in London, a condo in New York a villa in the south of France.
 
Spending a million euro on citizenship is also a status symbol to add to that list.  The ones which denote the most rights are the most expensive ones, find a list here. Whether or not you may, or may not need, all of the benefits immediately is irrelevant.
 
However, you can show your friends that you have this ultimate calling card which you can use for future endeavours.
 
wahaat_about_malta_status_symbol_citizenship_by_investment

Conclusion

There you have it, 11 reasons why people consider second citizenship.
 
Whether you are a businessman searching for a more secure and economically stable jurisdiction or perhaps you are a young family looking for the right education for your family.
 
Considering second citizenship will make travelling easier as no visa is required when travelling to 182 countries.
 
It will also give you an exclusive status with the right relocation opportunities.
 
Dive deeper into what could be your new lifestyle with unquestioned freedom of movement and physical safety today.

Interested? Get in contact

We provide a personalised service that is tailor-made to the needs of our clients. With relevant experience and competencies across various areas, we provide a holistic service that is tailor-made to the needs of our clients.

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