Editor: Cheyenne Hollis
Dot Property Blog – Lifestyle – April 2020
The article comes to us from Malvern Consulting, a leader in customized and personalized solutions for high net-worth individuals. Click here for more information on how they can assist you.A second passport, if correctly chosen, can provide a whole new world of opportunities. Your second passport can be a key to living the lifestyle you always dreamed of along with the possibility of becoming a truly global citizen with no boundaries. In our view, dual citizenship serves as both an insurance policy and a method of unlocking new opportunities. Receiving dual citizenship can also open up other doors for you, such as easier access to overseas markets.If you’re considering dual citizenship, but aren’t sure if it’s for you, take a look at some of the ways you can benefit from a second passport, especially one from a European Union country like Cyprus: A SECOND CITIZENSHIP GIVES YOU A SECOND RESIDENCE One of the most obvious – but underrated – benefits of receiving dual citizenship is that it gives you guaranteed residence in that country. If you have citizenship in a particular country, then you have the freedom to live there as you choose. You don’t need to worry about residency requirements or visas to get in.Dual citizenship also ensures that you have somewhere to go if you need to get out of your home country. We all love our home country, but having a fail-safe, back-up plan in case you need to leave your country of residence is a good idea.If you choose to become a dual citizen of an EU country like Cyprus, then you cannot only permanently live in Cyprus as well as ANY of the 27 EU countries including Switzerland, Italy, France, Germany, and the other EU members. In our view, this ability to treat the entire European Union as your second residence is probably the strongest benefit of a top-tier second passport. GETTING DUAL CITIZENSHIP CAN HELP REDUCE YOUR TAXES Many people opt for dual citizenship because it helps them significantly reduce their tax bills. In countries such as Cyprus, there are ZERO taxes for people not domiciled in the country for income that has been generated outside of the country. For example, if a Thai citizen takes Cypriot citizenship and does not live more than 182 days in Cyprus during a one-year period, then the dividends and profits earned outside of Cyprus remain tax-free in the country.In many cases, it may also make sense for people to move their business center for trading to a low-tax, EU country like Cyprus. For example, if a business owner from the Philippines sets up a company in Cyprus with a maximum corporate tax rate of 12.5 percent on profits and conducts his primary operations from this EU base, he or she may be in a position to significantly save on his tax bill as this tax rate may be significantly lower than that of the home country. Additionally, Cyprus has no inheritance, wealth, giﬅ, and immovable property taxes. Dual citizenship, therefore, serves as an insurance policy for your tax plan. It gives you an exit strategy in case of difficulties and it allows you to cut ties when necessary.A SECOND PASSPORT CAN MAKE TRAVELING EASIER Applying for visas and waiting can be very frustrating, especially when you need to travel for business in a hurry or for an emergency. This is where dual citizenship can make a huge difference in your lifestyle. However, you can enjoy visa-free travel to more than 155 countries, including of course the right to permanently stay in any of the 27 EU countries, with a passport from Cyprus.GETTING DUAL CITIZENSHIP GRANTS YOU ACCESS TO NEW SOCIAL benefits even if you’re already successful, the stability offered by countries with highly developed social services can be quite desirable. If you or your children move to a country in the EU, such as Cyprus, you can enjoy low-cost health care, send your kids to school in any EU country inexpensively and enjoy pension benefits when you retire. While these benefits may not seem significant today, we do not know what the future holds for our future generations. By ensuring a European Legacy via a second EU passport, you can guarantee the best range of possibilities for your children and their generations.DUAL CITIZENSHIP CAN MEAN NEW BUSINESS OPPORTUNITIESFinally, your second passport can give you access to new markets and business opportunities. As a citizen of a particular country, you can invest freely in that country and may have an easier time investing in neighboring countries as well. As a citizen of an EU country like Cyprus, you have full access to the European Union for goods and services as well as free movement of capital without any questions or complications. This benefit can enrich your business and open up a world of opportunities for you.Therefore, if you want to legally reduce your taxes, take advantage of international business opportunities, and live a freer lifestyle, you should start to look into getting a second passport. As a first step you may contact us at Malvern Consulting Ltd. and we can embark on this journey together so that you may realize your dreams in the shortest possible time with the least amount of effort.