Published at: 04/11/2021 12:18 pm
Suppose you can't afford to start your own independent tropical island nation. In that case, the next best contingency planning option is to get second citizenship!
We are living in a fast-changing world, where risks are almost unmanageable. Money, influence and old wealth are not enough to provide you with the usual comfort and efficiency.
Let's take a look at the current risks, where a second passport resolves all your frightening issues.
Your passport only allows you to stay in your home country. Travel bans and vaccine passport uncertainties do not help you to reach your travel destinations. With a second passport or residence permit, you have the right to travel to your home countries. Imagine that you are in, for example, South Africa. You have a Vanuatu passport. It means that you can travel anywhere until you reach your goal. You can leave, and you can go home. The rest depends on the actual and constantly changing rules, but you can travel and find the best routes.
The Covid pandemic showed that wealth is not enough to protect your and your family's health. If there is no available mask, treatment, medicines, and lately vaccine, the single solution was to visit another country. A second passport or residence permit allows you to reach the help and support.
Wealthy people have the tools to secure a place, which provides safety for your family. However, safety is only one issue. If you have a family, the safe location must fulfil three requirements:
Malta, Montenegro, St Kitts, Antigua, Grenada, St Lucia, Dominica, Vanuatu and even Turkey provide these services. You can buy an abandoned, beautiful tropical island without a passport in any country. But our advice is to settle the legal issues and think twice about if your haven can become dangerous without legal certainty.
Tax hike follows crises; it's an eternal truth. Governments always spend money to resolve challenges, and then they call the taxpayers to replace the missing amounts. The last global economic crisis erased the offshore tax planning industry and introduced a new concept, the offshore or tax-neutral person. Suppose you have the right to pay your taxes in a low-tax jurisdiction. In that case, you can protect and grow your business instead of having to clog the bottomless pockets of the state's budget.
Our colleagues have more than 25 years of experience in supporting investors' immigration plans. Set up a consultation here to obtain all the information you need about second passports and residence permits.
Note: Malta Permanent Residency Programme offered under Licence no.: AKM-DALL-21