Once you have found a second residency or citizenship program that ticks the right boxes, you still probably have questions: is it worth it? What’s next now?
Irrespective of the program you choose, second citizenship or residency delivers huge return of investment. Most programs are extremely family-friendly, making second citizenship the ultimate gift for your children. Wealthy individuals have also found a way to unlock thousands of business opportunities through second citizenship while also protecting their assets.
To further help you to minimize the stress and hassle we all experience when we travel, we have gathered here the list of relevant tips to your aid:
1. Transfer of visas:
The most important thing to do once you obtained your new passport is to transfer any valid visas that you may have before you use it for travel. This can be request from your consultancy firm that assisted you during the process.
2. Open bank accounts internationally and enjoy tax relief:
No matter what your situation, having your residency in a low or zero-tax country gives you a lot of freedom. For example, you may notice that every government agency you deal with wants to know which country you’re a resident of. And being a resident of a high-tax country could cause problems. Now that you’re a global citizen you can freely open bank accounts and companies internationally, register with no restrictions and control of your wealth.
Setting up offshore banking is also straightforward. Offshore banks are aware that all newly second citizenship holder passed strict due diligence, therefore, the process is a lot quicker and safe.
3. Keep copies of your passports.
Get a certified copy of your new passports in case you need to have backup for any purposes as well as naturalization certificate. Furthermore, do not laminate your naturalization certificate. Sometimes when investors want to add new-born children, governments do not accept limited naturalization certificates.
Obtaining a second passport while you are in UAE is really an investment that has the potential for a high pay off for many expatriates. Obtaining it is especially beneficial for those who hail from war-torn or unstable nations whose travel options on their birth passports can be extremely limited.
Citizenship and Residency programs are growing in popularity by the day, a second passport or residency can offer security, stability and freedom.