The life of a modern man is all about mobility when it comes to life in general, but especially when it comes to business. We travel for all kinds of reasons, work, leisure, or something else. And living a life like this has opened so many opportunities to obtain citizenship on a different basis. Being able to do this, more and more people are thinking about how to get dual citizenship. Well, the easiest way today, and the option that has the most benefits is obtaining citizenship based on investments. A lot of countries in the world are offering this option, and the benefits one enjoys are different from one state to another.
What you must have noticed if you’ve been interested in the subject earlier, is that the Caribbean has been offering some very attractive conditions when it comes to citizenship by investment programs. If you think about it, there isn’t a single reason why you should not take the opportunity of obtaining, for example, Grenada citizenship via this program.
However, since it’s a serious endeavor, you should sit down and consider all the pros and cons. And this article has been put together for that exact purpose – to inform you about all the pros and cons before you make the final decision. Continue reading and find out all about the subject.
Pros
Even more mobility. As we said in the introduction, a modern man is all about mobility. Naturally, once you obtain a Grenada passport you’ll be able to travel to some countries that would otherwise require a complicated visa procedure. With this passport, you’ll most definitely be able to travel to Schengen countries and stay there for up to three months. Another country business people like to travel to and network with is China. With this passport, you won’t be needing a visa to go there anymore. This includes Singapore and Hong Kong.
A program of citizenship by investment is often used by business people in order to be able to travel to certain countries without a visa. As these processes are quite daunting and exhausting, for frequent travelers especially, obtaining a second passport is what lawyers suggest as a smart bypass.
Business visa for the States. Having a Grenada has one additional benefit when it comes to mobility. With it, you become eligible for a special type of visa allowing you to live and do business in the USA. So, if this is your aim – to expand to the USA, Grenadian citizenship is a great shortcut.
Tax is more affordable. When you research the tax percentage, do not get scared, because not all of it applies to those doing business outside the country. What most business people find very convenient here is the fact that the tax doesn’t have to be paid if the money is earned abroad. Real-estate taxes are also super low.
Education. If you have kids, obtaining a Grenadian passport will give them a lot of benefits when it comes to studying. If they are willing to study hard, then they can have a first-class education in countries like the USA.
Avoiding discrimination. Some people are simply not taken seriously while doing business because other parts of the world have grown prejudiced about them. One way to bypass the hassle of discrimination, and be taken seriously is to obtain dual citizenship.
Multiple bank accounts solutions. With this passport, your opportunities to save money outside your country rise immensely. For example, with it, you’ll be able to open accounts not only in Europe but also in the USA (not to mention Grenada). Best of all, there are no difficulties in doing this, as the procedure is rather simple. Having an account in one of these countries provides you with the benefit of not just saving, but also paying a lower commission on transfers.
Cons
Limitations of staying in some areas. The mobility benefit we wrote about earlier is a coin with two sides. Even though you’re allowed to travel to Schengen without a visa, your stay is limited.
Tax exemptions can be complicated to acquire. Once you apply for the program and obtain your second passport, the story doesn’t end here, if you want to enjoy all its benefits. In order to do so, you’ll be asked to provide additional documents and proof. For example, if you want to open an account in one of the banks, you’ll be needing to prove your connection to the country, such as a driver’s license, for instance. The procedure when it comes to these documents is more or less the same in every country – things simply have to be proved. The most essential document you have to have is the tax identification number. To enjoy tax exemptions and be eligible for these, you need documents, and fetching them requires your presence on the island. At times, depending on where you live, this can be an issue.
Minimum investment. To obtain citizenship this way, there is a minimum amount of money you should invest set clearly by the government. Benefits aside, the whole thing doesn’t get cheap. For instance, the overall amount of your investment should not be below 150,000 $. This is just an investment, not additional fees you should settle in the whole process, like the administrative ones. So, once you are set on the journey of obtaining Grenadian citizenship, be prepared for the process to be expensive.
Final word
When it comes to investments, in order to obtain citizenship, you have multiple options. You can invest in real estate, but you need to be able to keep it in your ownership for at least five years. Other options include investing in luxury real estate or Contribution to the Fund for Sustainable Growth. For you to find out which of these options is the most suitable ones, we suggest you consult with a professional attorney working in this area.
