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08/25/2017

Why Entrepreneurs Should Consider A Second Citizenship?

WVN – (HuffPost) – Imagine this situation- you spot a potential bigwig client abroad and after several attempts you finally bag an appointment date. The appointment is to be carried in the client’s own country next week. You have your presentations ready, you are brewing with confidence, you are positive that you are “the one” whom the client wants to do business with and you have even got your tickets. But still you fail to attend the scheduled meet. Why? It’s only because you could not attain the visa.

An ambitious entrepreneur would always aspire to tap into global markets. It would call for frequent visits abroad but the visa issue spoils the game to some extent. The route to visa is not always easy and there could be instances where you might have to face rejection. This is why a lot of smart entrepreneurs today are taking to second citizenship which assures visa-free travel ease in many countries. But that’s not the only benefit of dual citizenship.

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The post below explores the many benefits of taking to second citizenship for entrepreneurs-

Visa-free travel ease

As mentioned above, second citizenship will assure you visa-free travel convenience in more number of countries than you are enjoying now with a single passport. For example, when it comes to visa for British citizens, the passport holders get visa-on-arrival or visa-free travel facility to 173 nations. The number is 172 for Portugal and 157 for Cypriot passport holders.

Visa-free international travel relieves you from the prolonged delays and waits that you are forced to while getting your travel visa. It is especially important when you are in a rush to meet a crucial client abroad. Moreover, visa-free overseas travel also eliminates the worries and problems of being rejected at the visa office.

You get to tap into broader market niche

Dual citizenship also helps an entrepreneur to broaden his customer base beyond the national borders. Citizenship in another country assures you convenient access to more number of nations than what you are getting with single citizenship. It means you will be able to reach up to a greater market base with second citizenship than what you are getting at present – and that too more easily. If you are eyeing a global expansion of your business, crossing the borders, it’s high time you get a second citizenship.

 There are tax benefits

Tax liabilities are always more on foreign entrepreneurs compared to what it is for the national businessmen. A major benefit of second citizenship status is that it will put the foreign entrepreneur almost on par with those from the country. However, the tax benefits would largely depend on the nation of dual citizenship. For example, Caribbean is known to extend reduced tax rates compared to a lot of developed nations. Moreover, second citizenship will also reduce the visa expense for you. When you attain 2nd citizenship you will enjoy visa-free travel to more number of countries- than what you can do with a single citizenship.

Broader investment opportunities

A lot of countries do not permit foreign investors from certain countries. In some cases, partnership businesses won’t allow foreign investments, regardless of the country of the foreign investor. But a second citizenship status with a foreign country will allow convenient access to almost all the investment opportunities as accessed by the national citizens. It will also open up the lenient exchange or interest rates to the entrepreneur.

Convenience to open bank accounts abroad

If you are planning to open outlets abroad, you will need to open bank accounts in the foreign city. It’s harder to open bank accounts in a foreign land when you are a citizen of another country. But if you attain a second citizenship status with that nation, banking activities would get far easier than what they are now. You will enjoy almost the same ease with bank accounts and transactions as are enjoyed by the citizens of that country.

Alternative gateway in times of instability

Economic unrest or political instability affects the business scene big time. In the light of present political turmoil- unrest, conflicts and riots are not uncommon. If your country succumbs to any such emergency situation, your second citizenship status will be the lifesaver here. It will enable you to easily escape the conflicting situation and shift your business in another country. As an entrepreneur, you have your family and employees to support. You are also accountable to your customers. Thus, you cannot let an unrest caused by the vested interest of influential people ruin your chances to live and thrive.

Just one tip

While taking a dual citizenship, make sure the second citizenship status will be worthy in terms of business. Go for a country that offers visa-free or visa-on-arrival access to countries which are major business hubs for your industry or market.

This story was originally published on HuffingtonPost

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