Being an entrepreneur is such a rewarding endeavor. It takes a passion for your business, a steadfast dedication to success, and a true commitment to excellence. It also comes with several unique challenges in 2020 and beyond.
For savvy entrepreneurs, the global economy is their oyster, ripe with opportunities for growth and expansion into new and exciting markets. Yet, for some entrepreneurs, their country of origin and current citizenship status can place certain limitations on these opportunities.
For those in the GCC and other nations, hurdles ranging from regulatory pressures to currency exchange rates, economic instability, travel restrictions, sanctions, tariffs, logistic issues, and political instability often pose unique obstacles that aspiring founders need to overcome.
As an example, increased travel restrictions and/or tightened border restrictions may make travel within individual continents and to other countries increasingly difficult. However, for entrepreneurs, obtaining a second citizenship can remove many of these obstacles, with hundreds of countries around the world welcoming those with “dual citizenships” from the Caribbean and European nations. Second citizenship programs are often offered as “citizenship by investment” programs, granting second citizenship in return for a clearly defined investment into the government and/or country offering the program. This is often done by investing in local real estate, or by paying the government directly. Due to the wide range of benefits offered for their holders, these programs have skyrocketed in popularity among entrepreneurs, especially those in Arab or other nations where restrictions abound.
For current and aspiring business owners who are able to financially take advantage of these schemes, business opportunities around the world will become more accessible than ever before.
One major consideration among high-net-worth individuals, entrepreneurs, and business owners is the tax burden they will face for both themselves and their ventures. Second citizenships can open up the doors for the potential to legally reduce these liabilities. With proper planning and advice from a licensed tax professional, business structures and other strategies from tax incentives to asset allocation may be able to save savvy entrepreneurs big. For example, some nations that offer second citizenship programs have ZERO tax liabilities for individuals and/or businesses in their domicile.
Economic and political stability are major considerations for entrepreneurs. Both can cause substantial downstream effects that may negatively impact business in a number of ways. Political and economic shifts aren’t always predictable, leaving those “caught” in the crosshairs with limited options to weather the storm. Second citizenships provide an “escape” and domicile around the world.
The ability to actively conduct business, and/or invest in businesses or real estate within a country, is often limited to foreigners. This prevents foreign nationals from taking advantage of certain opportunities as they arise. Further, those who hold second citizenship often enjoy the privilege of additional banking options that may be more reliable or offer additional or enhanced incentives, better interest rates, favorable exchange rates, and more.
Being an entrepreneur in today’s globally connected market often means that you’ll need the ability to travel on short notice. For those in nations where travel is restricted, obtaining a visa is not only inconvenient, it can also be both costly and time consuming. Second citizenships in the Caribbean (for example) can open up visa-free travel to over 130 countries around the world. Never worry about missing another important face to face meeting, overseeing an important international project in person, or hand-delivering a critical proposal.
Gain direct access to global markets and millions of potential customers. A second passport can aid you in expanding your business, allowing you to invest in new markets and expand your reach. Network with new business partners, open up physical locations, local bank accounts, and more.
Entrepreneurs work hard, but they like to play hard too. Enjoy the fruits of your hard labor with the opportunity to travel and explore the world. Enjoy new and exciting cultures, cuisines, attractions, landmarks, and amenities. Gain access to the world’s best educational systems and medical facilities, and take advantage of everything the world has to offer. Best of all, your second citizenship can be extended to your immediate family and can also be passed down to future generations, giving the whole family unique and impressive opportunities, they may have never had access to otherwise.
Second passport programs are exploding in popularity, especially among Middle Eastern and GCC entrepreneurs looking to open up doors and capitalize on opportunities for growth, expansion, travel, investments, and more. Companies such as Bluemina help aspiring and driven entrepreneurs effectively and reliably navigate the process of obtaining a second citizenship. From paperwork and deadlines to required investments and adherence to regulations, they ensure savvy entrepreneurs are set up for success. Are you ready to capitalize on the benefits second citizenship has to offer?