Horizon surpassing business growth is every entrepreneur’s dream. This dream is achieved by gaining the trust of diverse clients all over the world. For the global entrepreneur, meeting essential clients from differing continents is a major setback. It requires extensive planning, many visa applications, and lots of hours travelling. Imagine having prepared for a significant expansion deal only to have your visa application declined. What would you do? If you haven’t thought about second citizenship, the time to start considering it is now.
Elon Musk is one of the most famous and well-respected entrepreneurs in the world today. If he stayed in his home country, would he encounter the same opportunities as the 31st richest person in the world? Additional citizenship entails responsibilities, but to the wise entrepreneur, the pros will outweigh the cons.
More convenient travels
The Global Business Travel Association estimates that experienced travellers take an average of 12 trips per year. Other data accounts for around 7 travels for average businessmen. Though visa application will vary per person, per country, and per circumstance, applying three months in advance is the safest. As this is an application, the approval of which is not always guaranteed; for this reason and more, obtaining another passport that grants you visa-less travel to the key countries for your business is crucial.
Many countries limit property ownership to the citizens of their countries. For non-citizen business owners, having the purchasing capacity is not enough. Sergey Brin, the co-founder of Google, is the 14th wealthiest person in the world as of October 2019. He was born in the Soviet Union and came from humble beginnings. The opportunities in the United States propelled his success to unimaginable heights.
Countries like the United States do not restrict property ownership from non-citizens and non-residents. However, if you’re planning on gaining a bountiful market share from Asia and Europe, obtaining an additional passport is extremely helpful. Many European countries offer citizenship by investment, and assessing the benefits of such citizenship against the price you have to pay is crucial. Malta is one of the most affordable countries in Europe that grants you access to 183 countries. Studying your options, especially regarding potential citizenship Malta can help you conquer new horizons for your business.
Tax and banking benefits
Banking is a heavily regulated industry. As a result, it is required to make banking strict and accessible only to rightful clients. Foreigners will mainly have to prove that banks can trust them and the business they bring. Apart from citizens having an easier time with getting the help they need around managing their finances, they potentially have tax benefits. The unique regulations per country make it necessary to get a tax consultant for this.
The convenience of having additional citizenship can work wonders for you and your business. If the country permits, you can even pass on these benefits to your children and grandchildren. All these while investing and growing your assets through citizenship by investment programs. What there to lose, right?