Residence & Citizenship Planning
As globalization has expanded, residence and citizenship have become topics of significant interest among the increasing number of internationally mobile entrepreneurs and investors.
The possibility of acquiring residence or dual citizenship, can provide numerous benefits:
- Visa-free travel
- Reduced tax burdens
- Financial protection
- Ability to expand your business internationally
- Lifestyle and generational benefits
- Quality of life
Due to political circumstances, citizens of many countries find it difficult to travel abroad and are confronted with visa restrictions each time they want to enter a foreign country. This can be a very tiresome procedure, during which the passport on which the visa is stamped is not available, and this can be a significant factor in delaying your travels. Even if you simply lose your passport, it may take some time until you can get a replacement and having an alternative passport may be crucial.
Investment in the future
In an unsettled, ever-changing world, acquiring an alternative citizenship is a wise decision and an investment for the future. Your citizenship of choice is for life, your spouse and children can be included, and there is often no need to give up your present nationality while you enjoy the benefits of a legal second passport. You should, however, check the laws of your current country (or countries) of citizenship to ensure that you are in a position to legally acquire an additional nationality.
For some individuals and families, a change of residence is a highly sensible proposition. This is particularly the case for clients who live in countries with limited options for tax and estate planning, for those seeking more lifestyle choices, and for those who live in countries with an unstable political or economic climate, where an alternative residence is also a means to increase personal security and achieve a better quality of life, as well as offering the potential to acquire an additional citizenship.
Keys aspects to consider include:
- Domicile and residence
- Income tax based on residence
- Inheritance and estate planning
- Incomes tax based on citizenship for US citizens
- Emigration and exit taxes
- Health Insurance
- Business and family situation
In many countries in the world, it is possible to incorporate a company, establish a branch or subsidiary of a foreign company, or invest in or establish a business and thereby obtain a residence permit. Likewise, it is often possible to obtain a residence permit if you meet the relevant requirements for persons of independent means.
However, the laws of most countries are increasingly complex and subject to continuous revision. The procedures can be daunting for prospective applicants who are not fully conversant with all the relevant legal aspects of their cases. Thus the use of an experienced specialist will significantly increase the chances of success. Majority of cases, the use of a professional consultant makes the difference between obtaining a residence permit and being refused one.
For more detailed information contact your nearest ProFin regional office or alternatively contact Henley & Partners directly.
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