How to use your second citizenship in 2022?
Published at: 05/01/2022 11:00 am
How to use your second passport after you invested in a dual or multiple citizenships? Practical examples for travel, taxes and quality of life.
Why do you need second citizenship in 2022?
Most of the successful applicants for second citizenships use their new passport as a tool to:
- reach the freedom of travel
- plan their taxes
- increase the quality of life (stable, secure and beautiful countries with good schools and excellent health care systems)
How can you use your second passport to reach the freedom of travel in 2022?
The passports of the developed countries are worth more as these travel documents allow you to enter more other countries without obtaining an entry visa. If you are a citizen of a third world country, then you exactly know that your passport does not allow you to enter your dream destinations. And one of the most complex issues is to get an entry visa in the developed countries as the US or the EU Schengen zone. Endless queues are waiting for you at the different embassies if you wish to visit first world countries. Issuing a simple visitor visa can take even three to twelve months. However, with a sound passport in your hand, you can win months and save much money.
How can you plan your taxes with a second passport in 2022?
Paying your taxes is always a more painful process around the world. Very soon, AIs and pattern checking robots will control your global and national financial burdens. So it will be better to take care and prepare to plan your taxes through 100% transparent and internationally compliant solutions. The basic rule of taxation is that you should pay your taxes (personal income tax) where you live or spend most of the year. It is the place of your "tax residency". Through citizenship by investment or residency by investment programs, your tax residency can be a country:
- which does not tax your foreign-sourced income or
- does not levy personal income tax (or other taxes) at all.
It means that you sleep well and decrease your taxes or do not pay at all and become an offshore or tax-neutral person. Before deciding about a tax planning structure, always ask for advice from your lawyer or accountant. We can help with information if you set up a consultation by clicking here!
How can you settle with your family in a stable country under your second citizenship?
Yes, of course, you can settle in the country where you obtained citizenship by investment. These can be tropical paradise countries like Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia or Vanuatu with good education and excellent health care. Or you still have the time to apply for the Europan citizenship of Montenegro until the end of 2022. Some citizenships offer additional advantages, as the passports allow you to settle and work in the country. If you wish to know the attractive details of not only becoming a citizen but moving to the country of your second or multiple citizenships, then ask our experts for advice.