Optimizing your international freedom with tax and estate planning needs also the check and thoughts of obtaining alternative residence and multiple citizenships.
The world is constantly changing! In today’s pandemic times, it is a must to have life, health and disability insurance coverage for everyone, to be ready against unforeseen events. The whole purpose of insurance is meant to safeguard us, at least financially, should things happen. Many insurance companies abroad offer only coverage for citizens and residents. This is where citizenship and residence planning comes into play and cannot be ignored when you diversify your assets abroad.
The economies have a lot of changes, the health system develops very well although still having many challenges. And now unfortunately a global pandemic hits all of us. Many persons also do not know where they will live and work in the future, often depending on the economies. We are in uncertain and challenging times, but such times often turn into new opportunities and more horizon’s open in one’s life. It is now the time to make a first move to a better future.
Investing and obtaining another citizenship or residence abroad can be seen as an insurance policy for the future. You could structure your dual citizenship for life and health insurance covers. Some buy a life insurance with traditional life insurers to protect its loved ones.
Acquiring another citizenship for the family can also be seen as a life insurance, giving the family an opportunity to life in safe places, being surrounded in an excellent health system or giving the children more options in the work field. Therefore many people did not yet think that another citizenship is an excellent insurance policy against economy, political or health issues.
Many countries by now provide residence by investment programs while a few even provide citizenship by investment. It is a complex industry with many options, needing an adviser who understands the overall picture to be protected in a situation. Best-citizenships.com is a platform and works with the best advisers who for many years understand the importance of the topic.
Furthermore many banks, asset managers, family offices etc. consider the domicile of their clients to be a key element in the planning and implementation of asset protection.
An alternative residence can be helpful to optimize the asset protection without being a tax evader. We do foresee a lot of positive changes in the future towards the matter. In some countries premiums paid towards a valid life insurance policy can be exempted or deductable from the taxable income.
For families a second passport can be viewed as the modern day life insurance policy for your family, because you invest in a passport today, the citizenship is passed on to future generations, often also to your grandchildren etc.
In today’s time it is almost impossible for young people who are not EU nationals to live and work in the EU. Being a citizen of a EU country allows to access the job markets also for young, not yet highly skilled, persons. Hence obtaining another citizenship via investment is a family consideration with an excellent investment.
Do not forget the excellent benefit ratio on a long term towards the wealth strategy of a family!
Invest in a second citizenship, a new safe haven asset class for the 21st century.