The number of British citizens with dual EU nationality increased by 159 percent in the year after the referendum, many have already realized how to escape a fate they did not choose.
More and more Britons who live in Cyprus (most of them pensioners) are looking to obtain a Cypriot passport as a result of Brexit.
According to a report from a Greek newspaper, “NEA” about 500 Britons have obtained a Cypriot passport over the last months.
Second passports can be obtained in three ways: organically, financially, or ancestrally. The organic route to the passport is perhaps the most difficult as it requires lengthy naturalization processes.
A much easier path is available in the form of acquisition of Cypriot citizenship by investment in real estate, based on the Cyprus Investment Programme. The Cypriot government has established a number of incentives to attract foreign direct investment into the country. One of these is the Cyprus Investment Programme, which grants full Cypriot citizenship to wealthy individuals who invest EUR 2.15 million into the country and meet certain other requirements. Successful applicants gain the right to live, work, and study in all 28 EU member countries.
Acquiring a second passport provides a myriad of life long benefits to you and many generations. The benefits will be passed on to your children, grandchildren and even to great-grandchildren which in turn provides them the flexibility to remain internationally mobile. When turmoil hits a country, moving out to a secure place would be a major concern for most high net worth citizens especially that have international businesses. Here are some of the incredible benefits that come along with a second citizenship.
1. PROTECTION FROM TRAVEL AND GOVERNMENT CONTROL.
Your passport belongs to your government, and it is as easy for them to take it back as it is to give it to you. Meaning that if you have only one passport, then a single government holds total control over your right to travel, and therefore where you can live.
2. YOU SECURE A PLACE TO GO ON CERTAIN CONTINGENCIES.
When a crisis strikes a country, getting out can become very difficult. If you had an adequate second passport or a second residency, they could have watched the chaos happening on their televisions, rather than out of their bedroom window. Depending on your passport, without a valid visa, citizenship, or residency in the destination country, you might not even be allowed to board a plane.
3. THWART FROM FOREIGN POLICY REPERCUSSIONS
Certain nationalities have more enemies than others and it would be wise to keep a second passport to distance from the foreign policy repercussions.
4. TAX BENEFITS
Taking advantage of your second citizenship or residency by moving abroad has the potential to significantly reduce your tax burden.
5. VISA-FREE TRAVEL.
There are certain nationalities that need to apply for visas to go to a number of countries every time which can be time-consuming and costly. If you obtain a passport you can visit European countries without a Schengen visa. Twenty-two of the twenty-eight European Union (EU) member states participate in the Schengen Area.
6. OPEN TO MORE INTERNATIONALIZATION OPTIONS.
Obtaining a second passport will provide you more internationalization options which will be beneficial for certain nationalities since their current nationality will restrict them to do so. The US government’s extra-territorial FATCA legislation has effectively extended US reporting requirements beyond US borders. As a result, many institutions and people do not want to do business with US citizens. Thus, a second passport can help expand the options available to you.
7. REPUDIATION.
Acquiring a second passport means you will have the option of repudiating your current citizenship. This will also enable you to say “no” to an oppressive government.
8. EXTRADITION BENEFITS.
Depending on the country of your new citizenship, you may even get other benefits such as you will not be extradited from that country. For instance, Brazil and Russia do not extradite their own citizens.
9. AUTOMATIC SECOND CITIZENSHIP TO YOUR NEWBORN CHILDREN.
This is one of the major advantages that your new-born children would also receive your second citizenship, which is one of the biggest lifetime gifts you could ever gift them.
We share with you basic criteria on two of the most popular jurisdictions for acquiring second citizenship under an investment route.
Benefits of the Cyprus Investment Programme:
- The right of free movement, freedom to work and study, and security within the social and legal system of the EU
- Benefits for the whole family
- Visa-free or visa-on-arrival travel to 172 destinations including Canada, Hong Kong, Singapore, and the UK
- Completion in approximately six to eight months
- Citizenship passed down to future generations
CYPRUS INVESTMENT PROGRAMME LAW
Read more https://buyhome.com/eu-passport/
Sources: foreignpolicy.com, in-cyprus.com, mondaq.com
