The Benefits of Citizenship Programs for Businesses
In today’s business environment, borders are increasingly blurred.
Customers buy products from online stores in different locations; service providers work with one another across time zones to maximise service coverage; and many businesses regularly try to tap into different markets to maximise the reach of their brand.
However, the world isn’t truly borderless.
Especially in the age of the coronavirus, we’ve seen border closures, travel restrictions, and increased difficulty in general mobility for many populations across the world. Something that, unsurprisingly, makes doing business quite difficult.
One avenue that entrepreneurs and wealthy business leaders have been exploring in recent years is Citizenship by Investment. Many countries offer the program, enabling individuals to invest in the country’s economy to receive full residency and citizenship benefits. This is extremely beneficial for those looking for a dual passport, for many reasons that we’ll explore in today’s article!
EASY TRAVEL TO MANY KEY LOCATIONS
Many individuals in North America and Europe often take travel for granted. The reality is that passport strength varies greatly between countries and regions, which can make travel extremely difficult.
Thankfully, many countries, including Portugal, Antigua, and Turkey offer citizenship programs that offer successful applicants access to very strong passports. Citizens of these countries often benefit from visa-free travel to many key locations, making it much easier for entrepreneurs to travel for business—or even pleasure!
LUCRATIVE INVESTMENT OPPORTUNITIES
By receiving citizenship in a different country, you earn the right to buy property. Whether it’s for business or to improve your standard of living in your personal life, investing in real estate offers tremendous long-term benefits, especially since many of the countries that offer citizenship by investment programs are, themselves, highly desirable locations.
This means that, on top of the potential business benefits, you can also indulge in a higher standard of living for you and your family.
GREATER BUSINESS REACH
While it’s certainly true that you can successfully penetrate a new, highly desired market without living or having an office there, doing so goes a long way towards having a finger on the pulse of the population and culture.
Whether you’re looking to tap into Europe or the developing market of the Caribbean, having a secondary passport in the appropriate region will go a long way towards helping you live like a local and get a sense for how marketing or products can be tailored to meet the needs of the market.
Ultimately, a second passport could be your doorway to the wider business world, making it a strategic investment that you’d be hard-pressed to pass up!
COULD YOU BENEFIT FROM A CITIZENSHIP PROGRAM?
Unfortunately, the answer is: it depends.
While not everyone can make equal use of these citizenship by investment programs, they can be incredibly beneficial to some. If you find your ability to do business, travel or unlock new opportunities is compromised due to the strength of your passport, second citizenship can be just the ticket you’re looking for.
If you have any questions about these types of programs or whether you’re a fit for them, we’d be happy to hear from you and see how we can help!
Browse more insights into Dubai’s business scene.