THE VALUE OF THE GOLDEN
WHY SHOULD TRAVELERS CONSIDER A SECOND PASSPORT (GOLDEN PASSPORT) AS THEIR “PLAN B”
A second passport is a great mobility perk but it’s important to note the differences between a passport from an EU country and a passport from one of the five Caribbean countries.
A passport from any of the Caribbean countries grants rights to relocate within another CARICOM country. Although it also grants travel access within the EU, you cannot relocate there. Most applicants look at a Caribbean passport from mobility and tax perspectives.
On the other hand, an EU passport will grant rights to relocate within any other EU country, along with travel to a wider range of destinations. So, most applicants considering an EU passport may opt to relocate their family to ensure the future of their legacy.
WHAT SHOULD APPLICANTS CONSIDER WHEN CHOOSING A LAW FIRM?
Professionalism: An international lawyer goes through a rigorous training process and understands the global economics behind having a second passport. This includes visa-free agreements, tax implications, education and social benefits of the domiciled or citizenship country, and legacy planning in accordance with inheritance rules.
Liability: While bot all fly-by agents or consultants are scammers, their professional liability can be limited and applicants might not be properly covered in case of a fallout in the application process.
Interest: A law firm should act in the interest of their clients, not their own. As much as I would prefer recommending Cyprus to all my clients, I must take into consideration their needs, including budget, family members, traveling habits, and tax exposure.
The luxurious Secret Bay Resort
The Residences at Secret Bay (secretbay.bm/cbi) is set on 33-acres of pristine jungle-meets-ocean land. The 42 villas and estates that comprise The Residences at Secret Bay enjoy generous floor plans, fully-appointed kitchens, and private plunge pools. They reflect the “Nature Island” of the Commonwealth of Dominica.
The Residences at Secret Bay is Dominica’s only CBI project offering completed villas for immediate selling. The Residences at Secret Bay also grants citizenship investors (GOLDEN PASSPORT)
unmatched access to the vacation home market for resale.
Owners gain privileged access to the resort’s five-star services and amenities including a villa attendant, three secluded pools, beaches, and an on-property sea cave. They will also have access to Secret Bay’s high-performing property rental, resale program, and property management. Meanwhile, key investor benefits include visa-free travel to over 130 countries, a stable political climate, and a 90-day path to citizenship, a favorable tax regime, rapid relocation, and lifetime citizenship for families.
CHANGE OF CITIZENSHIP
There are currently only two citizenship-by-investment programs in Europe: Cyprus and Malta. Portugal, Spain, France, and the United Kingdom offer residency-by-investment programs. Moldova and Montenegro also offer progress but these are non-EU countries.
Benefits-wise, Cyprus and Malta are EU passports so once granted, the applicant and all qualifying family members will have the right to travel, work, settle, study and do business in the EU. They will also be able to avail of the social benefits in any EU country. Mobility-wise, the Maltese passport is visa-free in 180 countries, while Cyprus is not far behind with visa-free access to over 170 countries.
THE EUROPEAN UNION’S UNDERDOG
While the Portugal Golden Visa is not a citizenship-by-investment program, their residency program might eventually lead to citizenship if the applicant and qualifying family members meet requirements. These include reaching the short residency requirement, learning basic Portuguese, and maintaining the investment. If all requirements are met, they are eligible to apply for citizenship after holding the Golden Visa for at least five years. Benefits-wise, the Golden Visa allows travel access within the Schengen area.
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