Dual citizenship - A family legacy

Obtaining dual citizenship through an investment programme is not just something that has benefits for the investor, but also their immediate family, says James Bowling, CEO of Monarch&Co, a company that facilitates citizenship and residency programmes. He notes that while there are a host of benefits to having a second passport and citizenship in another country from an investment perspective, savvy investors are also looking at dual citizenship as a way to secure a better life for their families.

“While investors have noticed that having a dual citizenship provides them with further diversification of their investment portfolios and spreads their risk, they have also started looking at the dual citizenship as a family asset that can be passed down to their immediate family members,” says Bowling. “While it may seem that the decision to partake in a citizenship or residency programme is merely a means of preserving the investors’ wealth, on closer inspection in many cases the decision to pursue dual citizenship is also about having the option to relocate to another country that can provide their families with the lifestyle and amenities that they are looking for.”

Investors who are looking for better schooling opportunities for their children, a safe environment in which to raise their families, or just a better quality of life, are attracted by the benefits many of the citizenship by investment offerings provide in this regard. Investors in citizenship by investment programmes qualify for a second passport, and more often than not, their spouse and minor children will also qualify.

Bowling notes that a dual citizenship is an excellent foundation on which investors can build a lasting legacy that will allow their offspring to fully succeed in their future endeavours while at the same time preserving wealth. “Many investors have become aware of that fact that they need to find an avenue that will not only grow their investment, but also protect their wealth and the future generations of their family. Through insightful and careful planning, many investors have been able to reduce or avoid tax implications of their investment portfolios by using their dual citizenship to their advantage. Several other external factors that could deplete wealth, such as high inflation rates and political instability, can also be circumvented through obtaining a second citizenship,” says Bowling,

He adds that apart from the fact that a dual citizenship can be used as a wealth retention tool, it is also a means to increase wealth.  A dual citizenship provides an investor with the opportunity to invest in a carefully selected, thriving economy, which in turn could expand their wealth through investment growth.

“What good is wealth retention and growth without feeling a sense of safety?” asks Bowling. “This is where the true value of a dual citizenship resides, as it provides investors with a means to eradicate danger to some degree.  If an investor feels as if they or their family are at risk, they have the means to relocate to another country without having to go through the arduous and often lengthy process of obtaining visas. Using the dual citizenship to move to a better environment could provide the investor and their family with a far better and safer lifestyle.”

According to Bowling, with many countries eager to grow their economies and invite foreign investment, dual citizenship programmes are becoming less expensive and more accessible. “Access to a second citizenship through investment is becoming far easier to obtain, as several countries are opening their doors to investors who can assist in stimulating economic growth. In return they get to enjoy the benefits of enhancing their families’ safety and wellbeing.  More and more investors are able to enjoy dual citizenship and remove the limitations of one nation’s policies, while gaining the flexibility to travel without restrictions. For those able to make the investment, a better lifestyle is available for both them and the generations to follow,” Bowling concludes.

For more information contact:

South Africa

James Bowling at Monarch & Co on 011 883 9018 or visit www.monarchandco.com