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With CBI programmes ranging from $100,000 to several million, a second passport can be seemingly quite expensive in the short term, yet it is important to note that this is an investment that can save you and your family a lot of money in the long term.
One of the most attractive benefits of CBI programmes are the fact they can offer Wealth optimisation and Tax efficiency. Depending on which country our clients opt for, there are generous breaks on income, capital gains, global income taxation and inheritance tax. This allows individuals to have more freedom over their financial matters, including the opportunity to open offshore and international bank accounts in the likes of Switzerland, UK and many more. A second citizenship can allow for you to develop a much more economical financial plan, that could potentially save you a lot of money
It is also important to note that whilst getting a second passport is a significant upfront cost, they are often investments that can be bought back within a specified time frame. Not only does this mean that you can potentially get your money back, but with these investments there are opportunities for capital gains. This combined with the fact that there are no capital gains taxes for the carribean CBI programmes, makes this an attractive offer.
With second citizenship comes the freedom of travel. A big draw of CBI programmes is that they afford applicants and their families visa free travel across the globe. As such, not only will you save on the time and hassle it takes to apply, but you can save a significant amount of money on paying for the visas as well.
Many of these countries that offer CBI programmes also offer much lower living costs, whilst still allowing individuals to have a high quality of life. This may not appear as significant as the tax and travel benefits but by paying less in living costs, individuals can soon save up a lot of money. This is especially a good option if you are planning on living in your chosen country during retirement, as it will allow you to spend less money from savings, allowing you to attain a higher standard of living than in more expensive countries in Europe or North America.
Gaining a second passport can also help you save money for your company or business, due to the generous business incentives. This includes corporate tax incentives, full exemption from import duties, tax relief benefits and export allowance. The carribean is an attractive business location due to the tax-free trade with Canada, as well as the duty free trading within the Caribbean. This provides a excellent opportunity to thrive in a healthy, pro business environment.
As you can see, there are many cost related benefits to gaining a second passport. WIth that being said, each country is different, so it is important to understand your unique, individual requirements and circumstances before deciding on a CBI programme. To help you choose, our specialists are on hand to give you expert independent advice and guide you through the process.
For more information about how you can save money with a CBI programme, book a free consultation with one of our advisors today.