On April, 23, 2020 the second Intax Insider online discussion took place with the headline #Lockdown2020: what are current opportunities for owners of investing and migration tools with the participation of international experts: Alexandr Voronov, NTL Trust Limited (Saint Kitts and Nevis), Anton Ionov, EY (Russia) and Milan Cimbolinec , Discus Holdings. Private clients (Monaco).
If you have passports of other countries, you can move around the world even during the lockdown. Sounds tempting, doesn’t it? Moreover, in the era of instability, related to coronavirus, additional citizenship can protect against many ventures, give more freedom with management of finance and investments, guarantee high-quality medical care. But not every state, where life may seem attractive to you at first glance, may be suitable to apply for citizenship.
Alexandr Voronov spoke about the availability of citizenship in the Caribbean. Thus, a Commonwealth of Dominica passport can be obtained for $ 130,000, and in Antigua a family of four can become citizens for $ 170,000-180,000. Within just 2 months you can get the citizenship of Saint Kitts and Nevis, other countries of the Caribbean – within six months. In order to do this, you do not need to visit the country and to pass language proficiency and history knowledge tests, documents can be submitted online – which is especially convenient in the conditions of global quarantine. Anton Ionov also supported the idea of Caribbean passports calling them a lifesaver for access to the United States and Great Britain. The passport of the Caribbean state is a simple and quick tool which is a bonus to an existing residence permit or permanent residence in the EU.
As for European investment citizenship programs, it is a full-fledged tool with wide functionality. This is almost a complete freedom of being and moving around the EU (but not a “one-way ticket” to the USA). Having an EU passport, you can use the charter to cross EU borders even during quarantine. In addition, it is also a good tool for the so-called “medical evacuation”. To obtain an EU passport is more difficult, but if you have a good profile, all incomes are confirmed and there are no conflicts in the homeland, you will get citizenship without any problems.
When choosing a country for citizenship, be guided not only by the countries’ index, investment proposals and general recommendations, but also by the local taxation. And when choosing a provider who will take care of the paperwork, make sure he has a license and is aware of the entire legislative base of the country you are interested in, in order to choose the grounds that are suitable for you to obtain citizenship. Unfortunately, there are many not really legal offers on the market. Remember that saving can be very expensive in the future.
Experts unanimously point out that after the lockdown the demand for investment migration instruments will only increase. Wealthy people are trying to diversify, looking for additional guarantees to ensure their own security. Having several passports, including European, – is an important and necessary tool for every wealthy client. By the way, Milan Cimbolinec advises to start preparing documents to obtain citizenship right now. When the lockdowns have been removed, the influx of applicants will increase, and the timing of obtaining citizenship will be delayed. Create your profile before the opening of migration services, so as not to get into the general queue.
With this web meeting, Intax Insider continues a series of discussions with leading experts in wealth management and tax planning. Next week we will hold new online meetings with professional speakers who will share insiders on the most relevant topics.
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