With an international client base of investors and offices across the world, HULT Private Capital’s advisors are familiar with the benefits of dual citizenship.
Online PR News – 11-April-2022 – London – Many have argued that humanity should be without geographic parameters. The freedom of movement is a birthright, or so we are told. Our nationality should reflect only our origins, and not be an exclusive label we carry indefinitely.
The notion of global citizenship has been championed by icons throughout history. Albert Einstein famously labelled himself a world citizen and controversially exclaimed “nationalism is an infantile disease.” The reality is, one’s national identity can determine not only the resources they have access to, but also have huge bearings on the future they are entitled to.
Free healthcare services, free education, low tax rates; all privileges dictated by one’s citizenship, so it is unsurprising that many high net-worth individuals across the world seek to obtain duality in more favourable domiciles, particularly for the latter purpose. Citizenship by investment has been a popular choice for the wealthy for decades, allowing greater educational choices for children, tax havens for savings and corporate benefits.
“We have a number of clients who obtained dual citizenship outside of naturalisation, for many reasons. Most commonly, of course, are the financial benefits, but the process benefits both the recipients and the territory’s economy in which they are investing,” explained John Hudson, HULT Private Capital’s Senior Investment Manager whose career in the wealth management sector has afforded him a privileged insight into the financial structures of the super-rich and successful. “The Caribbean territory of St. Kitts & Nevis has run the longest standing citizenship by investment scheme, and I understand it also boasts one of the fastest processes.” Favoured by many dual citizenship seekers, the application process there can take as little as 2 months from completion of the chosen mode of investment: either through the purchase (and hold) of an authorised piece of island real estate, or via an investment into a government backed Sustainable Growth Fund. Of course, such programs are subject to minimum investment terms, but the benefits are far greater than a new passport and holiday home. St Kitts & Nevis citizenship grants visa free travel to over 150 countries including the United Kingdom and the EU; no personal income tax, low property taxes and no inheritance or capital gains taxes.
Hudson continues, “Of course, at HULT we have encountered clients who have chosen a country much closer to home; we have British investors who are also citizens of Malta or Portugal. We seem to be past the days of the seedy reputation of Panamanian passports to avoid taxes, and quite often, we are finding people have made such decisions for business continuity following Brexit. The reasons are almost as varied as the benefits!”
With such perks to consider, it is unsurprising that ‘investment migration’, as it is formally referenced, is such an attractive prospect in certain jurisdictions.