Each year, the number of wealthy individuals seeking to acquire a second citizenship grows. Most often, the lure of a second citizenship stems from the desire to seek a better environment, some for business, others for personal reasons. Many consider second citizenship their ultimate Plan B, their best strategy for securing their future. They seek the best opportunities their wealth can buy them, not just to answer current needs but, more importantly, as an investment for the future of their families.
The lure of EU nations often rings aloud among those looking to choose their next best country or residence and citizenship. Securing second citizenship from among the 27 member nations opens a plethora of advantages.
The most popular passports to acquire via the citizenship by investment scheme are those of Portugal and Greece. Both countries have top-rated golden visa programs which allow non-EU nationals to reside, do business and study for a minimum required investment in real estate or government projects.
At the end of the day, not all passports are not created equal, but you already score several points ahead of the pack if you decide to go for citizenship in either of these two countries.
Go anywhere, anytime
A passport from an EU member nation guarantees easy travel between EU nations in the Schengen area, allowing holders to escape the cumbersome visa application process that may also be biased owing to the ever-changing political climates.
Both the Portuguese passport and the Greek passport allow you visa-free travel to more than 180 countries and territories, including the US, UAE, the UK, Hong Kong, Canada and Australia. Your new passport can also fast-track your travel time in EU airports, as there is a separate line for holders of EU passports.
Safety and security
Wealthy individuals from countries rife with political unrest seek the peace and safety that EU Member states, such as Portugal and Greece, can offer. These countries are renowned for having peaceful environments and relatively low crime rates, especially in key cities.
According to the 2022 Global Peace Index, Portugal ranks #6 among the world’s most peaceful countries. While travelling abroad to countries in the EU, you also get to enjoy the protection of an EU citizen.
Favourable tax frameworks
Greece has recently rolled out new tax incentives for golden visa holders who live abroad but have investments in the country. They can avail of the non-domicile scheme, which entails a flat tax of €100,000 for fifteen years. Income from offshore businesses and capital gains will not be taxed, provided revenues from these businesses do not enter Greece.
Portugal has several tax requirements for holders of the golden visa. Depending on your investment type, you will pay taxes for property purchase, wealth, capital gains and rental. Nuances depend on whether you have invested in residential properties or rehabilitation projects.
Portuguese golden visa holders can also optimise their taxes by applying for NHR or non-habitual resident status. It is a special tax status that does not impose taxes on global income, while income earned in the country will be taxed at a flat rate of 20%.
Unlocking business opportunities
Once you are a citizen of the EU country, opening and running your business is much easier. You will also be covered by laws aimed at protecting business owners.
For Portugal and Greece, your investments in these countries are your ticket to acquiring your second passport. For a minimum investment requirement in real estate property, you can set up your residency and eventually gain your citizenship.
World-class healthcare
An EU citizenship gives you access to healthcare anywhere in the region. Whether you are living, working or studying in the EU, you can avail of the healthcare that each country provides. While healthcare systems may vary from one EU nation to another, your European Health Insurance (IHCI) card will keep you covered.
Medical care is free in some cases for patients under 18, pregnant women, the chronically ill, and pensioners that reside in Portugal. Such a mechanism offers a strong sense of protection that world-class healthcare will support any potential emergency.
You will need your IHCI card to collect prescriptions made by your doctor in Portugal. In some medications, you can receive reimbursement, depending on the severity of the illness you are being treated for.
For Greek passport holders, your Greek physician will issue an e-prescription as needed by your illness. You can use the prescription, duly signed and stamped by your doctor, to purchase your medicines at any pharmacy using your IHCI card.
The advantages of having an EU passport are endless. Visa-free travel, an investor-friendly environment, fair tax requirements and many more. Wealthy individuals who seek to bring their fortune to other countries have great benefits waiting for them in the EU. The gains from making a decisive move outweigh the cons. Investing in a second passport can give you much sought-after peace of mind. However, it must be said that thorough research on which country suits their needs and consulting with reliable visa experts are a must. To avail of a dedicated offer for you and your family, send us an email on [email protected]
