Tax Benefits of Second Citizenship: Caribbean Citizenship

To use the tax benefits of second citizenship in best way, wealthy individuals try to focus on two factors before deciding on the best place to protect their wealth: confidentiality and ease of access to funds.

They should also pay attention to the double taxation system and choose a country with agreements to avoid the obligation to pay double taxes. Finally, it is important that the place where you establish your company or store your wealth has a stable currency to mitigate the risk of currency fluctuations.

Places offer the tax benefits of second citizenship

Based on popular media, you may hear that the best tax havens are limited to countries such as Switzerland and some Caribbean islands, and while this is true to some extent, tax havens are beginning to spread widely around the world and it is important to know all their laws and choose the right system in line with your aspirations.

Any area around the world that has a lenient tax system or no tax system is called a tax haven, and each country famous for this type of program differs in its own laws.

Countries around the world rely on the use of such systems based on their relative share of offshore financial services, and these havens support the global economy. We see that the British Crown States associated with the United Kingdom have some of the most famous tax havens in the world.

Although the Virgin Islands and the Cayman Islands are the most famous, they do not offer specific programs for obtaining citizenship by investment, but there are countries such as Grenada, St. Kitts, St. Lucia, Antigua and Dominica that offer the best tax benefits in addition to second citizenship programs.

Here are some Caribbean countries where you can take advantage of their second citizenship and the tax benefits:

·  Tax Benefits of Second Citizenship from Antigua and Barbuda

Residents and non-residents of Antigua are not subject to any tax on income earned in the country or on any foreign trade since the country’s General Tax Law was enacted in 2016.

This law has stimulated the country’s economy and attracted many global investors through Antigua’s Citizenship by Investment Program. This states that any individual who invests in real estate in the country or makes a contribution to the country is granted citizenship.

Antigua’s passport allows you to enter more than 145 countries without a visa, and through it you can take advantage of Antigua’s tax systems to store your wealth there and establish companies in any of the countries you enter without a visa to improve your tax, and you also benefit from the advantage of no wealth and inheritance taxes.

· Tax Benefits of Second Citizenship from Dominica

Dominica, a picturesque island in the Caribbean, offers a special tax regime for wealthy individuals and retirees, with no income tax or capital gains, and you can take advantage of the tax benefits of second citizenship for the Dominica through the Dominican Citizenship by Investment Program.

In Dominica’s regulations, there is no capital gains tax, so companies based in Dominica can sell stocks, mutual funds, debt securities, cryptocurrencies, and other assets without paying any taxes due on them.

In addition to capital gains and income, Dominica does not collect taxes on inheritance, salaries, property, and international companies, and exempts some projects from taxes and customs duties on imported goods.

Caribbean countries are attractive destinations for those considering increasing their savings through the tax exemptions offered by their countries, however it is advisable to consult Global Citizen Consultants, a company specializing in citizenship and finance, before making any decision in order to better comply with international and local laws. Contact one of our consultants if you would like to learn more about one of the Caribbean Citizenship by Investment programs.