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Tax haven and dual citizenship
The need for tax haven and dual citizenship by investment is what any businessman, investor or wealth owner is looking for.
This includes all nationalities in the world, not just those with weak nationalities. Because a tax haven has more to do with the tax laws of the countries than the passport power of those countries.
To get dual citizenship, one has to invest in one of the available methods and then have dual citizenship and excellent tax systems.
In this article, I will mention countries that accept dual citizenship and passports, and at the same time have excellent tax systems for all property owners, companies.
What does a tax haven and dual citizenship mean?
Businessmen and wealthy people cannot move around without paying part of the money for taxes, and many countries also impose a tax on non-residents, even if the source is external, and taxes on inheritance and gifts.
Tax havens are countries or small islands that help investors, businessmen, and high net worth individuals by imposing zero taxes or, in some cases, very little taxes. With the imposition of complete secrecy on the funds deposited in their banks.
There are many countries that have lenient or non-existent tax laws. But to take advantage of the advantages of these countries, the investor must possess the passports of these countries, or at least the person must have a strong passport.
Any investor can get a tax haven and dual citizenship through citizenship by investment programs in the Caribbean islands.
Caribbean countries established tax haven programs under the pretext of reducing dependence on foreign countries and thus preserving their economies.
The tax policies of the Caribbean countries, which include Antigua Barbuda, Saint Kitts and Nevis, Dominica, Saint Lucia and Grenada, will be mentioned in detail in which the investor can obtain a second citizenship, in addition to that he will get other benefits outside the tax framework as well.
Taxes
Governments use taxes for the purpose of supporting their economies and providing services to their citizens. By supporting the social, health, financial and educational fields and strengthening the state’s infrastructure.
The types of taxes vary between value-added tax, income, wealth tax, and others.
In the event that governments impose a direct tax, it will be more equitable, but most countries impose indirect taxes under the pretext of collecting as much tax as possible to meet the needs of the state at the expense of the public interest.
For this reason, people try hard to hide their possessions and businesses in a continuous and cumbersome way, to escape tiring or sometimes unfair tax systems.
Also, tax evasion or fraud has moral and social dimensions and harms the law and the person himself.
But tax laws in some countries may harm many businessmen and the wealthy people in particular, and for this reason people are looking for legal and investment ways to distribute and organize property, in addition to creating a suitable tax environment for business creation.
Caribbean countries for a tax haven and dual citizenship
The Caribbean is the best who can offer a tax haven and dual citizenship. It is a group of beautiful islands located near the North American continent.
These islands have citizenship by investment programs and zero or very little taxation systems.
Which gives the investor great options in opening new companies, opening branches of the original company, or passing wealth and securing it in two different countries.
Also, there is also an important point, that having a good tax system without a strong and secret security system is useless.
This is why the Caribbean Islands do not share your citizenship, property and bank account information with any government, bank or other tax system.
It should be noted that citizenship programs in the Caribbean islands have been established since the 1980s with the same tax laws since then. In the sense that it is trustworthy and within the constitution.
The other interesting thing is that these islands belong to the British Commonwealth and its ruler is King Charles, and this point may give more credibility to the investors.
One of the advantages of Caribbean citizenship is that it allows investors to take advantage of not having some of the tax regimes they are used to paying in their home country.
Other benefits of dual citizenship
The importance of obtaining Caribbean citizenship is not limited to the tax benefits, here are the most unique ones:
– Caribbean passports are very strong passports comparing with the most powerful passports in the world. Thus, you can enter Britain, China, Canada and all Schengen countries without a visa.
– The ability to secure a US work visa as well as easy access to Canada and Australia.
– The possibility of opening companies or opening branches of the company in addition to opening international bank accounts. Not only in the Caribbean countries but also in all European countries.
– The Caribbean government accepts dual citizenship, and therefore there is no reason to revoke the first citizenship.
– Dominica Citizenship for example, Do not share citizenship or banking information with third parties or with the country of your first citizenship.
– the capability of including family members in the same file in order to benefit from the exceptional educational and health systems.
– These countries do not require residency, language testing or an interview to obtain citizenship. The duration of obtaining Caribbean citizenship is less than 6 months.
– The most important point is that the investment value for obtaining citizenship is the lowest in the world with a non-refundable contribution of $200,000 and a real estate investment starting from $300,000 with the possibility of reselling the property after 5 years.
Most suitable countries for getting a tax haven and dual citizenship
1. Dominica
– We can consider Dominica the best choice for businessmen who are looking for the best place to establish businesses and companies. Because Dominica does not charge any tax on income, corporations and capital acquired from abroad. There are no withholding or estate taxes as well.
– There is no tax on interest earned from offshore bank accounts, and information about bank account holders is not shared with the tax authorities of any other country.
– Given that the laws protecting assets and financial privacy in Dominica are very strict, this means that Dominica is a safe tax haven. Another great thing is that all nationalities are allowed to obtain citizenship or apply for these tax benefits in Dominica.
– Dominica municipalities tax up to 6% on asset transfer contracts, with no inheritance and wealth taxes there as mentioned.
2. Saint Kitts and Nevis
– Saint Kitts and Nevis is another tax haven within the British Commonwealth.
– Saint Kitts and Nevis does not impose any local taxes on income earned outside its jurisdiction, and corporations and their owners do not have to pay capital gains and property taxes in addition to income generated outside Saint Kitts and Nevis.
– With St Kitts and Nevis, you pay no personal income tax, no wealth taxes, but you are required not to sell the assets within one year of purchase.
– With the help of the tax systems of St. Kitts and Nevis, you can set up or open a company headquarters not only in St. Kitts and Nevis, but in all the countries that you can enter with a St. Kitts passport.
– Kitts does not disclose its tax plans of any of its citizens under a confidential and non-participatory system.
– It is an ideal place for multinational companies to set up subsidiary entities in order to protect all or part of their income from taxes.
3. Antigua and Barbuda
– With a well-established banking and financial sector in Antigua and Barbuda, investors will have no capital and inheritance tax with the ease of filing annual tax returns.
– Antigua and Barbuda has abolished income tax with no inheritance tax, making it a unique destination for investors as well.
– Antigua and Barbuda offers excellent offshore banking and insurance services with an easy registration process.
– In Antigua, there are no rules for foreign companies, therefore any resident who owns a foreign trade will not be subject to the tax.
– There is no residence tax unless the person is present and residing there more than 183 days a year.
4. Grenada
– Grenada may not be considered a tax haven, but it is count as tax-friendly enough by attracting the largest companies in the world.
– Grenada is distinguished by its tax incentives for investors, which include exemption for offshore companies for a period of 20 years and exemption from lump-sum tax and transfer tax. With no business or inheritance tax, all of these features help in easy access to markets.
– International companies in Grenada benefit fully from tax exemptions provided they are registered under the International Companies Act.
– In addition to the advantages of bank accounts, tax assistance system and confidentiality of information, Grenada is characterized by easy access to funds and property.
5. Saint Lucia
– Saint Lucia is an ideal place for money and wealth management because Saint Lucia does not apply any wealth tax and at the same time does not require any accounting records to be submitted to the tax authorities.
– Saint Lucia does not charge value-added tax on financial services, education, construction, real estate sales and agricultural products, and has no restrictions on the re-export of capital and profits.
– All funds raised outside Saint Lucia are tax deductible, which is a good approach to reduce tax burden and protect assets.
– You can open bank accounts in any of the countries you will enter with a Saint Lucia passport, and you will only have to pay an annual license. With the ease of transferring money between more than one country, cause there are no controls on the transfer.
– St. Lucia refused to sign tax agreements with other countries. This enabled it to maintain financial privacy by not publishing any information about the companies and their owners.
You can leave a message to Global Citizen Consultants for more information related to citizenship and taxation because they have expert legal advisors in the field of citizenship by investment and taxation and also because they are a company approved by the governments of the Caribbean islands.2
About Author
Taher Shehab
As co-founder and CEO, Taher Shehab has guided Global Citizen Consultants to be a leader in providing citizenship by investment in over 20 territories, including the Caribbean.
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