Here at Mundo, we take pride in being the best service provider for specialized immigration. We have achieved a tremendous amount of success by partnering with a diverse number of collaborators around the world who help us make your immigration journey easy and obstacle-free.

We know how hard it can be to start a family in another country, move to an island in the Caribbean to retire, or obtain a second passport from a different jurisdiction. Our goal is to help you navigate the immigration labyrinth and save you some money in the process.

Today we are going to talk about a subject that has gathered a great deal of attention lately. In the past few years, many individuals have applied for and received multiple passports from different countries around the world. There are many reasons for this, but the main one is to have a plan B.

Many different countries around the globe have been imposing major restrictions on human freedom due to the world pandemic. This situation really makes us question the power that the government has over or lives. Clearly it is impossible to escape the Big Brother influence one hundred percent, however, it is possible to widen your options and design a plan B strategy for extreme situations like the one we are currently facing.

Our experts at Mundo have actually came up with a strategy that allows a person to live financially free forever. Free from tax and free from government control and most importantly this can be done in a TOTALLY LEGAL WAY. We call it the Forever Free package and we have explained it in detail in this article.

Getting a second passport is step one in this Forever Free strategy. Having a second passport will widen your options which is very helpful in extreme situations. Being the citizen of a country, you are bound to your passport. Your government, as it was sadly demonstrated during this year 2020, has the power to control your life and enact extreme restrictive legislation whenever they please. All they need is a good excuse. If this should happen in your home country, then it is very important to have an escape route, a second country where you are also citizen and where you have the right to live, work and do business.

Advantages

The question “How many passports can a person have” will have very different answers depending on the countries you wish to obtain a passport from. Some countries allow a person to have two, some allow an individual to have three, and there are other countries where you will have to renounce your citizenship if you wish to obtain a second passport.

The most famous place where individuals from around the world choose to get a second passport is the Caribbean. The great thing about the Caribbean for dual citizenships is that most of their jurisdictions have citizenship by investment programs. This means that by investing in a government-sponsored program or by buying real estate on the island, you can obtain a second passport.

In some cases, you can even recover part of the investment by receiving passive income form the real estate you acquired. From the Caribbean programs, Saint Kitts and Nevis was the first country to establish a CBI program, and today it continues to be an excellent choice when it comes to second citizenships.

Advantages of the St Kitts program:

● Travel visa-free to 153 countries, including all EU countries, Russia, the UK, Ireland and the Caribbean.

● No residency requirements.

● No taxes on private earnings, wealth, or inheritance.

● No need to visit the country during application.

● The time it takes for applications to be considered is 3 months.

Investment options:

Contribution to the state:

● Main applicant – 150,000USD

● Main applicant + spouse + two children – 150,000 USD (only till December 2020)

Real estate investment:

● Minimum investment: 200,000 USD

● Required period of real estate ownership:7 years

● State fees: Investor, 35,000 $, Spouse: 20,000 $, Dependents: under 18 years of age: 10,000 $ each.

Citizenship by investment programs are the fastest way for a foreign individual to get a second passport. Because some countries are desperate to attract foreign investment, these programs are not that expensive and are straightforward, as long as you pass the due diligence process and prove to be an honest and reliable person. One of the fastest programs is offered by Vanuatu, which is the best place where you can be during a world crisis.

Being a remote island in the Pacific Ocean, Vanuatu is far away from mainland, meaning that it is much harder to catch a virus during a world pandemic. Moreover, if the entire world would just shut down, in Vanuatu you will have the essential for survival: clean water, natural food products and clean air.

Moreover,since it´s a small country with a peaceful population who still live under the values of their ancient and wise culture, there is no government control, no taxes and no restrictions on wealth or property. The government simply doesn’t need to control their people because they have a small, peaceful population and a secure and stable environment. Having a Vanuatu passport is the best choice during a massive crisis.

Advantages of the Vanuatu program:

● No income tax

● No need to visit the country during application

● Fast and cost-efficient program

● Obtain a passport in 7-8 weeks

Investment options – government donation

● Main applicant – 80,000 USD

● Main applicant + spouse –100,000 USD

● Main applicant + spouse + two underage children – 130,000 USD

Disadvantages

The number of passports a person can have depends on the jurisdiction. In Mundo, we recommend having at least two passports and a residency and tax residency in a country with territorial tax system.

There are many restrictions that an individual with dual citizenship may experience. Some of the restrictions include not being able to get a government job, not being able to escape legal obligations like military service or jury duty, etc.

Another disadvantage that you may have with multiple passports is double taxation. But this will depend entirely on the situation and legislation of the countries, and, most importantly, your place of residency and where you do business.

If you are a US citizen, even if you get a second passport and live in your new nation, you are still subject to paying tax to Uncle Sam. Dear American, your only choice is renouncing your citizenship.

However, most countries don´t levy taxes if you don’t reside in this jurisdiction. For this reason, you can have two passports and live in the country where the tax regime would be more favorable to you. However, you need to consider the place where you run your business, in other words, the place where you are making money. If you have a Saint Kitts passport and live on this island but are still receiving income from your business in your home country, let´s say, Spain, you will still be taxed on this income.

For example, if you are a businessperson from Spain, but your business is in Russia or China and you reside in Saint Kitts, then you can maintain your Spanish citizenship without being subject to taxes there.

However, this article by no means can replace a formal financial consultation. This is just mere and general information but it´s not official tax advice. We recommend asking for a consultation with a professional in international taxation.

Restrictions on dual citizenships

A very important topic are the OECD restrictions on second passports. Sadly, the world is full of people who take advantage of a situation and use it for bad purposes. Many criminals started to make use of these financial tools to avoid taxes, to finance criminal actions, terrorism, and illegal businesses. For this reason, the regulations and OECD restrictions on second passportshave increased during the past decade.

But, due to these restrictions, many honest businessmen who want to legally optimize their taxes and diversify their assets are finding trouble in doing so. Actually, the OECD has imparted many restrictions and standards to the countries that offer CBI programs, and those who have fiscal and financial incentives. This resulted in a negative impact for the small countries, like the ones in the Caribbean, who do not have many resources and really depend on these programs and incentives to survive. These programs help small countries to attract foreign investment and thus develop their infrastructure and grow the economy.

All in all, even though the restrictions have made it harder, it is still possible to legally acquire a second passport and have a plan B for emergency situations. We, at Mundo, love a challenge and we will happily introduce you to our experts in immigration services.

Contact us now and establish your plan B, don´t let the next pandemic take you by surprise.

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