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Dual citizenship has investment benefits
Dual citizenship has value in the African context – especially for Africans wishing to take advantage of opportunities within the continent and abroad.
Holding the passport of another country can open opportunities for business, education, healthcare and visa-free travel for investors and their families, according to Monarch&Co, which will present at the upcoming Investment Agenda, being held in Johannesburg on 20 October, with the theme “No man is an island”.
According to statistics, it is estimated that only around 1% of the world’s population have two or more passports, making dual citizenship an exclusive privilege. While in the past it was only possible for people to attain dual citizenship through their ancestry or emigration, many countries have now made it possible for applicants to gain residency or citizenship through various investment programmes without ever having to emigrate.
By making a substantial investment into either a business venture or the purchase of real estate, investors can apply for residency and/or citizenship in a foreign country.
James Bowling, CEO of Monarch&Co, says that investors are particularly interested in obtaining citizenship in countries that are members of the European Union (EU). This is largely due to the benefits afforded to EU citizens including right of free movement, settlement and employment across all EU member states.
While Bowling agrees that the EU offers unparalleled opportunity, other countries can offer similar and/or different benefits that may better suit other investor requirements. These countries can include the US, Grenada and Antigua & Barbuda. Therefore, the choice of country really concerns the primary reason for investment, he explains.
Bowling highlights five advantages of gaining dual residency and/or citizenship: