Citizenship by Investment & Plan B Backup option case study #10

Jennifer: It's Jennifer Harding Marlin coming to you from Norway. We are a Citizenship by Investment firm and we help clients acquire a second passport through Citizenship by Investment, do Residency by Investment, and create Plan B options which can ultimately help clients legally reduce their taxes. So if you're someone from Norway or someone from a country where there's wealth taxes and or a high level of tax, you could relocate, become non-resident of your home country and potentially become resident of a low or no tax country. So this is something that we can assist with. But so this is video number 10 of a series of 10 videos talking about different Citizenship by Investment programs and why we made a particular recommendation for a client. Based on their effect situation.

Jennifer: So while not everybody is ultra, ultra high net worth or everyone's a billionaire, we have had a couple of ultra high net worth individuals where their net worth is in the hundreds of millions.

Jennifer: We've had a couple billionaires that we've helped. And so sometimes some people ask, is it worth doing multiple Citizenship by Investment programs? This person was a really high net worth individual and they wanted to do pretty much every single Citizenship by Investment program that exists. And so we helped with the paperwork for all the Citizenship by Investment programs. And so while it's not necessary to necessarily do all the Citizenship by Investment programs, one of the motivations for doing pretty much all Citizenship programs is that with COVID-19 we saw and travel restrictions. So even if a country had visa-free travel to a specific country, there were COVID-19 restrictions or COVID-19 bans altogether. So for example, Dominica was the only citizenship program where you could travel to South Korea during COVID versus some other countries that normally had visa-free to South Korea, there was a total ban.

Jennifer: So there was different, depending on the program, depending on the country, there was different COVID-19 bans for countries.

Jennifer: And so having the widest spectrum, this person had renounced their United States citizenship. And so they were relying on their basket of second passports. And also for visa-free travel purposes, and they use them all the time. As well as creating diversification in terms of doing business locally in the country, opening bank accounts and just having opportunities as well the citizenship not only for the person but they could eventually, potentially depending on the program to pass the citizenship on to future generations via descent and or add a spouse and or add future family members to citizenship applications.

Jennifer: What we've seen some clients or what sometimes we recommend to clients is if you do a Caribbean citizenship program you may want to consider doing either Malta Citizenship by Investment program and or doing Turkey Citizenship by Investment. So like Turkey if you really need to go to Japan and have visa free to Japan a lot of the Caribbean islands do not have visa free to Japan although Turkey does and so having a citizenship in a country that's geographically different and touches a different market may be something that's of interest to you.

Jennifer: As well, what we tend to recommend clients is that, you know, Having multiple citizenships obviously is better than just relying on one citizenship and passport to travel on, but also establishing not only doing Citizenship by Investment, but doing Residency by Investment as well, and having sort of like your citizenship in one country, which you can always go live and reside in, doing Residency by Investment in another country, so you can go and live and reside in, and if the residency program changes, you can always change countries and or go back to your country of citizenship for example.

Jennifer: As well as you can have bank accounts depending on your business and depending on where you're from. You can also have bank accounts and or companies anywhere in the world. So we try to create different plans where you can have your citizenship in one country, business in another country, bank account in another country, and residency in another country. So you just have more options and with more options you have more flexibility to not be reliant on one government, not be reliant on one policy, have more diversification, more options available, more opportunities for business and pleasure. And so this concludes the series of 10 videos. I hope you like these 10 videos. And I will hopefully post some more videos talking about the topics of Citizenship by Investment, Residency by Investment, international travel and lifestyle, and just things that I overall find interesting and I think that you'd find interesting.

Jennifer: I've absolutely loved my travels in Norway. It's been a mix of business and pleasure, but yeah, so have a great day. Bye.