Citizenship by Investment Case Study #1

Jennifer: And the law firm that specializes in Citizenship by Investment. We've had over the past few years clients that have been interested in implementing a Plan B option for themselves. So this is either doing a residency or Citizenship by Investment and sort of relocation services. And so I'm going to do a series of 10 videos which discusses case studies on why we

Jennifer: recommended a specific citizenship program based on the client's particular case. So this will be case study number one. Obviously this is based on other people's information and not your specific situation. So if you would like more information about specific Citizenship by Investment programs, you can send me an email at jennifer@jhmarlin.com or visit our website at jhmarlin.com. So this will be the first video of 10 and this is going to be a case study of two brothers that are both hold American citizenship. And so their reasons for acquiring a second passport were primarily to have a Plan B option, backup option and diversify. One of the brothers wanted to go on to renounce his United States citizenship while the other brother did not want to renounce citizenship and still wanted to stay in the United States. So both brothers were over the age of 30.

Jennifer: One of the brothers had a family and the other brother did not have a family and was not married. So we ended up recommending Antigua and Barbuda citizenship program because Antigua is the most friendly for including siblings in an application for citizenship and is the most affordable option. They're also looking for a tax-free jurisdiction, they were into cryptocurrency and so they wanted a country where there was no capital gains tax and Antigua fit the criteria of having no capital gains tax in Antigua. So the main applicant was the individual that had a family and the other brother was included as the dependent of the main applicant, which is interesting about Antigua, is that the sibling does not need to be financially dependent on the main applicant. So both brothers were investors and high net worth individuals.

Jennifer: One had net worth of about $50 million, which was the main applicant, and the other brother had net worth of below $10 million.

Jennifer: And so they had separate businesses and separate lives but with the Antigua program they could be included. The dependent brother could not pass on the citizenship so provided they got married in the future or had a child in the future they would not be able to pass on the citizenship. So we helped them with the citizenship processing for the Antigua program and then we also simultaneously for the brother that wanted to renounce his citizenship We then provided contacts for a U.S. Tax attorney to do the tax planning regarding the exit tax for renouncing citizenship and then we researched embassies and locations that were open to do the actual citizenship renunciation process. So this person wanted to then go and reside and spend time in Antigua, which is sometimes some people want to go and live in the country to become citizen of.

Jennifer: If you become citizen of a country through Citizenship by Investment, you have the right to live, work, and travel within the country and have all similar rights, if not the same rights as a local citizen.

Jennifer: Some of the countries have restrictions on the right to vote just because there's so many economic citizens that it would be difficult. You know, a country could come in and the economic citizens could then vote out the local population. So depending on the citizenship program, that can be one of the restrictions if you did the economic citizenship program. And so this is a case where we did not have to, or they did not, person didn't want to reside elsewhere other than Antigua. They wanted to explore potentially first Antigua and then reside elsewhere. We've done some clients, which I'll talk in further case studies, where they've done Citizenship by Investment and then relocated to Dubai or Citizenship by Investment and relocated to Portugal. And so there'll be further case studies. So this is case study number one, which is relatively simple. They just wanted to acquire citizenship to have a Plan B backup option.

Jennifer: They were going to open bank accounts in Antigua.

Jennifer: And to spend time in Antigua. And so look out for case study number two, which will be a completely different situation. All the best. Bye for now. Bye.