In light of this Investment Agenda conference, Monarch&Co International, emphasises the value of dual citizenship, 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.
Monarch&Co International are specialists in residency and citizenship by investment programmes and currently have a wide portfolio of countries around the world for investors to choose from. Among the countries that offer the best benefits are Antigua & Barbuda, Cyprus, Grenada, Malta, Mauritius, Portugal , St Kitts & Nevis, the UK and the USA.
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 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. Whilst 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 USA, Grenada and Antigua & Barbuda. Therefore, the choice of country really concerns the primary reason for investment, explains Bowling.
Bowling says advantages of gaining dual residency and/or citizenship include a lifestyle and financial hedge, unrestricted travel, tax breaks and family security.
"There are many reasons why dual residency and citizenship appeals to many investors, but mostly it revolves around the second passport, which is their key to a world of free movement, greater flexibility, and legal tax reduction," Bowling concludes.
