It is estimated that only around 1% of the world’s population have two or more passports, making dual citizenship an exclusive privilege.
“No man is an island” is the theme of this year’s upcoming Investment Agenda, being held in Johannesburg on the 20th of October. Leading investors, asset managers and industry experts will assemble to examine the prevailing economic and political environment in Africa and its impact on investment strategy in 2016.
In light of this conference, Monarch&Co International emphasizes the value of dual citizenship, especially for African’s 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 (EU), Grenada, Malta (EU), Mauritius, Portugal (EU), St Kitts & Nevis, the UK (EU) 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 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. 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 highlights five advantages of gaining dual residency and / or citizenship: A Lifestyle Hedge The lifestyle benefits that investors could reap include access to better basic services such as healthcare, education, security and transport. A Financial Hedge A hard currency investment is a good currency hedge.
“Many are looking for investment options that allow them to financially hedge against future economic uncertainty in their home country. Some of the programmes offer investors returns of up to 6.5% as well as buy-back guarantees once they qualify for citizenship – allowing investors to earn returns in foreign currency – these countries include Grenada and Antigua and Barbuda. Unrestricted Travel Freedom of travel is one of the major benefits of these programmes.
“Many of our clients incur huge travel inconveniences when travelling abroad owing to the conditions set on them by virtue of the passport that they carry. Visa applications are both costly and time consuming and generally an irritating nuisance. Through residency and citizenship programmes, investors can gain travel benefits through obtaining another citizenship that has fewer travel restrictions and visa requirements,” says Bowling.
Tax Breaks Bowling points out that by gaining a second citizenship, investors are also able to enjoy tax breaks as well as the possibility of improved personal and corporate tax exposure.
“The extent of these benefits would depend on the new jurisdiction’s offering and incentives as well as where the client makes their primary tax residence.” Family Security Investors who are looking for better schooling opportunities for their children, a safe environment in which to raise their families, or just a better quality of life, are attracted by the benefits of dual citizenship.
“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.
About Monarch & Co International
Monarch&Co International was established in 2007 under the name Crusader Rock International, becoming the market leader in facilitating residence, property and investment options and structures in Malta. 2011 saw the rebranding of the company to Monarch & Co International. Monarch&Co offers clients immigrant investor programmes for residence and citizenship, investment properties and personal and corporate structures in hand-picked territories around the world.
China’s Gross Domestic Product (GDP) expanded by 3% year-on-year to 121.02 trillion yuan ($17.93 trillion) in 2022 despite being mired in various growth pressures, according to data from the National Bureau Statistics.
The annual growth rate beat a median economist forecast of 2.8% as polled by Reuters. The country’s fourth-quarter GDP growth of 2.9% also surpassed expectations for a 1.8% increase.
In 2022, the Chinese economy encountered more difficulties and challenges than was expected amid a complex domestic and international situation. However, NBS said economic growth stabilized after various measures were taken to shore up growth.
Industrial output rose 3.6% in 2022 over the previous year, while retail sales slightly shrank by 0.2% data show that fixed-asset investment increased 5.1% over 2021, with a 9.1% hike in manufacturing investment but a 10% fall in property investment.
China created 12.06 million new jobs in urban regions throughout the year, surpassing its annual target of 11 million, and officials have stressed the importance of continuing an employment-first policy in 2023.
Meanwhile, China tourism market is a step closer to robust recovery. Tourism operators are in high spirits because the market saw a good chance of a robust recovery during the Spring Festival holiday amid relaxed COVID-19 travel policies.
On January 27, the last day of the seven-day break, the Ministry of Culture and Tourism published an encouraging performance report of the tourism market. It said that domestic destinations and attractions received 308 million visits, up 23.1% year-on-year. The number is roughly 88.6% of that in 2019, they year before the pandemic hit.
According to the report, tourism-related revenue generated during the seven-day period was about 375.8 billion yuan ($55.41 billion), a year-on-year rise of 30%. The revenue was about 73% of that in 2019, the Ministry said.
The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.
Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.
According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.
The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.
Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.
Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company’s market capitalization.
Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana. The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.