By Harvey Law Group
Let’s face it, a second passport costs you money. But it really is more of an investment. More importantly, it is the type of investment that saves you money in the long run, generations even. This makes it a “savings” investment, a truly worthy venture that also acts as your Plan B or escape route in cases of political and economic turmoil hit your home country.
It’s an investment that gives you that peace of mind that no matter what happens, your investment today can reap your rewards for your family immediately and in the future. Here are 3 ways on how a second passport or a golden passport can save you and your family a lot of money.
1. A second passport allows visa-free travel, great savings there!
If you’re applying for a US visa, expect for spend between USD160.00 (PHP 8,640.00) for business/tourist and USD 265.00 (PHP14,310.00) for fiancé(e) or US Citizen spouse. That’s just for one country. If you plan to travel to Europe and other parts of Asia that requires you and your family to have a visa, expect to spend so much more.
It’s common knowledge that a lot of travel plans are delayed (even postponed) due to deferments and even rejections of visas. And the costs are not just limited to visa applications/rejections. You can suffer from other travel-related costs like airfare, lodging, and activities.
You can avoid these unnecessary travel hassles by securing a second passport for you and your family. A golden passport provides you with not just ease of travel and savings, but also global mobility based on your schedule. To give you an idea, Cyprus’ Citizenship-By-Investment program allows visa-free travel to up to 156 countries including Canada, Germany, Italy, Japan, South Korea, and the United Kingdom.
2. A second passport can help you save money on taxes.
In the Philippines, the mere mention of taxes can be, well, taxing, for many people. Sometimes, it feels like no matter how hard and how long you work, you still end up paying so much and get so little from it.
You’d be glad to know that second citizenship can help you save money on taxes, legally. For example, if you get a second passport from any European Union (EU) country, you can become a resident of that EU country without becoming a tax resident. This means that upon issuance of your EU passport during your 5th year, you still enjoy a 10-year tax holiday. This is a great option for mobile investors who are looking to do business in a new country without the need to uproot themselves and their families from the Philippines.
3. A second passport can help you save money on education.
For families with young children, education plays a big role in choosing which citizenship-by-investment program is best for them. For third-world countries like the Philippines, securing an international education also means spending a huge amount of money not just on the tuition fees for top universities but also the travel-related costs like lodging, airfare, and more.
Securing European citizenship through second passport programs can help reduce the costs of international, higher education. For example, a citizenship from an EU country can save you educational costs for your children because they get the same benefits and advantages, including education, as any European citizen without international students’ fees nor quotas.
It’s A “Savings” Investment
A citizenship-by-investment gives you a more powerful passport. It opens doors that are often closed, including the chance to study in universities abroad. It is an investment that you are offered today with benefits that last generations.
If you’re interested to start that savings investment today, contact your Harvey Law Group representative soon.
Mr. Samuel Harvey
Harvey Law Group
Edits: Kath C. Eustaquio-Derla
About Harvey Law Group
HLG is a leading multinational law firm specializing in corporate law and investment immigration with a worldwide reputation for representing high-profile clients and corporations, with over 19 offices worldwide. As the top immigration law firm, HLG offers the most comprehensive residency and citizenship programs available to date. HLG was awarded for Immigration Law Firm of the Year at the 13th and 16th annual Macallan ALB Hong Kong Law Awards 2014 and 2017.