What can dual residency give to its owner?

30 / 08 / 2020

There are many ways to organize your life without losing the level of comfort to which you are accustomed, and to optimize your tax burden.

In addition to offshore countries, other states can be considered that make it possible to live in comfort, work on a full or part-time basis, and preserve the predominant amount of money through tax optimization.

What are the benefits of obtaining dual residency, and is it possible to obtain multi-residency? Let's figure it out.

1- Tax optimization. There is an agreement on the avoidance of double taxation, so it is worth choosing countries that actively conclude and support it. Indeed, thanks to such an agreement, you will reduce the burden created by taxes on income as a result of activities in the international market. Usually, no capital gains tax is paid for a company, only income tax generated in that same country. Investors use this to manage their property more efficiently and effectively.

2- An entrepreneur with more than one residence clearly has more opportunities to develop his business. Now he can carry out activities on the territory of his states. And travel the world in search of new ideas and business partners in a freer manner.

3- Passport options for more countries are very limited. If a person decides to go abroad, he needs to spend time, energy and funds to obtain a visa, and it is quite possible that this may not work the first time. But a person with a second residence in the right country can visit many countries in a visa-free form, which clearly simplifies the process of tourist travel, and gets another advantage in the form of high mobility.

4- If you have a second passport of a stable country, then, in the period of any unrest, you can protect yourself and your family from unforeseen troubles. Uusually, unrest occurs in states with a low level of political stability.

5- You will be able to significantly improve the quality of life through access to medical services and education.