According to WealthManagement.com, dual citizenship or residency privileges is "increasingly open to anyone who can make a significant economic contribution, often in the million-dollar range, to a designated country." Eric Major, CEO of Latitude Consultancy Limited, Eric Major, CEO of Latitude Consultancy Limited, provides five key considerations that fit under the acronym SMILE.
Security: political instability, fiscal challenges, and civil unrest may influence wealthy investors to consider "two passports may be better than one."
Mobility: Many United States citizens found their visa-free travel options reduced by half during the COVID-19 pandemic. A passport from one of the Caribbean countries would have provided much better access to travel.
Investment opportunity: An additional citizenship is for life and can be passed between generations. Additional citizenship is much more empowering because it enables a family to reshape how future generations live, work, and invest their money.
Lifestyle: Clients may want a lifestyle change exclusive to other countries.
Education or Employment: Client's Family members may want access to education or employment that might come with residency privileges or dual citizenship.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
