7 Steps to Financial Freedom – Final Part: Global Mobility

This article is long overdue, not because it was published out of schedule, but because it is the third part of this series, that has awakened the interest in our readers. Many of our subscribers have shown positive reactions through the previous two articles about freedom, financial tools, related concepts to obtain it, and the seven steps to getting there. So, we owed it to them to publish this series finale. Today, we bring you what we promised, this is the 7th step, or what we like to call it: the global mobility variable.

Seven Steps to Freedom: Financial Security Through 7 Steps

We have chosen global mobility and the concept of dual citizenship on the 7th step because it's key to financial freedom. It's worth pointing out that financial freedom is not about having a lot of money or the possibility of spending it as you please, but it has to do with living the way we choose to live.

The advantages of dual citizenship are closely connected to global mobility because having more than one citizenship is beneficial in many aspects.

Advantages of Dual Citizenship

Accessibility. When you are a citizen, you can enter the country no matter what. This might seem unimportant now, but let's remember that it was only five years ago when the COVID-19 pandemic broke and borders were strictly closed. Being a citizen improves your chances of getting into the country where you live, an advantage that is not matched by residency. 

Opportunities. Tuition is expensive in most countries, especially college. One of the advantages of dual citizenship is the possibility of accessing local universities, schools, and institutions and benefit from discounts. This is the case in Grenada, home to the prestigious St George’s University. This institution is renowned particularly because of the careers in veterinary and medicine, and citizens can access 90% discounts per year on tuition fees. It’s worth noting that physical presence in the country is required to claim such a benefit. 

Business. The same principle as tuition can be applied to business or investments. It will be much easier and straightforward for you to establish a bank account, incorporate a company, or acquire property in the country where you are a citizen. In this sense, residency might work just as well. Probably one of the main advantages of dual citizenship and residency is the possibility of accessing other currencies and markets. For example, an international bank transaction can be much easier from your new country to the destination than if it were coming from your original nation.

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Choose the place you like. This point is plain and simple: everyone should have the right to choose where they want to live and where they want to be citizens. Having a second nationality can introduce you to new landscapes, exciting environments, and get you closer to countries, places, and areas you like to visit or frequent.

Extra perks. One of the advantages of dual citizenship is that you can access alluring perks. Besides global mobility through your second country, you can get access to other countries that may also be in your scope of interest. Let's give a clear example with Grenada and the E2 visa for the US. The E2 visa is available only for citizens of countries that have the corresponding agreement with the US. If your country is not among them, Grenada is, and it has a citizenship by investment program through which you can become eligible after making a donation or investment.

The Seventh Step to Freedom: Financial Wellbeing and Global Mobility

One of the best advantages of dual citizenship is the ability to plan your taxation optimally. Being a citizen of several countries, you can choose where to establish tax residency and naturally you’ll go for the most convenient jurisdiction. At this point, it's useful to consider several facts, like the 183-day rule, the tax rates for domestic activities, and lifestyle standards. 

In the same way a financial advisor would recommend diversifying your portfolio into different assets or keeping bank accounts in different currencies, one of the advantages of dual citizenship is that it provides global mobility. It is the same principle as with a portfolio: the more citizenships you have, the more opportunities to live, conduct business, study, travel, or combine all of these. Naturally, there are things to consider, for example, restrictions on having dual or multiple nationalities and minimum stay requirements.

Some countries don't allow dual citizenship, which means when you acquire the new one, you have to renounce the other one. In the same way, in some countries there may be minimum stay requirements or permanent stay requirements to access certain benefits, like we mentioned above with the University of Grenada.

Disclaimer: this article is published with general information purposes and based on the editorial team's opinion; therefore, this article should not be considered financial, legal, or migration advice. Before making any decisions regarding dual citizenship, citizenship by investment, or migration, we strongly suggest consulting with a certified professional.

Access Global Mobility with Mundo

If there's one thing we're proud of, that's our team. The Mundo team is spread across different jurisdictions, and we've been working together for several years. We're more than colleagues, we are friends, and we work together to help people fulfill their financial goals. 

Send us a message, because we can help you with banking abroad, corporate services, trusts, real estate acquisition, residency, relocation, and of course acquiring a second citizenship. 

These days, we strongly recommend Vanuatu, Saint Kitts, St. Lucia, Antigua and Barbuda, and Grenada. Write to us and ask for more details, we’ll be happy to help you.

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