5 reasons why millionaires change their citizenship

Why do millionaires change their citizenship? 

To many, the idea of changing your citizenship is a strange concept. However, for the world’s ultra-rich, it’s becoming common practice. In recent years, deVere’s residency and citizenship department has helped hundreds of clients acquire new passports or residency permits. This blog explores why. 
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Freedom of movement 

The most common reason why people change their citizenship is freedom of movement. Whilst certain nationalities are blessed with powerful passports, others are not.
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Certain passports including the Afghani, Syrian and Iraqi passports allow visa-free travel to just 21 countries. With countries like Lebanon & Pakistan only offering a slightly higher number. 
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By acquiring a new passport, people can gain visa-free access to 167 countries along with the opportunity to work and reside in Europe and the US. 

Safety 

The world is sadly home to many conflict zones. The strength of a passport is often negatively impacted by political unrest. As a result, people who live in or originate from these countries often find it challenging to emigrate to safer horizons during times of conflict. 

Education opportunities 

For all parents, providing your children with a quality education is a priority. Many parents who reside in nations with poor education standards are forced to send their children overseas at a young age in search of a high-quality education. 

Top psychotherapist, Joy Schaverien commented that ‘being sent away for an education can be seriously damaging for mental health’. 

For parents who wish to live with their children through their education, acquiring a new citizenship can often solve this issue. 

Taxation

Many countries have aggressive tax regimes whereby citizens are taxed irrespective of where they live in the world. Examples of this form of taxation include the US, South Africa and Eritrea. By acquiring a new citizenship and financially emigrating from another country, taxes like this can be mitigated. Certain estate taxes can also be mitigated by changing citizenship. 

Healthcare 

For those approaching retirement, living in a country with high-quality healthcare is a must. By acquiring a new residency or citizenship, in a European country, clients are often able to benefit from world-leading health care which is free at the point of use. Many of the world’s best private medical institutions are also an option in countries throughout Europe and North America. 

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