Why Multi-millionaires Should Live In The Cheap Countries?

Financially affluent people are at their will to leverage their resources to enhance their quality of life and diversify their earnings.

ISLAMABAD: (UrduPoint/Pakistan Point News-April 15^th, 2024) In the dynamic global world, people seek opportunities for happiness, freedom and new ways of earning.

With the changing world order, shifts in government policies, strict controls, tight economic conditions and sub-optimal quality of life, multi-millionaires consider Plan B Passport as a feasible option. Financially affluent people are at their will to leverage their resources to enhance their quality of life and diversify their earnings. Some cheap countries with quality lifestyles are heaven for financially stable people where they can live with their loved ones and expand their businesses.

Plan B Passport - Your Safety Net

Indeed, you have every right to use your wealth for your peace of mind and to provide a better way of living for your family. Plan B Passport is a plan to get a second passport as a precautionary measure. The plan is a safety net for multi-millionaires, especially when their stakes may be at risk in their home country. Key points to consider when choosing a second passport include:

Visa-free travel access
Better health care and quality of life
A stable government that cares about the human rights of its citizens
Freedom to move
Exercise your right to vote casting

Why Have a Plan B Passport from a Cheap Country When Millionaires Can Afford to Live in Developed EU Countries

The allure of highly developed EU countries for wealthy is undeniable. However, having a Plan B Passport from a cheap country suits millionaires in many ways. Living in a cheap country means financial freedom, wealth preservation and business opportunities.

More Wealth: A low cost of living allows for a lifestyle of luxury at a fraction of the price
Investment Opportunities in Cheap Countries: Millionaires can expand their business empire with the least competition
Economic Stability: Stretching wealth in more affordable countries can lead to a more secure and lavish lifestyle

Citizenship by Investment – Unlocking a New Horizon of Opportunities

Getting a second citizenship by meeting the minimum criteria could be time-consuming, which a wealthy person can't afford. Citizenship by investment programs provides access to a second passport in quick time. Many cheap countries offer quick citizenship to multi-millionaires by encouraging them to be a part of the economy. It could be an investment in property, depositing in saving funds or directly donating to the government. As a proud citizen of your new home country, you can participate in business meetings and trade shows and can observe the country closely to decide which sector is more appealing to your profile.

Benefits of Getting Citizenship for Multi-Millionaires

Citizenship of a cheap country for multi-millionaires fetches tons of perks. You feel esteemed when you get a second passport and feel proud of your association with your new homeland. You feel empowered and enjoy privileges, rights and protection from certain scenarios.

Citizenship by investment is a way to get direct entry into the pool of rights available to any person of that country. Now you can work, do business, enjoy culture and festivals and stand in solidarity during the tough times of your new home country.

You can either choose to be a dual national or enjoy citizenship in your new home country. You only need to take flights to travel between your motherland and the country where you are granted citizenship after you invest in their funds.

Tax Relaxations in Cheap Countries for Multi-Millionaires

Imposing high taxes is a concern for millionaires as you can’t afford to pay huge tax amounts on your hard-earned money. Thankfully, the tax system is favourable for wealthy in many countries. The aim of these countries is to attract foreign investment by offering tax relaxations. These tax privileges for new citizens ensure that you keep building your wealth empire in these tax heavens and pay only a fraction of your wealth.

Some countries allow tax relaxations for people who take citizenship by investing in their countries. You can benefit from:

Lower Tax Rates: Reduced personal and corporate taxes to attract investment
Tax Incentives: Take advantage of tax exemption and tax incentives for investors who seek citizenship
Wealth Preservation: Minimize your tax liabilities legally and preserve wealth for future generations

Global Mobility and Quality of Life

A study reveals that there are around 36 million millionaires, with the majority from Russia, China, India, Latin America and Africa. Multi-millionaires see global mobility as an opportunity to flourish, maintain their liberty and enjoy the freedom to move without restrictions. As an affluent person from an emerging country, you may be affected by government policies, instability and the potential for confiscation of your assets.

How Second Citizenship Improves Mobility of Wealthy People

Second citizenship helps the wealthy from emerging countries to mobilize their wealth efficiently. The second nationality empowers people with some extra benefits, privileges and sometimes diplomatic immunity. The countries that target wealthy people offer them special tax rebates and provide them with global mobility, which was absent in their home country.

On top of that, the cheap countries ensure an easy legal incorporation procedure for doing business in these countries.

How to Choose the Right Country for You and Your Family

Choosing a second country as your home must be done with utmost care and the policies of this country must lie with your plans. When searching for second citizenship, consider the following:

Which country offers more visa-free travel destinations
Family inclusion in citizenship programs
Consider where you can get benefits from tax relaxations
Political and economic stability of the country
Investment and citizenship requirements
Education, transport and healthcare facilities

Which Cheap Country is Ideal for Wealthy People for Second Citizenship

Caribbean countries are heaven for millionaires, where they can find peace and value for their wealth. These countries are considerably affordable in terms of cost of living, ease of doing business, and offer exemption from tax in some cases to new people. The Caribbean countries are diverse in culture and offer travel freedom. These countries score well on the Global Passport Index.

These favourite Caribbean countries include: