Nigerians are increasingly looking for additional options when it comes to global travel and relocation.
The most popular options are the citizenship by investment (CBI) programs – the Caribbean primarily. Here, foreign nationals can legally obtain a second citizenship and passport in another country through an investment in that nation.
Next up are certain residency by investment programs; specifically the Portuguese Golden Visa Program, which allows one and his family to obtain a permanent residency in Portugal and 6 years thereafter a European passport.
What a second citizenship offers:
Safety & Security
Holding a second passport or residency in another country provides a Plan B for Nigerian investors and their families to escape the challenges of their own nation. It is invaluable to have the chance to move to an alternate place to live or reside during situations of war, political unrest, civil violence, economic downturns and natural disasters. In this increasingly unpredictable world, a second citizenship can bring comfort and peace of mind.
Global Travel
The Nigerian passport grants visa-free travel to only 54 of the 227 countries and territories worldwide – of which, many are fellow African nations like Ghana and Ethiopia.
However, when paired with a second passport or a Portuguese Golden Visa, Nigerians can obtain visa-free or visa-on-arrival access to over 120 countries and territories, including the more popular areas like the United Kingdom and Schengen Zone. For instance, a Grenadian passport grants unrestricted travel to over 144 countries and territories, while a St. Kitts and Nevis passport will get investors into over 150 nations and one from Portugal or Malta has access to over 180 countries worldwide.
Global freedom of movement is a particularly attractive benefit for high-net-worth individuals and business people who enjoy or need to travel for business, education or leisure, as holding a more powerful passport saves time and money, as well as allows for more opportunities, both personal and professional.
Business Opportunities
A second passport obtained through a Caribbean or European citizenship by investment program can grant access to key economic markets around the world, including the United Kingdom and the European Economic Area (EEA).
Tax Benefits
The wealthy work hard for their money and deserve to preserve it as effectively as possible. Most CBI programs offer advantageous tax policies that high-net-worth Nigerians find very appealing. Depending on the program, these tax benefits range from zero or low tax rates on assets and income to protecting wealth with financial privacy laws and shielding assets from inflation by storing them in a different country.
Coupled with a Portuguese tax residency, a Nigerian investor can effectively pay zero taxation.
Quality of Life
Second citizenship allows an investor and his/her family to access a better quality of life. The benefits of living in another country include world-class healthcare, top-tier educational facilities, robust infrastructure and public transport, as well as luxurious lodgings in attractive environments.