Key Benefits of a Second Passport for a Young Entrepreneur

As an aspiring business leader fixating on a bright and affluent future, do you really think that owning just one passport will open the doors towards international success? Probably not. With the rise of global travel and the popularization of international business, every young entrepreneur should be thinking about how they can take their own brand from the local, into the global market, expand their reach, consolidate taxes, diversify revenue streams, and access a global talent pool at the same time.

And it all begins with obtaining a second, more powerful passport. With that in mind, here are the key benefits of a second passport for a young entrepreneur and how it can help you pave the road towards long-term, international success.

Visa-free global travel

The key to success in the international arena lies in the ability to travel to foreign markets at will, negotiate favorable terms for you company, set up subsidiaries, and strengthen your foothold in the new market as quickly as possible. Needless to say, not all passports were created equal and depending on the citizenship you inherently hold, you might be able to travel to only a handful of countries without a visa, and do business with only a select few.

Therefore, one of the primary reasons why entrepreneurs should aim to attain second citizenship in prominent countries is to gain access to a global market. For instance, a Portuguese passport will grant you visa-free travel to 176 countries, which is a strong position to be in, however other countries might rank lower, so it’s important to do your research, and choose wisely. 

Tax consolidation

Optimizing corporate taxes should be every entrepreneur’s priority, as minimizing expenses while maximizing revenue is at the heart of every business venture. Naturally, different countries offer different income tax privileges for their residents and businesses, and some are distinctly more favorable than others.

There are also countries, such as Hungary, that not only have a low corporate income tax but you are not required to live in the country either, creating an opportune environment for growth, and global travel. Paired with a steady economic rise and a stable consumer market, this creates an excellent opportunity for entrepreneurs on the rise.

Prominent countries

Let’s take a look at some of the most prominent countries that make obtaining a second passport through investment citizenship plans easy, straightforward, and definitely worth the investment. As one of the top picks we have Hungary, a stable marketplace with an excellent business infrastructure, legislation, support, and low corporate income tax. 

Another prominent country is Malta, a small Mediterranean island with excellent connections to the rest of the world, a rising start-up scene, and excellent living conditions. The same can be said about Portugal, a beautiful country with a powerful passport and a thriving entrepreneurial culture. These are just some of the most prominent locations across the globe a young entrepreneur should consider.

Choosing stable and growing markets

Along with a myriad of viable reasons for obtaining second citizenship, there is also the need to run your business in a stable market with a steady upward trajectory, and to be able to pick and choose only the best markets for international expansion. Expanding the reach of your brand and entering new (preferably, the best) markets is not easy to achieve if your primary passport has certain mobility limitations.

By obtaining a second passport, though, you can open new doors to international markets, and choose where and when to expand, solidifying your position in the competitive arena from the start. Given the fact that economic fluctuations and market tendencies are constantly changing, it’s imperative to be able to act fast and seize an opportunity for expansion as it presents itself.

In the modern world, every business has the opportunity to achieve success on an international level, especially if there is a way to enter prominent markets quickly and with relative ease. This is why snagging a second passport is a great way for entrepreneurs to ensure global success and build an international brand.

 

 

Author Bio: As a senior digital marketing specialist, Lillian Connors believes that the question of business goes far beyond the maximization of profit through different money-grabbing ploys. Instead, she likes to think that ethical principles should be at the core of every commercial venture, paving the way for much more balanced distribution of wealth on a global scale. You can check her out on Twitter and LinkedIn.