IMMIGRATION

DOMICILE, RESIDENCE & CITIZENSHIP: USING THEM TO YOUR ADVANTAGE

Unexpected and game changing events such as 9/11 and the global economic crisis are rapidly changing the world we live in: 9/11 reduced mobility for citizens of many countries and the economic crisis has increased taxes and reduced living standards for many others. We live in an era where history does not crawl, it jumps.

Risk Abounds

Our freedom and our assets are increasingly at risk. How to protect our families, and assets from unexpected events, arbitrary decisions and the general drift towards more control and regulation by governments is an issue that keeps many of us awake at night.

Our residence, citizenship or domicile is key in determining how, where and when we pay taxes or how exposed we are to aggressive litigation or how easy it is for us and our families to choose where to live and to travel freely and widely. A UK citizen may have freedom to travel but could be exposed to high taxation and aggressive divorce settlements. Gulf nationals will have freedom from onerous taxation but will require a visa to travel almost anywhere.  Citizens of many countries are finding that their individual rights are being eroded or their wealth is under threat.

Increased diversity reduces risk

A strategy is required to deal with these threats to our wealth and liberty and to take advantage of the opportunities that currently exist whilst there is still time to do so. Such a strategy involves diversification: diversifying your residence, your domicile and your citizenship. No prudent investor puts all his wealth into one asset class. By limiting ourselves to one citizenship or residence we miss out on the opportunity to spread risk and to react quickly to adverse events.  We acquire our citizenship, residence or domicile at birth but we can change the cards we have been dealt. We can choose where to live, we can preserve our wealth and we can have the freedom to travel and still avoid high taxes and aggressive litigation.

The strategy: alternative residence, second citizenship

Establishing an alternative residence and citizenship is about electing to have freedom and choice. Protecting our families, preserving our wealth and having a safe refuge in times of crisis is something we all aspire to. That aspiration can be made real. A second passport and a second home are achievable goals and we can make it a reality. It is the ultimate insurance policy. Are you covered?

Properly comprised and updated, residence and citizenship diversification can offer the owner the best of all possible worlds: asset protection, freedom to conduct business mobility to travel with minimal need for visas, proper schools, security and health care, and back-up citizenship in a low-tax, 'lips-sealed' country that will preserve your wealth for the next generation - or for more impactful philanthropy today.

Please email mark@integrislaw.com for more information.