Electronic tax

According to iGlobal.net, digital nomads are increasingly looking for a second citizenship in top tax haven countries. Find out how it’s done.

If you’re an entrepreneur who can work remotely, or one of the lucky ones whose managers don’t need to return to the office full-time, you might be interested in becoming a “digital nomad” – someone who is able to legally live and work in a foreign country for longer than a tourist visa would allow – for a period of one month to four years.

Who are digital nomads?

Digital nomads are a group of freelancers who have chosen to live a location-independent, technology-based lifestyle that allows them to travel and work from anywhere in the world. Therefore, they can make strategic decisions that other entrepreneurs cannot, such as moving to one of best tax haven countries.

The problem

This newfound ability to work from anywhere, however, comes with its own set of challenges. Some of the biggest and least glamorous challenges of living a nomadic lifestyle are taxation, annual fees, and related residency issues.

A critical issue that many digital nomads overlook is how to handle their taxes while traveling. Different countries apply different tax systems based on citizenship, residence or the geographic source of your income (territorial).

These complex tax systems are often not to your advantage, especially when the tax system is based on your citizenship. Countries of citizenship tax their citizens regardless of location and source of income. Therefore, if you don’t file your annual tax returns while living in another country, you could face penalties, interest, and even criminal charges.

Changing tax laws create challenges for digital nomads

In addition, tax laws may change without notice. For example, UK “deemed domiciled” laws are no longer so accommodating. The political fallout against high net worth individuals is also concerning. Not to mention the living nightmare of fighting FATCA courtesy of the US government. As a result, it has become nearly impossible for US citizens to open offshore accounts in the most attractive countries for tax residency.

The above risks have been well known for some time, but further complications will include turmoil in the global economy, which means tough economic times are ahead. You can certainly expect higher taxes and increased government oversight. Moreover, the geopolitical chaos caused by the war in Ukraine means that anything is possible in the future.

The solution

That’s why, according to iGlobal.net, digital nomads should choose the right jurisdiction and apply for a second citizenship to get tax benefits. Jurisdictions like the Commonwealth of Dominica are a favorite among its clientele.

Although Dominica is highly sought after, it is not the only country with tax havens to choose from. Caribbean countries with citizenship-by-investment programs also include Grenada as well as Saint Kitts and Nevis. Obtaining a second citizenship in one of these countries allows digital nomads to establish a lifetime of tax advantages when it comes to residency in that country, potentially eliminating their tax obligations altogether.

Plus, the benefits of visa-free travel are very rewarding with your politically neutral passport. Also enter commercial contracts, open investment accounts and enjoy your offshore lifestyle while being free from the stigma associated with your home country. The second citizenship allows you to be fully prepared for a dynamic global environment.

How to apply for a second citizenship

In order to obtain dual citizenship in Caribbean countries such as Dominica, Grenada or Saint Kitts and Nevis, applicants need an experienced agent such as iGlobal.net, one of the leading advisers in this field. The company will help applicants determine the best type of investment for them.

Choose from our investment portfolio of five-star resorts in the Caribbean, where you can also earn a 5% tax-free investment return. After the holding period, sell the investment to a new citizenship applicant while retaining your Caribbean passport in perpetuity.

iGlobal will guide you through the application process. The first step is their KYC/AML protocol to ensure that your application will be successful from the start. If there are any potential issues, you will be notified immediately in advance. Plus, your first consultation is free.

Once complete, iGlobal will submit the file on your behalf for government approval. Thereafter, all applicants over the age of 16 will be subject to due diligence checks. After the country approves the application, the applicant transfers the investment amount and receives his second citizenship and passport. The whole process can be completed in less than 3 months.

Why choose iGlobal.net?

For over 35 years, iGlobal.net, together with its partners, has been working with Caribbean citizenship through investment programs plus Vanuatu. As a result, the company has forged incredible and unique relationships with local property developers and government agencies.

Essentially, the solutions provided by iGlobal are the most effective because they are based on personal experience and professional implementation. These proven solutions that the iGlobal agent can suggest get the job done efficiently, in the most cost effective way possible.

Whether your ultimate goal is offshore banking, offshore company formation, international investment or offshore asset protectioniGlobal provides proven and effective solutions.

Post-citizenship services

From start to finish, your success will be tailor-made. After obtaining the second citizenship, rest assured that iGlobal can assist you with post-citizenship services such as acquiring a local driver’s license, tax ID and mailing address. These are essentials for opening offshore bank accounts and reaping the benefits of your new offshore lifestyle.

Additional benefits include an option to reside in any CARICOM or OECS tax haven. Therefore, enjoy the right to live and work virtually anywhere in the Eastern Caribbean with no annual fees, no visa renewals and most importantly no income tax. Contact iGlobal today to discover the best tax havens to achieve your goals.