Georgia is quite an interesting place. Even though it might not be the most refined country in the world, there are lots of advantages for doing business here. 

This a business–friendly environment, banking is very good and sophisticated and forming a company is not complicated. You only pay tax on distributions, not on profit. Also, you can form a free zone company and pay zero tax.  

There is no CRS (common reporting standards) here, which makes it appealing to lots of people.   

Salaries are quite low, so it might be a good place to hire employees. Lots of people can speak English and Russian which can be a huge advantage, especially if you want to penetrate to the Russian market. 

Georgia positions itself as a hub of the region. It can be a good place to operate from if you want to access Russia, Azerbaijan, Turkey, Iran, etc. 

The gambling industry is huge in this country, which makes perfect sense since it’s prohibited in some of the surrounding countries. Lots of tourists come for this reason. 

It’s quite easy to set up a residency in Georgia. It’s also possible to get a second passport here, citizenship by investment is still unofficial but possible.  

Their passport is not the best in the world, but it’s not red flagged as lots of other second passports. You will be able to get more things done with Georgian passport, than with some of the most common passports which can be obtained by more known citizenship by investment programs. 

Overall, it’s a competitive market for the right person. 

We help clients legally reduce their tax through international tax planning, as well as help with company formations, bank account openings, residency, citizenship, and payment processing.  Have a question you want answered?  Book a consultation now! 

The post Opportunities in Georgia (country)  appeared first on Golden Prime Trust.

We all know that buying second citizenship is not an easy decision to make. You probably did lots and lots of research before taking any action.

There is lots of data out there about this topic, however, some of it is outdated and not valid anymore. Some of it is straight lies or scam. That’s why you have to be super careful and thoughtful when considering such an investment.

There is so much to cover when speaking about this topic.

Here are some of the most important things to keep in mind when buying a second passport.

Beware of potential overcharge

There are tons of agencies, companies, lawyers, etc. out there that are involved in citizenship by investment programs. 

For lots of them, this is quick and easy money to make. 

Basically, lots of these people don’t add any value to the whole process. They only act as the middle man and they get their share (more than generous share). Lots of these people don’t even know what they’re doing that well.

They will refer you to someone, who will then refer you to someone, and so on. It will take you a lifetime to get what you really want, and you will pay lots of unnecessary fees in the process.

We are not saying that you shouldn’t use an agency- you only have to be aware that there are lots of bad ones out there. Right one will get you what you want/need in a reasonable amount of time, for reasonable fees.

Make sure that what you are offered is the best for you

This leads us to my next point. Lot’s of agencies out there promote their own stuff, which is not necessarily the best solution for you. For example, if someone is promoting only citizenship by investment in Malta you might want to look into more options before making a decision. Remember, in this situation, there is not ‘’one size fits all’’. It’s simply impossible. You need somebody that will look at your situation from all angles and then make a decision based on what’s best for you. 

Some people are very excited about certain offers that seem appealing to them, but the thing is those offers might not be what’s best for their situation. What worked for someone else, might not work for you. Make sure to think about all the possible options, look at your situation and then make a decision. 

Lots of banks are aware of such programs, and will not open you bank accounts

Imagine this situation: You purchased Vanuatu passport and you proceed to open a bank account in Switzerland. Chances are that they will turn you down and ask you about your original passport. Why is this the case? Banks are extremely concerned about tax evasion and money laundering. Some of these passports that you can buy in citizenship by investment program are in their ‘’beware list’’ and they don’t want to take any chances. 

However, some of these passports are still fine and you will be able to bank normally. 

Lesser known citizenship by investment programs will generally mean less trouble when it comes to banking. 

Visa-free access, costs, bureaucracy

You must have a reason for wanting to get a second passport. If it’s for travel purposes then probably the most important thing to consider is how many countries will you be able to travel visa-free with your new passport. 

Currently, the best ones for visa-free travel would be Cyprus and Malta. However, those are members of the EU and therefore the most expensive ones. Bulgarian passport also gives you some decent traveling options.

Besides this, you will want to consider the costs of getting a new passport. How much does this program cost? What are other fees included? Depending on the country these prices vary drastically. In our articles where we wrote about each country that offers this program, we mention prices for each country.

Also, you need to know what is involved in getting your new passport besides investing money. Do you need to pass the language test? Do you have to learn about the history of a country? Which documents do you need to provide? What is bureaucracy like? All those are covered in our articles.

Family-friendly options

Is the program that you were considering offering passports to your entire family or only to you? If you are single this doesn’t matter that much, but if you are married and if you have a family this is something that you will have to consider. 

Some countries will offer passports to the entire family, some will not. I mean, they will if you make an investment for each family member which can be super expensive. You have to check what is involved and covered until the main applicant’s investment. 

What is life like in a country where you are buying a second passport

If you are planning to actually relocate to the country where you’re buying a passport you need to make sure you do your research about life in that country.

Visiting it and spending some time there before buying citizenship might be a good idea. Some of these countries might have different life and culture from your country of origin. In order to avoid the cultural shock, you need to prepare yourself.

The post Things to consider when buying a second passport appeared first on Golden Prime Trust.

You may have heard of trust companies when discussing estate planning or inheritance.

You might have heard wealthy people talk about trust companies managing their assets, or watched movies where heirs of a wealthy individual deal with trusts to get their rightful share of inheritance money.

Setting up a trust is considered good financial planning. You can also look at trust companies who can do the work of the trust and help smoothen the process of transferring assets or estates from one entity to the beneficiary.

First, let us understand what a it is.

So what exactly is a trust company?

A trust company is a corporation or a legal entity that has the fiduciary duty of managing the estate or assets of its client.

The client could be an individual, a company, or other such entity. Generally, a special branch/division or an associated company of a commercial bank offers the service of a trust company.

However, a trust company can also be run by an independent partnership or a law firm. A trust company administers the assets of the client and deals with the process for the eventual transfer of those assets to the rightful beneficiaries.

It is a custodian for asset management, share transfer, registration of beneficiary ownership, and any other custodial arrangements.

A trust company is a for-profit company. It takes out its fee (profits) from the assets that it manages or when the asset is transferred to the beneficiary.

Sometimes, instead of regular fees, a fixed amount is charged during the eventual transfer of assets. Fees for such a companies range anywhere between 0.2% to 2% of the total assets managed.

The actual percentage depends on the size of the assets. It is important to note that a trust company does not own any of the assets that it manages.

The company simply has the legal obligation to take care of and oversee the assets that its client has assigned to it. The assets are normally held in an actual trust.

The company is simply the trustee of those assets. A trust company employs professionals such as financial planners, CPAs, attorneys, portfolio managers, trust officers, real estate professionals, tax professionals, and other admin staff.

A company may require that every client have a minimum net worth of $500,000. So, inquire about such minimum requirements when you do your research.

They come in different sizes and offer a variety of services. Things like customer service levels provided and fees charged are also different for different trust companies.

Do note that larger firms may have more products and services. Their brand and presence may be deeper than smaller companies.

However, large trust companies will not easily match the level of service and the personal touch that a smaller firm can provide.

Services Offered by Companies

There are many trust companies that offer a host of services. Some of the larger firms have been around for a while and offer a lot of products and services.

The most common service provided by trust companies is the management of investments which are placed in a trust created by the client.

The portfolio could have instruments like stocks, mutual funds, derivates, real estate, etc. Some trust companies also provide additional services like management of limited partnerships, natural resources, hedge funds, private equity funds, and other alternative asset classes.

Other services offered by trust companies may include safekeeping via secured vaults. Clients can store valuable assets like jewelry and precious metals.

Financial planning, retirement planning, and insurance are commonly sought as well.  

They can manage retirement accounts, educational trusts, marital trusts, qualified personal residence trusts, QTIP trusts, incentive trusts, generation-skipping trusts, intentionally defective trusts, charitable trusts, revocable and irrevocable trusts, living trusts, and testamentary trusts.

In the estate planning area, trust companies offer services such as estate settlement, titling and re-titling of assets, valuation of assets, dispersion of assets, preparation of estate tax returns, expense and debt payment, and any other service related to the transfer of assets from a deceased client to his/her heirs.

They work not just with the client, but also with the heirs of the clients since they are the recipients of any asset transfer.

They can also offer a lot to corporate entities. They can manage the retirement planning process for the company’s employees.

Services could include investment advice, plan enrollment, investor education workshops, asset custody, customer service, etc.

It can basically act as one point of contact for all the retirement planning needs. Trust companies can also assist a company with the issuance of corporate debt.

It can also act as an independent party that administers the disbursement of interest payments to the bondholders.

The trust company can ensure that the covenants of the bond are complied with by the issuer (which in this case is the client company).

Why use such a company?

A trust company can take care of assets, tax procedures, and legal issues. It is like a one-stop shop for wealthy individuals or anyone who does not want to run around and deal with different professionals such as a financial planner, an accountant, a lawyer, or any other professional.

A trust company can manage a host of issues for the client and take actions which secure the financial well-being of the client. Thus, time and effort can both be saved.

Clients who do not feel comfortable or confident of making big financial decisions can also seek the services to manage financial matters for them.

Besides financial and investment planning, trust companies can help with estate planning. If there are multiple heirs, or if there are no heirs, or no responsible heirs, then in those cases, assigning the trust company as the successor trustee of the trust created by the client can smoothen the process of succession.

Having a trust company can minimize or eliminate any family squabbles related to inheritance of assets as the trust company can play the role of a neutral third party.

If there are no heirs, then the trust company can manage the assets of the trust in compliance with the terms and conditions of the trust and as per the wishes of the deceased client.

If you need help setting up trusts or connecting with companies that can deliver solutions that you may be seeking for estate planning, financial planning, corporate processes, or any other financial matter, reach out to us and our team will guide you accordingly.

The post Trust Company appeared first on Golden Prime Trust.

Offshore banking is whereby an individual or company deposit funds in a bank that is situated in a place outside their country of residence.

Other people define offshore banking as the act of depositing hard currency in a bank  that is located in a country that is not their home of residence, usually for safekeeping among other reasons.

It can also be referred at as an offshore investment. Offshore banking definition is diverse. But regardless of how it is defined by different sources, they actually mean the same thing.

Provided you have deposited funds in a bank account that is outside the country where you work and live, you have simply moved offshore.

Banks located in your country of origin are referred to as domestic banks.

Banking in Islands

In the offshore banking definition, you may assume  that the banks’ locations are in islands, but this is not always the case.

For sure, many offshore banks are located in islands like the challenge and Cayman Islands. But there are many of these banks that are also located in landlocked countries like Switzerland, and Luxemburg.

Benefits

There are quite a number of benefits that come with offshore banking.  The main one, of course, is for tax benefits. Most offshore jurisdictions are tax havens.

This actually means that their environments are conducive for foreign businesses to operate, and they achieve this by imposing low or no taxes for businesses and foreign individuals.

This helps protect your money from being taxed in your home country.

Offshore banking can also guarantee security for your money or asset protection as others may call it.

 If for instance, you operate a profitable business, different parties will be interested in the business; these can be your competitors or even the government.

If these people decide to file a lawsuit against you, your bank account may be frozen. But once you have an offshore account, your funds will always be protected against such threats.

Compared to banks in your home country, offshore banks also offer specialized services. You can have easy access to your account by use of online or mobile banking at any time of the day.

Besides, experienced people, like relationship managers, for instance, are the ones who are assigned to client’s accounts.

 They are also the people you will communicate to if you have any questions or issues concerning the account.

Lastly, offshore banking also allows clients to hold their funds in different currencies, which come in handy  especially when the currency used in your domestic country is not very stable.

Origin

The term offshore banking came as a result of the establishment of banks in the British Channel Islands.

These banks were tax havens, and the main aim of setting up the banks was to attract investment.

There are currently many jurisdictions that offer offshore banking services, and most of them are tax havens, which mean that no taxes are imposed on deposits.

What are the functions of it?

The services offered by banks are just the same as those offered by banks in your domestic country.

The main roles include depositing savings and offering other offshore investment services. If you want to open an offshore bank account, you don’t have to travel to the offshore jurisdiction of your choice.

Provided you have all the required documents and information, you are allowed to open the account online.

Other services offered by banks are more or less related to the benefits that come with offshore banking. These include tax relief, asset protection, and currency diversification among others.

Centers

There are quite a good number of offshore islands and other offshore  centers that we currently have.

The Islands of Bahamas are one of the top offshore centers in the Caribbean with more than 400 banks.

Other Caribbean offshore banking centers include Panama, Bermuda, the Cayman Islands and the Netherlands Antilles.

When it comes to Europe, one of the top offshore banking centers is Cyprus, commonly known for their friendly tax regime, Switzerland known for accounts secrecy and Germany for having the safest banks.

Other offshore centers include the city of London and New York among others.

The post Offshore Banking Services appeared first on Golden Prime Trust.

Citizenship refers to the status of being a citizen of a particular country as per the laws of that country. A person who holds dual citizenship is considered to be a citizen of two countries at the same time.

Dual citizenship can be acquired through several ways including by birth, by marriage, by investment or naturalization. As a dual citizen, you are normally bound by the laws of your host country.

Your rights and status while in another country will remain inactive and will be reactivated once you move back to live in your host country. This is referred to as dormant citizenship.

Some countries do not allow dual citizenship and you might be required to renounce your existing citizenship in order to be allowed to become a citizen of another country.

Different countries have different laws regarding how you can acquire dual citizenship and it is very important for you to check how these laws can affect you before applying for dual citizenship.

The process of applying for dual citizenship also varies from one country to another. In some countries it might take a very long time as compared to other countries. Some of the most popular countries are Malta, Portugal and Cyprus. You can see all countries we cover here 

As a dual citizen, you are required to produce the passport of your host country as opposed to a foreign passport when entering or leaving the country.

Things to consider before applying for second Citizenship

Since countries differ in terms of culture, laws, climate and religion, it is important for you to put into consideration some of these factors before applying for dual citizenship.

This will ensure that you make the right decision on which country they will be comfortable to live in.

Time taken to acquire dual citizenship

The timeline for applying and being granted dual citizenship differs from one country to another, making it very important to consider the time it will take before you are lawfully recognized as citizens of another country.

Cost of acquiring

Before applying to be a citizen of another country, it is advisable to know if it is affordable for you to become a citizen of that country. In some countries, it is very expensive to apply for dual citizenship due to the nature of paperwork and procedures undertaken to apply for dual citizenship.

Family options

Some countries allow inclusion of some members of the family like spouses, children or dependents when applying for dual citizenship at no extra cost.

Disciplinary records

Before applying for a second citizenship, you have to ensure that you do not have previous disciplinary issues with your previous country as this may prevent you from being granted dual citizenship. Past criminal records like theft conviction, drug related crimes, violence and terrorism play a huge part in being denied the chance of becoming a citizen of another country.

Benefits

A dual citizen will always enjoy most of the benefits and privileges that come with being a citizen of each of those countries. This means that you can work in both countries without the need for having a work permit and even study with local tuition rates.

As a result of having two passports, it becomes easier to travel between the two countries without having to undergo the difficult and lengthy time of applying for visas.

Due to the abundance of business opportunities in various countries, dual nationality can open doors to new entrepreneurial options, helping you to fulfill your dreams of expanding a businesses to a global scale.

In case you live in a country that is at a risk of violence or discrimination, acquiring a second citizenship can help in escaping from a country that is burdened with danger.

Disadvantages

Dual citizenship can at sometimes happen automatically. For instance, when a child is born in the United States by foreign parents, he or she is considered a US citizen.

Other times, the process can take several years and can also be very expensive.  For example, to become a citizen of the United States, you must live in the US as a permanent citizen continuously for five years or three years if you are married to and living with a US citizen.

Also, the cost of applying for permanent residency is very high. Double taxation is also another drawback. For example, taxes are imposed to all US citizens for all their income no matter the country where the income came from; if you are a US citizen living in a foreign country, you might owe taxes to the United States beside to the country where you earned the respective income.

As dual citizens, you are bound by laws of both countries. If you are a US citizen and a country with mandatory military service, you can lose your US citizenship under certain circumstances.

Ways of Acquiring it

There are several ways of acquiring a second citizenship.

These include;

Citizenship by Birth

This is whereby a child acquires the citizenship of his or her parents regardless of where they are born.

Citizenship by Naturalization

This type of citizenship means that a person is considered a citizen by residing in that country for a given number of years as a permanent resident. For example if you have lived in the US continuously for five years, you become a naturalized US citizen.

Citizenship by Investment

A foreign national can also acquire a second citizenship by economically investing in another country. However; this can be an expensive way since some countries have set very high minimum investment amounts to be considered for citizens of another country.

Citizenship by Marriage

Some countries give citizenship to people who have married their citizens by fast tracking the process of neutralization.

Citizenship Loss

Just the same way you can acquire dual citizenship through different ways; you can also lose your dual citizenship, usually by renunciation which is done voluntarily by an individual, or by denaturalization, meaning forceful loss of citizenship done by the state.

Some of the ways you can lose your dual citizenship include:

•        Owing allegiance to another country; this means working for the government of a foreign country or serving in the military of a foreign country.
•        Voluntary loss whereby you formally reject or abandon your country due to one reason or another.
•        Treason –you can also lose your dual citizenship if you are found guilty of making war or assisting a foreign country to make war with their host country.
•        In case of irregularities or fraud during the process of naturalization.
•        Prolonged absence. In some countries, citizens who are absent for more than ten years risk losing their citizenship.

Conclusion

Holding dual citizenship has a number of benefits. These include owning properties in both countries, ease of travel between the countries and being able to work without restrictions in both countries.

However, there are downsides that might be associated with dual citizenship such as being vulnerable to double taxation, the tedious and costly process of acquiring dual citizenship and also by becoming bound by laws of both countries.

Since matters to do with dual citizenship can be complicated at times because the regulations regarding the matter are different from one country to another, it is advisable  to first consult with experts like citizenship lawyers and tax accountants before opting for citizenship in another country.

The post Everything You Need To Understand About Dual Citizenship Definition appeared first on Golden Prime Trust.

Well, technically you can and it’s completely legal, approved by the government.  

In this case buying might be a rough and inaccurate word. We prefer to use word invest. 

But what does it all really mean?  

Well, it is possible to become a citizen of a foreign country if you invest a certain amount of money in that country. However not all countries have this program, in fact only few do.   

Only nine countries offer official citizenship by investment program. Few others offer the same program but unofficially. It’s important to mention that both cases are 100% legal. 

We are going to give you a list of countries that offer this program. 

Cyprus 

Cyprus has official citizenship by investment program. For an investment in worth at least 2 million EUR you can become a citizen of this charming country. We have a full article about citizenship by investment in Cyprus, you can read it here.  

Malta 

Highly respected EU island country offers this program for high net worth individuals and their families. if we compare countries that offer this program, Maltese passport is definitely the most valuable one. It will give you visa free access not only to EU, but also to six big English speaking countries including USA. However, one important thing to note is that you need to actually donate money to the government. More details about this you can find in our article where we are specifically talking about Malta.  

Dominica 

Dominica offers its passport at very competitive price! For 100 000 dollars you can get citizenship of this country. Their only requirement is good knowledge of English language. However, if you are citizen of certain countries you will have to go through additional screening. These countries are: Iraq, Afghanistan, Uzbekistan, North Korea, Pakistan, Russia, Sao Tome Principe, Saudi Arabia, Somalia, Sudan, Turkmenistan and Yemen.  

St Kitts and Nevis 

In this country you have to options – to donate or invest money. Needless to say, donating makes everything go way smoother. Interesting fact is that actual citizenship by investment program began here! St Kitts and Nevis was the first country to offer this type of program in 1984. Today this is their biggest export product, costing you 50 000 dollars donation or 400 000 dollars investment in real estate.   

Grenada 

Grenada allows you to make a donation of 150 000 dollars for a single person or 200 000 dollars for a married couple in exchange for their citizenship. You can also buy 350 000 dollars worth of approved real estate that are actually great alternative to donation. 

Grenada’s offers visa-free access to Russia and China, and it’s the only Caribbean CBI to be part of the United States E-2 treaty program.it means that it offers a simplified procedure to live part time in the US as a business owner, and that makes it attractive to many people.  

Antigua and Barbuda 

This country offers amazing deal for families, it lets family of four apply for the price of one applicant. If you want to have their passport you either need to donate 100 000 dollars to the government, buy real estate worth at least 400 000 dollars or invest at least 1.5 million dollars in business. The interesting catch is that you can invest ‘’only’’ 400 000 dollars in business if you invest together with other applicants. In this case you need to invest at least $5 million collectively. 

Residency requirements are very low, you need to spend only 5 days in the country for the course of five years. Quite simple, right?  

St. Lucia 

St. Lucia offers you their citizenship for the donation of 100 000 dollars. However, if you are not into donating your money to the government then you have an option to buy real estate. In this case you need to spend at least 300 000 dollars in real estate.  

Vanuatu 

If you want Vanuatu passport you will need to splurge about 250 000 dollars. This passport offers some nice advantages: visa free travel to Russia, UK and rest of Europe. Many consider this country to be tax heaven since there is no income tax. There’s almost no tax at all. The interesting thing is that you can get passport very fast, as fast as 45 days!  

Turkey 

In order to heal their declining economy, Turkey introduced citizenship by investment program in 2017. When it comes to Turkey few options are available, but prices dramatically declined since the program started. Today you can buy real estate worth at least 300 000 dollars and receive citizenship in this country (earlier price was 1 million). 

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