Why is Everyone Talking About “Plan B” Residency Options and Do You Need One?

First off, what exactly is a plan B citizenship? A “plan B citizenship” refers to having a second…

First off, what exactly is a plan B citizenship? A “plan B citizenship” refers to having a second citizenship as a backup option in case problems or inconveniences arise with one’s primary citizenship. This can be for various reasons such as political instability, business purposes, economic downturn, or personal safety concerns (among other things). Having a plan B citizenship can provide an individual with more opportunities and options for travel, work, and residency. Some countries offer extremely innovative “Plan B” type programs – for example Portugal has the HQA Visa Program where an individual has a pathway to citizenship in exchange for supporting the formation of a research backed innovative business in Portugal.

Entrepreneurs may consider having a plan B citizenship as a way to protect themselves and their business interests in case of political or economic instability in their home country, or to simply gain access to a new market for their business interests. When an entrepreneur gains access to the European Union for example, they open up a new market that would have been significantly more challenging to crack with no status. Additionally, having a second citizenship can provide access to a wider range of business opportunities and can provide more flexibility for travel and immigration for team members.

In addition, having a plan B citizenship can also provide access to healthcare, education and other benefits, as well as a sense of security and peace of mind. There can be fantastic tax benefits that accompany secondary residencies and corporate ventures abroad (we will discuss these below).

Furthermore, having a second citizenship can also provide a way to diversify one’s assets and financial holdings, which can be particularly important in times of economic uncertainty.

Lastly, some countries have more favorable business and tax laws, having a citizenship in one of these countries can make it easier to operate and grow a business, or to invest in property or other assets. Portugal’s non habitual resident (NHR) scheme grants preferential tax treatment to new residents of Portugal. The structure grants eligible applicants a flat 20% tax rate on Portuguese income.

If the thought of expanding your current venture(s) to Europe is appealing, or if you’ve been thinking about obtaining a “Plan B” residency option for your family, the Portugal HQA Program is an excellent option worth exploring. You can learn more, request  information about the program, or schedule a meeting with our team here.

About Empowered Startups
Empowered Startups is an Innovative Startup Incubator and foundry headquartered in Vancouver, British Columbia, Canada. With offices in Canada, France, and Portugal, we train/mentor/ and network entrepreneurs to successfully launch new businesses in diverse markets. As a foundry we also conceive, build and launch our own products and solutions. Empowered Startups is recognized by the Canadian Government as a designated start-up business incubator and is known internationally for growing ideas into sustainable businesses using both a virtual and on-site model. Our training tools and mentorship are used and recognized by leading global university labs, Startup incubators, and innovation hubs. Apply for our programs online at empoweredstartups.com

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