Why do wealthy Nigerians obtain second citizenship by investment?
The world is increasingly an uncertain place. Nigeria is producing new millionaires at a rate of over 16% per year, and this new elite class of citizens have a lot to gain from second citizenship. In Lagos and Abuja, in particular, the concentration of new millionaires is expected to spike in the next 5 yeasr. Nigeria’s political and economic situation has long been unstable.
Gaining second citizenship by investment serves as a hedge against socio-economic and political stability, governmental overreach and potential opportunistic taxation. In fact, gaining second citizenship can hold a range of benefit in terms of tax optimisation for Nigerian businesses.
Apart from the risk mitigation benefits, second citizenship also enables investors to leverage offshore business opportunities more effectively. It can enable investors to pursue global career opportunities, and even serves as a family “Plan B” should the situation in Nigeria unexpectedly deteriorate rapidly.
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