Benefits of dual citizenship
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Benefits of Dual citizenship
Dual citizenship is a term used to identify the status of an individual who is legally recognized as a citizen of two countries. Many nations have different criteria for granting citizenship and as such, anyone can be a citizen of two or more than two countries at a time. Basically, if your country let you keep multiple nationalities, you can have as many as you want as long as the countries whose citizenship you hold also allow it.
Second citizenship opens up the gateway to many new horizons including visa-free travel, tax benefits, family planning, new lifestyle opportunities, new investment options, and most importantly gives you control over what really matters most – your freedom to choose.
The power to choose our future is something we all cherish and may take for granted. Becoming a dual citizen you choose a lifestyle-free from the restrictions of a single country, expanding your potential opportunities and reducing your exposure to risk. No longer must you abide by state-imposed travel restrictions, choking tax rates, or governmental regulations just because you were born there.
There are several ways of acquiring second citizenship and the corresponding passport. These are birth, naturalization, marriage, and citizenship by investment programs (Read more about CBI here).
Here’s a quick look at some of the benefits of dual citizenship:
Having a second passport may open you up to more visa-free access. This can save you time and money if you can use your second nationality to enter a country that requires your country nationals to get a visa. This is especially important during the coronavirus pandemic as you may be allowed into a greater number of countries if you hold a passport of a country that’s currently barring your country nationals from entry. For example, EU citizens can enter the EU without issue during the pandemic regardless of their country of residence.
Visa application is generally a time-consuming and painstaking process. Visas are issued for a limited period and have to be re-applied for again and again. Citizens of different countries have visa-free access to a certain number of foreign countries, and that number depends on the passport they hold. For example, Syrian citizens are currently entitled to visa-free access to 37 countries only while Spanish nationals can travel to 164 countries without any problem. One passport restricts the freedom of travel and mobility, especially when you hold a passport from a country like Syria.
If you have passports of more than one country, based on dual citizenship and multiple citizenship laws of the relevant countries, the number of countries where you can travel visa-free can increase significantly. You can visit more countries visa-free if you hold a powerful second passport.
Nowadays, most businessmen need that mobility to be able to expand their opportunities, business connections, and grow their business.
Business and financial benefits
You can open and run a business in more than just one country as a full citizen. And you don’t need a work permit to work in the countries of your citizenship. Moreover, many banks and financial institutions tend to impose more strict checks on the nationals of certain countries and deal easier with other nationalities.
Being tied to any single country and its government is essentially giving away our freedom to an institution, and making our future dependent upon its continued viability. Like all such institutions and state actors – they rise and fall. And it is your responsibility to have an escape plan when they do. Most importantly perhaps, citizenship and a passport, particularly from a small, peaceful country, can even save your life when traveling and in times of political unrest, civil war, terrorism, or other delicate situations. For good reasons, many international businesspeople from major countries and important persons who are active worldwide consider an alternative passport as the best life insurance money can buy.
Knowledge and experience
If you obtain second citizenship with the view of relocating to another country and residing there, you have a unique chance of knowing another culture and a way of life. It is also an opportunity to learn a new language. You will be open to the cultures of two different nations – the home nation and the adopted. You’ll have access to learn the culture of the adopted nation and even promote your home nation. You can foster new relationships and add value to your new nation. Apart from pure business-related benefits, a second passport is your passport to knowledge and experience; it opens up the world of various cultures, expands personal horizons and makes you a global citizen.
If you have kids and you’re planning on enrolling them in the best schools, your dual citizenship status allows you to review schools and other educational institutions in both nations you’re a citizen of. This means you’ll get a richer option to choose from.
Right to vote in both nations
You now have a chance to influence leadership decisions in not just your home country but your adopted one as well.
Improved social security
Getting dual citizenship also means you enjoy access to healthcare services and social securities in both nations. Thus, if an emergency arises, the consulate from both countries would swiftly support and aid you as required.
Investment in the future
In an unsettled, ever-changing world, acquiring alternative citizenship is a wise decision and an investment for the future. Your citizenship of choice is for life, your spouse and children can be included, and there is often no need to give up your present nationality while you enjoy the benefits of a legal second passport. You should, however, check the laws of your current country (or countries) of citizenship to ensure that you are in a position to legally acquire an additional nationality.
Other rights and benefits
A passport gives you the right to live, work, and study in the countries where you hold citizenship, as well as the right to own property and vote. Moreover, you gain access to the social security system and public funds. For example, a Maltese citizen can live, study, work, and exercise their citizenship rights in any member country of the EU.
A priceless gift for your descendants
When you acquire dual citizenship, you will likely be able to pass it on to your kids and grandkids. It becomes a priceless gift for your descendants – as a result of your efforts, they’ll find it easy to live and work in different countries. That invaluable freedom to travel visa-free is something they will cherish forever. This is what dual citizenship gives.
The list of countries that allow dual citizenship:
|Albania||Dominican Republic||Lesotho||Saint Kitts and Nevis|
|Antigua and Barbuda||Egypt||Libya||Saint Vincent and the Grenadines|
|Armenia||Equatorial Guinea||Lithuania||Sao Tome and Principe|
|Austria (has restrictions)||Estonia||Madagascar||Serbia|
|Benin||The Gambia||Mauritius||South Africa|
|Bosnia and Herzegovina||Germany||Moldova||South Sudan|
|Canada||Hungary||North Macedonia (formerly Macedonia)||Tanzania|
|The Central African Republic||Iceland||Norway||Timor-Leste|
|Chile||Ireland||Palau||Trinidad and Tobago|
|The Democratic Republic of Congo||Jamaica||Paraguay||Tuvalu|
|Cote d’Ivoire||Kazakhstan||The Philippines||The United Kingdom|
|Croatia||Kenya||Poland||The United States of America|
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