Published
May 18, 2024
Category
Citizenship by investment programs

Seven Benefits of Dual Citizenship: Having Second Passport in 2024

As we look at 2024, when everything is interconnected, having a second passport is more than beneficial. It makes traveling smoother, opens up endless opportunities in educational and career paths, and provides exciting investment prospects. It’s a great chance for those seeking to enhance their professional and personal lives on a global scale. 

In this complete article, we’ll discover what dual citizenship means, its main advantages and disadvantages, the process for obtaining a second passport, and the easiest countries that support dual citizenship. So, let’s begin.

Key Takeaways

  • Benefits of dual citizenship include hassle-free travel, huge employment opportunities, political involvement in both countries, property ownership, and personal freedom.
  • Potential drawbacks of dual citizenship can be considered a dual obligation, double taxation, the long and costly process of renouncing citizenship, and the appearance of foreign allegiance.
  • Different countries have set up their own dual citizenship rules and regulations. So, it’s advisable to research before applying for citizenship.
  • Many countries have established investment programs that can possibly lead to obtaining citizenship. For more information, contact one of our agents at Mirabello Consultancy.

What is a Dual Citizenship

Dual citizenship, also known as dual nationality, is the legal status of a person holding the passports of two countries at the same time. It means that a dual citizen has equally obtained the privileges and rights of both countries, namely the right to work, study, vote, and own property. However, they can be subject to the obligations of both citizenships (taxation of the income, national services, etc.) 

The process for obtaining dual citizenship varies from one country to the other. It can be achieved mainly through naturalization, birth, marriage, or investment. The latter is a widespread experience that assumes an individual can obtain citizenship in a country by investing a specific sum of money into designated sectors of that country. Nevertheless, some countries prohibit dual citizenship or allow it in certain cases. While some countries allow general dual nationality, others permit it only for a limited list of countries. For instance, China, Japan, the United Arab Emirates, and Austria are among those countries that don’t support dual citizenship. Therefore, it’s essential to thoroughly research the laws of both countries before deciding to become a dual citizen. Let’s return to the countries that allow holding two passports and understand different types of dual citizenship arrangements.

  • Birth: A child born in a certain country to parents from another country may be eligible for dual citizenship.
  • Naturalization: An individual can apply for citizenship after permanently residing in a host country for several years. For example, permanent residents of Spain should spend ten years in the country in order to be eligible for citizenship.
  • Marriage: Some countries grant citizenship upon marriage with a citizen.
  • Investment: In our contemporary world, many countries offer citizenship after permanent residency to those high-net-worth individuals who are eager to invest in the host country's economy. Each has its own investment programs with specifications and regulations.

More details about investment programs are available on our blog

Seven Benefits of Dual Citizenship

Dual citizenship or dual nationality offers a range of advantages, including:

Hassle-Free Travel

A second citizenship means a second passport, which opens up more travel destinations and flexibility. Plus, a visa or permit is not required to visit those countries where they have citizenship.

Employment

Unlike foreigners who need work permits, dual citizens have the right to seek work in both countries. It also opens doors to international markets, business and investment opportunities, simplifying the process of setting up businesses in multiple countries.

Political Involvement 

Dual citizens can fully participate in the political life of the countries where they hold citizenship, including the right to vote and stand in elections. Multiple citizenship among politicians is a very common thing. However, dual loyalty can be viewed from another angle. More clearly stated, there is a risk of acting contrary to a government’s interests, which may lead to difficulties in acquiring government employment. 

Education and Healthcare

Dual citizenship can offer several benefits in terms of healthcare and education, including access to universal low-cost healthcare systems, as well as top international educational institutions.

Property Ownership

As a dual citizen, one has the right to own property in both countries. For those who travel frequently, this can offer financial advantages.

Personal Freedom

The best approach for people who want more personal freedom is to get dual or multiple citizenship. This reduces the chance of being under the control of just one government and spreads personal information across different countries. Also, having second citizenship can be a safety net during times of trouble or crisis, giving another place to go if one can't return to their home country.

Tax Optimization

Having dual citizenship gives people access to two taxation frameworks, enabling them to structure their tax burden more efficiently and in line with their financial goals.

Four Drawbacks of Having Dual Citizenship

Certainly, dual citizenship brings a bunch of benefits. However, it comes with several potential drawbacks that can seriously impact individuals in various ways. Each of the below-mentioned factors can significantly affect how individuals experience and manage their dual citizenship. 

Dual Obligations

As a dual citizen, an individual is subject to the laws of both countries. One of the biggest concerns among dual citizens is military service. Several countries have entered a Protocol relating to Military Obligations in Certain Cases of Double Nationality. It states that if a person holds two or more nationalities and is more closely connected to one of those, then that person should be exempt from all the military obligations of the other country or countries. This exemption might result in the loss of nationality. 

Double Taxation

In some cases, dual citizenship can create additional tax liability. For example, U.S. citizens are required to file their global income, regardless of where they live or where their income is generated. However, the U.S. and other countries with similar taxation duties have tax treaties to avoid double taxation. 

Appearance of Foreign Allegiance 

Dual citizenship can potentially lead to the appearance of foreign allegiance and be viewed as double loyalty. Individuals are required to obey the rules of both countries, and either country has the right to enforce its laws. This can lead to conflicting obligations and restrictions in some areas. For example, dual citizens may not be hired as government employees; a security clearance is required here.

Difficulty in Renouncing Citizenship

Renouncing citizenship can be a bit of a complicated process for dual citizens. Specific procedures outlined by the country from which an individual wants to renounce citizenship should be followed. It usually includes submitting a formal renunciation statement to the appropriate authorities. Some countries have designated fees and penalties for renouncing their citizenship. 

How to Get a Second Citizenship for Another Country

If an individual wants to get dual citizenship in another country, the process usually involves getting acquainted with the citizenship requirements of the second country. Although the requirements vary from one country to another, there are general rules and steps one should follow before applying for dual citizenship:

  • Do research on the citizenship policies: A thorough research of the citizenship policies is advisable as many countries do not simply allow dual citizenship.
  • Visit or directly immigrate to the country: After receiving a visa or permit, an individual should immigrate to the country and follow the requirements. This may include meeting residency requirements before applying for citizenship.
  • Apply for citizenship: After residing effectively in a country for a designated period, individuals can apply for citizenship, which involves fulfilling all the necessary paperwork, attending interviews, and possibly passing exams such as a language test.
  • Maintain compliance: A dual citizen should be aware of the rights associated with both citizenship, including tax obligation, military service, and any other social requirements.
  • Seek professional advice: Mirabello Consultancy is a Swiss-based company specializing in residence and citizenship by investment solutions. We offer citizenship by investment programs that make it easier for foreigners to gain residency and citizenship in select countries around the world. Mirabello Consultancy has a great understanding of major global immigration trends. Mirabello Consultancy is a good source to start out when exploring a dual citizenship option. You can contact them for a free initial consultation.

Easiest Countries Suggesting Dual Citizenship

Almost half of the total countries in the world allow dual citizenship, but some of them have their own conditions under which a person can hold dual citizenship. While Armenia offers a short timeframe to qualify as a citizen, Italy gives huge citizenship options to those whose ancestors were born in Italy. One can get citizenship in the Caribbean island of St. Lucia through an inexpensive investment. It is worth mentioning that St. Lucia is a Commonwealth country, which means its citizens also have privileges in the UK. Antigua is an appealing destination for those seeking dual citizenship. It only requires three years of living in the country and having $5000 in the bank account. Other countries with relaxed policies regarding dual citizenship include Latvia, Malta, Panama, and more. So, these countries are highlighted for their relatively straightforward processes and favorable conditions for obtaining dual citizenship.

Conclusion

In summary, dual citizenship offers numerous benefits, but it’s important to consider some nuances carefully. Throughout this article, we have explored the concept of dual nationality and its benefits, including hassle-free travel, employment opportunities, and personal freedom. We have also talked about the potential drawbacks of dual citizenship. 

Ultimately, whether dual citizenship is the right choice depends on every person’s unique circumstances and priorities. By carefully considering all the benefits and drawbacks, people can make well-thought-out decisions about obtaining dual citizenship and opening up the opportunities it provides in our modern world. 

FAQ

  • Is it hard to get dual citizenship?

The ease or difficulty of obtaining dual citizenship greatly varies depending on the two countries and circumstances. For example, Italy and Dominica are known for their relatively straightforward policies. Nevertheless, there are several factors that can be obstacles in the process, including a prolonged residence in one country, which can raise concerns. 

  • If you marry someone with dual citizenship, do you get dual citizenship?

If you marry someone with dual citizenship, it doesn’t mean you’ll gain dual citizenship in most cases. The policies and requirements are different in any country. Marriage to a citizen is an easy pathway to obtaining residency, but acquiring citizenship requires time.

  • Do dual citizens have to pay taxes in both countries?

Dual citizenship may impose double taxation for individuals holding citizenship in two countries. U.S. citizens who hold citizenship and live in another country are still required to file taxes in the U.S. However, some countries have tax treaties to eliminate citizens’ tax liability. 

  • Can Americans have dual citizenship?

Yes, Americans are allowed to hold dual citizenship, which means they can obtain citizenship in a second country without renouncing their original citizenship. There are 62 countries that the U.S. allows to have dual citizenship with.

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