“Multiple citizenships are like credit cards, each one in the wallet for different uses. Whether the need is a dual citizenship or change of citizenship to ensure optimum taxation, avoiding conflicts or just a quieter lifestyle, there is a solution for all situations”
From the turn of the 20th century, the world has witnessed more and more countries becoming lenient to dual citizenship or citizenship of multiple countries. Ever decreasing travel distances and the rapidness with which individuals and organizations make global footprints have also contributed to the ease and freedom of being a citizen of the world.
Dual or Multiple Citizenship offer multiple benefits with tax savings and being able to hold multiple passports being prime.
Second citizenship increases the Degree of your Freedom multifold. You can protect your wealth and assets in more tax efficient country and avoid forced enforcement of tax laws on your hard earned wealth. Many countries tax you on worldwide income while others don’t as long as it is not related to that particular country.
You get the freedom to travel and take up business and investment opportunities; which might not be possible with just the parent citizenship. In times of internal strife or economic non-viability one can just pack up and leave to the more lucrative country; with the second citizenship.
Citizenship can broadly be achieved by two ways
Citizenship through Naturalization
Citizenship by Naturalization is time consuming but works out cost effective. It can be obtained by one or combination of the following ways in varying degrees adherence; staying the country for a period of time, being fluent in the language; serving the military and more.
Citizenship by an economic investment is the fastest way to become a citizen. This however is not the cheapest and is meant for Ultra HNIs and HNIs (High Net Worth). This way you essentially buy the second citizenship. Many countries have specialized economic or investment based citizenship programs. You either invest in real estate or certain funds prescribed by the local government.
Dual citizens enjoy benefits, such as the ability to live and work freely in two countries, own property in both, and travel between the countries with ease. There are drawbacks, however, including the potential for double taxation, the long and expensive process for obtaining dual citizenship, and the fact that you become bound by the laws of two nations; making it critical that you are aware of facts and laws. You have multiple choices for at your disposal in terms selection of the second nationality, for example, in Greece, Cyprus, Malta, St. Kitts and Nevis, Dominican republic, Portugal, Spain, Seychelles, Mauritius, Dominica and St. Kitts/Nevis. Be sure to consult with experts, including tax accountants and experienced citizenship lawyers.
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Click to read: Malta Citizenship by Investment Program