The World may be getting smaller thanks to advances in telecommunication and easy travel opportunities yet it is still large in scale and geopolitical risks around the globe concern many people. The political, geographical and legal aspects of certain countries impact its citizens lives immensely. If any of these have a negative impact on them, there is an option for those who are affected: Dual Citizenship.
There are many benefits of having two passports which can be obtained easily with citizenship by investment programs and many other ways. The seconds citizenship programs start at $150,000 and you can obtain a second passport in 2-6 months. The process of citizenship application may be a little complicated but with the help of immigration lawyers and immigration experts you can run this process smoothly. In the end, the advantages are beyond comparison and they are worth the time and the effort.
One of the most important advantages of dual citizenship is the opportunity of avoiding political instability in a country which may result in economic fragility and a potential threat to the assets. Dual citizens will have the benefits and privileges offered by both of the countries. They will have access to two social service systems, right to vote and work in both of the places and they will attend school in either country at the citizen tuition rate. People with dual citizenship are allowed to carry passports from both countries and thanks to this opportunity, they will travel more easily between them. This eliminates the need for long stay visas and other formalities. It also guaranties the right of entry to both countries. Another very important benefit of dual citizenship is the ability to own property in either country. Some countries restrict land ownership to citizens only, and as a dual citizen, one would be able to purchase property in both countries. A citizen of Portugal for example, is able to travel to, and to settle in, almost any member nations of the European Union.
Many countries with citizenship by investment programs aim to attract high net worth individuals (HNWI). They are aware of the fact that these wealthy investors and entrepreneurs will bring a great amount of capital to the country. Most countries, therefore, offers such benefits as business tax incentives and no wealth, inheritance, capital gains or gift taxes. Many countries have “elimination of double taxation treaties” and thus a dual citizen doesn’t have to pay taxes twice in two countries of citizenship. Immigrant investors who make their moves wisely can benefit from these programs and thus retain more of their wealth more easily. HNWIs want to grow their assets through wise investments and entrepreneurial activities, and to enjoy the life to the full by becoming a global citizen. In addition to these, people with dual citizenship will have the self-satisfaction of learning about the history of both countries and a new language and way of living.