Mobility matters in the modern world. An increasing number of people look for opportunities to move to a foreign country. They hope to find better employment or business opportunities there and improve the quality of their lives. They don’t want to lose ties with their home country, however. After all, the country of your birth is dear to you. This is where the question of dual citizenship arises.
It is possible to be a citizen of more than one country and a person holding two passports at a time is called a bipatride. Below we discuss the main advantages and disadvantages associated with having two (or more) passports.
Dual citizenship: practical and legal aspects
What does it mean to have dual citizenship? It means being a citizen of two countries at a time. This can bring you a number of benefits such as more freedom of movement, better educational opportunities, and wider business prospects. Besides, if the political/ economic situation worsens in one of the countries, you can always resort to the other one. This factor is especially relevant in the modern world that is full of conflicts.
However, before you start looking for a second passport, you have to take various aspects into consideration. You have to realize that each country has its own regulations concerning dual citizenship. Some countries disallow it. For instance, you would have to renounce your present citizenship if you wanted to become a citizen of Singapore (which you can do if you are rich).
Fiscal issues are also important. Some countries tax their citizens’ global incomes. This means that you might be taxed in two countries at a time if you hold two passports.
In addition, you might face certain restrictions if you are a bipatride. In some countries, for example, people who have dual citizenship cannot hold public office. In some other countries, they have limited voting rights.
In any case, however, the advantages outweigh the disadvantages of having a second passport. Acquiring second citizenship is a worthwhile endeavor from the psychological point of view. You are going to feel much safer and much freer if you have more than one passport.
How can you acquire dual citizenship?
Some people are born with dual citizenship. This happens if they are born in a foreign country that applies jus soli (the right of soil) and grants citizenship to anyone born on its territory. Thus, the child has two nationalities from the day of its birth: the nationality of its parents’ country and the nationality of the country of its birth.
Dual citizenship can also be acquired by naturalization. If you live in a foreign country for several years on legal grounds, you can eventually become a naturalized citizen of that country. This is a slow process, however. Some countries grant citizenship by naturalization after only 3 years (Uruguay, for example) while others do it after 30 years (Monaco). Besides, you will always have to prove that the foreign country has become your home country if you are to qualify for citizenship by naturalization. You will have to show that you have established strong ties with it.
Besides, you can acquire dual citizenship if you marry a foreign person. Clearly, you cannot make yourself fall in love with a foreigner and fictitious marriage is a crime. If you sign a fictitious marriage contract and you are found out, you will be fined, deported from the country or even sent to jail.
You can also acquire citizenship of a foreign country by descent. Study your genealogical tree and find out if any of your ancestors were citizens of a foreign country. If this is the case, you can apply for citizenship of that country by descent. This would be the least expensive and least troublesome way of obtaining dual citizenship even though the application process can take time. Besides, you will have to supply conclusive evidence that one of your ancestors was a citizen of the foreign country that you are contacting. This can be hard because old documents can be lost. Please also note that not all national states grant citizenship by descent.
Finally, you can become a citizen of a foreign country by investment. Some countries literally ‘sell’ their citizenship to wealthy foreigners in an attempt to make some extra money. The obvious downside of this option is that you have to pay for second citizenship. If you make a donation (which you can do to become a citizen of a Caribbean country, for instance), you will thus say goodbye to a few hundred thousand dollars. On the other hand, most countries ‘selling’ their passports to foreigners also allow making returnable investments. In most cases, investments have to be made in real property that can be resold after a few years. In rare cases, however, you can invest in a business venture to qualify for citizenship of a foreign country. If you are an avid business person, you can make an investment in a foreign country, return it with a profit, and walk away with a second passport! Isn’t that a fantastic opportunity?
Advantages of having dual citizenship
Having two passports gives several weighty advantages and this is why the number of people with dual citizenship has been rapidly growing in recent years. Some people even acquire three or more passports!
You can travel between the two countries whose passports you hold with easy. Moreover, you will be going home whichever way you go! Use your first passport to enter the country of your birth and use your second passport to enter the country whose citizenship you have acquired by investment, for example. Welcome home and welcome home again!
Besides, it may well be the case that your second passport will increase the number of visa-free destinations available to you. Let us give you an example. Americans and Europeans have to apply for visas to enter China. Citizens of Grenada in the Caribbean can stay in China for 30 days without visas. Now, Grenada ‘sells’ its passports. Do you see what we are driving at?
Another important advantage that dual citizenship brings is enhanced business and banking opportunities. Banks in particular have become highly demanding recently: they do not welcome foreign customers from some countries. It may well be the case that you will be able to open a foreign bank account using your second passport rather than your first one. You can, why not?
Finally, dual citizenship will give you access to two social security systems at a time. The country of your second citizenship may well offer certain benefits that are not available in your home country. All in all, acquiring second citizenship is an idea that is worth contemplating.
The post Dual Citizenship: Pros and Cons appeared first on NetworthExposed.