October 11, 2023
Talk of the town; dual citizenship!
With the ongoing economic crisis in the world, more people are focusing on travel and dual citizenship. Dual citizenship has become the new trend, it has become the new vacation and while it may have several benefits, it also has its challenges and complications. Many countries are opening up their borders to immigrants from different parts of the world to help with their economy, and to also increase economic opportunities for foreign nationals. All those who are lucky enough and have the adequate resources are seizing the opportunity to increase global mobility. Global mobility refers to transferring businesses overseas or making investments in a country other than one’s home country. Several countries have carefully curated programs for foreign nationals in order to provide them with more and more opportunities in a world full of business advantages. Different programs have different requirements but once those requirements are fulfilled, the advantages that come with it are almost endless. It is up to you, to avail these once in a lifetime opportunities because everything comes with a time limit, and that also applies to dual citizenship programs.
This article will provide you with an in-depth view of the dual citizenship world after which you can weigh the advantages and the disadvantages.
The Rise of Dual Citizenship in a Globalized World
The dual citizenship program has become more advantageous for all those looking forward to expanding their businesses offshores or making offshore investments. Governments are making sure that they provide these people with a reward for their generous compensation in the host countries which brings in the residency and citizenship by investment program. The residency and citizenship by investment program is another clause of the dual citizenship program. The questions that arise most commonly are; why should I invest in the dual citizenship program? What are the benefits of the dual citizenship program? The dual citizenship program will, as the name already suggests, provide you with two citizenships; one of the country you are already residing in and second would be the host country’s citizenship. This program is specifically designed in a way that it opens several doors to the rest of the world. Countries like Saint Lucia, St. Kitts and Nevis, Portugal, UAE, Antigua and Barbuda, Canada and USA are providing investors with the opportunity to expand into the world, to see the world as their adventure land where they can discover and explore options by attaining open visas of other European and Asian countries. This program does not only provide tangible benefits but even focuses on intangible aspects of the applicant such as personal growth, expansion in knowledge, openness of the human mind, and the will to explore and experiment with the countless options that will be provided to them. It is crucial to understand that dual citizenship was not always an option for many. For so many years, citizens were against the idea of dual citizenship due to legal and cultural reasons but as the years progressed so did the minds of people, so did the governments. Governments all over the world are adopting liberal policies and focusing more on welcoming citizens of other countries by providing them with several nationalities with added advantages. Though different from a citizen, one must understand that a national is a person who already owes allegiance to a permanent country of residence. A national is not a citizen of the country that he/she is applying in, however, the government of the host country makes sure to protect the rights of the foreign national the same as those of the pre-existing citizens. All in all, a national enjoys the privileges of two countries; their rights are protected, they have the opportunity to travel to other countries, they have the opportunity to learn and embrace several cultures while upholding their roots. The idea of dual citizenship was initially opposed by natives because they did not want their country to weaken or their cultural values to become contaminated or mixed with other cultures. And the fear of losing native opportunities also overruled the idea of inviting in new people.
The Flexibility of Dual Citizenship and Host Governments
However, over the years, as already mentioned before, all of that has changed and people are becoming more open. This is what dual citizenship brings forth; it brings in new ideas, it brings in new opportunities and expansion in opportunities, it also is a learning experience for all parties involved. This program has made the world a smaller place. In other words, the world has become a global village which means that it has become more concise and people can pick and choose whatever option is best suited to them. It gives individuals several doors to open, all these doors are a gateway to making their dreams turn into real life fantasies and opportunities. There are several ways to become a dual citizen or acquire dual citizenship but the primary focus of this article is obtaining dual citizenship through the residency and citizenship by investment program or through business immigration. Business immigration is mainly thought to only be limited to the individuals applying or the sole applicant but there are several benefits for the applicant’s families also, it is full of benefits for their business ventures. Whether it’s a start-up business or an already well-established business; there are lucrative advantages that should be availed by all those who have the resources. Dual citizenship laws have become flexible all over the world and applicants will be able to enjoy several welfare programs of the host country. How exciting would it be to be able to hold two passports in your possession? Both passports offer their fair share of outstanding opportunities for all those seeking to reap the seeds that they sow. Of course where there are so many benefits, there are also several requirements, there are complications but one must not be afraid of those complications nor find them daunting. The means are what define the ends, and sometimes there can be hardships but at the end of the day; the end result will definitely be worth it. The article will further highlight the advantages of acquiring dual citizenship and then also tap into residency and citizenship by investment.
Why Should I Apply for Dual Citizenship?
The worldwide dual citizenship program helps individuals expand their horizons and dive into a world of benefits and opportunities that they have never thought of before. These benefits can be availed by the applicant and by the applicant’s families, who wouldn’t be tempted by such a great offer?
- Political Rights
After careful and thorough research, it was noted that dual citizenship provides the applicants with the same benefits as it does to the natives of the host country. No matter where you apply, the government will make sure that your rights are protected especially when it comes to democracy. With the majority of countries practising and following a democratic regime, governments make sure that once foreign nationals obtain citizenship in the host country; they will be given the right to vote just the same as the natives of that country. Political rights of every individual will be protected, they will be able to vote for whichever political figure they desire and will further be able to make political donations to the party that they support.
- Work and Travel
Work and travel becomes more efficient especially for those who are seeking to avail residency and citizenship by investment program. These programs specifically allow business persons the openness and the privilege to travel to different parts of the world to conduct business which means that acquiring a work permit is made all the more easy for them. Foreign nationals can conduct and expand business in their country of permanent residence as well as the country that they are applying for; they have the double-door benefit which will allow them to move back and forth. Foreign nationals don’t require a visa, unlike citizens, to travel back to the country of their permanent residence which is the country that they came from. Work and travel becomes easier, it opens even more opportunities and allows them to avail several business options. The citizenship by investment program specifically requires individuals to make a certain amount of investment in the host country after which the government of the host country makes sure that the individual is repaid or provided with the reward of almost an immediate work permit in the host country. These programs are now highly encouraged for anyone who wants to take their business another step ahead and improve it.
- Social Services
Dual citizens also secure social services in both the countries; the host country and the country of permanent residency. Social services include social privileges like medical advantages and educational opportunities. Dual citizens can avail medical treatments that are not provided in their country but are available in the host country. They can also obtain equal educational opportunities in the country that they have applied for. Dual citizens can work, live and study in the host country. They may also be able to apply in prestigious schools and universities of the host country.
- Two Passports
The first and foremost advantage is that you will be able to acquire two passports! Two passports automatically grant the individual to travel between both countries without being questioned during the customs process regarding their purpose of visit. Dual passports allow the individual to travel back and forth, giving them the opportunity to avail the benefit of visa-on-arrival to any other country outside of the ones included in the dual citizenship. The business immigration program is even more lenient in that regard, the businessperson can take several business trips to conduct business in other countries that grant visa-on-arrival or free-visa travel. Business immigration programs provided by countries such as Antigua and Barbuda, Saint Lucia, St. Kitts and Nevis, allow individuals to travel visa-free or acquire visa-on-arrival to businesspersons travelling to countries that are sponsored by the host countries.
- Property Ownership
The biggest and most prominent advantage of residency and citizenship by investment or business immigration programs includes ownership of property. Individuals who are investing in the host country or shifting their business to the host country are allowed to claim ownership of property or the government-approved program that they may be investing in. Governments allow individuals to own property after completing all the legal documentation and as a legal citizen of two countries; an individual can claim ownership of property. If the individual is travelling frequently between two countries, this is a privilege that can be exclusively advantageous as it will prove to be more economical for the individual travelling back and forth.
- Cultural Education
As a dual citizen, the individual will be able to reap the benefits of acquiring cultural knowledge of different countries and will be more open to embracing various cultures. They can also promote their culture which will improve the country’s image as well as educate or clarify any misconceptions that the host country might have of that particular individual’s culture. As a dual citizen, the individual will be able to learn two or more languages, and experience a unique way of life.
Opportunities For You and Your Family
The advantages of dual citizenship are quite tempting and who wouldn’t want to avail the amazing opportunities that the program provides? But while they do seem very dream-like, one must also not lose sight of the downsides or rather the limitations that come with it. However, these limitations are not that daunting and they can easily be overcome through dedication and steadfastness. The dual citizenship program opens several doors, it opens options and pushes individuals to be open-minded towards the options that are being provided to them, and carefully make a decision regarding the country they wish to choose. Dual citizenship helps a person grow individually and promotes learning and acquiring new experiences that will promote a healthy mind. Dual citizenship has a lot more to it than meets the eye, it has more depth to it than one might understand and if the opportunity is utilised effectively then one can reap the full benefits of it.
Challenges and Concerns of Dual Citizenship
With the upsides, there are also some downsides of maintaining a dual citizenship. But these complications are no reason to keep you from applying for a dual citizenship as it will help in the long-run. It is, upon us, to keep an open mind and take the negatives as well as positives into consideration when taking a step towards applying for residency and citizenship by investment.
- Dual Obligations
With dual advantages, there are also dual obligations that an individual has to fulfil in order to maintain both citizenships. You can’t leave one and cater to the other or expect one to maintain itself on its own. Therefore, one must try to learn to keep a balance between the two in order to carry both forward. However, as a dual citizen, an individual is bound by laws of both the countries; where one might be lenient, the other might be strict. Where one might provide several privileges, the other might restrict those privileges as different governments incorporate different laws for their people as well as foreign nationals. When this happens, it is the applicant’s duty to thoroughly research, study and understand the laws that apply in the host country and what one can do to maintain those laws in order to protect their dual citizenship. Should the individual do anything to jeopardise those restrictions and fail to abide by the host country’s laws may lead to revocation of citizenship.
- Double Taxation
Applying for a dual citizenship means you become another country’s national which means that you have to pay taxes and any additional fee the government may charge from you. This clearly means that there will be a double taxation since an individual is upholding two citizenships at a time. The tax will vary accordingly, depending on the country that a particular individual is applying for; in some places it will be low and in others it might be high. An individual may also find the tax to be higher in the host country than their country of origin or may find the tax to be lower in the host country than the country of origin. All in all, the burden of taxation will be doubled with dual citizenship.
However, more often than not, two countries happen to have such treaties that exempt individuals from income tax which reduces the burden of dual taxation. An example of this is the treaty between New Zealand and USA overrides the income tax laws of both countries which further takes away the burden of dual taxation. As mentioned, the taxation varies from country to country so one must research through the treaties or any economic compensations in order to make sure that they handle expenses accordingly and efficiently.
- Barriers to Some Form of Employment
Though this is not applicable to any individual applying through business immigration or residency and citizenship by investment program; to anyone applying for a dual citizenship program would have to consider this option as well. It must not be considered as a hindrance but one must keep in mind that employment options in a host country are limited to foreign nationals unless they are investing in a business or starting a new business or expanding a pre-existing business. A country will always put its citizens first and yet it is also aiming to provide countless other opportunities in several areas. However, one must keep in mind that employment opportunities in another country may be limited especially if an individual is wishing to apply in governmental jobs. The host country’s government will need to access and verify information that might even be classified.
The Prevalence of Dual Citizenship
As of 2019, the world has seen a drastic increase in the dual citizenship index. As of 1960, which was also known as the post-war period or the Cold War period, many countries refused dual citizenship. Countries were in a vulnerable position economically and security wise, and dual citizenship seemed very risky. All of that has changed overtime and many countries and governments are now moving towards democracy which also means that they are allowing people from all over the world. Governments are providing several opportunities and reassurance in several ways to safeguard the rights of foreign nationals. Dual citizenship is reaching an all-time high and gaining popularity. Many individuals are not only availing these benefits for themselves but they are also looking forward to securing a future for their loved ones.
Challenges and complications will be found everywhere but they are all worth it in the end, provided that the benefits and opportunities will definitely trump any temporary hindrances. Temporary hindrances can also be avoided if one strengthens their research about the host country and solidifies their facts. One can’t rely on the information that was issued three years ago because with changing government structures or regimes, the requirements also change accordingly. And one must also take into account the global economic state, this has a very substantial impact on how governments phrase their policies for pre-existing foreign nations and new foreign nationals. Dual citizenship has several benefits, and while anyone can and wishes to should take full advantage of these benefits and utilise them effectively. If you have the resources or the financial means then you should definitely consider the option of investing in an offshore business through the residence and citizenship by investment program. This will help in flourishing your business and secure your financial means.
Investing in another country will benefit you and the host country. This is a door to opportunities and to unlimited options, to new adventures and experiences that are often crucial in one’s lifetime. These experiences also promote creativity as well as a critical insight of the world. There is a lot more to the world than what we are taught in schools or the life that we view in our homes. While not everyone may have the privilege or resources; those who do should use them in a productive manner and expand their personal growth.