What is dual citizenship? Can I acquire it? What are the advantages? In this detailed article, we cover everything you need to know about becoming a dual citizen.
What’s dual citizenship and why does it matter?
Second citizenship refers to the citizenship status of a person that is legally recognized as a citizen of two or more different countries. This arises as some countries have different criteria for citizenship, meaning it is possible to be a citizen of more than one country at once. However, some countries do not permit more than one citizenship and require those seeking legal recognition in a new country to alter their citizenship status and renounce their citizenship from their country of origin.
In some instances, this renunciation of citizenship isn’t even offered. This may occur if, for example, the person seeking a citizenship change does not possess a foreign passport, meaning that their citizenship renunciation request may be prohibited.
Who can request dual citizenship?
It is recognized in many countries and providing that it is recognized by the country you are living in, it can be requested.
There are, however, a number of countries that do not recognize this citizenship status meaning this is not always a possible citizenship option for individuals to request.
What if double citizenship is not permitted?
Cases where being a dual citizen of two countries is not permitted usually results in either a renunciation of citizenship of one’s country of origin or with the original citizenship status being kept due to legal reasons.
What are the advantages of having more than one citizenship?
There are many benefits to holding dual citizenship, with citizens receiving the benefits and privileges that each country has to offer. Dual citizens also have the right to vote in both countries they have citizenship in as well as having the benefit of being able to access both the country’s social security systems.
Work and live in different countries
Dual citizens importantly have the right to work in either country, they have citizenship without the requirement for a permit or visa, as well as being able to attend schools or educational institutions at a home student tuition rate.
No need to apply for visas
There is also the advantage of being able to carry passports for both countries, meaning that applying for long-stay visas isn’t necessary.
Owning real estate and tax income
Being a dual citizen allows you to own a property in either country. Some countries restrict land ownership exclusively to legally recognized citizens, therefore, acquiring a second passport has the advantage of being able to possess property in more than one country.
There are also financial benefits of being a dual citizen, as some countries only tax income earned from that country, making this form of citizenship particularly attractive to investors wanting to manage their finances and wealth efficiently.
How to become a dual citizen by citizenship by investment?
How to get dual citizenship depends on your nationality of origin. Generally, though, there are countries that offer a second passport by investment, where citizenship is granted to the investor and his/her family.
Dominica citizenship
One such country is Dominica, offering citizenship in exchange for a qualifying investment. Individuals who meet the program criteria are offered a second passport in four short months, with no visit to the country required. Investments start from $100,000.
For more information, read our Dominica Citizenship by Investment guide here.
Vanuatu citizenship
Similarly, Vanuatu has a second passport program that also offers seconnd citizenship. The donation amount for a single applicant is $130,000 + fees and $150,000 + fees for a couple. No visit is required to obtain a passport. To top it off, Vanuatu has no income tax, wealth tax, capital gains, or inheritance tax.
Take a look at our Vanuatu citizenship by investment guide for more information.
Portuguese citizenship
Portugal allows second citizenship with most countries, so you won’t have to give up your original nationality most likely. Portugal’s citizenship by naturalization is a popular way to acquire Portuguese citizenship. Usually, applicants tend to first apply for Portugal’s Golden Visa program, which welcomes investors to invest in the nation from a number of options, and in turn, get legal residency in the country. Five years of retaining your golden visa investment can mean you get rewarded with citizenship.
For more information, read our Golden Visa Portugal Ultimate Guide here.
Is having another citizenship worth it?
Second passport programs offer an extremely broad range of benefits for investors, for example, business and financial advantages such as tax optimization and robust family security.
Investing money to achieve dual citizenship offers numerous advantages that can significantly and positively impact all areas of an investors life. Whether it is financially or personally, dual citizenship offers the opportunity for new beginnings; to expand both business and personal connections within a short time span, with applications to countries such as Dominica and Vanuatu being processed in less than one year.
Where to find help with your passport by investment application?
Although the process of acquiring another citizenship may at first seem rather daunting, there is plenty of assistance available when pursuing an application. We can help you with that. Alternatively, you can also take a look at official government sites for more information, like Portugal’s border agency SEF, or Dominica’s Citizenship by Investment Unit.
