Investing in Second Citizenship: the Advantages and Disadvantages of Dual Passport

SPONSORED POST

A dual citizen is a person who has rights and duties in two countries simultaneously. It’s a complex process that permits citizens to obtain legal rights in two countries. One of the popular ways of becoming a dual citizen nowadays is through Citizenship by Investment programs. These programs allow citizens to invest a certain amount in national funds, real estate, government bonds, or enterprise projects and obtain a second passport.

The benefits of a second passport will depend on the country where the passport is issued. For instance, the Caribbean countries allow their citizens to travel to more than a hundred countries worldwide, including Hong Kong, Singapore, the UK, China, Ireland, and Russia.

The Maltese passport dual citizens can freely visit 185 countries, work, and live in the European Union. However, having a second passport comes with a set of implications and disadvantages. For example, Russians who have dual citizenship are not allowed to work in state-related positions.

This brief guide will discuss the advantages and disadvantages of owning a second passport and which countries are best for investing.

Dual Citizenship Brief

Dual citizenship happens automatically in certain situations, like if the person was born in a particular country or citizenship by naturalization, descendants, etc. The child will inherit citizenship from the parents if they are foreign diplomats, even if they were born in another country.

This works vice versa as well; if a child of US citizens is born in another country, that child will get US citizenship and citizenship in the country in which they were born.

Dual citizenship is also achieved through naturalization. In this case, a person is granted a legal status of a itizen from a foreign country, after meeting the requirements from the government and the immigration department.
To learn more about the citizenship application process, consult a legal entity such as NTL Trust, and inform yourself about the rights and privileges in each country. Feel free to check their website https://www.ntltrust.com/ and book a session.

Image: Copyright: Geralt on Pixabay I License: CC0 Public Domain

The Advantages

The advantages of owning a second passport are:

Diplomatic Protection

People with two passports can enjoy patronage and protection in both countries in case of civil unrest or political or economic instability. If the individual is in a different country, then the protection will be provided by one of the two countries in which they are a citizen.

For instance, Tajikistan and Russia have an agreement that if a citizen from either of the countries ends up in prison in the USA, they can seek help from both of the consulates in the country. Also, if a Russian citizen has dual French citizenship and has problems with Russia, they will not be able to ask for help from France.

Own a Second Passport

Owning a second passport is a privilege and benefit since not all countries allow their citizens to obtain dual citizenship. And as a dual citizen, you can carry both passports when crossing borders. For instance, you might be a citizen of the USA and Canada. You can easily travel between these two countries with no visa or questions about the purpose of your trip.

Work and Travel Freely

One of the major benefits for dual citizens is the right to work and travel freely. Since most countries with CBI programs allowing foreign investors to obtain dual citizenship have visa-free access to more than a hundred countries, it’s a great way to increase mobility. Dual citizens can take advantage of the many employment opportunities and work abroad.

Image: Copyright: Stux on Pixabay I License: CC0 Public Domain

Access to Better Social Services

Dual citizens will enjoy the rights and benefits of both countries they are citizens. For example, the individual might need medical treatment or a procedure unavailable in their country of birth. Thus, they can travel abroad and get the necessary treatment.

The same applies to the education system. The children of dual citizens can get better quality education in a foreign country and enjoy the privileges of better social, economic, and personal prospects.

The Disadvantages

Owning a second passport comes with a couple of disadvantages as well. Let’s check them out:

Double Taxes

Most countries that enable their citizens to obtain a second passport have a double taxation system. This system requires individuals to pay taxes in both countries.

For example, if you live in the USA and have a second citizenship, you might owe taxes to both countries, not only to the government where the income is earned.

More Obligations

As a dual citizen, you are bound to obey the rules in both countries, whether that means to go in mandatory military service or engaging in a war.

Apply

The bottom line is you’ll enjoy more benefits with dual citizenship and gain greater freedom of mobility. So, if you’ve been considering a second passport, start the application process asap!

Investing in Second Citizenship: the Advantages and Disadvantages of Dual Passport

Dual Citizenship Brief