A person with dual citizenship is a citizen of two countries at the same time.
Second citizenship is a necessary thing to protect yourself in a changing world. But in 2022, more people realize why they need dual citizenship. Having multiple citizenships has a number of benefits like travel privileges, accessibility to multiple countries, financial freedom, regulatory freedom, personal freedom, and most importantly a plan B in case of any emergency like COVID-19 had us in.
There are other advantages like the ability to live and work in any of the two countries, own properties and businesses in both countries, and ease of travel.
However, applying for dual citizenship is a complicated process. You will need assistance from immigration lawyers or an immigration agency, who will then let you choose from several methods you can use to get dual citizenship.
An example of such an agency is Global Residence Index. This agency helps wealthy individuals, entrepreneurs and their families worldwide (mainly in the US) obtain new citizenship and passport by making a qualifying investment in one of the countries they work with.
The countries offering citizenship by investment are mainly in the Caribbean, but you can also find a few options in Europe. Agencies like Global Residence Index provide advisory to clients and function as the liaison between clients and local agents on the ground in the respective countries that offer citizenship by investment.
“Since the covid19 pandemic started, we have seen a 510% increase in the number of Americans applicants for citizenship in the Caribbean when compared to the years pre-pandemic”, says Mark Damsgaard from Global Residence Index.
Reasons to have dual citizenship
1. Travel Opportunities:
With citizenship of a second country, you will not require a visa or permit to travel to that country. Traveling between the two countries will be easier and faster and also, you will be able to stay there for as long as you want to.
Furthermore, many of the citizenships that can be obtained through investment offer many travel benefits as many of them have visa-free treaties with over 150 countries. With a new passport obtained through citizenship by investment, the holders can get visa-free access to new countries that they otherwise would not have access to.
Having second citizenship means having a place B to go to if for any reason you cannot access your own country. For example, many people faced a lot of difficulties while accessing different countries when the pandemic started. For some, accessing their home country during the pandemic and after was very difficult.
People with dual citizenship had a place B or a backup country to go to when they weren’t able to access their own country. Imagine having a second country to get into if your country won’t let you in because of some restrictions.
3. Social Services:
As a dual citizen, you will be able to benefit from the privileges both countries offer. For example, you might need to go to a second country for emergency treatment, in that case, having dual citizenship will allow you to do that a lot faster than not having citizenship there.
Even if it might not be that urgent, yet you will have access to medical treatments that your country might not offer but the second country does. Having second citizenship will also allow you or your children to benefit from the educational institutions of the second country at the same price as the domestic students.
This allows you to access top schools in the world for your children to study in and succeed in life.
4. Property Ownership and Investment Diversification
As for businessmen and entrepreneurs, they want to invest in multiple domestic and commercial properties to generate passive income or to just reduce the losses due to inflation. Having dual citizenship allows you to buy properties in both countries. Some countries might give you a better return on your investments, but having citizenship will allow you to invest relatively easier.
Some countries restrict foreigners from owning land or building in their country. And if you plan to travel to that second country frequently, owning property there or having an income from a property in that country will always be helpful to you economically.
5. Domestic Well-being:
Having second citizenship can be a getaway to life in a country with better air quality and natural beauty. Many countries have higher air quality, less pollution, and diverse ecosystem, far from the busiest cities in the world.
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