There was a time when people only dreamt of traveling the world, and very few fortunate ones were able to fulfill this dream. But technology is evolving, and so is everything around us. Who knew traveling to different countries would require this little effort?
Not that little effort, though. Global citizenship, or, say, dual citizenship, comes with a lot of perks and benefits, but it does require you to do a lot of research and brainstorming before you finally come to a conclusion about which country you really want to invest in.
Even with a lot of dedication, it is practically impossible for you to do that level of research as much as it is for me, but we’ve got the Global Residence Index on our side. It has almost everything that you might need to know while investing in the country.
So, now that the research part has been taken care of, we should move forward with why, in the first place, we should opt for dual citizenship and what the various perks and benefits of the same are.
Dual citizenship and its advantages
Dual citizenship simply means that the individual has citizenship rights to more than one country, and it extends beyond his home country. It is when a person enjoys all the legal rights of the citizen of his home country as well as the other country he is a citizen of.
Dual citizenship comes with many benefits, some of which are listed below:
Enhanced travel freedom
One of the most significant advantages of having dual citizenship is unrestricted travel to various countries. Most dual citizenship offers not only citizenship to the second country but also provides visa-free travel or visa-on-arrival access to various other countries.
Second, citizenship offers new doors of opportunities for your business. Expanding your business in the global market, meeting new people, and presenting yourself to a completely new set of customers are some of the perks that businessmen get.
Cultural and educational access
Now, education is a very important part of ones life, but not all countries promise quality education. Dual citizenship helps individuals and their families pursue quality education. Also, it helps your children to get immersed in different cultures throughout the globe.
Well, things are pretty unpredictable after COVID, and the pandemic has taught us to “better be safe than sorry.” So, in times of crisis, be it a pandemic or political instability, a second citizenship is of utmost importance and serves as a safe second home for you and your loved ones.
Acquiring Dual Citizenship
Indeed, it takes a lot of time, effort, research, and everything else to acquire citizenship in another country. Below are some common grounds on which you can acquire citizenship in most countries:
There are countries like Italy that offer citizenship by descent. For instance, if either of your parents or grandparents or even great-grandparents were citizens of that country, you might be eligible for the citizenship program. However, there might be other terms and conditions as well.
By naturalization, it means that you have stayed in that country for a specified period. For example, Canada requires you to stay in the country for at least three years to apply for citizenship.
Some countries like St.Kitts and Nevis offer citizenship by investment programs to apply for citizenship. It means that you will have to make a substantial contribution to the host country to acquire citizenship.
In countries like Spain or Turkey, if you marry a Turkish or Spanish citizen, you will be eligible to apply for citizenship in that country. Of course, it’s not as simple as it seems; there are other terms and conditions involved.
Legal Considerations and Responsibilities
Since everything is not as easy as it looks and has its own share of legal considerations and responsibilities, let us discuss some of the challenges you might have to face while applying for second citizenship in another country.
There are countries that impose no income or inheritance tax, while there are countries that impose tax on the income you’ve earned globally. So, you might need to dig a little deep if you are looking forward to saving some money.
Being a citizen of two countries will require you to abide by and be aware of the different laws and regulations of both countries, which can be a bit burdensome sometimes.
Some countries have mandatory military service for citizens. This means that the individual will be required to serve in the armed and military forces of the said country for a certain period.
The world is a huge place, welcoming you with open arms. There are countries that will let you in just because you married one of their citizens, while some countries will require you to pay your lifetime savings to be a part of them. However, neither of them will be as easy or as tough as it seems.
With the right tools and guidance, everything will fall into place, and you will have a lovely second home, maybe somewhere near the beach or perhaps in the middle of the city where you’ve always wanted to be.
In the end, your choices are what lead you to your destination. Also, remember that citizenship laws are subject to change and might not be the same after a few years. So, make sure that you reach out and seek help from the right people.
Meta Description: Wondering what the perks of dual citizenship are? Here’s a guide to let you know the basic perks and limitations of dual citizenship.