There are various benefits and advantages associated with dual citizenship. More people are experiencing an increase in their wealth portfolio as a result of their investments, business interests or inheritance. Investors are increasingly seeking opportunities away from their home country to grow their wealth and access markets with a higher potential than their country of origin. Various studies show that every year a large number of individuals and families migrate from their birth country and obtain dual citizenship. The reasons for seeking dual citizenship vary from one individual to another but the below is a list of main benefits of dual citizenship.
Security and mitigation of political risk
Obtaining dual citizenship through for example the acquisition of a second passport is primarily a wealth management strategy or even a mere attestation of an individual’s wealth, however there are various individuals whose citizenship poses a significant threat to their life or who experience significant prejudice at border controls due to travel controls imposed on nationals of their country. In such troubled times where states seem to profile by nationality, acquiring the citizenship of a peaceful, neutral country can be the ideal solution in cases of political unrest, civil war or other instability which threatens not only one’s livelihood and assets but one’s very life. Whatever happens, knowing that you will have the legal right to live and work in a jurisdiction of your choice can give you immense peace of mind that should not be underestimated.
Diversify your economic risks
From a business point of view, while a situation may not be so serious as to pose a legitimate threat on your life and the lives of your loved ones, political pressure and economic instability can also pose a threat to your assets which might have taken a lifetime to amass. By structuring your wealth through various investment options available under a citizenship by investment programme, you can make sure that you will never end up exposed to one economy or market. Moreover, a second passport will give you the opportunity to invest, travel, reside, work, study, bank, and do business in other jurisdictions which were previously inaccessible.
Visa free travel
As the saying goes, time is money, and for the international investor, the ability to travel across different countries in the shortest time possible is of utmost importance. Being able to access more investment opportunities, but being hampered by onerous visa requirements is highly counter-productive. Fortunately, a second passport from a reputable jurisdiction can grant you visa free travel as well. Therefore dual citizenship facilitates travel and investments which otherwise would be difficult to make.
Better quality of life
Although those who seek to acquire a second passport are generally individuals with substantial financial means, investing in a second passport can significantly improve one’s lifestyle. Investors who opt to attain a second European passport will be able to relocate to any EU member state together with their family. There are various benefits associated with living in a European Union member state, mainly a high standard of living which will allow families to provide the best education for their children, as well as better job opportunities. Moreover, individuals may seek to attain a second citizenship of a developed state which offers the best standards in health care.
Attaining dual citizenship
There are various ways how to obtain dual citizenship such as through birth, naturalisation or through citizenship by investment programmes. Indeed, attaining dual citizenship through a second passport in return for an investment into a state’s economy or a substantial investment carried out in the state, be it through the setting up a business, purchasing real estate or investing in government bonds is becoming a very common wealth management strategy amongst high net worth individuals.