In the case where a person finds employment or investment opportunities and they need to relocate to another country, they have to acquire citizenship or residency. This is possible without having them renounce their nationality and thus becoming a second citizen. Not only do they consider their citizenship but also that of their family and spouse. Second citizenship also is known as double or twin citizenship which is the status of a person having double nationalities. There are several ways in which a person acquires double citizenship which include:
A child born to parents living in a country automatically receives the nationality of the country in which they are born and that of their parents.
Foreign individuals who marry a citizen of a country acquire dual citizenship which would be that of their country and the one of their partner. This is often referred to as spousal citizenship and it varies with different nations, as in some it is automatic while in others it takes time and eventually acquiring the citizenship.
It is the process in which a person acquires citizenship by residing in a country as a permanent resident for some years. Every country has the required number of years in which a person has to reside to gain their citizenship. This process requires a person to be eligible and fulfilling the requirements of citizenship. As well as being a responsible citizen.
Citizenship by investing
It is the method in which one acquires citizenship of a host country by financially investing in that country. With this method being for the wealthy individuals it has fast-tracking citizenship and passport with fewer procedures required. The economic contribution is payable to the government as it allows for the nationality of the applicant and that of their family members.
Merits of double nationalities
- Global mobility
Two passports give a wider range of nations into which a person can travel to and gives easy access to travel within the two countries. It also eliminates the need for visas and scrutiny for your trips. With the guaranteed entry into the two countries life becomes much easier.
- Quality of life
Second citizens are offered a wide range of world-class education, healthcare system, and a better lifestyle. This makes them have a better life with such amenities which are rare in developing countries.
In the case of political or economic instability, crisis, or disaster in one country a dual citizen can seek refuge in the other country.
- Tax optimization
This allows investors to secure their wealth in countries that do not heavily tax wealth stored in their reserves. Also enabling the citizen only to pay taxes in one country thus taking advantage of tax reliefs of their second country.
- Cultural exchange
With diversified cultures, traditions, and heritage, these citizens enjoy these experiences. Nationalities of other countries can enjoy privileges others are deprived of and this is beneficial to an individual.
Demerits of double nationalities
- Obligations and law bounding policies
Some countries have mandatory services for their nationalities and double citizenship might end up having you serve both of your countries. These might include the military and the youth service.
- Double taxation
Paying taxes in two countries would be costly therefore some governments put measures to avoid double taxing their citizens by giving them tax leverage. Or they arise at a common ground on how this group will pay their taxes.
- Complicated process
In other countries it involves lengthy and complicated procedures to acquire double citizenship. It may result in being tiresome, and costly for an individual.
The following citizenships by investments are among the best in the globe.
St. Kitts and Nevis citizenship by investment programme. It is the oldest economic citizenship programme with the citizenship being passed over to the descendants. After a candidate qualifies the legal steps and requirements, they are required to make a minimum investment in either the country’s real estate or the sugar industry. There are other payable fees to the government.
Malta citizenship by investment programme. Once the candidate passes the required legal checks and they pay the required fees including making other investments they gain their citizenship. Maltese visa offers free movement within Europe’s Schengen Area and that of their family members.
Cyprus citizenship by investment programme. It is one of the most popular and it was created to promote foreign investments from investors who are non-members of the European Union. Cyprus offers a variety of investments from which an investor can choose from. Cyprus is considered to be among the safest countries in the world and having a strong heritage and culture attracts much second citizenship. Being a member state of the European Union its citizens enjoy trading benefits in the European market and free travel within the Union’s member states.
The major benefit of citizenship by investment is that it offers citizenship to family members and even their descendants without forgetting the speedy procedures.
Citizenship by investment has come under severe scrutiny with researchers laying claims that these governments are profiting by giving criminals citizenship. Also they are seen as schemes for tax evasion and money laundering though it is common for some individuals to take advantage of such situations.
With global citizenship firms in the market it has now been made possible by these firms to act as brokers between governments and candidates. Thus making it easier to have double citizenship and promote globalization. The investment programme of every country varies from each other and therefore a candidate should choose a country that favours them.
In today’s population securing a future for our family/descendants and having generational wealth is something most people consider. Thus the need to acquire double citizenship in countries with established infrastructure, stable governance, and reputation. Examples of countries like Malta, St. Kitts and Nevis, and Cyprus have strong passports and visas prove suitable in giving your family or spouse second citizenship. Proper consultation and following the lawfully stipulated processes is key to acquire a new nationality for one’s spouse and family.