Owning second citizenship is a step towards more freedom. Dual citizenship can give you more control and independence, whether that means added freedom to fly to more countries, to live in other jurisdictions, or the freedom to choose the lifestyle that you wish.
What is Dual Citizenship?
Dual citizenship is a legal status given to a person who possesses citizenships of two countries at one time. In other words, a person is said to have dual citizenship when he lives in one country but is also a citizen of one more country.
To make this important step, you need to know a few things, such as, which countries allow dual citizenship and those that do not. Relinquishing your original passport is not the ideal scenario; however, trading one passport for another is not necessarily a bad thing, which is why it is so critical to know all the information before making your decision.
While the list is growing, there still are countries that strictly forbid acquiring a second passport. However, in recent years several countries have fostered a more favourable attitude towards allowing their citizens to hold Dual Citizenship, either through recognising Dual/Multiple Citizenship or amending their requirements for naturalisation.
Countries that allow Dual Citizenship
(*countries that allow dual citizenship under select conditions only)
|Antigua & Barbuda||Bulgaria*||Germany*||Malawi||Romania||United Kingdom|
|Armenia||Chile||Hungary||Mexico||Serbia||United States of America|
|Australia||Costa Rica||Iceland||New Zealand||Slovenia|
Countries that don’t allow Dual Citizenship
|China||Japan||Poland||United Arab Emirates|
So now that you know which countries allow dual citizenship let’s explore the many benefits that come with acquiring a second passport.
The Benefits of Dual Citizenship
#1 Global Mobility - Some passports do not allow you the luxury of travelling to any destination and can be quite restrictive. This makes travelling a complex matter as travel visas would need to be obtained. A second passport can offer a solution to that problem by increasing one’s mobility, removing the bureaucracy from the equation.
#2 Business - Acquiring second citizenship opens the doors to a plethora of business opportunities, and concludes business deals, that were otherwise unavailable or hard to come by based on the original passport.
#3 Tax Optimisation - Certain jurisdictions provide advantageous tax legislation which may prove to be very beneficial to you and your business. Whether this includes double tax treaties or capital gains, optimising your taxes will allow you to manage your wealth better.
Related: Malta Taxation System
#4 Security - Obtaining a second passport from a stable country puts your mind at rest. In the event of any social, political or economic instability in one’s own country, you maintain a plan B.
#5 Quality of Life - Depending on which passport you acquire, you may be granted access to world-class education and health care, as well as an overall enhanced lifestyle.
By obtaining Dual Citizenship status, high net worth families have the means to unlock their full potential by accessing better opportunities in another country. This means securing your family's future, through education, health care or simply a better lifestyle.
Now, you might be asking yourself,
Citizenship by Investment Programs
Numerous countries offer such opportunities to attract High Net Worth individuals and Foreign direct investment.
Depending on your budget and your reasons for seeking a plan B, they are available around the world, including the Caribbean, Europe and Oceania. By opting for such programs, the benefactors are granted the same rights as the residents and citizens of that country.
The Malta Citizenship by Investment Program is one of the most sought after and unique programs. You are granted the right to reside in Malta and within the EU, subject to minimal residency requirements and other investment criteria.
In short, it is a unique way of obtaining Citizenship by Investment, designed by the Maltese government.
Our dedicated team of experts can help you at every step of the way for obtaining your Maltese citizenship. Contact us today.
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