Dual citizenship is, as the name implies, the practice of holding citizenship in two or more countries at the same time. For some countries, this is a very simple process. For others, it requires substantial investment or immigration. For example, the United States offers birthright citizenship, which means that every child born in the United States or a U.S. territory is automatically a U.S. citizen regardless of their heritage. This is practically unheard of in Europe, but it is pretty standard for North and South America. The practice stems from the ever-changing borders in North and South America during the 18th and 19th centuries. Also, the so-called New World is remarkably larger than Europe. It’s much harder to demand that some child returns to the country of his or her parents when that country is far away.
There are other ways to become a dual citizen. Many countries offer second passport programs to investors. Substantial investments in business ventures or real estate purchases can grant someone citizenship in a country. The option can be quite appealing for many different reasons.
Many investors are searching for the options that will allow them to hedge against uncertainty in the future. Depending on where you live, that sort of uncertainty could be intrinsic to your home country. If that’s the case, then you’ll need to go searching beyond your borders for the sort of security you seek. Some of the dual citizenship programs offer pretty attractive buy-back guarantees and guaranteed returns on investments if you invest in their currency. It’s commonly thought that investing in hard currency is a good hedge against future uncertainty. The thinking is that as long as a country continues to exist, its currency will have some amount of value. Also, investing in currency means that your investment itself is a liquid asset that you can spend, move, or exchange fairly easily. Countries, especially smaller countries, like people to invest in their currency, because it helps to bolster that currency against uncertainty.
So, gaining another passport and dual citizenship has some pretty obvious financial benefits. It also has the effect of easing travel. When you want to travel abroad, you have to go through some pretty serious inconveniences, such as moving through customs, applying for visas, and determining how long you’re going to stay. Non-citizens in different countries have restrictions as to where they can travel and how they can move their money around. Well, that wouldn’t be the case if you were a citizen. Citizens of most nations get unrestricted travel privileges in their country. They can move freely in and out of that country, and they can also move their money around however they please. That makes doing business easier; it also makes vacationing a lot easier. You don’t have to do nearly as much paperwork or negotiation to visit a country where you’re a citizen.
Dual citizenship is a great way to diversify your business portfolio and create investment opportunities that will protect you from unforeseen problems in the future.