Dual citizenship is viewed as a blessing in disguise. Many people are interested to know more and more about this option as it offers many benefits which will be discussed in detail below. There are many ways an individual can get dual citizenship in different countries. For instance, you can avail dual citizenship in below countries like.
- USA: citizenship by naturalization, marriage, ancestry etc.
- Ireland: Through ancestry. Just register on foreign birth register.
- Antigua citizenship by investment act: There are many countries like Antigua which given citizenship by investment like Dominica, Guatemala, Paraguay, Granada and many more.
- Italy: Ancestry but only through males with fewer restrictions, if woman wants to pass on ancestry they should have been born before 1948.
Now let’s look into how having a second passport will benefit people coming from different segments.
Newer Business Opportunities
Many businessmen who are aggressively looking to expand their business across other countries look for second passport because it makes all the process like buying of land for new business and getting all other licenses and clearances required for setting up a business becomes very easy if you are a citizen for that country. This is especially true in countries which have stringent rules for non-locals. You can easily get Antigua and Barbuda nationality by investment.
High net worth individual always look out for lucrative offers to reduce their taxes. Especially in countries like the USA where individual is bound to pay tax on their global income they look out for countries to get a second passport where the taxes are low or zero taxes. Most of the business view this as an exit strategy.
Visa Free Travel
This is true especially if you have a second passport top tired countries like USA and EU where it allows you to travel around many countries without a visa. If you are a vigorous traveler, you must have gone through many hurdles to get visas for each country and pain of standing huge lines in the airport for immigration check.
In countries where there is political unrest, wars, famines, huge inflation they always look out for dual citizenship so that they can go to another country which is safer and financially secure for their family and business.
Many parents are more inclined towards dual citizenship for these benefits like education, healthcare and pension retirement. Citizens of most developed countries give education for free and their quality of education is also top-notch and very good health care at minimal price and also pension on retirement.
The most coveted method used by individuals to evade tax and also get away from fraud. We have seen many cases were successful business involved in scams and frauds used this method to get away from the country.