Dual Citizenship
As Global Citizenship gains momentum as an alternative asset class, Dual Citizenship becomes an important consideration for individuals and families seeking long term security and peace-of-mind, increased mobility, and geopolitical risk-management.
Defining Dual Citizenship
Dual citizenship arises when a person holds two or more citizenships simultaneously. Every country is sovereign in enacting the laws regulating citizenship and the conditions under which a person is granted, renounces or loses citizenship is strictly within the discretion of every state.
People holding Dual Citizenship can exercise the rights conferred to them at law in those countries in which they hold citizenship. Citizens acquiring dual citizenship would, in general, be required to show that there is some form of genuine link with the country issuing the citizenship.
For a long time, many countries considered dual citizenship as problematic and something that should be avoided for any of its citizens. However, in recent years many countries have adopted a more favourable stance towards allowing their citizens to hold Dual Citizenship through relaxation of requirements for naturalisation or simply through allowing or recognising Dual/Multiple Citizenship without the need to renounce their original citizenship.
Benefits of Dual Citizenship
In today’s globalised world, obtaining a second citizenship can provide numerous benefits to different categories of people.
For the high net worth business person, a second citizenship means freedom to travel without going through the bureaucracy of getting visa permits, especially in cases where the passport they hold does not give the comfort of visa-free travel to a large number of countries. Attaining a second citizenship could also mean better investment and business opportunities which would otherwise be difficult to conclude based on the original passport.
For many high net worth families attaining Dual Citizenship means the unlocking of their full potential by seeking better opportunities in another country, or simply ensuring the security of their family. A second citizenship opens new opportunities for families seeking better education and work opportunities for their children. Others see the benefits of accessing better healthcare facilities for elderly or sick dependents. Wealthy families can also seek to attain Dual Citizenship to ensure better wealth management in countries which offer advantageous tax planning options. For families coming from countries which are passing through a period of war or political unrest, a second citizenship offers a gateway to security in another country.
Others can see Dual citizenship as a means to enjoy the freedom to travel to discover the world, experience new cultures and people, or to simply enjoy a better lifestyle in a country away from the country of birth.
