Dual citizenship is a very useful tool for those interested in investing outside of their host country. Many countries have a series of restrictions that make it nearly impossible to obtain real estate without becoming a citizen. The benefit of dual nationality is now being able to invest not only locally but internationally. There are even ways of gaining your dual citizen status by investing.
What is Dual Citizenship?
Dual citizenship is when an individual holds the status of a citizen in more than one country under the laws that govern the respective countries. While there are no international laws that determine the citizenship of an individual to a country, the citizenship of the individual is based upon the laws of the country. Countries like Australia, New Zealand, South Korea, and members of the European Union permit multiple citizenships. However, countries like India and a lot of others in the Asia-Pacific region along with some African countries do not permit their citizens to hold multiple citizenship status.
How do I get Dual Citizenship?
Establishing the fact that some countries permit multiple citizenship and some do not, we also know that dual citizenship laws vary from country to country. Nevertheless, given below are some of the most common ways to obtain dual citizenship if your national country permits you to do so:
Dual citizenship has varying factors based on the two countries in which the citizenship is requested. There are some opportunities which are limited to specific countries. In these instances, it could possibly be more desirable to have the citizenship of said country.
How to get Dual Citizenship through Investment:
Many host countries offer programs for citizenship through investment. This means investing in the local economy to become a citizen. This is a good idea for those who are living abroad in countries with unstable governments. In the event of an emergency, they can seek refuge in the safer of the two countries.
The business and tax benefits of dual citizenship are also impressive. For example, some countries only tax income earned in said country. This makes managing wealth easier and could possibly mean avoiding higher taxation.
For those with families, investing in a second citizenship opens many doors. There are abundant educational opportunities for those with multiple citizenships. Also, this means being able to choose between medical facilities in either country.
The mobility offered by some passports from other countries is unparalleled. Passports for countries like Pakistan and Cyprus enable the holder to freely travel through multiple countries. This saves all the time that would be utilized for filling out and waiting for visa applications.
Multiple citizenship laws can vary from country to country. As many restrictions are placed in some countries and in other very few. That being said here are a couple of examples of other countries.
Dual Citizenship in the United Arab Emirates:
The Arabian Peninsula nation does not recognize or support dual citizenship. If a citizen of the UAE wishes to obtain another citizenship, he or she must give up their status as a citizen of the UAE. In Dubai, a child born with foreign parents can either assume the nationality of the parents or have their Emirati citizenship but not both. There are ways to gain a citizenship though, as a complete foreigner you may apply for an Emirati citizenship if you have lived in the United Arab Emirates for 30 years, have a clean record, a source of income and are able to communicate in Arabic.
Dual Citizenship in Switzerland:
The Swiss Federal Office for Migration has no restrictions on the citizens of Switzerland in regards to holding multiple citizenships. There have been no laws in place since the early 1990s. However, this is subject to the laws of the other nation in concern. Swiss citizens who acquire the citizenship of another country and foreigners who obtain citizenship in Switzerland are able to hold passports of both countries. Regardless of Swiss law, a Swiss national may have to give up their status in order to obtain another citizenship status. More than half of the Swiss citizens living abroad hold multiple citizenships with their country of residence and Switzerland. A large population of Swiss residents too, hold foreign passports as well. The Swiss Federal Office of Migration claims that their liberal laws on dual nationality have not caused them any major issues.
Dual Citizenship in Germany:
The government of Germany permits citizens to hold multiple citizenships. However, one can hold a dual citizenship with Germany only under certain circumstances. They are:
- A citizen wanting dual citizenship with Germany must obtain citizenship from another country of the European Union or of Switzerland only. Non-European Union or non-Swiss citizens must give up their previous citizenship in order to obtain a German passport. The Federal Office of Administration makes exceptions in special cases.
- A German and a non-European Union or non-Swiss dual citizenship is obtainable. This is done by appealing to the German government.
- A German child can acquire dual citizenship at birth. Dependent upon the country of birth or sometimes even the nationality of the parents.
- Children born to non-German parents on or after January 1st, 2000, can acquire dual citizenship. As long as one of the parents has a permanent residence permit within Germany for a minimum of 3 years.
- A refugee holding travel documents during naturalization can also be gain dual citizenship with Germany.
This shows us that many countries have different laws regulating dual citizenship. For those that allow it, there are numerous opportunities available. Foreign investment is currently one of the best indicators of a stable economy which shows potential for growth. Tell us what you think about dual citizenship and international business in the comments below!