CS&P Fiduciaire | CSPFiduciaire

Second Citizenship Programs Have Myriad Benefits

Nov 1st 2015 at 11:24 PM

People automatically acquire a citizenship of the country they are born in. However, some people have a choice to acquire a second citizenship as well. However, it is appropriate to assess the consequences of seeking dual citizenship - if it will bring along some benefits or remain impractical.

If you are considering a second citizenship program, decide its practical implications and how it would benefit in your case. You must understand that it is not same for everyone, and there are certain limiting factors too as discussed below:

The very first thing - whether your native country gives nod to dual citizenship? If so, take the next step and consider why you wish to acquire a second citizenship, and where? In case your country do not allow dual citizenship or discourage it strongly, you have to make a completely different set of considerations. Of course, you have hurdles to cross. Some countries discourage or strongly bar its citizens from acquiring a second citizenship. This degree of acceptance also has an impact on the decision you take. But, if everything falls into the right place, it can bring many benefits, especially to business people.

Here are a few reasons, why you would wish to have citizenship in two countries:

Property ownership

A major benefit of having a dual citizenship is the ability to own property in either country. If you want to own a business in the country of second citizenship, purchasing property becomes easier if the country restricts the land ownership to the citizens only.

Travel benefits

Having a second citizenship would help to acquire a second passport, which is definitely a good thing for business people. For example, having a second passport from a European Union Country would facilitate movement in E.U. countries if their country of residence forbids entry in those regions. Using an additional passport makes things easier when one has to travel for business.

Work rewards

Being a citizen of a country award with the right to work and earn in that country. Hence, having dual citizenship expands income possibilities in two different countries.

Political considerations

Citizenship of two countries gives freedom of movement. Consider a situation when you have to relocate yourself from your present country of residence. With a second citizenship, it becomes easier to do if the need arises.

If you have decided to acquire a second citizenship, you must follow the legal proceedings of the second country. Different countries have different legal and residential requirements that have to be fulfilled.

Some require you to spend some time living in the country, whereas some offer economic citizenship program - invest in the country and get the citizenship. If you have the capability to participate in these programs, acquiring dual citizenship would not seem daunting.

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