Explore the benefits and drawbacks of acquiring a second passport through citizenship-by-investment or naturalization. Discover how it can benefit your family, taxes, travel, safety, and more. Consult with our experts to make an informed decision and secure your future.
Half a century ago second citizenship was considered absurd. A person was born in a certain country and was supposed to remain a citizen of that country for life. However, times are changing, and citizenship is now treated in a business-like manner: this is just a number of rights and opportunities you may have. And if you can expand them in another place than your home country, why not enjoy the show? And if the times in your motherland change for the worse, you can always pack your bags and move to another place, which is very convenient.
Do you feel that a passport for your Plan B is exactly what you need in the present-day unstable situation? Well, you cannot get any citizenship you want, of course: there are certain countries that offer citizenship-by-investment programs you can join, or you can choose a much longer route of citizenship by naturalization. Welcome to our portal where you can read a detailed article on second passport benefits and all the other opportunities.
The decision to acquire a second passport is not very easy to make (especially if you decide to relocate with your family), so do not hesitate to seek expert assistance. We have qualified specialists who can help you choose the country that will suit you best, jump through all administrative hoops, and obtain your second citizenship within a reasonable timeframe. Follow the above link and book a free initial session with our experts to discuss any issues related to citizenship!
Benefits and Drawbacks of Second Citizenship
Citizenship by investment is an efficient present-day instrument that will help you have more safety and opportunities in your life. However, it would be unjust to look at the bright side only, so let’s look at the downside as well.
The obvious benefit is that family members can live together and enjoy the same rights and privileges. The children usually inherit citizenship, which is an additional bonus.
If you want to take your family members with you, you will need to invest more in the country’s economy. The good news is that additional amounts are usually quite affordable.
If you become a tax resident of the country where you receive a second passport, you will pay less taxes than back home (at least, this is true for the Caribbean countries). And if the taxes you pay are linked to your citizenship rather than residency (like the case of the US, for example), you may as well renounce US citizenship to ease your tax burden.
If you decide to change your tax residency, make sure you do so competently, or you may face some unpredictable issues. The usual requirement is to live in the country for at least 183 days a year, which is not something you may be happy with.
If you obtain a second passport, you will expand the number of countries you can enter without a visa (in most cases). For example, a Maltese passport gives an opportunity to get visa-free access to about 200 countries!
You need to know very well what limitations certain countries set for those who have two or more passports. For example, if you have a US passport and a passport of any other country, you cannot enter and exit the US using your second passport: only the American passport will be required in this case.
If you are a globetrotter with several passports in your pocket, you will have the protection of more consulates and embassies in different countries! This means more security in case of trouble.
If you have a second passport from any Western country, you risk being a victim of criminals who can take you hostage. It means that you should be especially cautious when you travel to certain jurisdictions.
If you want to avoid military service in your country due to some reasons, you can acquire a second passport and move there (the Caribbean countries provide a very good option as you can get citizenship by investment there really quickly).
Certain countries may still consider you liable for military service – for example, Turkey. However, if you are at least 22 years old, this requirement does not apply to you. There are also other nuances: if you have a US passport and a Turkish passport and you are liable for military services in Turkey, and this happens at a time when Turkey and the US declare war against each other, you risk losing your US citizenship.
Medical Services, Employment, and Education
All the medical institutions, new employment opportunities, and educational establishments in your new homeland will be there for you to take advantage of.
If you want to use social welfare and medical services to the fullest, you will be required to make contributions to the local social security fund.
If you face major political turbulence, military conflicts, or adverse political decisions in your home country, you can easily pack your bags and move to a new destination with your loved ones. You will have all the rights you need (like the right to vote) from the start, and you are sure to feel welcome!
If you dream of a political career, some positions may be closed to you in the country whose citizenship you acquired (especially those connected to access to classified information, government jobs, and so on). What is more, some countries compel you to be politically active (for example, you may be liable to a fine in Egypt or Turkey if you fail to show up to the polls).
Banking and Investment
If you have a Western passport, you will be able to open bank accounts across the world using a simplified procedure.
If you want to open an account using your second passport, you may be required to additionally provide proof of ties with the respective country (tax residency certificate, utility bill, and so on). Contact our experts, and we will tell you how to deal with this issue.
Follow the above link to read much more on the advantages and disadvantages of second citizenship – and book a session with our experts to find out more information and delegate the administrative issues to our specialists!