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High Net Worth Immigration

5 Winning Strategies To Use For Dual Citizenship

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Nowadays, having more than one passport has turned into a trend because wealthy citizens right now prefer to move to international countries either for studying or just for the sake of touring. Thus, mass migration is taking place in many countries. Because of this, individuals are acquiring passports and citizenships of many countries. The national identity as well as the citizenship of the people can be changing based on the united states he lives. Right here, the concept of second citizenship or dual citizenship has emerged.

HIGH NET WORTH IMMIGRATION

What's dual citizenship?

Second or dual citizenship is the buzzing word in the present society. By acquiring citizenships of two countries, you can enjoy the services and rights that both countries offer. An individual can have the benefit of the both countries. However, the legal rights and providers of two countries may not match, but they might suit the system of dual citizenship. In the true sense, to become a second citizen means to acquire citizenships of two nations through the same phase. This gives the privilege to enjoy the legal rights of both the countries, along with other amenities that any additional citizen of the particular countries get.

How is normally dual citizenship helpful to people?

People heartily welcome this system of dual citizenship due to its benefits.

- Once a person turns into second citizen, he can eliminate any complex tax system or custom made regulations.

- Aside from this, with another passport, a person can enjoy exploring worldwide and look for border rules and legal rights of another country.

- Having a second citizen gives a person the privilege of going through a socio-economic condition of another country. Mostly, this condition is better than his residing nation.

These are a few of the simple reasons why this concept is gaining repute in the world market.

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What is the need for dual citizenship?

Everyone loves to make his living regular and financial condition better, and dual citizenship may be the simplest way to do that. With this facility, one usually get an alternative solution to shift to a new nation and reap the advantages of the facilities of that nation. However, the law of a nation differs from that of the additional plus some country might have a set of strict laws because of its citizens. Some countries frequently renew the citizenship at regular intervals. Here, by settling down in a few new nation, a person gets enough time for renewing his passport in his first country to ensure that he can enjoy the rights of that country.

Besides exceptional rights and benefits of a nation, second citizenship also allows to increase investments. In a few countries, there exists a maximum limit for making investments. In such a scenario, it will be a wise decision to travel to some other country and take the advantages of their investment guidelines. This citizenship can be helpful to avoid terrorism, political unrest and various other such unfortunate circumstances. Hence, in lots of respect another citizenship can prove beneficial for a person of a country.

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Some individuals have dual citizenship by birth. For others it really is a choice. In the 1st case, any implications of the duality comes as a part of your birthright. In the second, you must decide if the results of searching for dual citizenship will provide you additional existence benefits or just create dual headaches.

If you are in the second group, you need to decide if the advantages of such a position outweigh the disadvantages. This depends on each individual case.

The first factor is certainly whether your native nation allows dual citizenship. If therefore, you go on to the next consideration, why you intend to have dual citizenship and where?. If your country either does not allow dual citizenship or highly discourages it, like in the case of the United States, you have a completely different set of factors and hurdles to jump. A country may discourage, ignore, or or actively prohibit its residents from being a citizen of another country. The degree of acceptance of a dual citizenship status will largely determine your decision.

Why you intend to have citizenship in several countries may be the next consideration. A few of the more common reasons follow.

Tax considerations: (some tax just income earned within their country -- others like the U.S. also taxes foreign attained income)

Political considerations: Being a citizen of two or more countries gives you more freedom of motion, and a ready option to remove yourself in one of the countries and proceed to the additional if the need arises.

Military considerations: This may be because you possibly desire to enlist in or prevent enlisting in the army of a particular country.

Simple travel: Having a second passport from an EU country for example facilitates movement and the ability to work in other E.U. countries. Regarding a U.S. citizen, it might facilitate travel into a country that is on the U.S. forbidden list by having and having the ability to use an additional passport.

Work Benefits: Being truly a citizen of a country includes the right to work and earn money for the reason that country. Having citizenship in more than one country expands your earnings opportunities in each.

Finally, once you decide that dual citizenship is desirable for you, you must proceed through the legal methods of your next country to acquire it. All countries have particular legal and home requirements that have to be fulfilled. Some need that you first spend period residing in their nation under a temporary visa before you can even apply for citizenship. Part of the requirement may be demonstrating you have the financial capability of supporting yourself during this period of time.

HIGH NET-WORTH IMMIGRATION mulitple citizenship

Some few have another passport program that is largely based on financial considerations. These require a certain financial expenditure to be made in the united states and small else. If your just goal is to possess a second passport that will give you freer happen to be certain countries, and also have the financial capacity to take part in the programs of these countries; you can buy dual citizenship and the second passport that complements it in short order.

One of the most common queries I receive is normally how to get yourself a second passport for those who have limited resources. A lot of people want to have one, however the costs can appear daunting.

There are several routes to another citizenship - and thus a passport. Each consists of particular variables, over which you might have different degrees of control. Your own path to a second passport depends on how your circumstances connect to those variables.

The good thing is that if you want one, another passport is almost always entirely within reach. Let's see how.

Let's start with some terminology, since this can be confusing:

Citizenship is full membership in a nationwide community, and includes a passport.

Residence is the to live without restriction in a foreign nation, but without that country's citizenship and passport (like a U.S. green card).

A visa is authorization to be in a nation for a particular time period.

Routes to Citizenship

There are three wide routes to another passport:

By sanguinity, i.e. by descent or various other affinity to the nationwide community (e.g. religion). The most common is for people born in the U.S. to parents from a foreign country, who often acquire that citizenship instantly. Some countries provide citizenship to foreigners descended from at least one grandparent (occasionally further back again) from that country. Countries that offer this route include Italy, Greece, Turkey, Bulgaria, Lebanon, Armenia, Romania, Afghanistan, the Philippines, Croatia, Estonia, Hungary, Ireland, Israel, Lithuania, Malta, Poland, Rwanda, Serbia, Slovakia, South Korea and Ukraine.

By naturalization, which often involves a particular amount of prior home in the united states and/or marriage to a citizen. Virtually all countries have got a path to obtain permanent residence, often linked to marriage, a job, starting a business or various other commitment to the country. But this means actually residing in the country for a long period - usually five years - before acquiring citizenship. Remember that marriage to a citizen will not always confer automatic residence.

citizenship by investment program

By financial citizenship, which involves an investment in the united states or payment of a fee. Some countries, especially island countries, offer this in exchange for expenditure in property, a business, or in a government advancement fund. They include St. Kitts and Nevis, Antigua and Barbuda, Dominica, Grenada, Cyprus, Malta and (hardly ever granted) Austria. The least expensive of these is certainly Dominica, which costs $100,000 plus processing fees. None of the citizenships are automatic; all involve a due diligence procedure and subjective evaluation by an immigration table.

Pros and Cons

Besides price and level of effort, there are two queries that you should ask about another citizenship.

First, do you - or would you - desire to live right now there? It isn't always required that you perform, but if it is - or if you need to leave the U.S. - could it be a place you'd like to live?

Second, how broadly can you travel visa-free of charge with that country's passport? A passport from a

EU country gives you automatic home rights within the entire EU. Passports from the majority of the Caribbean islands give you visa-free tourist usage of the EU. On the other hand, some of the passports I listed above won't get you anywhere very easily, except the country of issue.

Second Passport on a Budget

Let's say you truly want a second passport, but you're not super-wealthy.

One option can be Dominica. A husband and wife can buy citizenship for approximately $200,000, once costs are included. You may use that passport to visit freely throughout the EU... nevertheless, you can already do this with a U.S. passport. But in the event that you wanted to keep the U.S. permanently, your only choice is always to live on a beautiful but small island - and you'd have to acquire a property there.

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Another option is Uruguay. Any visitor to Uruguay can apply for permanent residence and remain there while the software is processed, as long as you have a spot to stay and will support yourself - about $1,500 a month minimum. You may become a citizen after 3 years (two years for retirees) where you need to spend most, however, not all, of your time in Uruguay. You'd get visa-free access to the EU and also the Mercosur countries (Argentina, Brazil, Paraguay and Venezuela). And you'd have the choice to reside in one of the most beautiful, peaceful and prosperous countries in the globe - albeit one just a little taken care of.

Only You Can Decide

People often ask me to inform them the best nation for them. I cannot do that. Instead, I offer a set of recommendations and a decision tree that will help you decide for yourself based on your own conditions.

Nevertheless, if among the parameters of your decision-making is budget, I'd have to say that Uruguay beats all comers hands-down when it comes to a low-cost second passport.

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