You may find that a second citizenship will provide you with benefits and help you accomplish goals that would otherwise be unattainable or just that much more difficult to bring to fruition.
Here are six common reasons to become dual nationals or change citizenship altogether. Not all apply in every situation for every country.
1. Financial options
There are more, better, less restrictive financial opportunities when a citizen of a country instead of a foreigner.
a. Buying and selling real estate
b. Investing in local stocks and bonds
c. Opening a bank account while not residing in country
d. Employment without a work visa
e. Starting or buying a local business
f. Tax obligations may be more favorable
2. A powerful passport
The world’s most powerful passport currently is that of the United Arab Emirates. Its holders can enter 179 countries without a visa. How do some other countries compare? Afghanistan – 35 countries, Nigeria – 50, India – 71, Kenya – 74, China – 80, Kazakhstan – 88, Saint Lucia – 134, Brazil – 161, Australia – 168, Canada – 169, United Kingdom – 169, United States – 171, and Germany – 172.
a. Fewer visas required for international travel
b. Fewer travel restrictions such as being banned from entering a country due to citizenship
c. Additional consular support when abroad, especially for citizens of a European Union (EU)
d. Greater freedom of movement in the EU if a citizen of an EU country
e. Proximity to other desirable places
3. Retirement
Portugal ranked as the best place to retire in the world, followed closely by Panama and Costa Rica. Malaysia and Viet Nam are also in the top ten. Follow the link to read about the advantages and considerations that went into determining where to retire.
a. National social security/retirement programs
b. Reduced cost of living
c. Retirement benefits and discounts
d. Residential purchasing options
e. Overall quality of life
4. Healthcare
The availability, quality, and cost of healthcare varies greatly across the globe. Some of the best rated include Singapore, Malaysia, Costa Rica, Panama, India, and Portugal.
a. National health insurance programs
b. Reduced health care costs
c. Better medical treatment
d. Better health in general
5. Education
Becoming a citizen of a country to take advantage of free or low cost quality education may seem excessive. However, some individuals are migrating specifically to ensure their future children (note: future) will have the appropriate citizenship that will enable to them to be educated in a better educational system.
a. University tuition may be free or reduced – free in EU for EU citizens
b. Quality of education systems
6. Family
Leveraging changing citizenships between generations to obtain the most benefit for the time, place, and circumstance of the members of the family.
a. Rejoin family members who hold a different citizenship from you
b. Giving the gift of citizenship to your children and/or grandchildren