Why Second Citizenship Is Becoming A Popular Option For Elite Americans
Published 2:39 pm Monday, March 22, 2021
A second passport is a great advantage to have, and it comes as no surprise that elite Americans are ready to shell out hefty sums for one these days. It works well if you want to see the world, explore international business opportunities, or simply want to settle down in a splendid location after retirement. Whatever your reasons to get second citizenship may be, the effort and expense are worthwhile considering the benefits and opportunities it can open for you.
The good thing about Americans is that you have plenty of options when it comes to securing a second passport. Many countries around the world are willing to welcome U.S. citizens who are willing to invest there. Moreover, there are options other than the investment you can explore to access citizenship. But before going ahead with the process, you should know the reasons for the popularity of second citizenship. Let us list a few for you.
Visa-free travel to different parts of the world
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When you are rich, you will probably want to travel to different parts of the world. Similarly, you may consider traveling to destinations that offer excellent business opportunities. But it may get challenging to reach some parts of the world because of the complicated visa processes and formalities. Opting for second citizenship gives you an advantage as it makes international travel easy and fast with visa-free entry to different parts of the world.
Americans have a powerful passport that lets them gain access to many countries. But a second passport can be of great help to travel to many more. It becomes all the more important in the pandemic period when there are restrictions on moving between different parts of the world. You will certainly have an upper hand if you own a second passport of a country that offers many visa-free options.
Stay overseas for longer periods than a travel visa
Apart from enabling you to travel visa-free, second citizenship also lets you stay at those destinations for extended periods. Some countries allow certain nationalities to stay there for a period longer than a legitimate tourist visa provides. You can easily plan long trips or even work remotely while holidaying there for months, which is a norm for professionals in the pandemic.
An EU passport, for example, lets you stay in any EU member country for a period you want to. Moreover, you have the freedom to move to any part of the EU whenever you want to. If you have a U.S. passport, you will get only a 90-day visa on arrival here, which means you cannot stay longer. An EU passport will definitely give you an advantage if you want to spend time in the Schengen Zone.
Consular protection from both countries
When it comes to highlighting the travel-related benefits of dual citizenship for Americans, you can also claim consular protection from both nationalities. It can be of great help if you get into trouble while traveling abroad. These situations apply to events like a natural disaster, theft, or accidents when you are abroad. Things can be much easier when you have double the opportunity to seek help from the nearest consulate.
However, in most cases, you will get help from the consulate of the country whose passport you are using for the trip. Many European countries have mutual partnerships that allow a European citizen to access consular protection with another. Getting a second passport to another country is the smartest move for an American who can afford one.
You get the same privileges as the locals
The most obvious of getting second citizenship is that you have guaranteed residence in the country. There is no need to worry about residency requirements or visa formalities to reside there. While you live in the country, you also enjoy the same privileges and social benefits as the locals. It makes a second passport an excellent option for those looking to retire abroad and get all the amenities they look forward to.
If you have valid reasons to move to another country just because you want a better life for yourself and the generations to come, you must surely consider the best dual citizenship options. It is vital to do extensive research when you want to avail the lifestyle and generational benefits of residing in another country because you will want to land in a place that offers them.
Different countries have multiple citizenship options
Getting a second passport seems like a daunting decision because you will probably have to invest millions in a country to access citizenship rights and benefits by the investment route. But you will be surprised to know that different countries have multiple options for people interested in getting second citizenship with them. Getting it can be much easier than you imagine.
For example, the U.S. citizenships looking forward to getting a citizen’s rights in Italy can explore several routes. You can consider an application for Italian Citizenship through Descent if you have ancestral roots in the country. Similarly, you can marry a local to be eligible by marriage. These options wouldn’t require you to make a hefty investment in the country, although you will have to follow a process to get through. It is best to consult an expert to seek guidance and explore the option that works for you.
Tax benefits can save you a fortune
As a rich American, you could save a massive amount in taxes by availing second citizenship of a country that has much lower tax rates than the U.S. The potential tax benefits depend on the country you choose, so making a comparison between the tax rates is the best place to start. You can also lower the tax liability by classifying the expenses associated with your application and travel between the countries as business expenses if you are setting up a business there.
Even as a dual nationality can help you get benefits in taxation, tax affairs are seldom easy sailing. You may even end up paying taxes in both countries, so it is wise to consult a seasoned tax professional before going ahead with the immigration plans. They will have the best recommendations to maximize the benefits with lower taxes and choice of the right country.
New opportunities for entrepreneurs and professionals
The world is a smaller place today. Entrepreneurs and professionals want to explore growth opportunities at new locations. Second citizenship can help you extend your outreach, whether for finding new customers and markets or exploring lucrative job opportunities overseas. Since you will not have any restrictions on living and working in the country of your choice, you can grab opportunities when they come. It is much easier to move to a place if you already have citizens’ rights there.
A second passport can make all the difference as many countries allow only their own citizens to run business. Even if you may start an enterprise in a country that does not pose such restrictions, there is always a disadvantage to an outsider. You may have to face biases and discrimination, which can hamper growth in the long run. So make sure that you choose a country that is friendly towards foreign entrepreneurs. If you plan to work as a professional, there are good chances of landing the most lucrative opportunities when you tap the local job market.
Choosing your destination wisely is crucial
There are many benefits of getting dual citizenship. But everything boils down to the choice of the right country. It depends on your purpose, whether you want to explore business opportunities or only want to have a better lifestyle in the new location. In either case, it makes sense to look for a place that does not have a hard and complicated application process. You will not want to spend years waiting for things to come through. Similarly, you may not be ready to shell out a fortune on moving to a country that isn’t worthwhile.
Find out about the location, its economic potential, and market opportunities if you have a business in mind. People planning to move after retirement must assess factors such as climate, lifestyle, safety, and comfort. If migrating with your family, make sure that your spouse and children share the same level of enthusiasm about living there for the long term. The cost of living matters to both kinds of aspirants. If you are planning for the long haul, consider the benefits you may be able to pass on to your children and grandchildren.
Becoming a dual citizen requires a great deal of effort. You may have to spend a big amount if you are looking to acquire it with investment in the country. However, the effort and investment are worthwhile in most cases. But you have to be extra conscious about the choice of your destination. Americans looking for greener pastures are exploring their options for valid reasons. You must consider them and take the first step towards a better life in a new destination.