Obtaining a second citizenship: advantages and disadvantages

Today, obtaining a second citizenship is in demand among foreigners. Such a step entails both advantages and disadvantages. Learn more about the pros and cons of getting a second passport
Obtaining a second citizenship for a bipatriate and his business certainly has a number of advantages, but also certain disadvantages.
The procedure for obtaining a second passport is completely new, even 50 years ago it was believed that a person could be a citizen of only one country, and the concept of a second citizenship was called "absolute absurdity".
However, in the 80s of the 20th century, it became possible to obtain a second citizenship by investment. From that moment on, the number of people applying for dual citizenship began to gradually grow, as did the number of offers from different countries of the world.
What are the advantages and disadvantages of second citizenship?
Family ties
- Advantages offered by a second passport
Most states that allow dual citizenship allow holders to pass it on through inheritance. Thanks to which children whose parents are citizens of different countries can receive the benefits of both citizenships. Also, programs for registration of citizenship by investment allow the investor to obtain new passports for himself and his family members.
- Disadvantages of dual citizenship
When registering a second citizenship, an investor can add his family to the application: wife, children, parents, grandparents, and even in some cases, brothers and sisters. However, this can be done only with an additional payment. The amount is usually quite affordable.
Taxes
- Advantages offered by a second passport
Some countries, such as the Caribbean countries, offer tax benefits to their residents, but it is much easier for citizens of the country to get them. Tax benefits generally depend on the country in which a person obtains a second citizenship. Also, the second passport allows you to renounce the citizenship of a country in which income tax must be paid regardless of the place of residence and duration of absence from the homeland (USA, Eritrea).
- Cons
In most countries, in order to take advantage of tax benefits, it is necessary to live in the state for most of the calendar year.
Visa restrictions
- Advantages offered by a second passport
Most people who decide to get a second passport consider its main advantage to be the ability to simplify travel by removing visa restrictions. The number of visa-free destinations depends on the country in which the second citizenship will be obtained. An additional advantage of second citizenship is the ability to legally use two passports, each of which can be used to obtain visas if necessary.
- Possible difficulties when crossing borders
The owner of the second citizenship may face difficulties when crossing the border. For example, every US citizen, even if he has another citizenship, must use an American passport to enter and leave the country. Similar restrictions also exist in other countries. Therefore, holders of second citizenship often have to build their route taking these features into account.
Would you like to receive an answer from an experienced lawyer? Order legal advice from a local specialist in visa and migration issues. To receive the service, select the country you are interested in and your citizenship.
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