Second or dual citizenship occurs when someone has concurrent citizenship in two different countries. This is allowing more than one country to recognize you as a citizen officially.
Every country has different rules regarding gaining citizenship, and there are a few different processes you are able to go down to obtain a second citizenship. It can happen naturally, or through an application process.
There are so many different benefits to gaining a second citizenship, many of which you may not have even thought of. Yet some of the biggest and arguably the most important benefits are financial, and it is this fact that draws thousands of people to the prospect of getting second citizenship.
By obtaining second citizenship, a huge range of new entrepreneurial options will open up to you, thanks to the range of business and financial opportunities across the globe. Whether you already have a business or are in the process of creating one, it will be able to expand much more easily, and on a global scale.
As a citizen of a particular country, you can invest freely in that country, and also possibly in the surrounding countries more easily. In some countries, certain employment and investment may only be open to citizens of that country. For example, in the US, some government employment opportunities are only available to US citizens.
Having dual citizenship can have a positive effect on when it comes to tax optimization. This varied from country to country, but for example some countries will only tax the income that is earned in that country and may also not subject capital gains to taxes. This means that as an investor, you will be able to manage your wealth more efficiently.
Another benefit of dual citizenship is that you would be able to own property in both countries, which could work out financially beneficial. This is because some countries restrict land ownership to only those that have citizenship. If you own property in both countries, then this will offer a more economical way to live in two places while also opening up the opportunity for further investment.
Other methods used to reside in another country for a long period of time can be costly. For example, those that are residing the in the US on a green card will have to renew it every 10 years which will certainly add up. There are other countries around the globe that have similar to situations than this, so by gaining dual nationality, these costs will be eliminated.
Education abroad can be seriously expensive, but citizens with residence generally can attend university in either country they have residence in at the citizen tuition rate. This could mean some serious savings for those with a family that will benefit from studying abroad.