Persons with dual citizenship hold passports of two countries where both states recognize the rights and obligations of a person in relation to each country at the official level. Dual citizenship is based on bilateral agreements between countries. Not all countries allow dual citizenship. A person with dual citizenship has the rights of both countries but he cannot use them at the same time. He can exercise his rights only in the country where he lives.
Second citizenship suggests that a person has passports of different countries. Each country considers a bipatride only as its own subject. A country may not be aware of a person’s second citizenship if the law does not require notification of its existence.
The benefits of dual citizenship are many, one of which is increased personal and economic freedom. A second passport allows the holder travel access to many countries that will allow him to choose the best place to live, work or study depending on his or her circumstances.
A second passport will also allow the holder to make choices that will benefit his or her economic interests like tax optimization and protection against unreasonable government restrictions.
A second passport will give the holder the peace of mind that comes with knowing that there is a Plan B and lower levels of risk.
Best countries where to obtain dual citizenship
The best countries to get a second passport are those that have citizenship by investment programs. These programs allow qualified investors to get second passports for themselves and their family members in exchange for a real estate investment or financial contributions. In Europe, the best countries are Portugal, Spain and Greece, and among the Caribbean nations these are Dominica, Grenada and St. Kitts and Nevis.
The Portugal Golden Visa is a residency by permit program wherein after five years of maintaining an investment in Portugal, one can become a citizen.
The Spain Golden Visa program will give the applicant a Spanish passport and after maintaining the investment for ten years, Spanish citizenship.
The Greece Golden Visa program offers citizenship by naturalization after seven years of maintaining your investment.
A European passport grants you the holder the right to travel, work, live and study anywhere in the European Union.
The citizenship by investment programs of the Caribbean nations like Dominica, Grenada and St. Kitts and Nevis offer visa-free travel to over 140 countries all over the world and the option of owning real estate. Citizenship is more affordable than that of European citizenship.