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Benefits of a Second Passport | How to get one and become a Dual Citizen?
What will I acquire by obtaining a second passport?
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Peace of mind - You always have another place to travel to in times of economic or political chaos;
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Visa-free travel, depending on citizenship;
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Financial opportunities – research is required in this case to ensure that your passport allows You to invest your money as you please;
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The potential to save thousands in taxes - Many countries around the world have much lighter tax burdens than much of the Western world, including the USA;
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Ability if necessary, to renounce your current citizenship
When obtaining a second passport You will need to ensure that the country does allow dual citizenship. The ideal passport allows you to keep your nationality and obtain additional citizenship/passport later.
Beware of passport scams. Some companies/people offer citizenship options by offering “gray market” passports when a corrupted immigration officer puts Your name in the passport as per request. The passport is real, but there is a big chance that it is not in the official passport system; Or “black market” passports, which are illegal, stolen, forged, etc.
Illegitimate passport can be canceled at any moment and, in most cases, the passport holder will be responsible for all the consequences.
Ways to achieve dual citizenship:
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Automatic dual citizen – being born in the US or Canada to foreign parents, for example, makes a person the US or Canadian citizen.
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Legal Sponsorship Process – Marrying a national of another country and the desire to move and live in that country for some time is an option to become a dual citizen. Other eligibility requirements have to be met as well.
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Obtaining Dual Citizenship by investing in a foreign country’s economy, property, opening businesses, jobs. This way is often called an Economic Citizenship or Citizenship by Investment.
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Naturalization - usually residing in another country for some time as a permanent resident. You can contact us to check the requirements of your country of residence in case you are planning to acquire second citizenship through naturalization.
Keep in mind, that some countries, such as Singapore, do not allow dual citizenship, which means that your citizenship will be canceled once you become a citizen of Singapore. If your citizenship is dear to you, please check first whether applying/investing for a new passport will allow you to keep legally both passports.
On the bright side dual citizenship will allow You:
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to receive the benefits of both countries, including healthcare;
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to travel, do business, work, study in both countries;
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to own property in either country, when the countries have land ownership restrictions to citizens only;
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in the event of any kind of political or economic turmoil leave the country;
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optimize your taxes, in some cases - some countries only:
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tax income earned from that country
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do not subject capital gains to taxes
What to consider when picking a second passport option:
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Reputation o the country
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The tax system of the country
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Visa-Free Travel Options
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Is dual citizenship allowed?
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Residency obligations
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Requirements for becoming a citizen
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Other important obligations, such as military service (Israel, Singapore)
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How well you blend into the country's population.
How can we help You with obtaining a second passport?
We cooperate with a financial advisory firm specializing in citizenship by investment programs, immigration, business setup, tax optimization, and residence programs around the globe. We offer exceptional service and experience in order to achieve long-term relationships.
Our resources are efficient and responsible, trusted, and reputable. Our mission is to quickly assist individuals and businesses to find the right resources to meet their needs.
How to proceed if you require assistance?
1. Email us (contact@immigratione.com) Your issue and any documentation that you consider relevant
2. We review your documents and appoint a consultant/lawyer to contact you with the brief assessment
3. You decide whether to proceed.
All our cases are handled by experienced lawyers and RCIC immigration specialists.
Source & Copyright: The source of the above visa and immigration information and the copyright owner is the: Citizenship and Immigration Canada and Immigration Quebec
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