Possessing second citizenship is a step towards more freedom. Whether that means more freedom to fly to more countries, more freedom to live in more jurisdictions or more freedom to choose the lifestyle that you wish, is up to you.
Dual citizenship refers to a person who is legally recognised as a citizen in two countries at the same time.
To make this important step, you need to know a few things, such as which countries allow dual citizenship. And ergo, those that do not. Relinquishing your original passport is not the ideal scenario, however, trading one passport for another is not necessarily a bad thing. Which is why it is so critical to know all the information before reaching your decision.
While the list is growing, there still are countries which strictly forbid acquiring a second passport. However, in recent years several countries have fostered a more favourable attitude towards allowing their citizens to hold Dual Citizenship, either through recognising Dual/Mulitple Citizenship or amending their requirements for naturalisation.
(*countries that allow dual citizenship under select conditions only)
|Albania||Belize||Czech Republic||Israel||Nigeria||South Africa|
|Antigua & Barbuda||Brazil||Finland||Kosovo||Panama*||Sweden|
|Barbados||Costa Rica||Hungary||Malta||Romania||United Kingdom|
|Belgium||Cyprus||Ireland||New Zealand||Slovenia||United States of America|
|China||Japan||Poland||United Arab Emirates|
So now that you know which countries allow dual citizenship let’s explore the many benefits that come with acquiring a second passport.
#1 Global mobility - Some passports do not allow you the luxury of travelling to any destination and can be quite restrictive. This makes travelling a complex matter as travel visas would need to be obtained. A second passport can offer a solution to that problem by increasing one’s mobility, removing the bureaucracy from the equation.
#2 Business - acquiring second citizenship opens the doors to a plethora of business opportunities, and conclude business deals, that were otherwise unavailable or hard to come by based on the original passport.
#3 Tax Optimization - certain jurisdictions provide advantageous tax legislation which may prove to be very beneficial to you and your business. Whether this includes double tax treaties or capital gains, optimising your taxes will allow you to manage your wealth better.
Related: Malta Taxation System
#4 Security - obtaining a second passport from a stable country puts your mind at rest. In the event of any social, political or economic instability in one’s own country, you maintain a plan B.
#5 Quality of life - depending on which passport you acquire, you may be granted access to world-class education and health-care, as well as an overall enhanced lifestyle.
By attaining Dual Citizenship status, high net worth families have the means to unlock their full potential by accessing better opportunities in another country. This means securing your families future, through education, health-care or simply a better lifestyle.
Now, You might be asking yourself,
Numerous countries offer such opportunities in order to attract High Net Worth individuals and Foreign direct investment. Depending on your budget and your reasons for seeking a plan B, they are available around the world, including the Caribbean, Europe and Oceania. By opting for such programs, the benefactors are granted the same rights as the residents and citizens of that country.
Ones such as the Malta Individual Investor Program is one of the most sought after and unique programs. You are granted the right to reside in Malta and within the EU, subject to minimal residency requirements and other investment criteria.
In short, the Malta Individual Investor Program is a unique way of obtaining Citizenship by Investment, designed by the Maltese government. This program can provide you and your family the right to settle in Malta, as well as any of the 28 EU member states.
Our dedicated team of experts can help you at every step of the way for obtaining your Maltese citizenship. Contact us today.
Wahaat is an advisory service firm that focuses on High-Net-Worth Individuals providing three distinct but related services:
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Wahaat, through its affiliate, is proud to be the official concessionaire chosen by the Government of Malta to promote the Malta Residence and Visa Program throughout the Middle East.
Through Wahaat’s and our strategic partner’s presence in over 120 countries, represented by 565 offices, Wahaat has vast experience in the development and provision of holistic services that are tailor-made for each individual client.
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The global residence program grants special tax status in Malta, Maltese residence permit to holders and the possibility of double taxation relief.