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List of Advantages of Dual Citizenship. Getting Cambodian citizenship could therefore give you ground-floor access to a frontier market.Getting dual citizenship can thus improve your ability to travel and do business around the world – even if you already have an A-level passport.Dateline: Kuala Lumpur, Malaysia While designing their offshore strategies, many of my clients ask...Maybe you have Eastern European ancestry and can get expedited citizenship in Lithuania or Poland, or maybe you want to become naturalized in Costa Rica or Paraguay.If you have citizenship in a particular country, then you have the freedom to live there as you choose. Dual Citizenship. That means they can potentially vote in local elections, serve in office, or …
Other eligibility requirements include being at least 18 years old when you apply and being able to read, write, and speak basic English.As a dual citizen, you are allowed to carry passports from both countries. Italian dual citizenship can create incredible opportunities and foster wonderful cultural exchanges. As a permanent resident of Canada, you have access to a lot of the same resources that Canadian citizens have. If you are living in your country of dual residence that is not the U.S., you may owe taxes both to the U.S. government and to the country where the income was earned.As a dual citizen, you are bound by the laws of both countries. In general, to apply for U.S. citizenship, you must have lived in the U.S. as a permanent resident–and have a permanent resident (green) card–continuously for five years (or three years if you are filing as the spouse of a U.S. citizen). A person may hold both citizenships and can carry both British and Canadian passports if they so desire. To apply for permanent residency, most individuals file form 1-485, Application to Register Permanent Residence or Adjust Status. For example, if you are a U.S. citizen and also a citizen of New Zealand, you can travel more easily between these two countries. For most people, the complicated process for gaining citizenship requires the help of an immigration lawyer. However, getting dual citizenship can also be beneficial for citizens of other countries. Canada and the UK accept dual citizenship (also called “dual nationality”). However, if their home country permits dual citizenship, this individual will be a citizen of both the U.S. and their home country.Sometimes dual citizenship happens automatically (for example, when a child is born in the U.S. to foreign parents). There is a process associated with the process, as they like to say, but the most important benefit to being a dual citizen can be summed up in a single word. Canada allows its citizens to keep their Canadian citizenship and take on foreign citizenship. You don’t need to fuss with residency requirements or visas to get in.Join our email list and we’ll send our best articles, videos and exclusive content right to your inbox.Guaranteed residence is certainly the unsung benefit of getting dual citizenship.So, if you want unfettered access to this emerging market, then you may want to consider becoming a Cambodian citizen.However, I can certainly see why they’re so important to many people.But what if you already have a top-tier passport?Where you decide to get that dual citizenship, however, depends on your needs and circumstances. If you are seeking a position with the U.S government or your job requires access to information that is considered classified by the U.S. government, having dual citizenship may bar you from gaining the security clearance you need for this type of employment. You no longer need to be concerned with getting a visa and can live in Italy or any other EU countries for however long you’d like. 1. In fact, its capital – Phnom Penh – looks quite a bit like Bangkok did thirty years ago.If social services are something that’s important to you now or in the future, then getting dual citizenship can enhance your access to them.Getting dual citizenship can also open up other doors for you, such as easier access to overseas markets.Since the US requires all citizens to pay taxes, renouncing your US passport is the only way to truly escape the IRS – and you’ll need a second passport to do that.See, the majority of citizenship-seekers are looking for a better passport than what they already have.The Nomad Capitalist team has helped hundreds of people create and execute prolific offshore plans to help them legally reduce their taxes, become dual citizens, and live the Nomad Capitalist lifestyle of successWould you like to be next?Dual citizenship therefore serves as an insurance policy for your tax plan.I’m not one for doomsday predictions or tin foil hats, but I think that having a fail-safe in case you need to leave your country of residence is a good idea.Even in highly developed countries like the US, medical care or higher education can easily cost an arm and a leg.