Many individuals are flocking to the United States to live the American dream. For those who want to keep their roots in their home country, dual citizenship is the perfect tool. Dual citizenship means an individual has citizenship in two countries at the same. This means the individual has legal rights and obligations in connection with both.
With diversification opportunities, investment managing, and forex trading, many are seeking the U.S. as their offshore banking destination. Over the past couple of years, the United States has made its mark on the offshore banking world, some even comparing it to the banking system of Switzerland, trying to catch up.
The United States does offer a naturalization program after a permanent residency of five years. Let’s explore why and how individuals from all over the world are earning dual citizenship in the United States.
Let’s start by looking at the benefits of having a second passport.
- A Good Backup Plan
By earning a second passport, individuals have the added benefit of being able to flee in the event of political or economic instability in their home countries. Some countries have more stable and trustworthy government systems, economies, and remain non-controversial. These safeguards can be the perfect escape for you and your family.
- More Privacy and Safety in Banking
With a second passport, you will have easier access to global banking opportunities. International banks of particular nations have proven time and time again to be safer, more secure, and more accessible than banks of other countries.
- Global Investment
Offshore investment may open up a plethora of opportunities that may not be available in your jurisdiction. There are many technological, agricultural options, etcetera, that just aren’t found in an individual’s home market. These options may offer high returns or can be an excellent hedging technique.
If you decided to gain new citizenship completely, you will no longer be subject to the tax laws of your home country and can enjoy life without the hassle of being taxed on money that you may not even be making in your home country. Both personal and financial liberation overseas are achievable by tapping into new and developing sectors and developed areas of investment, allowing and encouraging you to diversify your portfolio.
- Better Travel
With a second passport, you can take advantage of visa-free travel to different nations, working and living in a new country easily, business opportunities, safer business, and cultural exploration. Citizenship also allows you to vote, leave the country for as long as you like, and everything else a person who was born in the nation can do.
Why Choose the United States
Before we look at the various options of acquiring citizenship, let’s look at why individuals are choosing the US for the second passport.
There are some obvious reasons people are choosing the US, such as political and economic stability. Two significant reasons individuals love to have citizenship in the states is for the first-class healthcare and education systems. The US has sophisticated hospitals and world-renowned medical innovations. Education is a top priority in the United States and ensures the standards of schools is high.
Career opportunity is another leading reason for moving to the United States is the career opportunities. As a country that takes pride in its hard work, the US regularly ranks in the top five counties in the world for workforce productivity.
Natural beauty, choice in weather, and travel opportunity sit among additional reasons people love earning dual citizenship in the United States.
How to Acquire Dual Citizenship
There are several different ways to acquire dual citizenship in the US. The first couple are related to birth. You can earn citizenship if you are born in the United States to immigrant parents or are born outside of the US to one parent who is a citizen while the other is a citizen of another country.
The most utilized way of acquiring dual citizenship in the US is through becoming a naturalized citizen while maintaining citizenship in another country. Here is what you can expect from the naturalization process.
- Determine your eligibility to become a U.S. citizen.
- Prepare your Application for Naturalization, known as Form N-400
- Submit your application
- Go to the biometrics (fingerprinting) appointment, if applicable
- Take part in the naturalization interview
- Receive a decision from USCIS regarding your application
- Take the Oath of Allegiance
- Take the Oath of Allegiance to the United States
- Learn and understand your rights and responsibilities as a U.S. citizen
During the interview, applications will take a naturalization test that involves speaking, reading, and writing in English and answering ten questions regarding United States civics.
Alpen Partners and Dual Citizenship
With a partnership with respected law firms in various regions of the world, Alpen Partners is advising its clients on every step of the expatriation journey. There is increasing tax pressure globally and professional mobility, expatriation has become one of the most efficient tools for asset protection and estate planning. Dual citizenship clearly has its benefits, so what are you waiting for?
Some benefits can affect your taxes, your investment portfolio, the cost of living, and your lifestyle altogether. As the cost of traveling becomes cheaper, the benefits of expatriation for financial reasons are more easily obtained.
Taking the leap and leaving your home country can be a big decision with tons of personal and legal steps. The hassle of navigating the legal process of expatriation can be reduced with the guidance of Alpen Partners. Each step requires assistance, including getting the passport, making sure everything is completed correctly regarding taxes, acquiring work permits, making investments, and more.
Our expatriation and relocation services take your goals and current situation to handcraft a unique plan for you.