Dual citizenship can open up a world of opportunity, from lower tax responsibility to easy travel. Don’t hold yourself with just one passport.
For more information on why you need dual citizenship, read this article.
Below are five of the best dual citizenships a person can obtain. For more information on how you can take the leap to international living, contact Alpen Partners below.
While Switzerland may not be the easiest dual citizenship to obtain, it certainly is one of the best. Switzerland is home to elite banking, standards of living, culture, and more.
One of the biggest draws to Switzerland is the country’s strong economic system with controlled requirements and job growth. The small country has an equally small population that takes advantage of its many companies. There are limited investments required for production and agriculture that support the strong economy.
The economy is so strong that there is no national deficit. The Swiss Federal budget is actually positive, so the currency is fully backed by a self-reliant economy. The country also boasts low unemployment, high per capita income, and a popular banking destination utilized worldwide.
If you want to change your citizenship completely, Switzerland has a route for those with permanent residency, through naturalization, though it will take some time.
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.
With diversification opportunities, investment managing, and forex trading, many are seeking the U.S. as their offshore banking destination. Over the past couple 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 permanent residency of five years.
As the world’s fourth leading financial center, Singapore’s passport will not only earn you visa-free travel to over 150 countries, citizens will also benefit from a diverse culture that plays an important role in global finance and trade.
The country is no stranger to immigration, with a population of almost 5 million people that is made up of Chinese, Malay, Indian, other Asian descents, and Caucasian immigrants. Foreigners make up nearly 42% of the population, where they work and study.
Singapore often ranks high
An individual can obtain citizenship after holding permanent residency for two years.
For those who want citizenship for a new, more ideal lifestyle, Portugal is the place. The country has temperate weather, vibrant culture, and proximity to many popular European destinations.
In Lisbon, there are nearly 300 days of sunshine throughout the year with a comfortable temperature. Major cities in Portugal are also very safe. In fact, Lisbon has the lowest homicide rate of any European capital city. Both of these factors contribute to an overall high quality of life. The country also has some of the best European beaches, urban forests, recreation facilities, and more!
This ideal living situation is perfect for moving a family abroad or an adventurous retirement!
Portugal has the very popular Golden Visa that grants residency to individuals who make certain investments in the country, mostly real estate. After five years, Golden Visa holders can apply for permanent residency and citizenship after six years. One of the biggest appeals to the visa is that the applicant never even has to have lived in the country to gain citizenship.
If an individual is looking for an inexpensive dual citizenship or second passport, Italy offers citizenship to those whose ancestors were born in the country. Other countries, such as Ireland are known for this way of getting easy dual citizenship.
Ireland is often heralded as one of the easiest ways to gain a dual citizenship. An individual can gain jus sanguinis citizenship, or citizenship through the blood of ancestors. The only requirement is that one of the individuals grandparents was born in Ireland. This grants free Irish citizenship.
With Irish citizenship, individuals can work and live in EEA or EU member countries. They can live in the country for 280 days every two years. Any longer and they become a tax resident.
This is a very popular citizenship as many individuals have ancestors in Ireland. The country has over 14 million passports in circulation even though it only has a population of four million.
To earn a second passport, there are many steps that an individual has to take. Each country has different regulations and some take longer than others. Some will require a minimum income while others may just require an investment in real estate, businesses, or job creation.
There are a lot of other aspects of living abroad to consider as well. Banking offshore and how you will file your taxes will need to be considered.
With 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?
There are benefits that can affect your taxes, your investment portfolio, cost of living, and your lifestyle completely. 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 hand craft a unique plan for you.
No matter the problem, Alpen Partners will handcraft a solution for you. We know that there is no one-size-fits-all when it comes to financial success. Our approach involves working with our clients to make a unique plan to meet their needs. Rest assured that we will work hard to guide you through the process of meeting your financial and personal goals.
Contact us to enhance your financial plan today.