Obtaining dual citizenship provides numerous revolutionary benefits. It gives people the ability to travel farther and explore a world of chances; it also offers improved mobility, more opportunities for education and employment, asset protection, and the possibility of favourable tax arrangements. The fact that so many US citizens have elected to have dual citizenship in order to improve their quality of life and take their enterprises to new heights of success should come as no surprise.
In terms of overall tax competitiveness, the US ranks 22nd out of 38 countries according to the Tax Foundation’s 2022 International Tax Competitiveness Index. Certain countries have more enticing tax structures, such as lower personal income tax rates or tax breaks aimed at luring in foreign capital.
The short answer is that dual citizenship is legally permitted in the United States. As to the VisaGuide.World list, 66 nations permit holders of dual citizenship with the United States. US immigration law does not specifically mandate that naturalised citizens of the US give up their original citizenship. The Oath of Allegiance speaks of renunciating allegiance to other countries, yet US immigration law makes no mention of dual citizenship.
As such, people are not required to choose one citizenship over another. Individuals who possess dual nationality are accountable to their home country as well as the United States (or nations if they hold several nationalities). Both countries have the right to implement their own laws, but they are required to abide by the laws of both.
One of the main reasons people choose dual citizenship is the necessity of asset protection. High-net-worth people (HNWIs) are increasingly actively pursuing dual citizenship as a way to protect their money from the uncertainties of political and economic volatility, according to CS Global Partner’s World Citizenship Report 2023.
Acquiring dual citizenship with nations renowned for their well established legal systems and strong economy can provide US citizens with a responsible way to safeguard their assets and extend their investment options. In addition to strengthening their investment portfolio, this strategic diversification of their property holdings offers the bonus of personal holiday homes.
There are several benefits to investing in rental properties, especially for people who hold dual citizenship. The most important of these is the capacity to access a variety of real estate markets. Investors can take advantage of favourable rental yields in one nation while also benefiting from asset appreciation in another, and Airbnb, Inc. (NASDAQ:ABNB) can provide a useful platform to support this investment approach.
The CEO of Airbnb, Brian Chesky, expressed his wish to see more people renting out their properties for the entire year on October 4 in an interview with the Financial Times. Additionally, he talked about the potential for Airbnb to grow into new businesses like pop-up restaurants and vehicle rentals.
It’s interesting to note that by obtaining dual citizenship, HNWIs in the US can further investigate chances in Europe. For investors looking to have exposure to the real estate investment space, Altisource Portfolio Solutions S.A. (NASDAQ:ASPS) is a compelling choice. Janus Henderson Group plc (NYSE:JHG), on the other hand, is more appealing to investors who want to diversify their holdings while maintaining a real estate footprint.
With its headquarters located in Luxembourg, Altisource Portfolio Solutions S.A. (NASDAQ:ASPS) provides integrated services to the mortgage and real estate industries. Portfolio management, asset recovery, mortgage and real estate-related technology solutions, and customer relationship management services are just a few of the services offered by the organisation. With its electronic payment management software, Altisource Portfolio Solutions S.A. (NASDAQ:ASPS) facilitates business transactions and uses analytics driven by behavioural science to improve a range of company operations for marketplace participants and vendors.
The business also provides technology and solutions to customers in the mortgage origination and servicing sector as well as to those who purchase and sell single-family residential real estate. These services, which include the Single-Family Rental (SFR) solution, help to lower risk, increase portfolio size, improve operations, and save costs.
According to a story published in Investment Week on October 4, Henderson High Income (HHI) and Henderson Diversified Income (HDIV) of Janus Henderson Group plc (NYSE:JHG) have mutually decided to consolidate their assets and disband HDIV.
It is expected that this merger will benefit the trust administrators as well as the shareholders. It will lead to lower expenses, reduced risk, a broader and more diverse portfolio, and an overall improvement in income and performance. HDIV shareholders will have the option to either transfer their investment into HHI or get a cash exit at a discount of 1% to the net asset value during the rebuilding process of the merger. Janus Henderson Group plc (NYSE:JHG) will remain in charge of the trust’s administration.
We used the human development index value as a key metric to determine which countries are the best for US citizens to obtain dual citizenship because of its direct relationship to passport strength, enhanced global mobility, and access to a wide range of benefits, such as greater business opportunities, more options for healthcare and education, and crisis support. To ensure data accuracy, we cross-referenced the UNDP’s Human Development Report 2021/2022 with the VisaGuide.The list of 66 nations in the world where US citizens are allowed to hold dual citizenship.
The Malta Permanent Residency Programme (MPRP), which requires a US$140,000 investment for a Maltese permanent residence card and perhaps citizenship after five years, is one of the investment options offered by the Malta Golden Visa Programme. Upon completion of three years of residency, Maltese citizenship can be obtained through the Malta Citizenship by Investment route, also referred to as the ‘Citizenship by Naturalisation for Exceptional Services by Direct Investment’ programme. There is a quicker programme that grants citizenship in just a year, but it costs more.
The UK is one of the best options for dual citizenship because of its strong passport. It provides US citizens with access to a rich cultural legacy, esteemed colleges, and a diverse economy. London and other UK cities are major international hubs for commerce, finance, and the creative industries. Opportunities are available in the nation in industries like media, healthcare, and technology.
Luxemburg is a desirable location for dual citizenship since it has a robust economy and is well-known for its banking industry and low tax rates. Rich in infrastructure, healthcare, and education, Luxembourg is a banking and financial centre of excellence. The real estate loan and mortgage sectors, as well as the rental market, are flourishing and offer attractive investment options, particularly for high net worth individuals. Important participants in this market include businesses like Janus Henderson Group plc (NYSE:JHG), Airbnb, Inc. (NASDAQ:ABNB), and Altisource Portfolio Solutions S.A. (NASDAQ:ASPS).
For US citizens contemplating dual citizenship, Canada is a popular option because it’s one of the easiest countries to obtain dual citizenship as an American. Canada has a diversified population, a strong economy, and abundant natural beauty. It also offers chances in a number of sectors, including banking, healthcare, and technology. Its cities—Toronto, Vancouver, and Montreal, among others—are renowned for their livability and employment opportunities.
US citizens are granted the option to get dual citizenship with New Zealand. In order to obtain this status, applicants usually need to meet residency requirements, submit an application, maybe take a citizenship test, and pay relevant costs. Remarkably, New Zealand generally does not require the renunciation of US citizenship.
US nationals are able to become citizens of Belgium without having to give up their US citizenship. After voluntarily obtaining Belgian citizenship, individuals are able to get dual citizenship by means of a declaration of citizenship or naturalisation procedure, which enables them to maintain both their original citizenship and Belgian citizenship simultaneously. Interestingly, there are no procedures associated with dual citizenship in Belgium, thus there’s no need for people to send statements to foreign diplomatic missions or local municipal agencies.
Finland is renowned for its outstanding educational system, innovative technology, and high standard of living. The nation provides job prospects in fields including design, sustainable energy, and technology. Helsinki, the capital, is well-known for its thriving cultural offerings and entrepreneurial sector. Finland is a great place for people looking for a work-life balance because of its unspoiled landscape and outdoor sports.
German inhabitants have access to a strong economy, first-rate infrastructure, top-notch healthcare and educational programmes, and more. Germany is renowned for its engineering prowess, technology, and automobile sector. Cities with a thriving cultural scene and a wide range of employment options are Berlin, Munich, and Frankfurt.
The many job and investment opportunities in Ireland are advantageous to US residents pursuing dual citizenship. Ireland’s economy has grown remarkably in the last few years, especially in the pharmaceutical and technology industries. The nation has beautiful scenery, energetic cities, a rich cultural legacy, and a tax structure that is advantageous.