Is dual citizenship merely a luxury or a fundamental need? In 2024, an increasing number of people are recognizing its merits. It’s reassuring to see that among them are high-ranking government officials who grasp the significance of drawing in experts from abroad. To make it possible, they are progressively eliminating the barriers on the way to this goal.
Dual citizenship: introducing the concept
First, as always, a bit of theory. Dual a.k.a. multiple citizenship or dual nationality refers to the status of an individual who is concurrently regarded as a citizen of two or more states. Historically, many nations strictly prohibited it due to concerns over loyalty, national security, and complications in diplomatic relations. However, in recent decades, the trend has shifted, with an increasing number of countries recognizing dual citizenship.
The motives leading to the acceptance of dual citizenship are diverse. For countries with significant diaspora populations, allowing dual citizenship often fosters stronger ties with expatriates, encourages investment and philanthropy, and promotes cultural exchange. Now that we are all economically independent and constantly on the move, dual citizenship is a way to attract skilled workers, entrepreneurs, and investors who want to maintain ties with their countries of origin while pursuing opportunities abroad.
As of 2024, numerous nations across different world regions allow dual citizenship, albeit with varying degrees of regulation and eligibility criteria. The United States, Canada, the United Kingdom, Australia, and many European countries all have well-established laws that govern the issue, allowing people to hold multiple nationalities with no need to relinquish their existing citizenship.
Countries allowing dual citizenship in 2024
As of 2024, a significant number of countries recognize and permit dual citizenship. This allows individuals to maintain their original nationality while also enjoying the rights and privileges of a citizen in another nation. Here are some of the jurisdictions that have embraced this policy:
- European Nations: Multiple states in Europe, including Germany, France, Italy, Spain, Sweden, and Portugal, allow dual citizenship. They offer a blend of rich cultural heritage, strong economies, and social security systems that are attractive to potential applicants.
- North America: The United States and Canada are prominent examples of nations offering dual citizenship in North America. They are known for their strong economies, high standards of living, and comprehensive civil liberties.
- Oceania: Australia and New Zealand that are recognized for their high quality of life offer dual citizenship options to those who meet their respective criteria.
- Latin America: Here, jurisdictions like Brazil, Argentina, and Mexico provide dual citizenship opportunities, often with fewer residency requirements compared to other regions.
- Caribbean: Several Caribbean nations, including Grenada, Dominica, and Saint Lucia, have become popular for their citizenship-by-investment programs.
- Asia: The Philippines, Pakistan, and Turkey are among the Asian countries that recognize dual citizenship, each with its own set of regulations and benefits.
Fast-track second citizenship programs: path for investors
In addition to dual citizenship, several states have introduced fast-track second citizenship programs specifically for investors, commonly known as citizenship by investment (CBI) or economic citizenship schemes. These initiatives offer affluent individuals and their families expedited pathways to acquire citizenship in exchange for substantial financial investments, typically through real estate purchases, job creation, government bonds, or direct contributions to national development funds.
Fast-track CIPs appear to be a lucrative revenue stream for participating countries. Why? Well, for the most part, these initiatives inject capital into their economies, stimulate growth, and create new employment opportunities. By attracting high-net-worth individuals who contribute to local businesses, innovation, and philanthropic endeavors, they enhance international competitiveness.
On the global scale, several nations continue to implement and refine their fast-track CIPs to remain attractive to investors amidst intensifying competition in 2024. Popular destinations to get your CBI include Caribbean states like St. Kitts and Nevis, Antigua and Barbuda, Dominica, and Grenada, as well as several European countries. Here, we are referring to Malta, Cyprus with its residency by investment scheme, and Portugal (although its CIP is admittedly going through some turbulent times now).
Fast second citizenship for investors: where to apply
For investors, citizenship by investment (CBI) has become a fast track to obtaining a second passport. In 2024, several countries offer CBI schemes that grant citizenship much quicker than traditional naturalization processes, often without the need to reside in the country or fulfill stringent language and cultural knowledge requirements.
This is where you will find the most popular CIPs in 2024:
- Caribbean Nations: Countries like Grenada, Dominica, and Saint Lucia offer some of the fastest and most cost-effective CBI programs. Investments typically start at around USD 100,000 and may lead to citizenship within a few months.
- EU: Malta offers a CIP that, while more expensive, provides a European Union passport that grants the right to live, work, and study anywhere in the EU.
- Vanuatu: This Pacific island nation boasts one of the fastest CBI procedures, with citizenship possible in just 1 to 2 months following an investment starting at USD 130,000.
- Turkey: The recent update to the investment citizenship criteria requires that applicants for Turkey’s Golden Visa now invest a minimum of USD 600,000 in real estate, an increase from the previous requirement of USD 400,000. Citizenship may follow within 6 to 8 months.
These are just a few examples of where in the world you can find appealing CBI opportunities in 2024. However, joining these programs may be a challenge, especially if you try to do it on your own. It usually requires a lot of money, let alone thorough background checks. The increase in the programs’ number has already led to heated discussions about turning citizenship into a product, possible dangers to safety, and making the gap between rich and poor even bigger. So it is not all as simple as it may appear at first sight.
Yet, you do have a chance to become a citizen of your dream state in 2024! To make it possible, just contact the International Wealth team and let us know what your wishes and intentions are. Our seasoned consultants will provide you with all the available options and take care of any complicated matters.
