More and more individuals are seeking dual citizenship in 2023. We take a look at what this means and how things have changed.
Many individuals are pursuing dual citizenship in 2023. The idea of being a global citizen is very enticing.
What is dual citizenship?
Dual citizenship is when an individual holds the citizenship of two countries and is recognised as a citizen under the laws of both. While there are many countries that allow their citizens to hold dual citizenship, there are also many that do not. For example, countries like India and China forbid holding dual citizenship.
Benefits of dual citizenship
The benefits of dual citizenship in 2023 include:
- Security and stability
- Access to better healthcare and education
- Global business opportunities
- Possible travelling privileges
- Dual citizenship is the ideal ‘Plan B’
You can read more on the benefits of dual citizenship here.
Which countries allow dual citizenship in 2023?
Depending on the country, individuals can sometimes hold more than two citizenships making them eligible to enjoy the rights of those nations which usually include the right to live and work there. However, it is important to check the laws before receiving an additional citizenship as it could lead to your former citizenship being revoked.
Also Read: Five most luxurious places to get dual citizenship
For a full list of countries that allow dual citizenship as well as those who don’t, you might want to also read: How many citizenships can you have?
How can I obtain dual citizenship?
One of the ways to obtain a second nationality is to apply for citizenship through a citizenship by investment programme. CBI programmes offer the opportunity for reputable individuals to legally obtain a new citizenship in return for an investment in the economy of the host country.
The seven steps in our resource: How to apply for citizenship by investment explains exactly what is required when applying for CBI.
An important round-table discussion recently took place in St Kitts and Nevis. Details of different countries’ CBI programmes were the order of the day. The discussion was led by the Deputy Assistant Secretary of the US Department of the Treasury and joined by all of the Caribbean CBI nations. Subsequently, the Caribbean states of Antigua & Barbuda, Dominica, St Kitts and Nevis, Grenada and Saint Lucia have all agreed to six new CBI principles for the Caribbean.
The agreed six principles are:
- Collective agreement on the treatment of denials
- Additional checks
- Retrieval of passports
- Treatment of Russians and Belarusians
It is important for countries to agree on principles like these to keep the integrity of CBI programmes high. It also makes it easier for potential investors and high-net-worth-individuals (HNWI) to choose the programme that best suits them.
Most reputable CBI programmes
CBI programmes all around the world are ranked by The CBI Index, published by the Financial Times’ Professional Wealth Management magazine. It is a comprehensive ranking system that compares active CBI programmes. The index uses nine pillars to essentially rank each programme.
Dominica and St Kitts and Nevis have joint first for the top CBI programme as per The CBI Index 2022 followed by Saint Lucia.
Also Read: Most reputable CBI programmes
There are still some countries with a ban on dual citizenship
Japan has, once again, brought the argument of single citizenship versus dual citizenship to the forefront. On the 21st of February 2023, the Tokyo High Court ruled against their dual citizenship lawsuit in the Kasumigaseki district. The ruling maintains that the country’s ban on its citizens holding foreign nationality at the same time as remaining Japanese nationals is constitutional.
With more than 70 per cent of countries allowing dual citizenship, it’s hard not to ask the question: Is Japan’s ban on dual citizenship outdated?