Have you ever considered dual citizenship, the act of becoming a citizen of more than one country? Isn’t this dangerous, sort of like taking on more than one wife? Not necessarily. This is perfectly legal in some cases and very illegal in others. There is no worldwide sanction on this practice because there is no worldwide government. However, individual countries can prohibit its own citizen from being a resident of more than one country.
Why? This is usually due to what can described as disloyalty or a sort of international conflict of interest. Some countries have no problem with such a scenario. You can be a dual citizen of both Canada and the United States, so as long as you obey the laws of whatever country you are currently living in. Countries like the U.K, Australia and France also allow dual citizenship. However, other countries such as India, China and Germany do not allow this option.
What are the cons? Only that you have twice as much responsibility. You have to respect the laws regarding taxes, military service and travel restrictions for both countries, depending on which you are currently living at. The pros of dual citizenship are that the status allows residents many financial benefits. Business travelers don’t have to devote much time to getting visas, nor is there any technicalities preventing him or her buying a new property or getting access to a restricted area.
There is also more freedom in having dual citizenship, since you are not obligated to work or store funds in merely on country. Many people are considering backup plans in light of the U.S.’s financial crisis. The final benefit to discuss is that of belonging. Some individuals have very strong ties to their countries and desire not just to legally work and build in another country, but also to keep deep roots in their own country. Countries that allow dual citizenship will not require a painful disassociation from their home land.
If you are interested in dual citizenship then make sure and verify your plans and any technicalities in question with either a lawyer or an international consul. At the very least, try and verify the information from a reputable online source rather than risk doing something illegal. Dual citizenship is a unique privilege, one that truly makes you independent. This option may bring you many advantages in your financial affairs.