|The holder of dual citizenship is a citizen of two countries simultaneously, and able to possess multiple passports at the same time. But why do so many affluent people decide to get second citizenship or residency? The best description we heard was from a businessman from Ghana: it was like traveling by a private jet for the first time, after so many years of flying economy class. It is much more than having a second travel document!|
|What is a second citizenship? |
A citizen is a person who legally belongs to a country and benefits from all the rights and complies with all legal obligations of the country. One can become a citizen by birth or by naturalization, which is the legal act or process by which a foreigner can obtain citizenship or nationality.
Which is the fastest way to become a new citizen?
It is also possible for investors to become new passport holders. Usually, several countries offer fast-track or even immediate naturalization for the people they need. Citizenship by investment programs are built on these, fully legal fast-track methods, where you can skip the line – if you meet certain conditions and invest the required amount, you are guaranteed to get a second citizenship in 1-3 months.
What are the differences between residency and citizenship?
A resident is a person who is legally living in another country but is not considered as the member of the club of locals: they can stay, but they cannot vote, cannot receive a passport, and mainly they remain protected by the country’s laws.
The most obvious difference between citizenship and residency is that once you become a citizen of a country, you can have a passport, whereas residency status is usually conditional and you can only apply for a travel document such as an ID card. Residency can be temporary or permanent. Temporary residency is usually renewable if you meet certain requirements and is usually valid for only a few-year period. After a certain period of living in the country there is a possibility to apply for permanent residency.
Permanent residency is a resident status in a country, where the holder of the permit is not a citizen but has the right to reside in the country permanently, for a whole lifetime. Permanent status in a country usually means the right to work and do business there as well. Moreover, the permanent resident status can lead to citizenship after a few years, if the resident complies with all rules and regulations of the ordinary naturalization process. However, the legislation differs in each country, there is no worldwide general rule for permanent residents.
Stay with us, as in the next part, we will tell you about residency possibilities all over the globe.