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Multiple citizenship: Is it worth it to acquire triple nationality?
50 years ago, most countries revoked the citizenship of someone who became a citizen of another country. However, today around 75 % of countries allow their citizens to hold foreign passports. Most European and American countries allow varied paths to citizenship, although Eastern countries tend to have stricter nationality laws. In this article we will discuss triple citizenship countries.
With globalization, it is increasingly common for someone to have three passports. For example, if a couple made of an American citizen and an Italian citizen had a child in Colombia, that child could legally have triple nationality. Also, for example, you can be a Venezuelan-Colombian citizen (hundreds of thousands of people are) and acquire a Montenegrin passport by investment. However, is multiple citizenship worth it? Can triple citizenship bring you any trouble? It depends.
First of all, many countries don’t recognize multiple nationality. For example, to acquire a Japanese passport, you must renounce any other passports you may have. Also, we would not recommend acquiring an American passport if you already have a strong one even if you have lived in the US for a long time. The US is the sole country in the world that taxes you based on nationality and not on residency, which means that acquiring an American passport automatically makes you a tax resident.
These are just some factors to consider. However, triple nationality can be beneficial in some instances. For example, if you are a European dual citizen, acquiring a Caribbean passport can be a good choice. It will protect you against hefty taxes, statism, and confiscation.
In fact, even having two investment passports can be a solid choice. You can acquire a Maltese passport, giving you visa-free access to the US and allowing you to live, travel, and work freely throughout the EU. You can combine it with another passport such as Vanuatu, to optimize taxes, because a Vanuatu tax resident does not pay income tax.
Yet, these are strange cases when you might need three passports. In general, two passports should usually do the work.
However, what we advise in our Forever Free plan is having, on the one hand, a second passport, and on the other, your residency in a tax-optimized jurisdiction. They can coincide, but some people don’t like to live in such remote countries. So, for example, a good plan can be:
- Acquiring a Cypriot or Portuguese residency (you will receive enormous tax benefits)
- Acquiring a Caribbean passport, such as Grenada’s
Thus, you will be able to live in Europe and enjoy its paramount life quality while keeping your taxes low, and you will have excellent life insurance and protection against extradition, confiscation, and even more tax optimization in Grenada.
What can we do for you?
In Mundo, we have over 25 years of experience with NTL, offering high net worth individuals immigration services. We believe in freedom. That’s why we’ve tailored an all-inclusive family office plan in our Forever Free package, which will help you optimize your taxes, protect your intergenerational wealth, and secure your family and your assets. The first step is acquiring a second passport, and sometimes a third passport or a residency by investment.
Contact us right now, and we will tailor a plan for you.
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