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Disadvantages of Dual Citizenship

When you get citizenship by investment in cyprusit will come with its disadvantages as well as advantages. While it might be good for purposes of travel, politics, property, and other cultural influences, there are some drawbacks that you need to be aware of. Though they don’t outweigh the pros, they are worth considering.

• Dual obligation: You will need to abide by the laws of the two countries. If one of the countries requires that you have to go for mandatory military service, you will need to do so. And this means that you might risk losing the citizenship of the other country. You have to ensure that you pay attention to the military requirements of both countries.
• Security: If you are thinking about military or government jobs in which you will need to access information that is classified, having two citizenship might pose a conflict of interest thereby requiring you to forfeit the citizenship of the other country.
• Dual taxation: Tax laws are normally complicated. While there are some tax treaties in the USA, there are several places across the globe where for getting their citizenship, you will require to file US tax returns. This means that you have to do your homework well.
• The process is complicated: There are times when the process is streamlined while at other times, it is not. For some dual citizenship, the process might be very expensive and take several years. You have to find out in advance if you will require an immigration lawyer and the amount the whole process will cost you.
To have dual citizenship by investment makes a lot of sense if you are planning to stay in the place where you are studying so that you improve your chances of getting a good job. Or if the business opportunities are better than in your original country.

February 20, 2020