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Common Myths About Citizenship by Investment

Common Myths About Citizenship by Investment At JH Marlin (https://jhmarlin.com/) we have helped many client obtain a passport through citizenship by investment programs around the world. Many people have sought to do citizenship by investment for a variety of reasons. This video discusses some common myths that people have (particularly for holders of US and Canada passports). Myth #1 Dual Citizenship is Not Allowed for Canadian & US citizens We frequently get asked from American & Canadian clients if dual citizenship is permitted. In fact, citizens from Canada and the US can have multiple citizenships and this is legal (provided the other country allows the citizenship holder to possess other citizenships). Myth #2 Acquiring a new citizenship means different tax liabilities People can be deemed “US Persons For Tax Purposes” based on different factors which some of these factors may include; being physically present in the US, resident of the US and hold US citizenship. US citizens are taxed on a worldwide basis (citizenship-based taxation) which differs from nearly all countries. For a US citizen, acquiring another citizenship does not automatically make a person a non-tax payer of the US and a taxpayer of the new country. Canadians are taxed based on residency as opposed to citizenship. Acquiring another citizenship does not automatically make you a tax resident of your new country of citizenship. Myth #3 Citizenship by Descent is an easy process unlike citizenship by investment A lot of people are under the assumption that they can easily obtain citizenship through descent. They may have had a grandparent born in a country and can easily retrace their routes to get citizenship in a quick manner. The eligibility criteria for citizenship by descent vary from country to country and in most cases can be difficult or lengthy to obtain. Citizenship by Investment is often a faster route to obtaining citizenship. Myth #4: Acquiring another citizenship is looked down upon Some people have the belief that obtaining another citizenship is unpatriotic. In reality there are a variety of ways to acquire citizenship; through naturalization, birth, descent, citizenship by investment. There are several people living in Canada and the United States who have different citizenships. In an increasing global world, having multiple citizenships is an asset and becoming more common. Myth #5: You can never come back to your home country Many people fear never being able to come back to their home country. Provided you still hold a valid passport from your home country you can come and go freely to your home country. Provided you go on to renounce your United States citizenship you will need to apply for a visa to re-enter the United States. You can apply for a multiple entry visa to enter the United States. At JH Marlin (jhmarlin.com) we assist with citizenship by investment and residency by investment applications. Citizenship by investment is the process of acquiring a second passport through a government that has a citizenship by investment program. There are a limited number of countries that offer citizenship by investment. Countries that offer citizenship by investment include: Antigua & Barbuda citizenship by investment Dominica citizenship by investment Grenada citizenship by investment Saint Lucia citizenship by investment Saint Kitts & Nevis Citizenship by investment Malta citizenship by investment Turkey citizenship by investment For more information about citizenship by investment you can visit https://jhmarlin.com or email: [email protected] #citizenshipbyinvestment #immigration #entrepreneurship