Opinion

Two or More is Better Than One: Passports

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Due to ongoing government restrictions aimed at binding citizens to their national fiat banking systems, along with various systemic constraints that limit the free movement of personal finances, an increasing number of individuals are seeking alternative avenues to achieve true financial freedom.

Top global exchanges such as Binance.com and ByBit.com are restricted from the U.S. market thus limiting U.S. citizens the maximum exposure to a wide range of financial investment alternatives and opportunities.

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Cryptocurrency remains at the forefront, offering higher returns compared to traditional banking. While it necessitates careful research and vigilance, cryptocurrency provides an opportunity for individuals looking to take control of their financial destiny. The crypto bull markets since 2017 have generated significant wealth for many, a feat that would have been challenging to achieve through Wall Street and other global forex markets.

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Dual citizenship is becoming more common in today’s globalized society as people choose to widen their horizons.

Dual citizenship, which can be obtained by birth, descent, marriage, naturalization, or investment, depending on the rules and laws of the two countries involved, is the legal status where a person is simultaneously recognized as a citizen of two countries.

With this status, an individual can live, work, study, and receive social benefits in both countries, among other rights and privileges granted by each.

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Due to increased acceptance by governments across the globe and growing interest in obtaining multiple citizenships, the number of dual citizens and multi-local residents is rising.

In 1960, only 33% of nations permitted dual citizenship; by 2019, 75% had done so.

Global citizenship is becoming more widely accepted, and governments around the world are supporting it with well-defined legal channels.

Among the Middle Eastern nations, the United Arab Emirates (UAE) is a leader in dual citizenship and a desirable place for foreigners to settle down.

Although it was previously illegal, the UAE allowed dual citizenship in 2021 by amending the Nationality Law. This allowed foreign professionals, investors, and people with exceptional talent—as well as their families—to obtain citizenship—but only after meeting certain requirements and requiring government nomination.

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It’s also important to mention that Emirati nationals are not allowed to possess dual citizenship.

The government of the United Arab Emirates emphasized that the purpose of this legislative adjustment is to draw and keep individuals with specialized skills, such as scientists, physicians, engineers, and creative professionals like authors and artists, as well as their families.

Tax transparency

High net worth individuals (HNWIs) favor countries like the United Arab Emirates (UAE) due to their favorable tax structures and adherence to international standards.

With no income or inheritance taxes, a low corporate tax rate of 9%, double tax treaties with 139 countries for tax relief, and the ability for high-income corporations to offset foreign taxes against the UAE’s corporate tax to avoid double taxation, the tax system in the United Arab Emirates is unique.

Banking centre

The United Arab Emirates (UAE) has established itself as a leading global financial hub for business endeavors and a wide range of financial products thanks to its outstanding infrastructure and numerous international banks that provide business-friendly services.

This reputation is further cemented by the city’s status as a pioneer in blockchain technology and cryptocurrencies, as well as its well-managed decentralized finance ecosystem.

Succession planning for HNWIs

For High Net Worth Individuals (HNWIs), succession planning is essential. However, according to a recent survey conducted by Swiss lender Lombard Odier, only 24% of the region’s ultra-wealthy have elaborate estate plans for the following generation.

In the UAE, succession planning offers a number of benefits. While financial free zones with strong legal systems guarantee improved privacy and asset protection, sophisticated trust and foundation laws, and the option to register wills in the Dubai International Finance Centre, enabling inclusion of global assets, the absence of inheritance tax lessens tax burdens for heirs.

Approaching legal matters

When two countries’ laws collide, dual citizens may be concerned about legal complexities.

In order to avoid potential pitfalls and find solutions that comply with the laws of both nations, dual citizens should proactively engage with legal experts knowledgeable in international law.


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