In this article, we’ll talk you through why you need dual or triple citizenship, the ways to get multiple passports, the difference between passport tiers, how to develop your passport portfolios, and some possible passport combinations.
For years, we have urged people to start now at working towards dual citizenship. It’s the wise thing to do to provide yourself with options and a Plan B if things in your home country change.
It’s also an essential part of developing your Trifecta Strategy, which is both a lifestyle planning tool and a tax planning tool to help you legally lower your taxes. It’s all about diversifying, protecting yourself, and going where you’re treated best.
Whatever you may be looking for as a seven- or eight-figure entrepreneur, preparing yourself with citizenship options is the way to go.
So, is it really possible to have triple citizenship? Yes.
In fact, we encourage people, once they have second citizenship under their belt, to go for triple citizenship or even more as they develop a passport portfolio.
When considering what countries to look at for a second passport, you should take into account the travel privileges its passport would give you, as well as the freedom of the country, their financial and tax policies, whether they allow dual citizenship, and then overall whether you would want to live there or not.
Whether you want dual or multiple citizenship, Nomad Capitalist can help you. From billionaires and celebrities to everyday entrepreneurs, we’ve helped over 1,500 successful clients create their Plans, grow their wealth, and increase their peace of mind – and we can do the same for you. All you need to do is reach out to us.
Triple Citizenship as Citizenship Insurance
As the world continues to shift and change and countries look to make new laws that affect the wealthy (say hello to global wealth taxes), citizenship insurance is something you’ll increasingly want to consider.
This might be a new concept for you, but it’s becoming more commonplace, and it makes sense when you consider the benefits. After all, you wouldn’t put your money in an uninsured bank or leave your home or business uncovered. Why should your citizenship be any different?
Recent studies of ultra-high-net-worth individuals show higher percentages of people from emerging countries who have or are working towards obtaining foreign passports. Their motivation has mostly been due to negative changes in their home countries. They want to be protected.
Another tactic we see in the Western world is governments increasingly looking to raise taxes on the wealthy. Countries that don’t have a wealth tax are discussing implementing one.
Having only one citizenship makes you a slave to one country and whatever they do.
In order to take back some of that control over your own life, you need second citizenship, and triple citizenship just adds another layer of protection. By having another place to go, you are free to choose to live in a place that treats you best, no matter what legislation is passed or who gets elected.
There is a positive side of citizenship insurance beyond just protection. The benefits can reach beyond your present situation. Having triple citizenship – or even just dual citizenship – can allow you to leave a legacy that your family can benefit from. In many cases, you can pass your new citizenship down to your kids and grandkids.
If you’re a seven- or eight-figure individual, you owe it to yourself to have an insurance policy for your citizenship in order to protect yourself and your assets by getting multiple citizenships.
You insure other parts of your life — you should insure your citizenship too.
Different Ways to Obtain Citizenship
There are many ways to start the process of getting dual or even triple citizenship. Some are fairly inexpensive, while others may cost you more but are faster. Whatever method you go with, the main thing is that you are prepared and protected when you have a citizenship insurance plan.
There are five main ways to get citizenship. We have several articles about each route. If you’re specifically interested in one of the options, read deeper into the process. Here is just a brief description of each:
- Naturalization – It’s the most common method by which you establish residency in a country, spend time there for a certain period of years, pay your dues, and become a citizen.
- Citizenship by Descent – where you have a right to citizenship in another country through your ancestry.
- Citizenship by Investment – a monetary investment or donation to the country can earn you your new citizenship in a relatively short amount of time.
- Exceptional Citizenship – through exceptional circumstances as determined by a country’s leader, you may be granted citizenship.
- Marriage – through a legitimate marriage of several years with a partner who is a citizen of another country, you can be eligible for citizenship in your spouse’s home country.
Balancing Triple Citizenship with Passport Tiers
At Nomad Capitalist, we categorize passports as Tier A, B, and C.
A Tier A passport is one that gives you visa-free access to the United States and potentially other CUUNA countries: Canada, the US, the UK, New Zealand, and Australia. Our benchmark is that it at least gets you into the US since most people considering expatriating are from the US. They don’t want the baggage that comes from US citizenships, but they also don’t want to lose any travel options.
The Tier A passport countries are the United States, Japan, Canada, most EU countries, Australia, New Zealand, Brunei, Singapore, Chile, and Poland.
These are hard to come by and usually have some strings attached that you’ll need to consider. If you have lucky genetics and can get citizenship by descent, that’s probably the easiest option. Otherwise, you’ll probably be spending some good time and money to get a Tier A passport.
A Tier B passport is one that will give you access to Europe, excluding the UK and Ireland, which are harder to get into.
Lots of countries fall into this tier, including those in places like the Western Balkans, the South Pacific, Georgia, and other Caucasus countries, as well as a number of South American countries.
These passports are great for filling in travel privilege gaps. For example, a US passport does not allow visa-free travel to Russia or China. But if a US citizen were to get a passport from Ecuador, that would give them access to these two countries to fill in those gaps.
Tier C passports don’t have access to either the US or Europe. These are pretty much every African passport outside of Seychelles and Mauritius. This tier also encompasses a number of Asian passports, such as Thailand and Vietnam, and a few countries in South America, Turkey, and Russia. But overall, there aren’t that many Tier C passports.
So, why would you want a Tier C passport? Tier C doesn’t necessarily mean they’re a bad option. They’re just very limited in terms of their travel privileges. You might want to add a Tier C country to your triple citizenship combination if you know that the government there is going to leave you alone. It can be great to have a passport from a small country that isn’t going to bother dual citizens living overseas.
The thing to know with the tiers of passports is that the best passport will be a portfolio with a variety of passports to fill in travel gaps, provide citizenship insurance, open up your investment, banking, and business opportunities, and cover all your bases.
Build a Passport Portfolio
The best passport strategy is to develop a portfolio. This not only gives you a second place to go but allows you to develop a strategy for protecting your assets and providing all the travel privileges you desire.
If you already have a great passport and are planning on keeping it, you should look at passports that are affordable, easier to get, potentially faster, and complementary to the one you have — like an average Tier B or C that could open up new countries that aren’t even available on your Tier A passport.
For instance, as mentioned above, several Tier A passports do not have visa-free access to Russia or China, but there are Caribbean passports you can get fairly easily through an investment that will give you access to both. Depending on where you need visa-free access, you can look to different regions and countries with different alliances.
It’s also wise to find another passport from a country that you know is going to leave you alone. They might offer great banking or a few extra travel options, and you also get another passport that helps you diversify and further protect your assets. Again, having a passport from a small country that isn’t going to bother its citizens living overseas can be a really good thing.
The best passport portfolios won’t come by just collecting the best passport in the world but by aiming to structure your portfolio to cover all your interests.
Possible Triple Citizenship Combinations
Not every passport in your portfolio has to be a Tier A passport, and you do not have to obtain each one with the same method.
There are many routes you can take in developing your passport portfolio, and each person’s portfolio will look different. It’s best to start by considering your needs: what you want to be able to do, where you want to travel, etc, and build from there.
You should also be aware that while there are some countries that allow you to have more than one citizenship, not all do. Some countries require you to first renounce all others in order to get theirs. Or they at least tack on certain requirements if you hold more than one passport.
Singapore and Luxembourg, for example, both have great passports in terms of travel but don’t allow you to keep any of your other passports if you have theirs. Dual citizenship is not allowed, let alone triple citizenship.
Some countries, like Liechtenstein, allow only citizens by descent to have dual citizenship.
If you’re wondering which countries recognize dual citizenship status, check out our list.
A good place to start looking for second citizenship is to see if you can easily get a passport from a Tier A (or even B) country through descent. Check your family tree. Just be sure that you’re aware of the implications that a passport will bring. Look at the tax policies and in-country requirements. But citizenship by descent is probably the quickest and simplest way to get started and possibly get a Tier A passport. If you have roots in a foreign country, especially European, get in touch with us today to figure out if you’re eligible for a second (or third) passport by descent.
For me, Tier B passports are the wave of the future. In combination, you can travel to most places with these passports, and they provide great tax, investment, and citizenship insurance options. Plus, these passports are continuously expanding their travel options, and visa-free travel is only going to get better.
If you are already a citizen of a Tier A country or if you’re able to obtain one through descent, some good options for your next passports would be ones in the Tier B category that can play into your specific business or travel plans.
For example, if you’re looking for places to start or expand your business, you may look into Georgia or Lithuania (though be sure to check if you qualify for dual nationality there). Or there are many options for global entrepreneurs where you can start with getting a business visa and work your way towards citizenship while expanding your business.
If you’re more interested in getting something quickly or easily, there are many options in the Caribbean where you can make a donation or investment, and within a few months, you’ll have a Tier B passport. These are especially good for filling in travel gaps to places like Russia, China, and other parts of Asia that may not come with your Tier A passport.
There are also great Tier B passports that can play into legally lowering your taxes. Where many of the Tier A countries feel it’s their right to tax you and your worldwide income at increasingly higher rates, there are countries with decent passports that will treat you well and that will actually compete for your business.
If you’re just looking for a tax haven or zero-tax country, be sure to take into account the implications of living or having your business in one of these countries. Don’t just jump at the first place you see with 0% tax. Be sure to take a holistic approach to make sure you’re really getting what you want.
There is also the option for what we call a “paper citizenship,” where you can relatively easily get a second citizenship without having to spend much or any time actually living in the country. These countries won’t bother you. You apply and obtain residence for a relatively cheap price, wait a few years, and then collect your citizenship. These will usually give you a Tier C passport, but sometimes even a Tier B one.
Act Now- Expand Your Passport Portfolio
When it comes to expanding your passport portfolio by getting multiple citizenships, the right time to act is now.
Countries worldwide are shutting down popular residency and citizenship-by-investment programs at record speed. If you take too much time, you risk missing out on an excellent immigration program and saving lots of money. Programs like the Panama Friendly Nation’s Visa and Cyprus CBI are only two of such examples that don’t exist anymore.
So what are you waiting for? Insure your future by investing in a second citizenship. Set up a call with us today to get started.
Triple Citizenship – FAQs
Yes. We encourage people, once they have second citizenship under their belt, to go for triple citizenship as they develop a passport portfolio that serves their needs.
Here’s a list of all the countries that allow more than one citizenship.
US citizens can be dual nationals of both the United States and any other country that allows its citizens to hold dual citizenship or even triple citizenship. The US citizenship laws don’t require US citizens to renounce their citizenship status to acquire foreign nationality of another country.
It is possible to hold citizenship for two or more countries in Australia.
