Dual Citizenship

I’ll never forget a conversation I had 10 years ago when my former colleague casually mentioned that he was a dual citizen of Ireland and the United States. He said he was able to get a passport through ancestry and that the process was easy. I was stunned. How could I have not known this, having had family born in Europe? He informed me that many countries in the EU had this very same, but little-known (at the time), naturalization process. I almost didn’t believe that this could be true. After some research, I found that this information was indeed accurate and was readily available on each country’s governmental website. At the time, it was not circulating the Internet as rapidly as it is today. While I didn’t act on it then, I did eventually reap the benefits myself of acquiring citizenship through this process.

More than ever individuals are flocking abroad for better opportunities, lower cost of living, or simply seeking a different way of life. A big portion of these individuals are Americans. Some are drawn to Europe for their perceived work-life balance and others to Asia for a higher standard of living or tropical weather. Then, there are wealthy individuals who are seeking a second citizenship to limit risk and uncertainty. Dual citizenship allows for seamlessly investing outside of your home country and provides an option for keeping assets spread across several countries for those fearing instability in their country or origin. 

Ways to Secure a Second Citizenship

Ancestry

Notably, one of the most common, and least expensive, ways that citizens around the world have been able to secure citizenship in Europe is through ancestry. If you have a parent or grandparent (great-grandparent in some cases) that was born in that country, you may be eligible for citizenship. Other than applying and some paperwork, the process through parents is straightforward. 

Applications to obtain citizenship through grandparents tend to be a bit more complex and require more legwork, especially if they are no longer living. Unlike with parental ancestry, some countries may have a hurdle such as a minimum language requirement. Several countries in the EU are beginning to abolish these types of programs. For example, Italy no longer allows citizenship through great-grandparents and Spain will follow the same, effective October 21, 2025.

Visa Programs

For many years, Spain’s ‘Golden Visa’ program was a hot topic. The program had been running since 2014, but as of April 2025, it is no longer available. Foreigners were able to obtain a residence permit by purchasing real estate for 500,000 Euros or more. While this avenue has been abolished, there is still hope to reside in Spain through a non-working (non-lucrative) residence visa. Visa holders can roam the Schengen area (29 European countries including Spain) visa-free. It also offers a clear pathway to permanent residency and citizenship but does take 10 years to reach citizenship. It is important to consider the requirement that your tax residence must be Spain when pursuing citizenship. You should also not have a mortgage in the US while applying for residency, although there is some conflicting information about  whether this is actually being enforced. 

While Caribbean countries may not be top of mind for most, they offer citizenship by investment and often, in minimal time. In many cases these passports are accepted in the majority of countries visa-free. Antigua and Barbuda is an example of this. For a minimum investment of $230,000, you can gain citizenship in about six months. The country doesn’t impose income taxes either. Since Antigua and Barbuda are part of the Organization of Eastern Caribbean States (OECS) this citizenship even gives you the right to live, work, and study in any of the other 11 member states as well.

Whatever your reason for wanting to acquire second citizenship, one thing is for certain, it can offer a lot of flexibility in your financial plan. If you built up your retirement savings in a more expensive country and decide to move to a less expensive country, you could have a higher standard of living than you anticipated. It’s important to think thoroughly about the decision to obtain another citizenship and understand all the pros and cons and how it could affect your plan. If this is something that you’d like to explore, the Avrio team can support you and introduce you to a specialist. 

Sources:

https://theharrispoll.com/wp-content/uploads/2025/02/Americans-Expats-Feb-2025.pdf

https://www.henleyglobal.com/countries

https://www.globalcitizensolutions.com/spain-non-lucrative-visa/#what-is-the-spain-non-lucrative-visa

https://www.cnbc.com/2024/04/10/rich-americans-get-second-passports-citing-risk-of-instability.html

https://www.cnn.com/2025/04/01/travel/italy-law-halts-citizenship-through-great-grandparents/index.html

https://echeverriaabogados.com/en/blog/spanish-citizenship/grandchildrens-law-where-is-it-going

https://echeverriaabogados.com/en/blog/breaking-news/golden-visa-spain-abolished-programme

This material is intended for educational and informational purposes only. It is not intended to provide specific advice or recommendations for any individual. Additionally, you should consult with your Financial Advisor, Tax Advisor, or Attorney on your specific situation. The views expressed in the material are that of the author and do not necessarily reflect those of any market, regulatory body, State or Federal Agency, or Association. All efforts have been made to report or share true and accurate information. However, the information may become materially outdated or otherwise rendered incorrect due to subsequent new research or other changes, without notice. The author nor the firm are able to always verify the content from third-party sources. For additional information about the firm, please visit the MAS Website at https://www.mas.gov.sg/  and the SEC Website at www.adviserinfo.sec.gov. For a copy of the firm's ADV Part 2 Brochure, please contact us at info@avriowealth.com.