Dual citizenship is essential in today's world. It allows you to take advantage of visa-free travel to different nations, working and living in a new country easily, business opportunities, safer business, and cultural exploration. It opens doors around the world. It gives you choices in how you travel, conducts business, pays taxes, and live your life.
1. Two Passports
As a dual citizen, you are allowed to carry passports from both countries. Having a citizen's passport eliminates the need for long-stay visas and any questioning about the purpose of your trip during the customs process. It also guarantees the individual in possession of two passports the right of entry to both countries; this can be especially beneficial if you have family to visit in both countries, or if you are a student or a businessperson that either studies or conducts affairs in both countries.
2. Property Ownership
Another benefit of dual citizenship is the ability to own property in either country. Some countries restrict land ownership to citizens only. As a legal citizen of two countries, you would be able to purchase property in either—or both—countries. If you travel frequently between the two countries, this might be especially useful since property ownership might offer a more economical way to live in two places.
3. Cultural Education
As a dual citizen, you'll reap the benefits of being immersed in the culture of the two countries. Some government officials are also fond of dual citizenship and see it as a way to promote the country's image as a prime destination for tourists. Dual citizenship offers individuals the opportunity to learn about the history of both countries, learn two (or more) languages, and experience a different way of life.
4. Tax benefits
As a dual citizenship you can benefit from tax benefits. This will depend on the country of citizenship. For individuals who are dual citizens of the U.S. and another country, the U.S. imposes taxes on its citizens for income earned anywhere in the world. If you are living in your country of dual residence that is not the U.S., you may owe taxes both to the U.S. government and to the country where the income was earned. But not all countries have this regimen.
What are the best Latin American passports for foreigners?
The Latin American country with the 'best passport', clarifying that this qualifier is applied by reason of being able to enter the largest number of countries without a visa, is Chile, being located in position 19 of the list and being able to access 174 countries of the world without having to comply with this procedure, followed by Brazil in position 21 with 170 and Argentina in position 22 with also 170.