I am sure I can speak for most people on the island in saying that many of us hold dual or even multiple citizenships. Some of us might be Bermudian and British due to our status as a British Overseas Territory; Bermudian and Canadian through direct family connections; or Bermudian and European thanks to our strong ties with the Azores in Portugal.

Having multiple citizenships offers the advantage of being able to choose where we want to live and work, extending our opportunities beyond the borders of our birthplace. This is something that I encourage everyone to explore at least once in their life.

Let’s face it: with an increasingly interconnected world, the concept of nationality has evolved beyond mere borders. Dual nationality or citizenship, which allows individuals to hold citizenship in two or more countries simultaneously, offers myriad advantages, from personal freedoms to economic opportunities, enhancing one’s quality of life.

One of the most significant advantages of dual nationality is the enhanced ability to travel. Dual citizens often enjoy visa-free or expedited travel between their countries of citizenship, as well as better access even to countries where they do not hold citizenship.

For example, if a person holds citizenship in a European Union member state — which I would consider to be the Holy Grail — and another non-EU country, they enjoy the right to live and work anywhere in the EU while also maintaining ties with their home country.

From an economic perspective, dual citizenship offers a key advantage by allowing individuals to work, invest and start businesses in both countries.

This is especially beneficial for entrepreneurs looking to explore markets beyond their primary home. Dual citizens often qualify for local business incentives and have access to funding and resources that are exclusive to citizens.

In addition, holding multiple citizenships can diversify an individual’s portfolio, providing opportunities for financial security and growth across different jurisdictions.

Furthermore, with dual nationality, individuals can apply for jobs in both countries, enjoying a wider range of opportunities. Some professions, especially those in government and education, may have restrictions based on citizenship status. Therefore, having dual nationality can open doors to job markets that would otherwise be inaccessible, vastly improving career prospects.

Dual citizens also often enjoy better access to education and healthcare systems. For example, students can frequently benefit from lower domestic student tuition rates in each nation, allowing for a broader range of educational options that meet their needs and goals.

Furthermore, having access to two healthcare systems provides an important safety net, especially during times of need. This is particularly valuable in countries where the quality and cost of healthcare can vary greatly.

If you love to experience different cultures, dual nationality enables you to fully engage with two different cultures. This cultural duality enhances personal identity by fostering a deeper appreciation of various traditions, languages and customs.

For families, raising children with dual nationalities offers them a rich cultural heritage, helping them connect with their roots while expanding their views on the world.

Multicultural individuals typically develop strong interpersonal skills including, respect, tolerance and empathy – qualities that are highly valuable.

One less-discussed but noteworthy area is that dual nationality offers a safety net for individuals and their families in times of political unrest, economic instability or social upheaval.

Individuals with dual citizenship can choose to reside in the more stable or secure of their two countries, providing an alternative refuge in case of emergencies. This flexibility enhances personal safety and peace of mind, allowing individuals to navigate uncertainty with greater ease.

On the other side of the coin there are several factors to consider prior to starting the process of applying for a second citizenship:

Legal ramifications

Countries have different laws concerning dual citizenship. Some permit it, whereas others may require you to relinquish your original citizenship. It is crucial to research and understand the legal implications of holding dual nationality in both your home country and the country where you wish to obtain citizenship.

Tax responsibilities

It's important to consider the tax implications of obtaining a second citizenship. Certain countries tax based on citizenship, rather than on where you reside. It is essential to consult a tax adviser who is experienced in international tax laws to understand your obligations and prevent any unexpected liabilities.

Investment requirements

Some countries offer citizenship through investment, which may involve substantial financial commitments — for example, programmes referred to as the Golden Visa in certain EU countries. Understanding the investment landscape, including the risks and potential returns, is important. Ensure that you are comfortable with the financial implications of such a commitment.

Estate-planning laws

Holding dual citizenship can complicate estate planning and inheritance, as different countries may have laws regarding property rights and taxation, as well as inheritance procedures, that diverge sharply from one another. Dual citizens must navigate the legal frameworks of both nations, which may affect how assets are distributed upon death. Some countries impose inheritance taxes or require estates to go through probate, whereas others have different regulations on asset ownership. It's crucial for dual citizens to seek legal advice to ensure compliance with both jurisdictions and to develop an estate plan that aligns with their intentions. Proper planning can help mitigate tax liabilities and ensure a smooth transfer of assets.

Application process

The application process for second citizenship can be complex, often requiring extensive documentation, background checks and sometimes interviews. Familiarise yourself with the requirements of the specific country, as these can differ significantly. Be prepared for a timeline that can range from months to years, depending on the country’s policies.

Cultural integration

Acquiring a second citizenship often comes with expectations regarding cultural integration and language proficiency. Many countries require applicants to demonstrate a basic understanding of the local language and often involve language proficiency testing.

At the end of the day, as long as you are aware of your potential obligations by holding citizenship in multiple countries, you should enjoy the benefits of what this dynamic form of citizenship has to offer.

• Carla Seely has 25 years of experience in international financial services, wealth management and insurance. Over the course of her career, she has obtained several investment licences through the Canadian Securities Institute. She holds the ACSI certification through the Chartered Institute for Securities and Investments (UK), the QAFP designation through FP Canada, and the AINS designation through The Institutes. She also holds a master’s degree in business and management