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Sunday, January 7, 2024

14 Asian Countries that Allow Dual Citizenship - Yahoo Finance

In this article, we will list and explore 14 Asian countries that allow dual citizenship. You can skip our detailed analysis and go directly to our list of 5 Asian Countries that Allow Dual Citizenship.

Dual citizenship offers enticing global privileges, yet navigating its complexities demands a thorough understanding of legal intricacies. An informed approach, weighing benefits and risks, is crucial before deciding. Careful consideration and planning help avoid pitfalls and fully leverage the advantages of dual citizenship.

One can acquire dual citizenship through various means, for instance, being born in a country that automatically grants citizenship or through naturalization processes, marriage, ancestry, or investment programs (such as Citizenship or Residence by Investment). However, the rules for obtaining dual citizenship differ across nations and may involve residency requirements, language proficiency, or renunciation of previous citizenship.

Dual Citizenship & Migration Patterns - Asian Dynamics

While some Asian countries have embraced policies allowing dual citizenship for foreigners, others maintain more stringent regulations. For instance, nations like Japan, South Korea, and China traditionally have stricter rules, often requiring individuals to renounce their previous citizenship upon naturalization. However, countries such as Vietnam and India permit dual citizenship, allowing their nationals to hold the citizenship of another country alongside their own.

The varying stances on dual citizenship within Asian countries highlights the complex nature of citizenship and migration policies across the continent. Several reasons bolster migration in Asia, such as economic opportunities, political instability, education, cultural diversity, and an enhancement in living standards. These factors collectively contribute to shaping a dynamic global workforce and investor sector within the region.

The International Organization for Migration reported that over 115 million people migrated internationally from Asia, constituting 40% of the global migrant population in 2020. Within this number, approximately 69 million individuals relocated within Asia, showing a significant increase from 61 million in 2015. This trend demonstrates a notable surge in intraregional migration within Asia. The movement of people within the continent has seen a remarkable escalation, rising from 35 million in 1990 to 69 million in 2020, signaling a substantial increase in intraregional migration over the years.

Furthermore, there has been a substantial upswing in the population of Asian-born migrants in Northern America and Europe over the last two decades. In 2020, migration from Asia to Northern America slightly surpassed 17.5 million, slightly higher than the 17.3 million recorded in 2015. Similarly, migration from Asia to Europe surged to 23 million in 2020, up from nearly 20 million in 2015. This extra regional migration from Asia to Northern America and Europe notably contributed to the substantial increase in the number of Asian migrants living outside the Asian continent, resulting in a total of over 46 million Asian migrants residing in regions beyond Asia by 2020.

Global Industry Leaders in Asia

As pioneers in various sectors including e-commerce, semiconductor manufacturing, and entertainment technology, Alibaba Group Holding Limited (NYSE:BABA), Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), and Sony Corporation (NYSE:SONY) stand at the forefront of innovation, bolstering economic growth regionally and globally.

Alibaba Group Holding Limited (NYSE:BABA) has revolutionized the e-commerce industry in Asia and beyond, offering a wide array of services ranging from online retail platforms to cloud computing and digital payment solutions. Alibaba Group Holding Limited (NYSE:BABA) has recently become a part of the World Business Council for Sustainable Development (WBCSD), joining a cohort of more than 200 global sustainable businesses. The primary emphasis of the partnership between WBCSD and Alibaba Group Holding Limited (NYSE:BABA) will center on Climate Action. Specifically, the focus will involve exploring inventive strategies to utilize Alibaba's platforms for extensive decarbonization efforts. Additionally, there will be collaborative efforts with WBCSD members to develop frameworks and methodologies for Avoided Emissions.

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) with its cutting-edge semiconductor manufacturing technology has been crucial in driving technological advancements in various sectors, including telecommunications, automotive, and consumer electronics. TSMC's subsidiary, WaferTech, has rebranded to TSMC Washington in line with the company's global expansion plans. This change signifies the strong bond between Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) and its subsidiaries, showcasing the pivotal role played by WaferTech in semiconductor manufacturing over the past 27 years.

Sony Corporation (NYSE:SONY) is a renowned company known for its electronics, gaming consoles, music, and film production. As per Nikkei Asia's recent report, Sony Corporation (NYSE:SONY) has partnered with Nikon and Canon, aiming to tackle the issue of deepfakes by introducing advanced technology for authenticating photographs. This innovation involves enabling photographers to embed digital signatures directly into their images, containing essential information such as the photographer's identity, date, time, and location of the picture. These embedded signatures can be verified through a web-based application called Verify, launched by a collaborative effort among global media outlets, camera manufacturers, and tech companies.

These industry leaders not only contribute significantly to Asia's economic growth but also play a pivotal role in attracting talent and fostering a conducive environment for technological advancements and innovation. Their impact transcends borders, influencing global markets and shaping the future of various industries. As Asia continues to evolve as a hub for technological innovation and economic development, companies like Alibaba Group Holding Limited (NYSE:BABA), Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), and Sony Corporation (NYSE:SONY) drive progress and showcase the region's potential globally.

With this backdrop, let's now proceed to our list of 14 Asian countries that accept dual citizenship.

14 Asian Countries that Allow Dual Citizenship
14 Asian Countries that Allow Dual Citizenship

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Methodology

We identified the Asian countries allow dual citizenship by conducting a thorough research, and ranked them based on their Human Development Index (HDI), which reflects the quality of life. The countries are listed in ascending order to show the progression from lower to higher HDI values.

Note: As the HDI value for Taiwan wasn't provided in the index, we referenced its GDP per capita from the IMF, which closely aligns with Slovenia's GDP per capita. Consequently, we utilized Slovenia's HDI value as a substitute to rank Taiwan.

By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.

14 Asian Countries that Allow Dual Citizenship

14. Pakistan

HDI Value: 0.544

Pakistan has established dual nationality agreements with 21 countries, allowing citizens of these countries to attain Pakistani citizenship without the requirement of renouncing their original nationality. These countries include the United Kingdom, France, Italy, Belgium, Iceland, Australia, New Zealand, Canada, Finland, Egypt, Jordan, Syria, Switzerland, the Netherlands, the United States of America, Sweden, Ireland, Bahrain, Denmark, Germany, and Norway. This bilateral arrangement facilitates the acquisition of Pakistani citizenship for individuals from these specified countries while maintaining their original citizenship status.

13. Cambodia

HDI Value: 0.593

Cambodia has allowed dual citizenship since 1996, except for top government positions like the prime minister as of 2021. Most people can acquire dual citizenship through ancestry, naturalization, or investment. Those born to at least one Khmer parent qualify automatically, while foreigners can apply via investment or marriage to a Cambodian citizen. The general population faces no dual citizenship restrictions, except for certain government roles.

12. Timor-Leste

HDI Value: 0.607

Timor-Leste (East Timor) permits dual citizenship, allowing individuals to hold citizenship in Timor-Leste and another country simultaneously. The Constitution of Timor-Leste (2002) and the Nationality Act (2002) explicitly endorse dual citizenship. Timorese citizenship can be acquired by birth within the country or through descent if one parent is a Timorese citizen. Additionally, after residing in Timor-Leste for 10 years, individuals can apply for naturalization while potentially maintaining their existing citizenship.

11. Laos

HDI Value: 0.607

Laos now offers an 'honorary' citizenship program for foreign investors making significant economic contributions. This initiative, the second in Asia after Cambodia's, requires a $1.5 million investment, split between socio-economic development and real estate. Honorary citizens gain various rights, including land purchase without restrictions. Applicants, open to all foreign nationals over 18 with a clean record, receive a response within 30 days from the Ministry of Justice. The program is expected to benefit Chinese and Asian investors, given their substantial contributions to Laos' economy. Laotian passport holders enjoy visa-free access to 51 countries, including Brunei, Indonesia, Malaysia, Singapore, Thailand, the Philippines, Russia, and Seychelles.

10. Bangladesh

HDI Value: 0.661

Taking the 10th spot on our list of Asian countries that allow dual nationality, Bangladesh allows foreigners  to obtain citizenship through naturalization, regulated by The Citizenship Act of 1951, which has been amended through legislative orders. Eligibility criteria include being a law-abiding adult either married to a Bangladeshi or residing in the country for a specified period. To retain citizenship, individuals of Bangladeshi origin must obtain a Dual Nationality Certificate (DNC).

9. Tajikistan

HDI Value: 0.685

Foreign citizens and stateless individuals aged 18 and above can apply for Tajikistan naturalization regardless of their background. Requirements include continuous residence, proficiency in the official language, and no ongoing criminal prosecution. Notarized and translated documents are needed, unless waived by international treaties recognized by Tajikistan. Dual nationality is allowed under specific treaties, but Tajik citizens cannot hold dual citizenship unless permitted by Tajik law.

8. Kyrgyzstan

HDI Value: 0.692

Similar to Tajikistan, individuals who are foreign citizens or stateless persons and have attained the age of 18 possess the entitlement to seek citizenship in the Kyrgyz Republic through the standard application process. This eligibility is contingent upon their uninterrupted residency within the territory of the Kyrgyz Republic for the preceding five years leading up to the time of their application.

7. Philippines

HDI Value: 0.699

Philippines allows dual citizenship through Administrative, Judicial, or Legislative Naturalization, based on specific residency, property ownership, moral character, and other criteria. Marriage to a Filipino offers residency but not automatic citizenship. Children born to at least one Filipino parent are automatically granted Philippine citizenship.

6. Sri Lanka

HDI Value: 0.782

Sri Lanka ranks 6th on our list of Asian countries that allow dual citizenship. Foreigners can obtain citizenship in Sri Lanka through five years of residency and inclusion in the Resident Guest Scheme. Sri Lankan ancestry, marriage to a citizen, or specific Citizenship Act provisions allow citizenship registration. Dual citizenship is possible under outlined conditions with document submission to Immigration.

Sri Lanka's "Golden Paradise Visa" offers citizenship eligibility via a $100,000 bank deposit for 10 years or $300,000 for a 5-year visa or $500,000 for a 10-year visa through direct investments. The "Resident Guest Scheme" allows citizenship eligibility after five years of residency. The "Independent Means Visas" offer citizenship after five years of Sri Lankan residency.

Click to continue reading and see the 5 Asian Countries that Allow Dual Citizenship.

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Disclosure: None. 14 Asian Countries that Allow Dual Citizenship is originally published on Insider Monkey.

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