Options their ancestors never had, is open to some American Jews who attain German citizenship. Those who can prove the have ancestral links, along with the required documents, have a path to German citizenship — and European Union citizenship with it.
In a CNN article, Stewart Koesten, Chairman and Global Financial Planning Fellow at Aspyre, shares his experience and reasons for applying for German citizenship as a descendant of his mother, who came to the United States in 1934.
“Seeking dual citizenship and a fire escape plan is good planning. It isn’t an issue of loyalty, but it could be an issue of survival,” Koesten said, referring to anti-immigration, anti-semitism, increasing gun incidents in schools, violence on the streets, political issues and income taxes among reasons a family might want an “emergency plan.”
New citizenship laws took effect in Germany in June 2024 that now allows dual citizenship for all of its citizens and foreign residents as long as the other country also permits it. Americans seeking a German citizenship no longer must renounce their American citizenship.
Cross Border Financial Planning
According to Koesten, there are many benefits to having a dual citizenship. Dual citizens do not need a visa or permit to visit the countries where they have citizenship, and they can stay for as long as they like. They also have the right to seek work in both countries. Citizenship comes with political, healthcare, property ownership and education rights, as well.
But there are can also be challenges associated with dual citizenship such as double taxation and complicated financial planning that are best mitigated by advisors with knowledge of cross border financial planning. Learn more about how Aspyre can help with your Global Financial Planning needs.
Read the full article on CNN.com