Live in Another Country? How Obtaining Citizenship can Save You Money

Friday, June 13, 2014, AM | Leave Comment

There are several reasons why you may move away from your home country, and the most common reasons relate to job opportunities, love relationships and family responsibilities. When you live in another country, you typically have the option to reside as a foreign national or to become a citizen.

While it can require more time and effort to become a citizen of a country, the fact is that obtaining citizenship can save you money in a number of ways.

With a closer look, you may decide that obtaining citizenship is in your best interest.

Live in Another Country How Obtaining Citizenship can Save You Money

  • Understanding the Language

    In most countries, you will need to prove proficiency in the national language as part of the citizenship test. A citizenship test may also cover other factors, such as national history, basic government information and other topics.

    However, because a citizenship test may also test your knowledge of the language that everyone around you is speaking, this can benefit you.

    For example, you may be able to negotiate better terms when making major purchases, understand financial account details and more. It can be difficult to function well in another country when you have trouble communicating with those around you.

    Also, keep in mind that the citizenship test will be different in each country. The Canadian citizenship test paper will be different than those of an American or even a Spanish citizenship test.

    Be sure to have the knowledge to prepare for the citizenship test of the country you are living in and have a proficient understanding of that country’s native language as well.

  • Qualifying for Financing

    While some lenders may approve you for financing when you are a foreign national, many will require you to prove citizenship in their country.

    Without citizenship, you may find it difficult to qualify for everything from a credit card or car loan to a home mortgage.

    This can have far-reaching effects on your life, and you may enjoy considerable financial benefits when you qualify for different types of local financing with status as a citizen.

  • Benefiting From Job Opportunities

    In many countries, you may be required to have a special work visa or to be a citizen in order to qualify for employment.

    In some cases, it can be burdensome and disadvantageous for companies to hire workers with visas, and many may opt to hire only citizens of the country.

    Because of this, you may have access to enhanced or better job opportunities when you pursue citizenship in your new country.

Becoming a citizen is not ideal for all situations. For example, if you only plan to live in the country for a few years, it may not be advantageous to become a full citizen.

However, if you have plans to live in the country for a more extended or an indefinite period of time, you may consider taking steps to become a citizen.

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