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From June 2024, it will be easier for you as an immigrant in Germany to obtain German citizenship without having to give up your original citizenship. But be careful: German citizenship can entail considerable tax disadvantages for wealthy immigrants like you, especially if you want to leave Germany again later.

In this video, I use an example to explain the tax traps that can lurk: Suppose you are Australian and also take on German citizenship. A few years later, you leave Germany and move back to Australia. After four years in Australia, you inherit a house in Sydney worth 2 million euros from your Australian uncle. There is no inheritance tax in Australia, but as you are a German citizen, you now have to pay inheritance tax of 600,000 euros in Germany!

There are other tax disadvantages associated with German citizenship that come into play when you leave Germany. As an immigrant, you should therefore carefully consider whether you want to take German citizenship, especially if you already have a citizenship with more favorable tax conditions.

In this video, I take a closer look at the advantages and disadvantages of dual citizenship and give you tips on what you should consider as a wealthy immigrant before deciding to naturalize in Germany. Watch the video to find out more about the potential tax traps and make an informed decision!

00:00 - Hands off German citizenship!
00:33 - The German passport is powerful!
01:11 - Think about alternatives
01:58 - A serious mistake from a tax perspective
02:51 - Taxation according to citizenship
03:27 - Long-term side effects
04:46 - 5 years in German clutches, and it can get worse!
05:41 - Guillotine scenario: moving to a low-tax country
06:39 - Many tax disadvantages
07:19 - The better alternatives
08:29 - Better to swim against the tide in the hype

= Background =
https://www.bmi.bund.de/SharedDocs/fa...

= Our websites =
https://www.perspektiveausland.com/
https://www.wohnsitzausland.com/
https://uskanzlei.com/
https://www.auslandsunternehmen.com/
https://stmatthew.de/
https://www.nullsteuer.llc/
https://www.malta1.de/
https://www.nullsteuer.llc/
https://www.assetprotection.plus/

= About Perspektive Ausland (perspective abroad) =
Anyone who wants to move as an entrepreneur or freelancer from German-speaking countries to (tax-efficient) foreign countries or become a digital nomad has a lot of tax and legal questions.

Country selection, international tax law, setting up a company abroad, exit tax, visas, capital investments and asset protection – these are just some of the topics that you now have to deal with.

Perspektive Ausland (perspective abroad) is a German podcast from London that deals with exactly such questions. No matter what your motivation for moving abroad is – less taxes, more freedom or a higher quality of life – you've come to the right place.