I applied for my citizenship exactly 5 days after my 3 year anniversary
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I can see only a few downsides to getting citizenship:
1) it costs £268 which is a fair bit of money, plus other minor expenses
2) having to send all your important documents to Liverpool by special delivery, again costs money and potential for lost or going without things like passport, see next comment about local council service
3) While mostly a good thing, going to a local council to have your documents certified does cost about £30 and requires you to send in a document showing your English language proficiency. Additionally, you have to take out a day or part of a day for the appointment depending on how far you have to travel (there's 4 places around London and 1 in Newcastle but I think there might be more on the way).
4) you have to attend a citizenship ceremony which requires you to take out part or all of a day to get there and attend.
I don't see what is the downside to the citizenship ceremony, sfgirl, apart from my reason #4 above? You say a bunch of pretty much meaningless words, blah, blah, whatever, kneel before Queen, whatever, like I actually mean what I'm saying, "give me naturalization certificate", The End. What's the fuss?
Ok, forgot one other thing, if you want to travel on it, you need to buy and get a British passport, which I think is perhaps £42.
No need to renew any visas/ILRs. Can leave Britain for as long a period as you like and instantly return back to the country unhindered. Can go live and work anywhere in the EU countries. Can claim any benefits you want (not sure if there's a difference for ILR people?). Can vote. Can get any job requiring British citizenship. Can show off shiny, red passport
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To me the Pros far outweigh the Cons.
Do some people not want to get British citizenship because it perhaps erodes your Americanness? Perhaps other reasons? It'd be interesting to hear why.
Matt