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I am British and American also, my OSO made sure I knew I had to give mine up. Not tht I really care. My brother was in the Army and gave his up.

... I have done some checking into it though, and for those of us that are dual citizens, we can always get that citizenship back later in life if we so desire. I plan to move back to Australia after I retire since all of my family is still there so I am one of those VERY interested in remaining a citizen of another country. Well that and the fact that I was born and raised there. I'd feel like I was ignoring a part of my own personal "history" if I didn't keep it. Even if I do have to give it up, I'll still keep apart of it with me. Hell, I have the Australian flag tatooed on my back 
... But in all fairness, I also have my Marine Dogtags on my side.I am a dual citizen of both the US and Australia, and have passports for both countries. I live in the US, have never lived in Australia, and have the Aussie passport because my father was born there. It's more of a fun thing to have and a nod towards my heritage than anything else. It goes without saying that my loyalties are 100% to the United States of America. Anyway, my question is, does anyone know when/if this will be an issue? I can see that at some point I have to do something about this passport, because DOD requires it, but will it affect the BDCP process? Will I need a waiver? Am I ineligible for the Navy and/or BDCP?However, exercising (taking advantage of the entitlements of) a non-U.S. citizenship can cause problems. For example, possession and/or use of a foreign passport is a condition disqualifying from security clearance and "... is not mitigated by reasons of personal convenience, safety, requirements of foreign law, or the identity of the foreign country" as is explicitly clarified in a Department of Defense policy memorandum which defines a guideline requiring that "... any clearance be denied or revoked unless the applicant surrenders the foreign passport or obtains official permission for its use from the appropriate agency of the United States Government".[5]