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OK, here's my real life experience: I'm looking into becoming a naturalized British citizen on the basis that I've been a UK resident since 1986 and have a British husband. The reason it has taken me so long so long to do it is that I will have to submit my American passport along with all the other documents required, and according to the Home Office it takes an average of 7 months to process naturalization applications - I'm uncomfortable at the thought of being without a passport for that long, especially since it means that I won't be able to leave the country for all that time.
I don't know of any restriction due to debt, but anyone looking to emigrate to the UK is supposed to have a means of support, at least in theory. I know people get around that requirement. I think it's possible to say you're starting a business, but I don't know for sure.
The other thing is the cost of applying for citizenship in the UK. The application fee will set me back £218 ($417.65 at today's exchange rate) and if for some reason my application is rejected, only £65 of my fee will be refunded to me. Considering how many applications they must turn down each year, that's a nice little earner for the government.
My two sons, aged 13 and 8, both have dual nationality. They both got their British passports before they were 3 months old, and in January this year finally got their American ones. I had always intended for them to get American passports but was in no real hurry because the rule used to be only that it needed to be done before they turned 18. Now, however, the rules have changed (hey, 9/11 changed everything, right?) - because of "security" issues, I was informed that my children would no longer be allowed to enter the United States using their British passports because to do so would be considered "entering under false pretences" since they have an American mother and are thus considered to be American citizens. So, as I said, in January we trekked down to the embassy in London and got their American passports.
Of course, if the draft is reinstated, I will see to it that they both renounce their American citizenship. The army will not take my boys from me.
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