I was just checking out my options - I find that, for Australian citizens, you automatically lose your Australian citizenship if you apply for another.
But you keep the one(s) you have already when you become an Australian citizen - exactly the reverse of Taiwan as I understand it.
What a wonder hindsight is. I could have easily obtained Australian citizenship - having lived there for 20 years (as a New Zealander, permanent resident status in Australia is automatic so I never bothered) - and kept my New Zealand citizenship. Then I could have surrendered my Australian citizenship to get Taiwanese citizenship, and kept my New Zealand citizenship. Well that is the way it seems. Sure I would have had to get my Taiwan resident visa in an Australian passport - like I said - hindsight.
My life is now in Taiwan, but I would like to keep the citizenship of my country of birth. This seems readily available to Taiwanese, but not to foreigners who want to settle here. The only thing that stops me rearranging my life to make it all happen, is a faint hope that the law will change here someday.
Why do I want a parachute? – well maybe the pro Mainland China cadre will succeed – you cough at the wrong time and you could “become” a subversive or spy, especially if you are not of Chinese appearance.