A variable capacitance III-N device having multiple two-dimensional electron gas (2DEG) layers are described. In some embodiments, the device comprises a first source and a first drain; a first polarization layer adjacent to the first source and the first drain; a first channel layer coupled to the first source and the first drain and adjacent to the first polarization layer, the first channel layer comprising a first 2DEG region; a second source and a second drain; a second polarization layer adjacent to the second source and the second drain; and a second channel layer coupled to the second source and the second drain and adjacent to the second polarization layer, the second channel layer comprising a second 2DEG region, wherein the second channel layer is over the first polarization layer.