What is a second passport?
A second passport is the travel document you acquire by having an other citizenship. Its just like your current passport but issued from a 2nd country, one in which has good visa free travel is preferred.
Acquiring second passports is easy for people with dual citizenships, a second citizenship can be acquired in a number of ways, ancestry, naturalization or economic citizenship program.
By far the easiest way to a 2nd passport is by ancestry, a select group of nations offer descendants of citizens to become citizens of that nation in their own right. Naturalization is the process of obtaining a citizenship by been resident in a country for a certain number of years. However, if you do not qualify by either naturalization or ancestry you can still obtain a second passport by way of a Citizenship by Investment Program, which is a concept that has been practiced in a number of countries for a long time now. The idea is simple: A person, normally a wealthy individual from applies to an issuing countries CIP through an immigration specialist, if approved will by invited to take up citizenship in that country. These programs target the wealthy as the most affordable programs in the market range from $250,000 into the millions depending on the issuing countries program and deemed value of that nations passport.
Obtaining a second passport benefits the second country economy-wise as much as it is beneficial to the passport holder.
Why should you own a second passport?
Don’t you think the question should be, “what are the benefits of acquiring a second passport?”?
I will divide the advantages in two – freedom of travel and business opportunities.
Some reasons are clear, like travel – you get to travel visa-free to numerous countries, travel even without your primary passport and you have a second “home” that you can go to for when things go unexpectedly wrong in your primary “home”.
For a regular working citizen, these reasons might not be enough to consider buying a second passport. But, if you are an heir, an international businessman, or anybody with an impossible amount of money and other assets, the following more serious reasons might interest you.
A Second Passport Can Save You Taxes
Yes, you got that right. In his book, the Passport Book, Robert Bauman discussed about how your government could easily use your passport to restrict your right to travel by making it contingent on payment of taxes and reporting of worldwide income and assets. The government would leave you defenseless until you settle alleged tax debts, which of course makes them richer.
A second passport, therefore, comes in handy when it comes to tax planning. Each country has a different taxation system and one individual has the right to choose which of these countries offer the most reasonable deal, because after all, the dollars you pay for your taxes are your hard earned dollars after all.
Privacy in Banking and Investment
The cliché, do not put all your wealth in one basket makes sense in this area. Having two passports would mean freedom and privacy in banking and investment in other countries. This would also mean that business diversifications are easier and more advantageous.
Setting up international businesses is a good way in protecting your assets. In a country with lower operating costs, investments have a better shot at profiting than losing. You can either park your money in the second country through conservative bank deposits or you can venture in low to high risk business ventures, all this while protecting and growing your assets.
Having a second passport is like having a second home. When your first home falls apart through economic instability, political wars, epidemic or economic collapse, you will have a second home as a fallback, a Plan B.
Safety
In today’s advanced world we now have, safety as a primary concern. This is in fact, the most important of all reasons why you should consider acquiring a second passport.
Terrorism attacks and wars are serious threats to all lives and properties around the world. Smart people and corporations choose countries that are under the radar or low profile because of the safety and security it brings upon them. The political and economic wars between countries has gotten to some extent out of hand and being a citizen of any of these countries now poses a danger to your health and wealth.
Moving your family and assets into safety is a wise move. No one would ever want their family wealth or family members harmed when there was other options.
So the benefits of having a second passport may be measurable in monetary value but will always be immeasurable in terms of the peace of mind and security it brings to the individual. In summary, the words of Robert Bauman best describe the way everyone should perceive this concept – “The point is that the acquisition and use of a second passport should not be viewed as sinister evidence of international criminal intent or illegal tax evasion, but as an intelligent means of defending oneself in the highly dangerous and volatile age in which we now live.”