Top Benefits Of A Second Passport
All of us have one, standard passport but have you considered the benefits of owning a second passport? It will not only provide a number of lifelong benefits to you but will also provide the same benefits to your children and grandchildren.
- You always have one place you can go to
If there is a crisis in the country you reside in, getting out can become difficult. Based on your passport and in the absence of a valid visa, you might not even be allowed to board a plane. In case of an economic crisis, many try to exit the country but foreign embassies tend to shut the doors and reject applications. Those who own a second passport or a second residence can watch the chaos happening on the television and not outside their home. A second passport is basically a life insurance. It will help you get out of a country in a crisis and will always give you a safe place you can go to.
2. Protection from people control
All of our passports belong to the Government and they can take it back just as they have given it to us. If the Government takes away your passport, you will have no place to go to. If you have a second passport, you have nothing to worry about. You can use the passport and continue traveling. There have been cases where the Government did not have to prove any wrongdoing before taking away your passport. If they make an allegation, you no longer have the passport. If you have one passport, the government will have total control over your right to travel and your right to live. Hence, it is ideal to consider citizenship by investment and to ensure that you do not put too much trust in a single entity. Smart people always have a plan B.
3. Stay away from the foreign policy repercussions
Depending on the country you reside in, you will be a part of the foreign policy. There are some nations which have more enemies than many others. Hence, if you have a second passport, you can protect yourself from the foreign policy repercussions that have an impact on your life.
4. Make the most of tax benefits
When you take advantage of your second citizenship and move to a different country, there are chances of reducing the burden of tax. There are many individuals who establish residency in a different country and then take advantage of the foreign earned income exclusion. It can save you a substantial amount of income.
5. Internationalization options
Based on your residency, businesses across the globe will be open to working with you. If you are a resident of a country where there are extensive reporting requirements and a high tax rate, no business will be keen on working with you. If you have a second passport, you can start your business in a different country and keep all your options open. It will help expand the options that are available to you and people will be keen on doing business with you.
6. Visa free travel
There are a number of restrictions on where you can travel without a visa. You need to apply for a visa to go to a number of countries and this process can be costly and time consuming. Hence, if you have a second passport which allows you visa free travel to numerous countries across the globe, you can have access to the same without incurring any additional costs. When you have a second passport, you can travel without a visa to many countries.
7. Renunciation
When you have a second passport, you have the option to renounce your current citizenship. This option is always open for you. It means you have the right to say no to a Government and choose to walk out of a country. A second passport gives you freedom like no other.
8. Additional benefits
Based on the country of the new citizenship, you can enjoy many other benefits. In addition, your unborn children will also be able to enjoy the second citizenship. This is one of the most beneficial things you can do for them.
By taking a decision to apply for a second passport, you are not only changing your life but also changing the lives of your children and their children. You will be able to enjoy freedom and make the most of all the additional benefits you get with the passport.
Thank you,
Glenda, Charlie and David Cates
