A second passport is essential in today’s world. A second passport gives you options in life. It open doors around the world. It gives you choices in how you travel, conduct business, pay taxes, and live your life. When one has more options, one gets to choose wisely. Here are several reasons why it’s so important in todays world to have a second passport.
Take your bank accounts for example. You don’t keep all your assets in one bank, you prefer to split them. Why do you do so? For security, right? The same logic applies to having just one passport.
I’m from India and have one of the worst passports. It ranked 48 out of the 50 in a 2015 study. This is because I have very limited visa-free travel options.
My lovely passport also makes it tough to apply for residency in other countries like Panama. If you have a low ranking passport like me, you might read on how to gain residency in Panama from a restricted country.
Whether you have a great passport or a weak one, a second passport offers security from unpredictable threats. It could be a social movement, political issues, economic issues, natural disaster, and the list goes on… Remember life is unpredictable. A second passport is an insurance policy.
For instance, the government of your country might revoke your passport or take your money (think Greece) for any reason whatsoever. What would you do then? Live like a political prisoner in your own country?
Most people don’t realize it, but the US cancels the passports of Americans living abroad every day. Owe child support or haven’t paid your taxes? Your passport can be cancelled.
And, once your passport is cancelled, you will be forced to return to the US. Without a second passport in hand, you have no valid travel document and will be forcibly returned to the US. Again, I reiterate, this happens every day… it’s not limited to the cases that make the news like Edward Snowden.
It’s time to apply for a second passport before any such dreadful dreams come true. Secure your assets and your future with a second passport now.
Information regarding an Offshore Bank Account
Here’s why having a second passport is a smart call today:
Reason# 1: International approach
A second passport allows you to “internationalize” your life and your assets. You can open accounts, hold gold, conduct business, and live your life as a citizen of St. Kitts, Panama, Belize, etc.
Internationalizing is all about diversification. Sure, you can plant a few flags offshore with a corporation, Foundation or Trust, and a bank account. But, to truly be a citizen of the world, you need a second passport.
Reason #2: Travel, Free Bird
“Because I’m as free as a bird now, and this bird you cannot change,” Lynyrd Skynyrd
My Indian passport gives me only 52 visa-free countries and most of these places I don’t want to visit. By comparison, a US passport has 172 visa-free countries. A St. Kitts passport has 132.
So, the major benefit of a second passport for me is that it allows me to travel visa-free. Applying for a visa, the procedure, waiting for its approval is all a very lengthy process. I can skip it all with a second passport.
Reason #3: Effects of Foreign Policy
Governments have different approaches to foreign relations. Foreign policy can offset your ability to travel, bank, and invest. If you happen to fall under the citizenship of any of those countries then having a second passport will open many doors.
And this foreign policy issue applies to countries at all levels of the economic spectrum. For example, the US policy of attacking foreign bankers and turning them into unpaid IRS agents has made it impossible for American’s to open accounts and do business at about 95% of the offshore banks.
Reason #4: Political risks
Sometimes there are emergency situations in a country such as war, economic sanctions, the collapse of the currency, etc. There could be a compulsory pressure from the government to join the army or politically motivated arrests. The government the right to revoke the citizenship and passport of its citizens for any reason. Political diversification that comes from a second passport is even more important in times of strife.
Reason #5: You have a second home
Having a second passport means you don’t have to live like a refugee in your own country. You have a second home. It gives you an option which would allow you to live legally and work. If any unforeseen circumstances arise, or you are just bored with your first home, well you have a second one!
Reason #6: Tax issues
If you live in a high tax country, taxes could be the biggest reason to get a second passport. If your country of residence takes most of your income, move to a tax-free passport. A second passport allows you to opt-out of the tax regime and live free of government interference.
Ultimately you need to know the best country to pick a second passport and exactly how to do it. Your goals should be minimizing your taxes and maximizing your options and security.
HERE is a great article that I know you’ll love written by Mikkel Thorup on Libertarianism and Financial Agency
We hope you enjoyed our 6 Reasons to have a Second Passport. For more information here is our Ultimate Guide to Going Offshore. It has everything you could ever want to know.