Individuals who consider a ‘backup life plan’, namely a second passport, may be pursuing a plethora of goals. Visa-free travel, flexible taxation, confidentiality and personal safety – the list goes on. Let’s look into the most obvious perks of a second citizenship.
Free global travel
Suppose you are preparing for a business trip abroad and turns out you have to arrange a visa. That entails filling out forms, providing specified documentation, possibly visiting a consulate for an interview or fingerprinting. You also have to pay a visa fee which may sometimes exceed your airfare. Then, you have to wait. Some visa applications are reviewed under a week, others may take up to a month depending on your destination, season and visa type. At the end of the day, you are really not sure you want to go anymore, let alone bring your family members since the visa kerfuffle would multiple.
Not all passports have equal ‘power’. Politically imposed visa restrictions complicate foreign travel for citizens of many countries. On the other hand, holders of ‘more powerful’ passports still need visas to some countries and may fail to travel to a required destination due to temporary sanctions or political nuisance. Some countries’ citizens may even be subject to various forms of hostility based on their nationality.
Now, a second passport in hand resolves a whole lot of these problems. Not only it will allow you to visit critically important global destinations, but also provide flexibility when there is no way to obtain or renew a passport in your homeland. If your passport gets lost or stolen, you still remain protected and easily identified with you second document. Also, if you submit the first passport to a consulate for visa procedures, you can always travel with the second.
The world is volatile and dynamic. What seemed to work yesterday may not stand the test of tomorrow. Allowing yourself alternatives in terms of citizenship is a strategy of minimised risks and bright prospects. By procuring a second passport for yourself and the family, you broaden your horizons. Citizenship is for the lifetime and, in most cases, you don’t have to reject your current nationality.
Safety and peace of mind
Citizenship of a well-off quiet country may be a lifesaver in case of political disturbances in your region. Aside from force majeure events, you may find yourself in a difficult situation and opt to relocate with your family. Many affluent business people and politically exposed persons are thinking of alternative citizenships as a smart investment and a form of insurance in the ever-changing world of today.
Astons is a leading global immigration advisory firm with offices in London, Moscow, Dubai, Cyprus and China and offers residency & citizenship investment solutions in the UK, EU & the Caribbean.
For further information or to discuss your personal circumstances in a private consultation, please contact Astons at [email protected] or call +44 207 292 2977.