A Second Passport is an Often Under-looked Insurance Policy
Many people wonder why they might need a second passport but as we’ll see it’s a vital tool to protect you and your assets in troubled times.
After all , what is a passport and why is it needed?
A passport is a government document needed to travel virtually everywhere nowadays. Unfortunately it can be cancelled by your government whenever it chooses.
US citizens can find their passports cancelled if they are accused of owing more than $50,000 in taxes. Passports can be cancelled over child custody disputes.
In the UK football fans can be banned from using their passports to travel to overseas matches. Anyone accused of a crime can be stripped of their right to travel.
In the recent case of Carlos Ghosn, the former chief executive of Nissan, he was able to escape a potential 15 year prison sentence in Japan in part because he holds three citizenship. Ghosn had passports from Lebanon, Brazil and France. None of these countries extradites their own nationals. For Ghosn having multiple citizenships was quite literally a get out of jail free card.
In another recent case technology entrepreneur, John Mcafee was detained in the Dominican Republic. He is wanted by the US authorities for failing to file tax returns. Mcafee holds dual UK and US nationality so when faced with being shipped back to a US prison Mcafee was able to say “Send me home to England” and he was duly put on a flight to London instead of the US. Multiple citizenships provided Mcafee with a lifeline.
But those things could never happen to me……..
I suspect anyone who has faced legal issues from one country or another never expected that it could happen to them.
You could be involved in a traffic accident and accused of dangerous driving, some countries have strange laws that can result in your arrest and passport held. Countries in the Arab world, for example, can take a dim view of public displays of affection or pre-marital sex.
The point is……..shit happens!
Any one of us could be subject to unwanted legal problems. Insurance is not available at any price after the event.
Can I even get a second passport?
If you have an Irish, Polish or Italian ancestor you can apply for a second passport from your ancestor’s country.
You could live in another country for as little as 2 years to qualify for citizenship in some cases.
In some countries you can get citizenship by marriage or if you have a child born there that can also be a fast track to citizenship.
There are many options. If you’re in a hurry you can even buy a passport. There are multiple countries that will sell you a passport starting from around $100,000.
Citizenship by investment is also a possibility if you want to start a business somewhere else.
Any option will take a few months, at least so if you’d like this most valuable insurance the time to start doing your research is now.
Here are our top 9 Reasons to get a second passport:
- Avoid Being Controlled by Any Single Country
When you have only a single passport you are under control of one government. The passport issued by your government is not your property. It belongs to the state and can be cancelled at any time.Increase Your Travel Options
2. Open Up New Investment Opportunities
Many lucrative investments are not available to holders of US, Canadian or British passport holders. That’s because issuers fear the regulatory reach of those governments. If you have a passport from anywhere else you won’t face any restrictions. This applies to opening foreign bank accounts too.
3. Substantially Reduce or Eliminate Taxes
Some countries, like the USA impose taxes on citizens no matter where they live. The only way to avoid them is to renounce that citizenship and get a new nationality. Other nationalities can benefit too, depending on how much time they spend in each country.
4. Guarantee Access to Your Second Home
If you own a second home in another country you should, at the very least, have a permanent residency for that country. A passport is better. If you have a second passport for the country where you own a second home you can never be stopped from visiting your property.
5. Guarantee Travel in times of Border Restrictions
Recently we have seen worldwide travel restrictions due to Covid19. If you have additional passports you can’t be stopped from entering any of your citizenship countries.
6. Avoid Extradition or Deportation
Many countries don’t allow the extradition of their own citizens. A second passport can prevent you from being extradited to your country of origin. An important consideration in times of rising political and thought crimes.
7. Avoid Conscription
Some countries such as Israel and Pakistan have conscription for young people. If you are a citizen of another country it may be possible to avoid this.
8. Escape Political Risk
Political risks are increasing constantly. Who knows what the future holds for any country? If you were a citizen of Syria or Lebanon recently a second passport would have allowed you to escape.
9. More Future Options for Your Family
If you get a second citizenship your children will be eligible too. This will give them more options for the future in an increasingly uncertain world.