It is not as if you can pick where you get a passport to. If you could, then you would have a world of options at your fingertips. However, if you are able to get a second passport, some countries offer fine benefits to being a citizen. With a second passport, you have more freedom when it comes to where you travel, where you live, and where you open bank accounts. It also makes investing in another country easier and safer too. In short, having a second passport gives you more overseas options, more protection, and a better peace of mind.
1 – Freedom Of Travel
You can move around a lot easier with two passports. There are some countries that will not allow US citizens in, or that will allow you in with certain restrictions. If you have two passports, you may flash your non-US passport and gain entry or entry without restrictions. More passports mean more travel options, so long as you take the right one to the correct country.
2 – Some Passports Offer You More Protection Than Others
There are some passports that have added benefits. For example, if you are a US citizen and you are abducted by terrorists in the UK, the British government will spend up to 600 million to get you back. On the other hand, if you have a US passport and you are abducted in Iran, they will spend all of five minutes looking for you before dropping the case. Different passports offer different levels of protection and different benefits depending upon where you go.
3 – Working Opportunities With Another Passport
The EU works by allowing people to move to and from any country they like within the European Union. They are able to do this if they have a passport from a country in the EU. You could do the same if you had a passport from any country in the EU. If you wanted to work in Brazil, you could get a temporary visa, or you could get a Brazilian passport as your second passport and work there as long as you like.
4 – The Ability To Shift Your Money Quickly
If you are having domestic trouble, if you are in trouble yourself, if your country is in trouble, or if you need to skedaddle to another country very quickly, you may shift your money to an offshore account. There are sometimes difficulties when shifting large amounts of money, but if you are swift enough about it, you may be able to move your money out of the country before whatever troubles you are having catch up with you. Having a passport for that country means you may move there easily, and it makes it easier to get a bank account there so that you may move you’re money there quickly.
5 – Avoid Blowback From The USA’s Enemies
The US and the UK have an alliance that has helped them protect the world from people that would have become the next Hitler. Thanks to the US, South Korea is now a highly successful and productive country, and the same goes for Israel. Thanks to the UK, Hong Kong, India and Ireland are all doing very well. However, there are times when the US and UK protect people while making it more difficult for bank account holders.
There are flag burners that hate the UK and the US and will make it difficult for bank account holders both domestically and internationally. If you are able to shift your money to an offshore account, you are also able to avoid a little of this blowback. Do not lose faith in the US; their military might has helped avoid numerous wars and very bad people from doing very bad things.
6 – Avoid People Controls In Different Countries
The US has cancelled the passports of nationals quite a few times, and if the Republicans had their way, they would also cancel the passport of any person that joins a terrorist group. However, unless you are thinking of becoming a terrorist, you are probably not going to have your passport cancelled by the US government. However, there are plenty of travel restrictions that pop up abroad.
For example, you may be in an African country and the government decides that all US passport holders must be apprehended at the airport. You may be Russia and they decide that all US tourists are spies and require 30 days in jail before flying home. No matter what the scenario, having a second passport other than your US passport may be the only thing that keeps you out of trouble.
7 – Pass On Multiple Citizenships To Your Kids
It is possible for the benefits of your second passport to pass down to your children. It is quite possible that your children may also become duel citizens of the US and another country. There are no cast-iron guarantees that this will be the case as it depends on the laws as they stand in each country. Still, it is a possibility and it is something you may like to research before you decide which country to become a citizen of.
8 – Travel Visa Free If You Wish
You can work abroad if you have a visa or a passport for the country you are working in. A similar thing is true for traveling. Usually, if you visit another country, you may do so for a short while without a visa. If you are visiting there for longer, you will need a visa, but you can visit as often and for as long as you like if you have a second passport with/from the country you are visiting.
9 – You May Go Home Or Home
If you get into trouble in a country, or something happens that requires you to go home, you can go home to one country or another. You have a choice as to where you go, which may be handy if you have to hop on a flight quickly and there is not one going to the US right away, or if you want to go to a certain country because it is closer than the US.
10 – Use It As A Stepping Stone Towards Renouncing
The US has the hardest and most unfair taxes in the world. Companies, wealthy people and working people are taxed in the US more than in any other country in the world. If you are a going to renounce your citizenship and live in a country that doesn’t view you as a cash cow, then your first step is to get another passport. After you do that, then you may renounce your citizenship and free yourself from the IRS.
11 – Enjoy Private Banking
The IRS still knows where you have money, no matter which bank you put it in, but you can keep your banking private from other citizens of your country if you have an offshore bank account. That way, the only way people and other companies can sue you for your offshore money is if they can prove it exists. Some banks insist that you have a passport or residency in their country before they will offer you a bank account, which is why a second passport is a handy thing to have.
12 – Invest With A Little More Privacy
If you invest in your own country, it is easier for private citizens and companies to find out where you have put your money and by how much. If you invest abroad, or if you use offshore accounts to do your investing, then things are a little more private. If you have a second passport, you will find it far easier to invest abroad, and you will find it easier to open an offshore bank account that allows you to invest.
13 – Set Up A Business In A Foreign Country
It is possible to set up a business in another country if you are a foreigner, but things often take longer and there are often more documents to fill in and send away. It is even more difficult if you need bank accounts in the country and if you need credit. Having a passport for the country will lower the amount of documents you have to fill in and send, and it will make it easier to get a bank account that includes a business bank account.
14 – You Have A Backup Against Apocalyptic Events
Let’s say that the US has a massive about of economic instability, or there are political wars, or an epidemic, or Russia turns it into a smoldering crater, you will still have a passport to another country. You will not have to become an asylum seeker, which is reassuring if you consider how the US and other countries treat asylum seekers.
15 – Safety From Cyber Attack And Identity Theft
There are Chinese hacking groups that are semi-continuously trying to hack US banking servers and military computers. In addition, there are African, Middle Eastern, and US hacking and scamming groups that are doing a good job of stealing honest citizen’s details. If you have your identity stolen, they can rip your life apart and make living in the US very difficult until the problem is resolved (which may take years).
If this happens to you and you have a second passport, you may continue your life in another country while you sort out the mess in the USA. In addition, if you manage to get your money into another country before the hackers/thieves steal it, then your money and your identity may be protected because the hackers/thieves cannot figure out where you went.
16 – Move Quickly If You Are Being Threatened
If you are being threatened by another person, a government official, or even a company, and you fear that you/your family may be harmed/killed, you may pull up your roots and move to another company quickly if you have a passport for the country. If you do not have a passport for the foreign country, then you will need to apply for visas and return back to the US very shortly. If you own a passport, you may stay out in the other country as long as it takes until the danger has passed in the US.
17 – You May Avoid Extradition In Some Cases
Some countries have extradition deals with the US, and some do not. If you own a passport for a country that doesn’t have an extradition treaty with the US, then you may avoid extradition. This doesn’t mean you may go and commit crimes wherever you like because there are certain rules with some countries that will allow the US government to have you extradited if you still own a US passport.
18 – Protect Your Inherited Money
If you are about to inherit a lot of money, you may wish to have the money handed over in another country. If you have a passport for that country, you are more easily able to get a bank account in that country, which means you may have your inherited wealth handed over to you in that country, especially if the wealth is already located in that country.
19 – Save On Taxes For Bringing Money In And Out
Different countries have different tax laws and rules about transferring money in and out of a country. If one country, such as the US, has an unfavorable rule, then complete your transfer in another country, or pick another country that has more favorable transfer rules.
20 – You May Save Money On Travel Visas
As you will read elsewhere on this article, having a passport for a country means you can stay there as long as you like without having to renew visas and so forth. If you have a passport for a country, you are also going to save money on visas. Some countries will charge you for a visa to visit their countries. For example, if you visit Chile, Brazil or Argentina and present a US passport, they will slap you with a large visa fee. There are plenty of countries that find some way of charging people for having a visa, be it an outright charge, or a hidden charge, but you will not have to pay these charges if you have a passport for that country.
21 – It Gives You Peace Of Mind
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Many of the benefits listed on this article are related to protection from one thing or another, or as a backup for one thing or another. Having a second passport gives you peace of mind because you have access to the added protection and backup capability that a second passport offers.