Passports are required if you have citizenship in more than one nation at the same time. Having dual citizenship is permitted in the United States, but it is not permitted in many countries. The United States demands a U.S. passport for both leave and re-entry. In today’s world, having a second passport is vital. Having a second passport provides you with more choices in life. You may travel the globe by using it. In fact, you are going to invest for alternative residency. It allows you to travel, do business, pay taxes, and live your life in a manner that best suits your needs. It’s easier to make an informed decision when there are more possibilities. You should carry a second passport for various reasons in today’s society. An example, think about your bank accounts. You want to divide your assets rather than retain them all in one bank. What’s the point of doing this? Is it for your safety? Having just one passport follows the same rationale.
Your passport from India is among the worst in the world. Visa-free travel to 58 places ranks it 85th out of 193 countries as of October 2020, whereas Australia ranks first with 183 destinations. There are other nations where applying for residence might be a challenge if you have an Indian passport-like Panama, for example. It’s possible to get residence in Panama from a restricted nation even if you have a passport with a low grade.
Even if you have a strong passport, a second passport protects you from unforeseen dangers. A social movement, political problem, economic crisis, natural tragedy. The list goes on and on. Remind yourself that life might be unexpected at any given moment. A second passport serves as a kind of protection.
For example, your country’s government might cancel your passport or seize your money (think Greece) for any reason whatsoever. There are several options. No, I don’t want to be a political prisoner. A lot of people don’t know this, but the US is canceling American passports daily. Are you behind on child support or taxes? Passports may be revoked, so be careful. A single passport may be used as a weapon against you if it is your only one.
Reason 1: International Approach
For those who want a second passport, it is a way to “internationalize” their lives and possessions. It’s possible to create bank accounts and hold gold as a Dominican, Portugalia, or Cyprusian citizen.
Diversification is the key to internationalization. With a business, foundation, or trust, and a bank account, you may certainly plant a few flags abroad. A second passport, on the other hand, is a need for becoming a true global citizen.
Reason 2: Travel, Free Bird
For the simple reason that you can’t take that freedom away from me now. The band Lynyrd Skynyrd
Most of the countries on the Indian passport’s list of 58 visa-free destinations are beyond limits to most travelers. When compared to a US passport, which grants entry to 185 countries without requiring a visa, you have access to almost any nation you choose (baring the many many covid restrictions for Americans right now). Dominica has 140 while Cyprus has 174.
As a result, the ability to travel farther afield without a visa is a key advantage of having a second passport. It takes a long time to apply for a visa, go through the process, and then wait for it to be approved. With a second passport, you can bypass all of this.
Reason 3: Effects of Foreign Policy
Foreign relations are handled in a variety of ways by governments. You may be unable to travel, bank, or invest as a result of foreign policy decisions. You’ll have far more freedom and flexibility if you have a second passport from one of these nations.
This problem of foreign policy affects nations of all economic levels. Americans are unable to establish bank accounts or do business with 95% of the offshore financial institutions because of US policy, which targets foreign bankers and turns them into unpaid IRS agents.
Reason 4: Political Risks
Sometimes there are emergencies in a country such as war, economic sanctions, the collapse of the currency, etc. There could be compulsory pressure from the government to join the army or politically motivated arrests.
Reason 5: You Have a Second Home
You don’t have to live like a refugee if you have a second passport. You’ve got a second place to go. It grants you the opportunity to lawfully live and work in the United States. If something unexpected happens, or if you’re simply fed up with your current residence, there’s always a second option!
Reason 6: Tax issues
Getting a second passport may be the most cost-effective solution if you reside in a nation with a high tax burden. Move to a tax-free passport if your nation of residency taxes you heavily. Having a second passport helps you to avoid taxes and live a more unrestricted life.
If you want a second passport, you need to know which nation is the finest and precisely how to get one. Maximizing your financial possibilities and security should be at the top of your list of priorities.