Due to political sensitivities, citizens of many countries find it difficult to travel abroad, confronted with visa restrictions whenever they want to enter a foreign country. Even holders of passports that allow good access to foreign countries can find themselves having to obtain visas. This can be both time and cost intensive, frustrating both business and leisure opportunities.
No matter where you live in the world, you can benefit from the political diversification and financial opportunities that comes with a second passport.
A second passport provides great autonomy as it frees you from the confines of a single nation. By having the right to live elsewhere you are not tied down to the regimes and policies of a single government authority. This is hugely beneficial to those from countries with corrupt and unlawful regimes, unaccountable to anyone.
Greater Travel Freedom
Not all passports are made equal. Many passports are quite limiting in their visa-free mobility - requiring citizens to obtain visas whenever they travel to a foreign country.
A second passport from the right host nation can enable those from such countries greater international mobility. For example, a passport from Iraq allows visa-free entry into just 27 countries, compared to a Maltese passport which permits visa-free entry to 172 nations.
Dual citizenship can prove beneficial for tax arrangements. For example, some countries only tax income made within that country, making all income generated outside its boundaries tax-free. This can be hugely beneficial when conducting business internationally, allowing investors the opportunity to manage their wealth in low tax domains.
Individuals obtaining a second passport via citizenship investment programs are allowed to conduct business in the host nation. This opens up financial and business opportunities in the country and region. Such citizenship also opens the door to overseas financial services - beneficial to those from countries like the U.S where FATCA regulations restrict what financial services they can access abroad.
Safeguard Against Foreign Policy Decisions
Separating yourself from the regimes and foreign policy decisions of your home nation can be beneficial when traveling abroad. For instance, if you are an American traveling in parts of the Middle East, being able to travel below the radar is extremely important. Having a second passport separates you from the actions of your government that might provoke unfavourable treatment abroad.
Citizenship and a passport from a peaceful, political-stable country, can be a life-saver in times of political unrest, civil war, terrorism, or other civil disturbances. A second passport provides a plan B for safeguarding you and your family in cases where life your home country becomes unviable. For this reason, many regard a second passport to be the best life insurance money can buy.
Many citizenship investment programs, grant passports to the entire family. This means your investment today can provide ample benefits to your future generations. This enables investors to provide a better, more secure future for their partner, children and future generations to come.
Providing your family with a second citizenship allows for a whole new opportunity at life that otherwise may not be possible.
Obtaining a second passport
Charterhouse Lombard are on hand to assist with obtaining a second passport. To find out more, get in touch with our team today