Getting a Second Passport
There are many reasons why you would want to get a second passport. Whether you are looking for a Plan B, increase your freedom of movement, change your lifestyle, or if you are looking to reduce your tax burden – a second passport opens up many new opportunities.
1. Financial Possibilities
There are many new investment opportunities that are found when you become established in a new part of the world. Often investment returns are much higher in places outside of where we live.
2. Find A New Home
Many individuals are looking to relocate to a new country in order to separate themselves from the country where they or born. Distancing yourself from the politics of your home country or needing to travel under a different nationality may be one reason that encourages you to look for a new passport.
3. More Visa-Free Travel
A second passport enables you to travel to more countries without having to apply for a visa. Passports such as Malta, Cyprus and Vanuatu are Tier 1 and Teir 2 passports that get you access upwards of 140+ countries around the world.
4. Individual Freedom
A second passport frees you from being bound to a single country so that you are not beholden to any particular government nor its institutions. Having the possibility of not being restricted to a single country and its institutions often lead people looking for ways
5. Greater Security
If you live in a politically or economically fragile country then getting a plan B in place is essential. Living in parts of the world that are prone to destabilisation having a backup plan ensures your safety.
6. Tax Management
Having second citizenship can be used to effectively reduce your tax burden. Often many countries where you can get a second passport offer low or no tax possibilities if you do not conduct any business within the country.
7. Family Planning
Getting another citizenship gives you second opportunities not just you but for your entire family and for all future generations to come. Giving someone a second citizenship is perhaps one of the greatest gifts hat you can give that lasts for generations to come.
Second Passport Requirements
Generally speaking, you will be required to have:
- Proof of identity
- Background and criminal check
- Bank statement with proof of funds
- Due diligence forms
Depending on the country where you get a second passport, places such as Vanuatu or Dominica take as little as 3-6 months. The initial stage a deposit is required before the background check which usually take several weeks.
How to Get a Second Passport
There are a few different ways to get a second passport. That is either through:
- Marriage; or
- Economic investment
Second passport opportunities are generally limited. If you have the time then getting a second residency can often turn into a second passport and citizenship within 2-5 years. Many countries around the world offer permanent residency options with the possibility of being able to get citizenship after a period of time of residing in the country for more than 180 days a year.
The other option is investing in Citizenship by investment programs that typically can be completed in 3 months with an investment in land or through an economic donation. There are several popular passport programs in the Caribbean that are often attractive due to their modest fees of 100,000 -150,000 USD are generally available to all nationalities and are generally able to be completed and processed with minimal requirements and hassle.