If you want to live like a free man, you should consider getting second passport, whether for personal or economic reason or both. In this article we discuss the benefits of getting second passport.
Freedom of movement
Passport is a traveling document and if you need all kind of visas to get where you want, or if you need to report on your travels to your home country authorities…, why not getting a second passport, which will increase your freedom of movement.
Second passport is an insurance policy against political instability
In case your home country gets politically unstable, your passport might get canceled or renounced. What will you do then? Second passport is an excellent insurance policy against that and it will insure you and your family against troubles of that sort.
Certain passports (like US or UK) are very unpopular in certain areas of the world. In fact it may make you a target for terrorists and even jeopardize your life. Why not using an alternative traveling document instead.
New business opportunities and offshore banking
Not only that your current nationality may limit your abilities as an entrepreneur, but many offshore banks worldwide won’t even consider open an account for you if you hold a passport from blacklisted country. In particular many banks are reluctant to open offshore bank account for US citizens, as they don’t want (need) the troubles with, say, US tax authorities.
Change place of residence
Lets say you are not satisfied with the things in your home country for whatever reason. Maybe crime rate is high, maybe you don’t like the weather, maybe you need to serve an army as a conscript, maybe you don’t like culture, or whatever other reason imaginable. Now lets say you want to move to 1st tier country but you can’t get residence permit with your current passport. With second passport you open the doors widely and get opportunity to relocate either to 1st tier country or wherever you want. Perhaps you even want to relocate to some paradise island and your second passport can give you this chance. So, basically your immigration opportunities extend. You can for example relocate to 1st world country, get residence permit and later apply for citizenship.
Excellent thing for permanent travelers
Permanent travelers may be restricted to some countries with their current passport, but new second passport gives them opportunity to travel worldwide. Also like in recent example, some border controls will cause you problems if you have visas from other countries, like most recent US travel ban imposed by Donald Trump. People who had visa from Iran were subject to extreme vetting at the US border and even rejected entry to country. Now, if you have second passport you can just present it, having sensitive visa in another passport and thus avoid problems.
If you really want to go internationally, you might also want to truly diversify. You can have a citizenship of one country, residence in another, source of income in another…
Lets say something happen to you or to somebody in your family. If you have only US passport for example your medical bills will bankrupt you, whereas if you have a second passport from European Union, you could have medical treatment for free, as most EU countries have free medical treatments.
There are other reasons which we can think of, but that short list will do. Each have his/her own reasons and whatever those may be, get your second passport asap. Things change and countries which offered cheap citizenship yesterday may be gone tomorrow. There are no downsides only upsides with having a second passport.