“Spreading the political risk beyond single jurisdiction is one of the most important today”
To acquire a second passport and citizenship in a foreign country is an essential step towards neutralising political risks associated with the rule of single government. Holding dual passport brings along the many benefits of political diversification that are universal and prudent for those who reside under turmoil and suppressed economy. Given below are a few persuasive reasons to get your hands on a second passport.
- Higher internationalisation opportunities
A second passport presents more lucrative options to invest, travel, reside and do business in respective countries where you simply couldn’t do so before. With more options comes more freedom and opportunities only if you move vigilantly. Internationalisation options for your income and assets increases that are usually beyond grasp to citizens of certain states. This is perhaps the finest option for those who’re often discriminated or mistreated during an attempt to open legal accounts in a foreign financial institution. Not just that, some monetary companies go as far as forcing a foreigner to close their existing account.
Due to growing regulations, several brokerages and foreign banks increasingly take logical business decisions about compliance cost outweighing benefits of having foreigners as clients. When facing challenges with opening a new foreign financial account, your second passport may act as a key to counter such barriers that lasts for generations. Besides, you’ll be able to convey multiple citizenships to children and grandchildren who’ll reap the fruit.
- Visa-free travel odds increase
A good passport allows for more visa-free travel however application has to be approved before the trip; that’s a real hassle. Jumping through hoops before the trip can be real frustrating, prolonged and costly. A general study revealed that Swedish and Finnish passports offer the best visa-free travel. Meanwhile, applying for St. Kitts and Nevis passport and citizenship is also considered the best with many opportunities to bearers travelling to the islands. For more details on country rankings as per visa-free access of their passports, visit www.elevay.com.
- Counter foreign policy blow
If your home government is frequently poking its nose in the internal affairs of other countries, you’re likely a target present at the wrong place at the wrong time. Even here, your passport would shield you against foreign policy blowbacks. For instance, Swiss passport holders are considered far safer than any!
- Prevent travel/people restrictions
Your second passport also comes in handy when government takes on picks up its own citizens to protect the country i.e. engage them in war or if passport and other restrictions are exerted. It also protects your state government from placing house arrest against revoking or annulling passport for any reason it finds. If one holds different and lethal views against a country or government, travel options are likely to be restricted and here’s when you’re in dire need of a second passport.
- No more refugee-like living
A second passport allows you legally to call respective country a “home”, also grant rights to live and work in various countries. For example, European Union nationals have the right to live and work in 28 different member states.
If you plan to renounce legal citizenship of the home country, a second passport just allow you doing so with least dismissal and arduous tax policies.