Why You Need a Second Passport
A second passport is essential in today’s world. A second passport gives you options in life. It opens doors around the world. It gives you choices in how you travel, conducts business, pays taxes, and live your life. When one has more options, one gets to choose wisely. Here are several reasons why it’s so important in today’s world to have a second passport.
Take your bank accounts for example. You don’t keep all your assets in one bank, you prefer to split them. Why do you do so? For security, right? The same logic applies to having just one passport.
If you are from India you have one of the worst passports. It ranked 85th out of 193 countries as of October 2020 with visa-free travel to 58 destinations, compared to Australia that has visa-free travel to 183 destinations.
An Indian passport also makes it tough to apply for residency in other countries like Panama. If you have a low ranking passport you might read on how to gain residency in Panama from a restricted country.
Whether you have a great passport or a weak one, a second passport offers security from unpredictable threats. It could be a social movement, political issues, economic issues, natural disaster, and the list goes on… Remember life is unpredictable. A second passport is an insurance policy.
For instance, the government of your country might revoke your passport or take your money (think Greece) for any reason whatsoever. What would you do then? Live like a political prisoner in your own country?
Most people don’t realize it, but the US cancels the passports of Americans living abroad every day. Owe child support or haven’t paid your taxes? Your passport can be cancelled. If you only have one passport it can be a weapon to be used against you.
Without a second passport in hand, you will have no valid travel document and will be forcibly returned to the US. Again, I reiterate, this happens every day… it’s not limited to the cases that make the news like Edward Snowden.
It’s time to apply for a second passport before a nightmare like this come true. Secure your assets and your future with a second passport now.
Here’s why having a second passport is a smart call today:
Reason# 1: International Approach
A second passport allows you to “internationalize” your life and your assets. You can open accounts, hold gold, conduct business, and live your life as a citizen of Dominica, Portugal, Cyprus, etc.
Internationalizing is all about diversification. Sure, you can plant a few flags offshore with a corporation, Foundation or Trust, and a bank account. But, to truly be a citizen of the world, you need a second passport.
Reason #2: Travel, Free Bird
“Because I’m as free as a bird now, and this bird you cannot change,” Lynyrd Skynyrd
Going back to the Indian passport with only 58 visa-free countries, most of these places no one wants to visit. By comparison, a US passport, which has 185 visa-free countries, you can go to almost any country you want (baring the many many covid restrictions for Americans right now). A Cyprus has 174 and Dominica has 140.
So, one of the major benefits of a second passport is that it allows more travel visa-free. Applying for a visa, the procedure, waiting for its approval is all a very lengthy process. You can skip it all with a second passport.
Reason #3: Effects of Foreign Policy
Governments have different approaches to foreign relations. Foreign policy can offset your ability to travel, bank, and invest. If you happen to fall under the citizenship of any of those countries then having a second passport will open many doors.
And this foreign policy issue applies to countries at all levels of the economic spectrum. For example, the US policy of attacking foreign bankers and turning them into unpaid IRS agents has made it impossible for American’s to open accounts and do business at about 95% of the offshore banks.
Reason #4: Political Risks
Sometimes there are emergency situations in a country such as war, economic sanctions, the collapse of the currency, etc. There could be a compulsory pressure from the government to join the army or politically motivated arrests. The government has the right to revoke the citizenship and passport of its citizens for any reason. Political diversification that comes from a second passport is even more important in times of strife.
Reason #5: You Have a Second Home
Having a second passport means you don’t have to live like a refugee. You have a second home. It gives you an option that would allow you to live legally and work. If any unforeseen circumstances arise, or you are just bored with your first home, well you have a second one!
Reason #6: Tax issues
If you live in a high tax country, taxes could be the biggest reason to get a second passport. If your country of residence takes most of your income, move to a tax-free passport. A second passport allows you to opt-out of the tax regime and live a freer life with less government interference.
Ultimately you need to know the best country to pick a second passport and exactly how to do it. Your goals should be minimizing your taxes and maximizing your options and security.
If you are looking for a shortcut to a second passport and have money to invest please fill in the form here.
HERE is a great article I wrote on Libertarianism and Financial Agency, Enjoy!
Here is probably the most extensive ebook on Everything You Ever Wanted To Know About Eliminating Your Taxes, Protecting Your Assets And Regaining Privacy Over Your Life And Investments. It is called The Ultimate Guide To Going Offshore.
About The Author
Mikkel Thorup is the Director at EscapeArtist.com the oldest and largest offshore website in the world and hosts The Expat Money Show podcast. He is also the author of #1 Best-Selling book Expat Secrets on Amazon. Mikkel has spent over 20 years in continual travel around the world, visiting more than 100 countries including Colombia, North Korea, Zimbabwe, and Iran. His goal is to help people just like you to generate additional streams of income, legally eliminate your tax bill, and take advantage of offshore structures so you can travel the world freely and never have to worry about money again. Follow Mikkel Thorup on Twitter @ThorupMikkel
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