With the ease of global mobility increased significantly over the past decades, people demand more freedom to travel, reside and do business in multiple countries.
Here are some of the benefits of getting an additional passport:
Global Travel
Citizens of certain countries are required to apply for complicated, invasive, often expensive and always time-consuming visas to visit other countries. There are also passports that are completely banned to enter certain countries, such as Israeli passports to some Muslim countries. Getting an additional passport(s) can offer increased global mobility, with less restrictions and even visa-free travel.
Security
Uncomfortable &/or unsafe political or social situations happen everywhere in the world at times and places no one can predict. Having another passport expands an entire family’s possibilities to escape to a destination that is safer, more peaceful and more stable should a conflict suddenly occur.
Better wealth management
Many countries offer significantly better tax schemes, easier ways to diversify assets, while some might offer more privacy than others. An additional passport can give more options to manage or preserve a family’s wealth, and more possibilities to expand it.
More privacy
Some governments have put heavy surveillance onto their citizens. Some use their citizens data for commercial purpose. By using a different passport when traveling, investing, or banking an individual can enjoy a greater level of privacy that might not be enjoyed if they use their main passport.
Education
Free public schooling aside, often countries with world-class universities charge international students a much higher tuition fee than local students or students coming from the same region. They may also limit the number of “foreign” citizens allowed to attend. By getting a second citizenship from these countries or neighboring countries in the same region, you can give a better future and more affordable education to your family.
More balanced and better life quality
Some countries have better public facilities or cleaner environment than others, while other countries might offer better conditions to work or earn income, or less surveillance from the governments. Getting a citizenship from countries with different conditions allows the passport holders to enjoy a life of deliberate choice for them and their family.
Business
Different countries offer different benefits such as tax schemes, simplified regulations or more abundant resources. Getting a second citizenship can increase access to these resources, expand business opportunities, and provide better protection for investments.
Healthcare & Elder Care
Different countries offer health benefits such as free or subsidized healthcare, old age benefits or healthier lifestyles. Getting a second citizenship can provide access to these resources if desired.
Backup & Risk Reduction
Having more than one passport ensures your ability to travel should your primary passport be lost, stolen, or canceled by the issuing authority.
Safety
We now live in a world with palpable risk of health pandemics or other biological or natural disasters. Having a comfortable and familiar “Plan B” for you and your family to escape to may prove prudent in the decades to come.
Immigration Ease
Sometimes holding citizenship and passports in specific countries allows you easier or more favorable route to immigrate to other countries. For example, Turkish citizens can apply for a E1 or E2 visa to immigrate to the U.S.A via special inter government treaties. This privileged visa lowers the investment requirements and shortens the timelines to immigrate to the U.S.A.
Legacy
Most importantly, in most cases obtaining citizenship by investment will allow you to plant the seeds of a multigenerational legacy for your heirs. Empowering your heirs to enjoy the benefits of multiple citizenship and multiple passports for their lifetimes.
Articles
CBI
Citizenship by Investment
Global Citizenship
Thinking beyond the boundries of our birth.
Building a Passport Portfolio
Options are the new wealth
To get an additional passport, a person must first obtain an additional citizenship. This second citizenship can be acquired through conventional ways, such as getting a residence first and then work towards a path of citizenship (naturalization). Some people may qualify for citizenship by heritage if their parents or grandparents came from a few select countries. Another option, which we assist clients with, is to obtain an additional citizenship and passport through financial investment. This route is often called as citizenship by investment, economic citizenship, or CBI for short and is quickly becoming the number one means of obtaining a second passport amongst HNWI’s (High Net Worth Individuals).
Building a Passport Portfolio
Strategic diversification in investment portfolios is commonsense. Similar considerations should be applied to diversification in passports.
Building the perfect passport portfolio is not simply collecting random passports from different countries, but it is to build strength, freedom and increase the level of safety for the investor and their family.
It often takes an exceptionally long time to apply for visas. Visa approvals are always unpredictable, the process is normally confusing, generally invasive and often humiliating too. One’s personal character and intentions are often brought into question and examines under a microscope in highly unpleasant ways. If there is an emergency, immediate travel will be hard if not impossible to arrange. This is the situation where holding additional passports can be of help.
Imagine there is a businessman from the Philippines that does frequent business in Georgia. The Philippine passport is not extended visa free entry to Georgia. So, the businessman obtains a Turkish citizenship and passport for this purpose. Turkish citizens are given an extremely privileged 360 days visa free entry into Georgia.
The businessman also does business in Germany. The Philippine passport is not allowed visa free entry to Germany, nor does the Turkish passport. For this, the businessman obtains a St Kitts & Nevis passport which allows him a privileged 90 days visa free access to the entire Schengen Zone of the EU.
It is possible to own more than two passports. Having more passports gives extra benefits for the passport collector but it may require a good strategy.
To succeed, one must consider various aspects.
To start one should strive to fill the visa free travel gaps of the passports. For example, in the illustration above, getting an additional passport from Turkey grants that person visa-free travel for 365 days to Georgia. It also extends him rights to the free Turkish healthcare system.
The third passport should further expand possibilities and give the passport holder other benefits. In this case, getting a St Kitts & Nevis passport allows that person to enter all the EU Schengen Zone countries visa free. Not only that, but it also allows him to enter, live & do business legally in any of the CARICOM countries in the Caribbean & access St Kitts & Nevis’s elder care programs.
When it comes to building a passport portfolio it is also important to consider aspects like geopolitical diversification. Passports from countries with similar geopolitical backgrounds will likely be treated in similar manners. For example, a US passport holder and Austrian may experience similar difficulties and treatments when doing business in Tanzania, but the treatment may be different if they show their Turkish passport.
Likewise, geographical diversification is also something to consider. Having 3 citizenships all from countries the Caribbean region does not give someone the same range of options as someone who holds citizenship in St Kitts and Nevis (Caribbean), Vanuatu (South Pacific) and Turkey (SE Europe/Western Asia).
When building a passport portfolio, it is important to consider aspects such geopolitics, geography, cultural roots, languages, how large the country is, along with a variety of other factors.
A palpable increase in options is always the primary goal.
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