While it may seem that interest in a second passport is virtuously a monetary or business decision, the reality is that rich people are increasingly concerned about security in their home countries. As political and social unrest simmers around the world, investors are looking for ways to create a safer environment, both socially and economically.
The greatest benefits of a second passport include:
An Exit Plan
Should you or your family need to leave your home country, either for emergent purposes or just for extended periods of time, a second passport gives you the freedom and mobility to reside elsewhere. It’s a guarantee that you have another place to go if you ever need to leave. And, because you will hold citizenship in that country, you enjoy all of the rights and benefits of being a natural-born citizen.
Freedom to Travel
Depending on the country you received your second passport from, you will unlock the freedom to travel throughout the world without the need for a visa. For example, citizenship in Grenada unlocks visa-free travel privileges to over 130 countries including China, Schengen Territories, the UK, and Russia.
Depending on the country you receive your dual citizenship from, you can receive incredible tax advantages. We’ll again use Grenada as an example. In Grenada, there is no tax on foreign income, wealth, inheritance, capital gains, or gifts.
There are also numerous corporate tax incentives and duty-free trading. Other countries also offer key tax advantages, which make having a second passport extremely valuable for investors seeking new business opportunities.