6 Reasons to Consider a 2nd Passport
- Details
- Category: Global Perspectives
- Published on Friday, 25 November 2011 09:31
- Written by Brandon Rowe
A few days ago, a reader asked:
"Why do I need a second passport?"
It's a good question, and one which has been addressed in various forms in other areas of the International Man site. Admittedly, this is a major step for most people and definitely for all of our readers.
Gaining a second citizenship requires a fair amount of research, a fair amount of bureaucracy and most of all, a fair amount of patience. Occasionally, depending on the program, it can also involve a fair amount of coin.
But, a second citizenship can offer an exceptional number of benefits as well which might fit well within your overall internationalization plan. Here are just a few of the reasons to consider it.
One: "Nobody kills all the Slovakians"
... or Uruguayans, Costa Ricans or Thais. But, it will come as no surprise that certain passports do attract more negative attention abroad than others - the US, UK and Israel (in certain places), come to mind. Any time one country decides to apply military pressure against another, it will create local anger and frustration that is then projected onto the general citizenry of the oppressive nation. It doesn't matter if that particular citizen was against the conflict, the passport alone makes him a target. The terror attacks of 2008 in Mumbai specifically targeted US and British citizens, for example.
On the other hand, there are certain nationalities that are either relatively well respected as peacemakers (Canada, Costa Rica), or ones that have tended to mind their own business rather than attempting to project influence outside their borders (Switzerland, Uruguay, Singapore).
In other words, having a "neutral" passport can act as a useful insurance policy in case of trouble.
Two: Bypass potential travel restrictions / visas
Having a second passport allows you to avoid potential travel restrictions or the need to get entry visas to certain countries.
Much of the value of any passport is the number of countries it will let you access without requiring the often expensive and time-consuming visa application process. Denmark, Sweden and Finland top the list in that regards with access to 173 different jurisdictions. Perhaps not surprisingly, a country like Afghanistan offers one of the least useful travel documents.
For more information, see the International Visa Restrictions list from law firm Henley & Partners.
Three: Emergency bolthole
A second passport acts as an emergency insurance policy in case you need to get out of dodge quickly but are limited by your home country's useless passport. (South Africans during Apartheid, for example).
Four: If you want to eventually expatriate
If you do decide to officially renounce your primary citizenship, you will need to have established a second citizenship before you do so. To renounce without a new home will make you a person without a state, which will make it difficult to travel in the future.
Five: Easier to open bank accounts overseas
In this day and age, some citizenships are better than others when it comes to accessing financial resources abroad, particularly if you are a citizen of the US.
In fact, it's relatively common now for Americans to be actively excluded from access to services simply because they carry a US passport. Gaining a second citizenship potentially allows one to gain access to these services by registering with that other travel document.
(Though arguably, as the net gets tighter around Americans heading overseas, this is not as useful as it once was.)
Six: Access additional opportunities
Having the right passport can potentially allow one access to live and work overseas with no additional documentation required. An EU passport, for example, allows one to live and work within any of the other members of the union.
Taking those first steps...
Of course, choosing a place can be a difficult process. It depends on your objectives, your current level of wealth and your timeline. If you simply want another passport as an insurance policy (and you want it relatively quickly and you have the cash), then the economic citizenship programs of St. Kitts and Nevis or Dominica might be a good option.
If you want a second passport and don't want to spend time actually living in the country where you are applying for citizenship, jurisdictions like the Dominican Republic or Paraguay potentially offer such possibilities.
Or, if you don't mind going through the proper procedures and waiting a few years in order to get a truly useful travel document from a neutral, rich world country, they are certainly available as well.
The key is to start your research now. Decide if it's right for you. And then, if it is, start the process.
[Many people find the process of internationalization confusing, though it doesn’t have to be. Join the International Man network today and gain free access to expertly-crafted reports that will make it easier to diversify – whether you want to store a few gold coins overseas, sign up with an international broker (that will actually accept Americans), or even find a second home to call your own. Click here for the details.]
Sam
Posted at 2012-01-04 03:09:59
You're confusing residency with citizenship, but right, being a U.S. person (citizen or resident) makes it more difficult to open a bank account overseas. Even if you have a second passport and use that to open a bank account, some banks are now asking on their applications if you're a multi-citizen. Additionally, your new passport will show where you were born. If it was in the U.S. they will ask about your U.S. citizenship status.
Dennis O'Siotcain
Posted at 2011-12-23 03:09:58
Ultimately, for US-born Americans wishing to open an offshore bank account, it is best to renounce. Obtaining the 2nd passport is just the first step -- as most passports include a "Born" field. Even with an EU passport, banks will still know that you're an American when your city, country appears under the "Born" field. Consequently, the 2 documents needed when opening an account should be (a) the non-US passport and (b) proof of renunciation.
Queen Hillard
Posted at 2011-12-24 15:01:49
Where do you get proof of renunciation from?
Dennis O'Siotcain
Posted at 2011-12-24 15:06:57
The document is called Certificate of Loss of Nationality (DS-4083). After renouncing your US citizenship at an embassy/consul, you receive a copy -- a few months later you receive the official version from the State Dept. For full details, please reference the "American Expatriation Report" on this website.
Where do you get proof of renunciation from?
Bill
Posted at 2011-12-27 18:28:08
This is stupid, renounce your USA citizenship for what? You people must be nuts, there is more opportunities in USA than in the entire world put together. Yes I know USA is not the most ideal either, but neither are other countries, everyone has their own problems.
Dennis O'Siotcain
Posted at 2011-12-29 13:46:26
This is stupid, renounce your USA citizenship for what? You people must be nuts, there is more opportunities in USA than in the entire world put together. Yes I know USA is not the most ideal either, but neither are other countries, everyone has their own problems.
1. Are you a US expat? If you are, then you should be aware of the unique environment that many of us are in. Many expats are families whose employer's have posted them overseas. Is it fair that they should be unable to open a bank account, yet still be required to file tax returns? You do know that the US is the only country in the world that taxes on worldwide income..?
2. "More opportunities in USA than in the entire world put together?" Are you kidding or just trolling on here? That has got to be one of the most ridiculous claims I have ever read.
Mike in MI
Posted at 2012-01-15 03:55:36
This is stupid, renounce your USA citizenship for what? You people must be nuts, there is more opportunities in USA than in the entire world put together. Yes I know USA is not the most ideal either, but neither are other countries, everyone has their own problems.
Hong Kong and Singapore are always at the top of economic freedom ratings.....and the trendlines for the USA are not encouraging. Federal state and local taxes are approaching 50% of GDP. Patriot Act. Erosion of our Bill of Rights. We now live in a very unConstitutional nation and no one even complains, not because they've forgotten, but because they never learned about our Declaration and Constitution in the first place. Crumbling empires can be very dangerous places.
Simon
Posted at 2012-02-16 22:33:48
There is more opportunities in USA than in the entire world put together.
Bill, I expect plenty of people will tell you how foolish you sound. Take it on the chin. The very best education you could get is a trip abroad, especially South America or Asia. The word is full of amazing opportunities that you don't learn about in the US media. That's because the US is increasing insular and progress is passing you by.
As a side note to other readers; it might be that Bill is just a 16 year old high school kid. Go easy on him. I've heard the exact same words from every US school kid I've met. And some of do them visit grown up forums like this. It's the brainwashing.
No one who has been properly educated or who has traveled abroad would say that the US still has opportunities, let alone "more opportunities." This isn't about Bill being wrong (you can prove that in 3 seconds), it's about the mindwashing of a generation of US children. I used to find it funny, now I find it scary.
Mary
Posted at 2012-02-17 09:28:01
This is stupid, renounce your USA citizenship for what? You people must be nuts, there is more opportunities in USA than in the entire world put together. Yes I know USA is not the most ideal either, but neither are other countries, everyone has their own problems.
I am curious if you have ever left the US?? When you travel elswhere you see how much freedom and opportunity MANY nations enjoy! The US is NOT special!
Andrew
Posted at 2012-01-24 19:28:49
The tone of some of these comments is immature, but I would think that anyone would want to be very careful and thoughtful about deciding to renounce USA citizenship. It's a significant event and not something that could easily be reversed. I don't live in the USA any longer and am considering revoking my citizenship for a variety of reasons, economic, moral, and political. Don't forget Obama's Exit Tax! Contact a tax attorney and address that matter first!
NicksTaxFree
Posted at 2012-02-15 16:02:48
I did not send that last massage, some kind of malfunction.
Yes Andrew, you are right on the importance of Renoucing of citizenship. But Taxes is the last of the worries, Just don't file, it is like joining the Military, you sign up then you are subject to their laws. Don't sign that box in the 1040 form and you are scott free.And change your W-4 form to EXEMPT for withholding.
I already have a 2nd passport and use it when traveling overseas, but there is more to this whole discusion.
The word "Hypotheication", which is the assignment of the Government debt to each person, The population divided by the the amount of make believe debt the FEDs can run up will be given to your new gov't account that they will give you.
Obama calls this "OUR FAIR SHARE" but i call roberey, don't pay it.
The Greeks know the meaning of "AUSTERITY", do the Americans????? And who stole the Social Security lock box???
wesley mouch
Posted at 2011-11-25 21:21:03
US citizens even if they hold a second passport will have difficulty opening an offshore account. Most banks will ask where your residence is and if it is in the US they will put the kaibosh on opening an account
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