Top 3 Reasons to Seek a Second Passport

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Top 3 Reasons to Seek a Second Passport

Many times, when we try to talk about our desires to move abroad or the simple idea of obtaining a second passport with our family and friends, it’s met with a lot of resistance.


Our family doesn’t understand why we want to abandon our roots.


Our friends assume that if we want a second citizenship then we’ll have to give up our current one and they’ll never see us again.


Our neighbors just look at us like we’re crazy and ask if we met some random wife online and wonder how we could be so mean to our current wife.


Lots of bogus accusations.


But not only are these misunderstandings far from the truth (there’s no reason to give up your birth citizenship or abandon your roots—and you’re not crazy), hearing them over and over again can hold us back from taking action towards our dreams, which is very unfortunate.


Because as higher net-worth individuals, you and I have the opportunity to invest via government-sponsored immigration and citizenship programs that don’t require us to give up anything about our lives to get a second passport… except for the fact that we might have to go live in our new country for a while.


But we’re not trying to get a second passport to abandon our roots, to leave our friends, or to marry some internet wife.


Instead, we’re doing this to have an easier time traveling internationally, to diversify our portfolio, and to access new business opportunities.


Easier International Travel


Let’s say you’re a citizen of Nigeria.


On your Nigerian passport, you need a visa to enter 152 countries, and only 46 countries will let you enter without a visa.


If you decide to go through the investment-for-citizenship program offers by St. Kitts & Nevis, though, those numbers change drastically.


With the combination of your two passports, you cut the number of countries you need a visa for by more than half to only 65, and nearly triple the number of countries you can enter without a visa to 133. (Based on 2016 data.)


Clearly, international travel will become a lot easier for you with this second passport and you’re still 100% Nigerian retaining every right to live in, work in, and enjoy Nigeria.


Diversified Portfolio


As high net worth individuals, we know that what we do with our money investment-wise has an impact on how long our wealth lasts and its ability to grow.


We also know that diversification is key to a successful investment strategy, since no type of market is ever always growing and always paying back returns.


Investing via government programs in exchange for the opportunity to become a citizen is another way you can diversify your portfolio in an economic market outside of your home country’s.


For example, if you invest in a real estate property in a highly-vacationed island of the Caribbean, this is an investment you can either live in, rent out for a premium fee to vacationers, or flip and sell for a higher profit once the government-imposed investment holding period is up.


And if real estate is already one of your preferred investment models, buying property in another country is a great way to recession-proof that type of investment model by reducing the strain when your home market crashes.


New Business Opportunities


Beyond using your second passport to help you travel to and from more countries with ease as a business person, having a second passport (and therefore citizenship) opens you up to the possibility of starting and investing in businesses in your new local economy restriction-free.


I, for example, saw the the business model I had in mind would work really well in the USA, but wouldn’t work well at all in my home country of the UK.


So once I gained citizenship in the United States, I was free to start and grow exactly the kind of business I’d dreamed of but couldn’t have managed before in my home country.


Other people dream of doing business in the European Union, so gaining citizenship in a country like Cyprus gives them the opportunity to do just that.


Your Reasons for Getting a 2nd Passport

The three reasons I’ve mentioned above are the top three reasons people come to me asking for help to move abroad and earn a second passport.


But I also hear lots of other reasons too… from simply wanting to live in a place with warmer weather all year long, wanting to live in a place with more political and economic security, or seeking portfolio diversity.


No one reason is better than another, and there’s a program for any reason you might have.


Use the button below to tell us why you’re interested in gaining a second passport and we’ll be back in touch with suggestions that will be best for your situation.


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