As a businessman or entrepreneur, the strength of your passport can influence your activity, your mobility; and overall, your life. In today’s digitalized world, nothing is more valuable than global mobility and accessibility. The importance of these two factors was further highlighted by the COVID-19 pandemic, when entrepreneurs with fragile passports were unable to secure their investments and capital.
You have a passport but it is weak and gives limited mobility. In such a case, it is wise to have a second passport that is strong and offers greater mobility to travel to more than 100 countries. It is Plan B.
With a strong second passport, we can guarantee global mobility, capital security, investment opportunities and even secure the future of the family. Just like as an investor, you buy several stocks of different companies anticipating future risks; a second passport is an alternative method of securing your capital and maintaining essential mobility.
Whether you seek financial security and social security or want to escape political instability and a conflict-ridden region, a second passport is your insurance policy against all potential risks. For example, Russians with dual citizenship immediately left Russia after the outbreak of the Russo-Ukrainian War. When Russia declared war, no country accepted Russian citizens, including HNWIs, except the United Arab Emirates. Russian citizens with a second passport could flee the war to their second country and start a new life without outside interference.
Likewise, your home country may not offer viable business opportunities. Many people have difficulty obtaining a work permit in countries like Canada, the United States and Australia. Their application process is quite strict and can take years to be approved. However, if you have a second passport, for example the Caribbean one, you can quickly obtain a work permit within a few days. Thus, you can accelerate your activity or your career by opting for a second citizenship from a more economically stable country.
The second passport gives you the mobility you can’t get with a single passport. With dual citizenship in the country of your choice, you can visit it at any time. You will not have to apply for the visa or fear its refusal, because you are a permanent citizen of this country. Like any other citizen, you can benefit from the political and legal rights of the second country.
In most countries, the second passport not only covers your residence, but usually the applicant’s immediate family members are also granted dual citizenship. Some countries have a tax exemption system, such as the United Arab Emirates, where the costs of living and doing business are relatively lower thanks to the absence of taxes. A few other countries have a free health or education system, such as Italy. A second passport from these countries can project your financial or family career.
Investors and wealthy people with weaker passports, those from third world countries, consider a second passport to be a very safe option because it guarantees them and their families a secure future. As global mobility has become a necessity and the demand for second passports increases, most countries have relaxed their second passport application process. In 2022, Dominica and Malta have been ranked among the best second passports in the world because they require minimum investment, a stronger passport and only one year to naturalize citizenship. The United States, Canada, and Australia have also relaxed their RBI and CBI programs as competition in the market is high and people prefer those that are more accessible.