The Second Passport is a Wise “Plan B”

As a business person or an entrepreneur, your passport strength can influence your business, mobility; and overall, your life. In today’s digitized world, nothing is more valuable than global mobility and accessibility. The importance of these two factors was further emphasized by the COVID-19 pandemic when entrepreneurs with weak passports could not secure their investments and capital.

You have a passport but it is weak and gives narrow mobility. In such a case, it is wise to have a second passport which is strong and gives wider mobility over flying to over 100 countries. That’s Plan B.

With a strong second passport, one can secure global mobility, capital safety, investment opportunities, and even secure family’s future. Just like as an investor, you buy multiple shares of different companies foreseeing the future risks; a second passport is an alternative method to secure your capital and retain the much-needed mobility.

Whether you seek financial security and social safety or want to escape political instability and conflict region, a second passport is your insurance policy against all the potential risks. For instance, the dual-nationality holders Russians immediately moved out of Russia after the Russia-Ukraine war broke out. When Russia declared war, no country accepted Russian citizens, including the HNWIs, except the UAE. Russian citizens with a second passport could fly out of war to their second country and start a new life without external interference.

Similarly, your native country may not have viable business opportunities. Many people struggle to attain a work permit in countries like Canada, the US, and Australia. Their application process is pretty stringent and may take years for approval. However, if you have a second passport, say, Caribbean, you can quickly get a work permit within days. Thus, you can accelerate your business or career by opting for a second citizenship from a more economically stable country.

The second passport provides you the mobility you cannot achieve with one passport. With dual citizenship in your desired country, you can visit it anytime. You won’t have to apply for the visa or fear its rejection, as you are a permanent citizen of that country. Like any other of its citizens, you can enjoy the political and legal rights of the second country.

In most countries, the second passport not only covers your residency but usually, the immediate family members of the applicant are also granted a dual nationality. Some countries have a tax-free system, like the UAE, where the living and business costs are relatively less due to no tax. A few others have a free healthcare or education system, like Italy. A second passport from these countries can project your financial or familial career.

Investors and HNWIs with weaker passports, those from third-world countries, find a second passport a very secure option as it guarantees them and their families a safe future. When global mobility has become a need and the demand for second passports is rising, most countries have eased their second passport application process. In 2022, Dominica and Malta were ranked as the best second passports in the world as they require a minimum investment, a stronger passport, and only a year to naturalize citizenship. The US, Canada, and Australia have also eased their RBI, and CBI programs since the competition in the market is high, and people prefer those with higher accessibility.