A second passport gives you freedom and access to other countries and security.
This is because it’s a fundamental step towards minimising the political risk of being subjected to the whims of any single government.
The political diversification benefits that come with obtaining a second passport are universal and prudent for anyone in the world to obtain… especially those under a desperate (fiscally or otherwise) government.
Among other things, having a second passport allows you to invest, bank, travel, reside and do business in places that you could not before. One characteristic of a good passport is usually how much extra visa-free travel it can allow.
More options mean more freedom and opportunity. Obtaining a second passport can literally open the door to a world of internationalisation options for your assets and income that are off limits to citizens of certain countries.
Due to the ever-growing pile of regulations, foreign banks and brokerages are making the logical business decision that the costs of compliance outweigh any benefits of having some nationals as clients and make it difficult for them.
Also, the enormous benefits of a second passport will last for generations. You will be able to pass on your multiple citizenships to your future children and grandchildren.
A second passport can also come in handy when a government decides to start treating its own citizens as beef cows instead of milking cows (i.e., when they need more soldiers for war) or if passport restrictions and other types of people controls are implemented. In any case, it prevents your home government from basically placing you under house arrest by revoking or canceling your passport for any reason it sees fit.
Having a second passport ensures that you will always have another place to potentially call home, another place where you will always have the legal right to live and work. In worst case scenarios, a second passport guarantees that once you get out of your own country, you won’t have to live like a refugee.
Having citizenship in another country gives you the legal right to live and work there and possibly other countries. EU citizens have the right to live and work in the 28 member countries.
In all likelihood, you will need a second passport should you decide to take the drastic step of renouncing your citizenship. This allows you to reap huge tax and regulatory benefits if your home country burdens its citizens with suffocating and inescapable tax policies. Universal21Ltd work with good immigration lawyers to help you each step of the way should you chose this step in most cases a suitable property is all that is required in some countries to obtain a passport.
Imagine since the Brexit vote, many people with British passports who have elected to obtain a second passport in countries such as Germany, Spain and Belgium have been refused unless they renounce their British Citizenship.