There is a long list of benefits we could name to having a second passport. Among the most cited are quality healthcare, better education for our children, limiting one’s tax burden, and ease of travel. All benefits of having a second passport, though, can be summed up with a single word: freedom. Freedom is what every being on this planet strives toward, and obtaining a second passport is a step in that direction.
Contrary to what most believe, an individual’s passport actually belongs to its issuing government, and not the passport holder. Governments have the right to revoke anyone’s passport, and if that should occur, an individual would be unable to leave the country he or she is in. There would be no option to travel internationally without a plan B. And that backup plan is none other than having a second passport in your back pocket. It is the ultimate tool to secure freedom; a personal insurance plan so to speak.
Governments revoking passports is a more common occurrence than one would think. Instead of considering the ability to travel a human right that all should have, the government views the passport as a privilege that can be taken away. A second passport, and by default a second citizenship, to another country is the best risk management solution possible. There will always be a second home to run to when the first is taken away.
A second passport also allows you to keep your primary nationality a secret if that were required. Those seeking to leave countries of political instability may wish to avoid disclosing where they are coming from.
Most countries in the MENA region received an especially low-ranking score on the Quality of Nationality Index (QNI) published by Henley and Partners for the year 2015. Out of 160 (with 1 being the best and 160 the worst) the below MENA countries ranked as follows:
The QNI considered travel and settlement freedom in their rankings. The above countries are among the least free in the world, and if possible, would be especially wise for its citizens to obtain second passports.
So how do you obtain a second passport? The easiest way is generally through ancestry, as many countries offer citizenships to individuals who have either a parent or grandparent from that country. Family sponsorship from a spouse who is a citizen or resident of the country of choice would also be a simple route. However, not everyone is so lucky to have these options available to them.
Luckily, there is an alternative solution for those high net worth individuals who are interested in a second passport. There are many countries around the world that offer Citizenship by Investment Programs, or residence through investment programs that could eventually lead to citizenship of a country. These programs offer citizenship or residence in return for a monetary contribution to their country’s economy.
Some second passports are more powerful than others in terms of freedom. With a passport from Austria, for instance, one could live, work, and study in Austria as well as any of the other member countries of the European Union.
In order to obtain a second passport to Austria, an investor must make a substantial contribution to Austrian economy by investing 10 million Euros into a new or existing enterprise in the country. This program is one of the most elite and expensive investor programs available.
An Austrian passport allows freedom of travel to over 170 countries worldwide. That means no visa requirements to these countries and hassle-free travel. Investors can limit their tax burden, increase business potential, and secure safe and peaceful lives for themselves and immediate family members in one of the best ranked countries in the world. With freedom as the end goal, the investment becomes insignificant. Get in touch with us today, and we will help you get there.
For more information on Austria’s Citizenship by Investment Program, please click here.
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