Why people get a second passport for family?
People come up with this question so many times in their life that what are the reasons to get a second passport or dual citizenship. The question is very valid as an evaluation of such a huge life decision should be done prior to finalizing anything. People who have resources and feel interested to invest in real estate or to make a donation to the government funds to get a second passport are curious about the benefits of having it.
Being a citizen of Pakistan which only allows you visa-free access to hardly 30 countries. You can only imagine the idea of global mobility. Also, there are countries like Pakistan and many others that are still developing their economies. Political unrest is another reason why people don’t feel safe here. There are many other factors which make people lose their interest to live in a country. As you cannot abandon your birth nationality due to an emotional connection with it. You still have the option to get a second passport and enjoy the perks of both citizenships at a time for life.
There are countless reasons to get a second passport and in this blog, we are focusing on the 7 major reasons which are enough to make you understand the value of a second passport.Amid this Corona Virus outbreak, people are more inclined towards getting second citizenship in order to secure their family’s future. As COVID’19 has affected everyone personally and professionally, this is high time to make a decision for the lifelong betterment of your family.
Reasons to Get a Second Passport
- International Business Opportunities
Being a businessman in a developing country is so alarming that any political or economic crisis would destroy the whole industry. In such a situation, plan B always works. A second passport gives you an opportunity to expand your business in countries with super stable economies. Here comes the idea of internationalization of business which is a need of this hour. Having your business in a developed country guarantees you great rewards. A second passport is the best possible way to nurture your professional roots in a more developed economy.
- Global Mobility
If you compare the amount of global mobility your current passport gives you, it’s time to expand your access to hassle-free traveling. Visa-free access to more than 120 countries is one of the major reasons to get a second passport. Be it the Caribbean Region or Europe Region, every country that is offering a second passport offers you visa-free traveling to countless destinations you have ever dreamt of.
Traveling gives you the exposure you can never get otherwise and being restricted towards travel can be stressful. People who are travel enthusiasts can understand the value of a second passport to broaden their travel routes.
- Excellent Education System
Another very significant factor in getting dual citizenship is to get access to the world’s best educational institutes. Holding a second passport, you can go to any renowned and reputed institution to assure your children’s future. Studying in a world-class institute gives your children the security to achieve more in the future.
Also, the institutions located in countries offering a second passport are open to all nationalities. They majorly focus on children’s growth as a person. The educational institutions are mostly free zones from bullying, racism or any stereotyping that can pull down a child’s morale. They treat children with quality and opportunities are merit-based only which motivates children to do better.
- Huge Tax Breaks
Give yourself a moment and rewind all the amount you have paid in your current country in form of taxes. A huge amount of your assets go to national tax because of the unstable economy you are living in. The countries which are offering a second passport have very less or no tax policies for their citizens. There are countries with zero taxation on worldwide income and wealth. A country’s economy should be citizen-friendly and that’s what you get if you opt for a second passport.
Having relaxation on taxes will save an ample amount of your wealth which you can utilize in other places to grow your business.
- Organized Healthcare System
Basically, keeping the current situation in mind, investing in a second passport is really a wise decision. Many countries that are offering second citizenship have the world’s best healthcare facilities. Living in a country with limited health facilities is the biggest challenge for people at the moment. The process of getting a second passport has become more convenient during this time and you can take benefit from the best healthcare facilities for your family.
It’s understandable that making such a huge investment in these difficult times of corona can be risky but this investment will give you the best rewards as you are able to deal with the situation in a better and secure environment.
- Global Citizenship for Generation
A second passport is not a limited time offer. It’s a lifetime opportunity to become a citizen of any country you desire to be off. A second passport is a legacy you leave for your generations after you. All the benefits coming with a second passport will pass on to your children and then their children, and this cycle will go on. Having dual citizenship will change your life and you feel more secure and close to bigger opportunities in life.
Second citizenship targets people with a high net worth in a country and gives them a chance to redefine their lifestyle for upcoming generations. Common Wealth of Dominica, St. Kitts & Nevis, and Grenada are few of the fastest and economical gateway towards second citizenship. These countries offering the second passports require minimum or no stay and the processing tracks are really fast.