Why an Alternative Citizenship?
Because of political issues, many citizens find it very difficult to travel to foreign countries and are often confronted with strict visa rules each time they want to go on a trip overseas. Foreign nationals whose passports usually allow them easy access to most countries still need to ask for a visa to travel to many countries. They may also be greatly exposed to terrorist threats or other forms of hostility due to their current nationality. Additionally, even if they are granted the required visa, it is always a long and bothering procedure, during which the passport on which the visa is stamped is not available. For this reason, it can be a significant factor in delaying both personal and business travels.
Advantages of Holding a Second Passport
If you cannot get or renew a passport in your home country, the right to another passport can be critical. In case of loss or theft, it will take time to get a replacement, and having a second passport may be time saving. If you need a visa and have to send your passport to a consulate for processing, you cannot travel overseas during that time unless you have a second passport.
Many countries are following U.S.A. in taxing even non-resident citizens. Citizenship is a factor in the tie-breaker rules of tax treaties. For example, the Netherlands tax their citizens if they pass away outside their home country and at least for a period of time following their change of residence.
The acquisition of alternative citizenship in itself does normally not alter one’s tax situation, but offers a wide range of options to reduce the amount of taxes you might have to pay every year, especially if you are a business owner.
In regions of the world that are currently experiencing political unrest, civil war, terrorism or other delicate situations, security for you and your loved ones is your top priority. Having access to a safe, peaceful country can even save your life by allowing you easy mobility to travel without the need to apply for visas. Most international business people and executives consider an alternative passport as the best life insurance money can buy.
This is the best way for you and your family to profit from new opportunities in an ever-changing world. The acquisition of a second citizenship is a wise decision and a great investment for the future. Most of the time there is no need to give up your present nationality while you enjoy the benefits of a legal second passport.