If you already surfed the web for the information about second passport you’d have probably found plenty of articles very informative and truthful but noticed that they are obviously trying to persuade or convince you that you need to get an alternative passport as fast as of yesterday.
We believe if you are reading this article, no need to convince, you already belong to the group of people who would certainly benefit from having one.
Speaking simply, there are two categories of reasons: personal (including political) and economic.
Second Passport Increases the Degree of Your Freedom
First of all passport is a traveling document. And if that document does not allow you to travel free, say you need to get all kind of visas, register here and there, report on your travels to your home country authorities and so on, why not to get another document to increase the degree of your freedom and latitude of movement.
The “Right” Second Passport Contributes to Your Personal Safety
When traveling in certain countries where your US or UK or whatever else current passport is very unpopular and may provoke local people to negative attitude towards you and even jeopardize your life, making you a target for terrorists, you might prefer to use an alternative identification document.
Get an Insurance Policy with Second Passport in Times of Strife
If your home country is politically unstable you cannot be even sure that your passport will not be canceled or renounced at any time by the new coming governments. What will insure you and your family against unforeseeable troubles of that kind?
Second Passport Can Extend Your Business Opportunities
Your current nationality may limit your investment or entrepreneur abilities. Some bank would not even open you a bank account if you hold a passport of a “blacklisted” country. Blacklisted by a particular bank that doesn’t want any troubles with, for example, US tax authorities.
Save Your Earnings Thanks to Alternative Citizenship
Not to mention taxation reasons. Many states would tax you with your worldwide income. At the same time some other states let you keep your hard-earned money with you if the source of income is not related to that particular country. Why not to take this opportunity and save some money that might be better used for the needs of your family.
Change Your Current Place of Residence to a Decent Country
You may want to emigrate to change your current place of residence by moving to some decent country because of the crime within your home country or just to avoid the requirement to serve in the army or by any other reason you may have, but your current citizenship is not the best “partner”. You don’t even need to become a citizen of a first world country to live in there, there’s plenty of small peaceful states that you can get a citizenship and a passport and then choose almost any country in the world for your next residence. You may even unexpectedly find out a paradise to live in the country of your new passport, which you never heard before you bought its citizenship. Besides that your new passport can give you more chances for successful application to immigration of the mentioned first world countries and get their citizenship later. This may be the case, for example, of citizens of the former USSR or some Asian countries.
There’s also a category of people who is seeking for alternative citizenship to, vice versa, never live in this country since being a PT (permanent traveller) they follow the “theory of five flags” prescribing them to have their countries of citizenship, residency, source of income etc. as juridically different states.
There’s plenty of other reasons you might have still not listed above though being the main cause for you to consider obtaining a second citizenship for you and your family. Every country has its citizenship program in place. But those programs financially available for middle-class people are coming and going and one day you may appear in a situation of no options at all. If you feel you might need it in future you better go for it now!