Why Should HNWIs Obtain a Second Passport?

Second Passport

Second Passport

You have probably heard the abbreviation HNWI, which stands for High Net Worth Individual – that is, a millionaire or a billionaire. Their main concern is often to preserve and increase their capital. However, they often overlook the opportunity to receive second citizenship, and this is a mistake that they’d better avoid. A second passport is associated with numerous benefits, from entering a lot of countries without a visa to really attractive tax planning opportunities. In this post, we will discuss the main benefits that acquiring second citizenship may bring to a wealthy person. If you want to know more about why High Net Worth Individuals look to get a second passport, please click on the link to read more details on a trusted portal called International Wealth.

Mobility Across the Borders

There are a lot of passionate travelers among HNWIs, which means that they often have to cross borders. And while any home passport gives access to some countries without a visa, a second passport often expands the number of destinations that can be visited visa-free.

What is more, we all remember lockdown times when we were “imprisoned” within one country. However, if you had a second passport, you could visit the respective country without restrictions, which definitely gave you more freedom. And think of having three passports… and so on. We hope that no other pandemic will happen, but having wider opportunities always helps.

A Way to Legally Avoid Restrictions

If you come from a sanctioned country, a second passport is exactly what you need. For instance, you may want to obtain a Greek golden visa, but you cannot apply if the destination you come from is sanctioned. However, you can get a passport from another country and apply for a Greek visa as a citizen of that country. A good way out, isn’t it?

There are countries that do not favor foreigners buying local real estate or even prohibit them from doing so. On the other hand, there are investment programs that allow you to become a citizen of that country in exchange for purchasing real estate. That way, you can become a property owner in Thailand as you cannot do so directly.

Plan B: Protection Against a Sudden Adverse Event

If you look at what is happening in the world at present, you will understand as clearly as ever that a natural disaster, civil unrest, or military conflict can occur at any time. Life has lost its stability and predictability, and something has to be done about it.

If you have a second passport, you can quickly leave your home country with your family, capital, or even business, and you will not have to become a refugee: you will relocate with the status of a full-fledged citizen.

Tax Planning

A second passport can also be an efficient tax planning tool, and this is sometimes the top reason why HNWIs opt for it. One day you may decide that the tax burden in your country is too heavy, and then it’s time to think about a more tax-friendly jurisdiction.

If you are a US citizen, you have to pay taxes to your country no matter where you live and work, which many people find uncomfortable. The only way to get rid of this burden is to renounce US citizenship. Of course, not all people are prepared to make this step. But if they are, they can obtain a second passport first and then renounce their American citizenship to avoid becoming a stateless person.

Access to Top-Notch Healthcare Services

Many HNWIs have to make a great effort before they become rich, which may affect their health. At some point in their life, they may need qualified medical services to restore their health. If you obtain the passport of a country that offers excellent health services, you have every chance to recharge your battery for new adventures.

Capital Diversification and Business Expansion

If you have a second passport, you will also have unrestricted access to the market of one more country, which gives great opportunities for business expansion. Don’t limit yourself to only two passports, though – get as many of them as you can, thus conquering a multitude of attractive markets!

Each jurisdiction has its own leading industries, which makes it unique for particular business expansion. If you are a citizen, you will incorporate your company without much effort in the majority of cases, and you will easily open a corporate bank account.

High-Quality Education

An HNWI who has children thinks about giving them high-quality education, and this is one more reason to get a foreign passport. Of course, wealthy people can pay the tuition fee at any university in the world. However, obtaining a local passport will make this amount much smaller and give more opportunities. Wealthy people count their money, too – or they lose it quite quickly.

A Comfortable Retiree Life

HNWIs usually travel a lot in the course of their life, and they usually know where they would like to spend their golden years – or at least they have some options. There are not so many places where a good climate is combined with excellent infrastructure, for instance. If you have several passports, the choice of countries you can spend your retirement years in is much wider. There are a lot of retired HNWIs in Caribbean countries, for instance, as they want to spend the rest of their life in a quiet tropical paradise.

Broaden Your Worldview

If you get a second passport and decide to live in the destination of your choice for some time, you will experience the local lifestyle and communicate with the residents of a new country. You are sure to find out that this is a radically different world! A different world outlook, customs and traditions, moral principles, mythology, beliefs – all that will be absolutely new to you, and it may surely add color to your life and broaden your horizons! It may be an interesting experience to discover that they don’t see any fun in the things you laugh at, and vice versa. Immersing in a new culture is like living a second life!

Sounds interesting? If you want to know more about the procedure of obtaining a second passport or the best countries that grant citizenship, please follow the above link. You are also welcome to use the live chat where the portal’s expert will answer your questions and provide updates.