Have a Plan B: Why Your Contingency Plan Requires a Second Passport
Life is nothing short of bewildering. When you finally get settled and think you’re in for the long haul, you suddenly get thrown off course with an unexpected turn of events.
With this possibility in mind, having a Plan B offers a much-needed sense of security.
Most people don’t think about coming up with an alternative route until they hit a dead end. They don’t realize the importance of a contingency plan until it’s time to set one in motion.
To avoid getting caught off guard, come up with an alternative plan here and now. This is where a second passport becomes handy.
Second passports are deemed essential today. Besides giving you more options in life, it also liberates you from the limitations of the nationality you were born into. And when you have more options, you get to make better decisions.
Here are five reasons why your Plan B requires a second passport:
Global Mobility Expansion
Many people take freedom of movement for granted because they’ve always had no problem coming in and out of their country. Like most things, people can only realize the importance of global mobility when it’s gone.
Being tied to a single country can often leave you dependent. However, governments and regimes rise and fall. Relying solely on them may not guarantee your future’s viability.
This is more than enough reason to have an escape plan – one with second citizenship involved.
With a second citizenship, the limitations imposed on you at birth will no longer hinder you from taking off and bringing your life to greater heights. It can serve as a stepping stone in creating your own second opportunity in other countries.
Take residency in Antigua, for example. With over 160 allied countries opening its doors to Antigua passport holders without the need for a visa, you’ll get a wider range of options, whether it’s to do business, start a new career, or live an entirely new life.
Safe Haven for the Entire Family
Everyone puts their family’s safety above all. This is why you must have a plan for yourself and your entire family if any unsafe situation occurs.
The perfect example of this is the COVID-19 global pandemic.
Months before the news about the health crisis broke out, people weren’t aware of how valuable their second passports were. With the virus spreading quickly across Asia and Europe, many countries closed off their borders immediately from overseas travelers.
With such unprecedented strict travel restrictions, the pandemic served as an eye-opener for many things, including the importance of having the means to leave a country immediately before the lockdown is in place.
With a second passport giving you access to a COVID-free nation, you get to ensure your entire family’s safety and take your fate into your own hands.
For an Antigua citizenship, you can take one of three routes to ensure your family’s safety (for a family of four):
- Donation to the National Development Fund of at least $100,000
- Investment in a government-sanctioned estate worth a minimum of $400,000
- Investment of a minimum of $400,000 (joint investments) or $1,500,000 (solo investment) to an approved business venture
A second passport is more than just a travel document – it is a guarantee that you can shield yourself and your family from an unfortunate turn of events.
International Business Opportunities
Second passports are not just useful when you must leave your home country. A second citizenship also grants you access to offshore opportunities that may not be immediately available for people from the nation you were born in.
With a second citizenship, you’ll have commercial access to the country where your second passport comes from. In most cases, you are also given a chance to tap into various businesses and investment ventures, both in the second-passport nation and their ally countries.
From agricultural businesses to technological options, you can find many opportunities that offer high returns. You just have to find the best second country for it.
Remember that some nations offer benefits exclusively to their citizens. This means that, if you’ve legitimized as a legal resident there, you can take advantage of the exclusive benefits citizens enjoy, such as advantageous exchange rates, tax holidays, and more.
In other cases, you might also enjoy investing in lucrative property markets and protect your assets while diversifying your portfolio in the process.
Almost every country in the world imposes taxes, but there’s often a significant difference in the tax coverage.
In some countries, almost everything is taxed so high to the point that it limits entrepreneurial growth. If you live in one of these nations, then you’re going to need a second passport that will allow you to opt-out of such a tax regime.
The key is to figure out which second-passport country offers the best deal when it comes to minimizing taxes while optimizing your business security and options.
In the Antigua citizenship program, for instance, economic citizens have the chance to become more tax efficient. This is because the country doesn’t require capital gains, wealth, inheritance, and income taxes on worldwide income or assets.
Right of Residence
While a second passport is a powerful tool for business and travel, you shouldn’t forget its primary purpose: to grant you the right to live there.
Whether it’s for business, safety, or simply the peace of mind of leaving a stress-free life, second citizenships can give you the right to live and settle permanently in the country of your choice and enjoy the perks that come with it.
Suppose you acquire citizenship in Antigua by contributing to the University of the West Indies (UWI) Fund – the fourth citizenship by investment option in Antigua. In that case, you could also send one member of your family to the UWI without having to pay for his or her tuition for one whole year.
The best part of this is that you can bring your family members (six or more for the UWI Fund option) and enjoy living as citizens in the country without worrying about getting deported or repatriated by force.
Create Your Plan B Today
A contingency plan is not only good for companies and organizations. It can also help ensure you and your family’s happiness.
To create your Plan B, start with the most powerful tool that can get you global mobility, a sense of security, and plenty of other benefits: a second passport.
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship, residency, and investment into the Caribbean, North America, and Europe. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.