Many people prefer to have two passports to make the most of dual citizenship benefits. According to the corporate experts and business travellers, when dual nationals can choose between their passports it is often very useful. This is beneficial for those who travel frequently and to a wide range of different countries. Especially in those cases where visa restrictions and entry requirements are a big issue.
According to research, it is roughly estimated that around 1% of the world’s population hold two or more passports in their possession. This makes dual citizenship an exclusive privilege to have.
A few decades back, the only possible way to obtain dual citizenship was through emigration or their ancestry. But now, many countries have made it possible for applicants to gain citizenship or even residency by getting involved in investment programmes.
The thing is that there are no such hard numbers but still, many Americans try to qualify for additional passports. Secondly, many business travellers want to make sure they have two passports based on nationality as they are aware of the advantages involved. So, why is that so?
How is having multiple passports beneficial?
Fewer Visa restrictions and requirements
The most obvious benefit of multiple passports traveling to and staying in a much wider range of countries with fewer visa restrictions and requirements. Many people find travelling abroad difficult due to some of the complicated visa requirements they have to meet.
Financial opportunities
If you have multiple passports you can unlock the door to many international financial services. One of the reasons why some foreign financial institutions now turn away anyone who only presents a U.S. passport is the absence of a passport from a different country. In order to be fully facilitated as a worthy welcoming customer, you certainly need a passport from a different country as well.
Ease of Visa-free travel
Well, no doubt that the process of applying for a visa before a trip is a big hassle. It can certainly become time-consuming, frustrating, and expensive. Now, here is the simple logical explanation: if you add more passports, you would be facilitated with visa-free access to more countries than you had before.
Let’s take Paraguay as an example. It’s considered among a few countries in the world whose visa could be obtained as a second passport. Are you aware of this amazing benefit that enables you to travel visa-free to 123 countries, including most of Latin America and much of Europe?
More options to settle
A most important benefit is that having multiple passports provides mobility insurance for you and your family. If the economic or political situation is bad in your home country, a second passport gives you the legal right and opportunity to live and work elsewhere. It also guarantees that if you faced difficult times, you would not be treated as a refugee. Secondly, it is also considered the best possible way to invest for alternative residency in order to secure a future.
Foreign policy setback
Let’s not name any but there are some governments that have a bad habit of sticking their nose in other nations’ internal affairs. This could probably make you a target if you accidentally happen to be in the wrong place at the wrong time. Well, of course, there are passports with less risk of foreign policy blowback. For example, you would very rarely hear anyone targeting Swiss passport holders.
No need to pay premiums to fast-track your visa application
The fact is that Visa applications are not only costly but also time-consuming. Sometimes, it takes weeks or even months to be processed. In some parts of the world, if you want to travel abroad urgently, you need to pay premiums to fast-track your visa application procedure. It is important to do so in order to make sure that visa applications are accepted in the foreign country without any hassles.
Among many, one benefit of having multiple passports is the ability to work without restriction in various countries. Specifically with passports from countries in the European Union. Plus, it’s also a way of hiding where one has been when traveling in countries with soured relations.
