Should I Get A Second Passport?

Posted by: Joel M. Nagel    Posted Date: Thu, 12/26/2013 - 8:17am

Categories: International Asset Protection

second passportThere are several different ways that you might qualify for dual citizenship. Being born in a different country, residing overseas, having an international parent or paying to become a citizen through a legal program are all potential options.

While no one is obligated to have two passports, having citizenship in two countries can certainly offer a number of perks. Discover the pros and cons of having a second passport and guaranteed residency in two countries.

Pro: The Right to Work and Live in Multiple Countries

Perhaps the most obvious benefit of having two passports and dual citizenship in two different nations is the right to live in multiple locations. For example, someone with a United States passport as well as a passport from Belize could live in both countries, purchase property as citizens, and enjoy easy travel in and out of both locations.

If you are planning to move abroad and find work, it might be much easier with a second passport. Holding a passport for a European country, in fact, might even mean that you can find work throughout the entire European Union thanks to mutual work and residency agreements.

Con: Potential Tax Responsibilities in Two Nations

One potential downside to having passports for two separate nations is that you may have taxation obligations to both countries. For many individuals, this is a deal-breaker, but it certainly doesn't have to be.

While the tax and legal issues can be confusing if you aren't familiar with them, an international lawyer can specify what your obligations are and how you can legally navigate this issue. For a large number of people, holding two passports is definitely worth the tax concerns.

Pro: Increase Your Options for International Travel

Standing in the visitor immigration line at the airport certainly isn't fun, and that time can be reduced substantially if you hold two passports. You can choose which passport to use when you travel, which allows you to bypass immigration lines and reach your destination faster. Plus, you may have more countries accessible to you without the need for an expensive visa.

Con: Military Obligations in More Than One Nation

Another disadvantage to keep in mind is military obligation can apply for more than one country. If you are eligible for military service in one of two countries in which you have citizenship, this may be something worth considering.

Navigating the world as someone with dual citizenship can be a challenge, but it certainly also has it perks. Getting help from an international lawyer on how to go about it can make the entire process easier.