A second passport can help you diversify your travel and living options. Diversification helps reduce risk by allocating your bets across a range of opportunities that might react differently to the same set of events. If at some point down the line you need to move abroad, a second passport gives you the security to do so...
Recently, we got an email from a viewer wanting to know —"Do I need a second passport?”
Having a second passport can be a great thing. There's a lot of diversification gained from having a second passport.
Diversify your living options
What do we mean by diversification? Well, you wouldn't put your money under your bed. You wouldn't invest 100% of your funds into one single stock. You would allocate your money across a range of different and asset classes (stocks, bonds, real estate, precious metals, etc.), markets, and even geographies.
You want to have diversification to your portfolio, and we think that same underlying principle can apply with citizenship as well. When you look at some of the recent sentiment emerging in the West, there seems to be a growing backlash towards capitalism and wealth. As the US presidential election heats up, we’re hearing more about things like a wealth taxes. As a high net worth earner, this presents some potential risk, and a second passport can give you some security in having future living options in the case that moving abroad makes sense at some point.
Not everyone needs a second passport
It’s important to note — not everyone needs a second passport. If you're just going to be running a business or living overseas for awhile, it likely is not a necessity. In that case, you can typically get one-off visas for various countries to live there and run your business for a short while.
How to get your second passport
A lot of times, acquiring a second passport can be an excruciatingly long-term process. It’s not uncommon for it to take anywhere from three to five years. That's why we're talking about it now. If you think there's a possibility you'll need it, you need to get the ball rolling ASAP.
There's 3 most common ways entrepreneurs are getting passports.
- The most obvious way is getting married to a local citizen. We would never suggest getting married solely as a means to more quickly acquiring a passport. That said, if it happens to line up well, it can be a nice bonus to get married. That isn’t always practical, so a few other options...
- Often the fastest and easiest can be investing or buying a property and meeting certain capital investment thresholds to qualify. There are countries like Turkey where if you invest a quarter of a million dollars, then you are able to get a passport.
- Then there is simply buying your passport. What does that mean? In countries like Dominica and a handful of others in the Caribbean, like St. Lucia, you can just pay an established fee of something like $100,000 in near immediate exchange for a passport
Beyond these, there is the traditional way approach of living and working in a place for four or five years. After putting in about that amount of time, you are able to qualify for a second passport in many countries. Even in places like the United States and Canada, you can get passport simply through longer-term stays.
The remote entrepreneur lifestyle
For most of us that are living a remote entrepreneur lifestyle, it's not really practical to live in one country for such an extended period. After all, we are designing our lives around working, investing, traveling, and exploring as you choose. Freedom, flexibility, and independence are paramount — so locking oneself into a single country for years runs counter.
That is precisely why we're talking through some of these available alternatives to acquiring a second passport.
Remote Ventures is an open investment platform for buying and selling fractionalized real estate all around the world. It gives everyday investors a simple way to access the global real estate market and build a truly diversified, cash flow generating portfolio.
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