Why Second Passport?

'Investment Migration' also known as 'Millionaire Migration'

Investment Migration generally works based on the Migrant changing his Country of Citizenship and obtaining a new PASSPORT, that of the New Country to which he Migrates.

In an alternative scenario, the Migrant can change his Country of Residence, but not his Country of Citizenship, but that's NOT a Permanent / Robust Solution to the issues that motivate or impact the Investment Migration event.

Keep in mind that whatever country (whose citizenship and Passport) the Investment Migrant is tethered to — will have some measure of control over the Migrant.

To illustrate, let’s assume that a given Investment Migrant is a Resident of an absolutely wonderful country that he enjoys very much and is completely at home in — say, Dubai UAE. But that country does NOT give him their citizenship and Passport. Then his tenure in that country IS NOT Legally Permanent. Consequently, he will ALWAYS be At Risk, a situation he might be wise to anticipate being untenable if stress-tested.

If and when he has to leave his chosen Country of Residence (for either a long or a short term), he will suddenly find himself subject to the laws and regulations, and perhaps even, God Forbid, the aggressive Tax Code Enforcement, of whatever country’s Passport he is covered by.

Horror Scenario:

  1. The Citizenship country decides, by domestic legislative or regulatory dictat, to Tax their Assessees’ Worldwide Incomes.

  2. The Double Taxation Avoidance Treaty between the Country of Residence and the legacy Passport Country is Cancelled, or Altered.

  3. The New Prevailing Law Allows the Passport Country to levy tax on the (now &/ new) deemed Tax-Assessee of the Passport Country, and collect
    • at the Rate of Taxation which is the higher of the Rates Prevalent in the 2 countries,
    • or, the Difference thereof.

  4. The Citizenship country, needing Revenue, now decides to Collect Tax on our Investment Migrant’s Worldwide Income, Retro-Actively !!!!

— very unlikely, but possible …

In fact, anytime he is traveling outside his Country of Residence, he is subject to his Passport Country, in terms of International Law.

So, it’s best if the Investment Migrant puts a Lot of Advance Thought, Energy and Resources into Planning + Implementing a robust, long-term strategy for his life in this regard.

The obvious and easy solution is to get a Second Passport — the citizenship and Passport of a country that will ALWAYS let him continue with the advantages of his Investment Migrant life in his chosen Country of Residence.

This is actually a Classic: the Posterchild Case for a Vanuatu Passport.

To get some perspective on this subject, review the below:

Benefits of a second passport
— Mobility World

Why You May Need a Second Passport
— AFAR Magazine

Why You Need a Second Passport
— Escape Artist

Interest in Second Passports among the Uber-Wealthy
is at ‘an all-time high’ amid mounting political uncertainty,
an Investor Network boss said …
— Business Insider

"Second Passport a MUST BUY for Rich People"