Until not so long ago, a second passport was seen as the cherry of the cake for high net worth individuals.
It was more like having a Ferrari, a sign of status, that having a trust, an utmost necessity for a high net worth individual.
However, in the last few years, statist policies have grown, especially with the COVID-19 pandemic, and many jurisdictions considered safe until not so long ago have suffered socialist and autocratic breakdowns. Just look at Hong Kong and Venezuela.
With this situation, and more high net worth individuals coming from the developing world, where there’s less legal certainty, a second passport seems like more of a necessity than a nice luxury.
Why? Because extradition on second passport is nearly impossible if you make the right choice.
Some CBI programs won’t grant you much of that protection, such as the Grenada passport, because the country passed a law which prevents CBI holders from using their passport to protect themselves from extradition.
But others are bravely fighting for their CBI holders as they would fight for their home-born citizens. Antigua and Barbuda is an excellent example of this.
However, you must understand something: the necessity of a second passport isn’t only for developing-world, high net worth individuals.
Let’s use one single example for this article: the US.
A passport is not an inherent right for American citizens, but almost a privilege granted by the US State Department. Thus, the passport can be revoked without notice or the right to an appeal.
Let’s name a few examples of how this can happen.
A US passport can be annulled if you’re charged with a felony, including tax evasion or money laundering. You read it right, you don’t need to be convicted but just charged. Guilty until proven innocent, apparently.
In fact, even if you’re not directly investigated for a felony, if you’re summoned to appear in court, your passport can be put on hold. That’s right; if you don’t want to get involved in a legal mess… You can’t leave the country.
An incredibly arbitrary way you can see your passport revoked is if you owe more than $50,000 to the IRS. That sounds like a lot, but that can be achieved by an unfiled return of $10,000 from a few years ago plus interest and penalties. And the IRS only needs to allege you owe that amount. They don’t need to audit the process,
but just to say it, and your passport will be revoked.
In each of these cases, if your passport is revoked, that’s it. You can’t leave the US.
Now, if you’re living abroad… Things get even more complicated.
If the US government wants to get you and you’re flying from one country to another, they will cancel your passport mid-air. Thus, when you land at your destination, you won’t be able to enter that country because you don’t have a passport, and you cannot fly back to your country of residency… Because you don’t have a valid passport.
Where can you go? Of course, to the “land of the free.” You’ll be sent back to the US on the next flight.
Here’s when a second passport comes incredibly handy.
If you have a second citizenship, you can use that travel document to enter the country instead of your American passport, and if that country refuses your entry, you can choose where the airline will send you.
Let’s name a practical example. Let’s say you have an Antigua and Barbuda passport and are traveling from Panama to Brazil. If Brazil refuses your entry, you can choose where you want to be flown back: the US or Antigua and Barbuda.
It’s outrageous, but there’s no such thing as a right to travel in much of the “developed” world. A second passport is the only way to guarantee your freedom from arbitrary extradition. And as the great Bill Belichick said, don’t wait until halftime to make the necessary adjustments. Become a dual citizen and get a second passport to expand your financial and lifestyle options. Apply for a second passport with our experts before you have an unpleasant experience.
