Basics of second passport you should know
|legal traveling documents|
Citizenship, residency or nationality by investment industry has seen tremendous reforms last year with hottest buzz revolving around St. Kitts passport. It became quite a story however many remained silent over the topic for various reasons. Obtaining a second passport presents various opportunities in terms of business and residential prospective but many out there are still unaware of the basic facts. This post highlights some of the most crucial details about dual passport so don’t miss reading till end!
What’s the right way to value second passport?
Affordability and visa-free travel benefits to many countries are a few primary features of the best second passport. Smaller the count and less sough-after countries eventually mean you’ll pay less. Consider Austrian second passport that’s fourth most valuable travel document in the world. It’s one of the most valuable second passport to buy because once getting a hold of it, you’ll have access to 171 countries.
It’s said that second passport from Austria is a “category four” travel document whereas “category one” are issued by UK, US and Germany respectively. “Group/category two” allows legal travel to roughly 173 nations including Canada. With “category three”, possessors are lucky enough to avail travel relaxation of up-to 172 countries while bestowed by government of Belgium and Netherlands.
If money isn’t your primary concern, experts would vote for Austrian passport being “level 4” and gives the best return for your initial investment. Upon comparison, Dominica gives you visa-free travel to around 91 different states which is why it’s in 41st tier. Second passport from European Union (EU) countries includes Malta, Austria, Hungary and Cyprus giving you full-fledged legal support to live and work anywhere in the entire EU.
This total number of visa-free travel countries indicates how your new passport would be received by world banks. With EU passport in your grasp, you can initiate a bank account anywhere in the world. Passport from St. Kitts is generally accepted but have fewer options. Furthermore, opening an account abroad is nearly impossible especially if it’s a passport from Comoros.
Don’t be a victim of second passport scam
While hunting for second passport, you’ll find lots of online impostors promising cheap, diplomatic or banking passports. All of these are various forms of scam and there’s no point debating over it. Remember, obtaining second passport isn’t a cinch and apparently not cheap as well. Governments around the world need millions of dollars to fill their reserves and citizenship by investment programs provides them just the opportunity. Every year, demand for second passport outstrips supply.
Tips & guidelines
Being a US citizen won’t relieve you from tax filings and other financial obligations. As long as you’re American national, must pay income tax for offshore banks would continue reporting to IRS. With second passport, you can travel and invest without drawing everyone’s attention and is a first step to renounce your US citizenship. Do have a new passport in hand prior dumping this blue travel document.
You must be thinking about how banks would know you’re an American along with other details! Keep in mind that IRS is far advance beyond imagine. All second passports now highlight your place/country of birth so hiding something would further raise legal complications. The above details would allow you to move in the right direction that’ll certainly win you second passport without trouble.