There are several key advantages to h
There are several key advantages to holding a second passport (or dual citizenship) which include, but are not limited to, the ability to:
- Leave the country in the event of civil unrest;
- Travel internationally with greater anonymity to nations which are not hospitable toward your (home) country;
- Open certain types of offshore bank accounts and investment funds;
- Reduce or eliminate various forms of taxation;
- Further protect assets, including precious metals and real property;
- Securely hold ownership to offshore instruments;
- Permanently live and work in the foreign country wherein the dual citizenship is held.
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The are few (if any) disadvantages to having a second passport, shy of the negative media publicity toward individuals who are 'prepared' for difficult times ahead. You will want to be attentive to various tax consequences as holding citizenship in one jurisdiction may not preclude you from owing taxes in another jurisdiction, however there are Double Taxation Avoidance Agreements (DTAA) to help mitigate this.
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