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2. Insurance policy In times of turbulence, be that economic, political or social, having a plan B is a smart move, providing you and your family with a get-out option if things go pear shaped in your own country.
3. Freedom of movement Freedom to travel is the ultimate luxury, but it can be complicated or even restricted for many nationalities requiring travellers to apply for visas, which take time and can be expensive. A second passport can therefore secure easier and increased access to countries, with visa-free or visa-on-arrival options.
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4. Right to residency With citizenship comes residency, and this means you and your family can live in the country and enjoy the fruits of your second passport, which includes everything from the lifestyle to the climate, healthcare to education to pensions.
5. Tax efficiency If you have two citizenships, you only pay tax for one (except if you have a US or Eritrean passport) with your tax residency worked out by the number of days spent within a country. If you can save money by structuring your taxes in another country legally, then why wouldn't you take that opportunity?
6. Economic security In a severe economic downturn, keeping your business and assets in an unstable country could be dangerous. Therefore, holding a passport to a country with economic stability is a benefit, allowing you to relocate your assets to a more stable nation should things go wrong in your own country.
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7. Educational opportunities Having access to high standards of education, especially if free, is one of the most valuable assets of second citizenship and particularly for families.
8. Business opportunities From company expansion to property investment, entrepreneurs and businesspeople need frequent travel. Securing a second passport gives you access to more pro-business countries and therefore more potential customers.
9. Healthcare access Taking advantage of a good national healthcare system is important, to your family, and to yourselves especially as you age and particularly if you plan to retire there. Second citizenship of a country with a decent national healthcare system can deliver this giving you the backup you need as you age.
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