With the tightening of personal freedoms, rising restrictions, and the erosion of personal wealth through high taxes, more and more people are looking into the concept of a “Plan B passport” to preserve their rights and assets.
It’s not just a tool for asset protection or preserving freedom; it’s an insurance policy that could become useful in many unfortunate situations. In fact, the true value of Plan B passports becomes evident during unforeseen circumstances.
What is a Plan B?
A Plan B refers to a second passport or second citizenship that individuals acquire as a backup or contingency plan. It serves as a safety net, providing additional options and benefits in case of unforeseen circumstances. Plan B passport holders also acquire them to protect their net worth and financial freedom.
Plan B passports can offer advantages such as expanded visa-free travel, better healthcare and education systems, increased foreign investment opportunities, reduced taxes, and enhanced personal security or refuge from one’s home country.
It allows individuals to have a backup plan, diversify their options, and navigate the complexities of a changing world more effectively. As we witnessed during the COVID-19 pandemic, many citizens faced restrictions imposed by their government; In such instances, Plan B citizenship would provide the freedom to seek alternative options and potentially escape the constraints of one’s home country. This could mean relocating to a more favorable environment with fewer restrictions, ensuring their ability to travel, work, and live more freely.
Global Citizen Solutions is a migration consultancy firm that specializes in assisting individuals in obtaining alternative citizenship or residency options through investment. With a team of experienced professionals, we will guide you through the entire process, from initial assessment to successful application. Get in touch with us for a free consultation.
Why have a Plan B passport?
A Plan B passport, or a second passport obtained through an economic citizenship program, offers several compelling benefits. Here are some key reasons why individuals choose to obtain Plan B passports:
Highly ranked Plan B passports on the Global Passport Index provide greater travel freedom and flexibility. It can grant you visa-free access or visa-on-arrival travel to a wider range of countries, allowing you to explore and experience different parts of the world without encountering travel restrictions or the need to apply for a physical visa.
For example, a Caribbean passport, like an Antigua and Barbuda passport, will offer visa-free travel to Guinea-Bissau, whereas an American citizen would require a visa. European passports from EU countries offer freedom of movement in the European Union and extensive visa-free access to destinations worldwide.
Security and safety
In times of political instability, social unrest, or unforeseen emergencies, having a second passport serves as a crucial backup plan. It offers a second residency option and the ability to seek refuge in a safer country without experiencing the bureaucracy of immigration services and processes.
Global financial opportunities
A second passport can open doors to investing in international business opportunities and global markets. It may enable investors to establish and expand their businesses in countries that offer taxpayers favorable investment environments or benefits. A second passport that will expand an investment portfolio while providing tax benefits is the ultimate plan for many investors.
In countries like the UAE, Thailand, and Cambodia, regulations impose restrictions on foreign individuals’ ownership of properties or land. Many foreign countries also limit foreign property ownership to designated areas. Second passports from these countries lift these limitations, increasing investment opportunities.
Personal and family protection
Second citizenship provides you and your immediate family with additional protection. It can ensure that you have options for healthcare, education, and legal rights in another nation, providing life insurance and peace of mind for the future.
Some nations with attractive tax frameworks or favorable financial regulations provide significant benefits to their taxpayers. Second passports from tax-friendly countries can help you evade high or a rise in taxes in your country of residence, potentially enhancing your financial situation by allowing you to protect your assets or earn a tax-free local and worldwide income.
Privacy and freedom
A second passport can contribute to enhanced privacy and personal freedom. It allows you to diversify your identity, reducing the risks associated with relying solely on one passport and the potential vulnerabilities that may come with it. Second passports allow holders to conduct business more discreetly through gateways to countries with more robust privacy regulations and financial systems, safeguarding personal information and financial assets.
This increased privacy and freedom empower second passport holders to navigate global affairs with greater autonomy and ensure their personal and financial affairs remain confidential.
Holding a second passport comes with the power of dual citizenship. This provides rights and privileges in both countries, including the ability to live, work, and study in either one.
You can also fully embrace a second culture, not as an outsider but as a recognized member of that society.
Dual nationality allows you to immerse yourself in both countries’ traditions, languages, and customs, fostering a deep sense of belonging and acceptance.
The Route to a Plan B
Citizenship by birthright
A significant number of individuals already hold the right to acquire a Plan B citizenship. The primary reason is birthright citizenship. If you were born in one country and moved to another as a child, you may possess the right to obtain a second passport from your country of birth through the principle of jus soli (right of soil).
Children with foreign heritage may be eligible to obtain citizenship by descent through their family lineage. The Italian government, for example, firmly supports the principle of jus sanguinis (right of blood), granting Italian citizenship to many foreign nationals with Italian ancestry.
Citizenship by naturalization
Many individuals have acquired citizenship by naturalization without actively pursuing a second passport or Plan B. Naturalization typically involves a long period of continuous residence, knowledge of the country’s history and understanding of its cultural values, and the ability to speak the national language before a government will offer citizenship by naturalization.
In Latin America, countries like Brazil require residents applying for naturalization to have been permanent residents for four years and have the ability to communicate in Portuguese.
In contrast, an Asian country like Thailand requires five years of permanent residency (three consecutive years with a Thai work permit and employment), the ability to write, speak, and understand the Thai language, and the ability to sing the Thai National Anthem before considering a residents’ applications for naturalization.
Citizenship by investment
Citizenship by investment has experienced a surge in popularity among individuals searching for a Plan B to secure their wealth, save money through reduced tax obligations, acquire a second passport, or enhance their quality of life while ensuring a prosperous future for themselves and their children.
Several countries across multiple continents now have economic citizenship and Golden Visa programs, allowing foreigners willing to invest in the country to achieve their Plan B goals.
Real estate investment
A common route of investing to obtain second citizenship is through investing in real estate. Turkey’s citizenship by investment program grants citizenship in exchange for a real estate purchase of at least $400,000.
Other investment options are also available, such as a bank deposit or creating jobs for Turkish citizens.
Another common foreign investment to obtain citizenship is through contributing to a national development fund. Over the last few years, low-tax Caribbean countries like Antigua and Barbuda and St. Kitts and Nevis have become increasingly popular for obtaining citizenship by contributing to the country’s national development fund at a much lower cost than investing in property.
Antigua and Barbuda’s citizenship program will accept citizenship applications in exchange for a contribution of $100,000 to its National Development Fund (NDF). The St. Kitts and Nevis minimum investment is a donation of $250,000 to the country’s Sustainable Island State Contribution (SISC).
Investment options such as government donations and economic contributions in low-tax countries generally benefit investors concerned with taxes imposed on wealth, inheritance, and worldwide income, or seeking tax benefits.
How Global Citizen Solutions Can Help
Pursuing a second passport is becoming increasingly popular in today’s globalized world. Many countries now offer Golden Visas, where citizenship and a second passport can be obtained in exchange for an investment or by residing in the country for a period of time. By investing in a citizenship investment program, you not only contribute to the nation’s economic growth but gain the financial freedom, protection, and benefits of having a Plan B.
Global Citizen Solutions is a boutique global citizenship and residence advisory firm providing international clients with second citizenship and residency solutions. Contact us today to begin your journey to a successful Plan B.
The following articles might also be of interest to you:
Frequently Asked Questions about a Plan B Passport
What is the best Plan B passport?
There is no universal solution for a Plan B passport, as the choice depends on the purpose of obtaining one. Each country offering a second passport has its own unique benefits and considerations. A passport from a country like Malta will provide an EU passport and access to the European market.
Countries like St. Kitts and Nevis, and Dominica, have attractive investment options, in addition to no worldwide income tax and other incentives for taxpayers. Other aspects to take into account include requirements for visas, political stability, and overall quality of life.
Can I have two passports?
The eligibility and regulations for possessing multiple passports vary depending on the countries involved and their respective nationality laws. Most countries allow dual nationality, which means you can hold citizenship and passports of two countries simultaneously.
However, not all countries permit second citizenship, and you’ll be required to relinquish your citizenship if you apply for a new one.
Which passport to use for dual citizenship?
Which passport to use for dual citizenship status depends on your goals for acquiring a second passport and the citizenship that you currently have. If you’re a US citizen with an American passport and interested in increased travel privileges, a high-ranking passport on the Global Passport Index, like a Maltese passport offering freedom of movement in the European Union, would be a logical choice.
For protecting cash assets and wealth, while avoiding worldwide income tax, a low-tax country like St. Lucia or Antigua and Barbuda may be the more suitable Plan B passport option.