A second passport allows individuals to hold dual citizenship and travel on an additional document from a foreign country granting full legal rights there.
Key Features:
- Often obtained through prominent investment programs requiring $100k-2m in domestic assets
- Grants visa-free entry to a network of countries under diplomatic agreements
- Optional depending on programs but residency may be tied to passport
Example:
A wealthy Chinese family acquired Caribbean citizenship enabling their children to study internationally with reduced barriers.
Takeaways:
Second passports expand mobility and options for higher/net worth individuals. While exclusionary, associated investment spurs economic activity in nations utilizing this immigration avenue. Downsides include carrying multiple travel documents and taxes.