Second passports now a “trophy” for the ultra-wealthy

I have to chuckle a bit…

The mainstream media is now picking up on the idea of a second passport; and even adopting the Sovereign Man ethos of having a “Plan B.”

Bloomberg published a widely-distributed article with the headline:

Where the Super-Rich Go to Buy Their Second Passport

The article begins…

Cheaper than a Gulfstream, nimbler than a superyacht, a second passport—or a third or fourth—has become another trophy for the ultra-wealthy.

The article even quoted a lawyer specializing in second citizenships as saying:

If you have a yacht and two airplanes, the next thing to get is a Maltese passport… It’s the latest status symbol. We’ve had clients who simply like to collect a few.

There’s even an accompanying video that shows beautiful people drinking cocktails in exotic locations and doing backflips off a cliff into Caribbean-blue water.

Finally, there’s a table of the 10 “CIP” – citizenship by investment – programs available around the world. These are countries that will grant you citizenship (which comes with a passport) for cash, an investment in a local business or real estate or some combination of the three.

Austria tops the list with a total cost of nearly $24 million for a passport. Cyprus is next at $2.375 million.

And the article was picked up by news outlets all over the US, India, China and the UK. It’s no surprise… it’s sexy to think of international playboys yachting around the Caribbean to collect citizenships.

But, if you haven’t already guessed, the idea of the super wealthy collecting passports as a status symbol is laughable to me. I know it happens. If you’re a billionaire, dropping $26 million for an Austrian and Cypriot passport is nothing.

But the idea that a second passport is only for billionaires is absurd. I believe having a second passport is important for everyone, because it grants you more freedom.

I got my first, second passport from Italy over 17 years ago… and, by the way, it was completely free.

I was able to get an Italian passport, one of the most valuable in the world, because I have Italian ancestors (more on this in a moment).

And I didn’t do it as a status symbol. I did it because having a second passport is the ultimate insurance policy.

It ensures that no matter what, you always have a place to go. To live. To work. To do business. To retire. And in some cases, even seek refuge.

It also allows you more banking options, so you can move money out of your home jurisdiction (protecting your friends from frivolous lawsuits and overreaching governments).

And even if you never end up needing or using your second passport, you will never be worse off for acquiring one.

That’s the whole idea about what I (and now Bloomberg) call a Plan B… there are simple steps you can take to put yourself in a position of strength, no matter what is happening in the world. And you won’t be worse off for taking these actions.

It’s been the core principle behind Sovereign Man since we began over nine years ago.

But back to second passports…

Buying a citizenship is only one way to obtain your second passport. By the way, I struck a deal with a Caribbean nation, making Sovereign Man the lowest cost provider of a second passport anywhere in the world. It’s a service we only offer to our Total Access members – our highest level of membership.

Like me, you can also get citizenship through ancestry. If you have ancestors from England, Italy, Ireland, Hungary and a host of other nations… you could get a valuable, second passport for free.

You can also move to certain countries, apply for residency, then earn a citizenship through naturalization – like Chile (where I currently live), or in Panama.

So don’t let Bloomberg’s portrayal of a second passport as only for the mega wealthy discourage you. It’s a perfectly reasonable, and often very affordable, thing to do. And very few things in this world offer you more freedom or protection.

If you want more information on second passports and the different ways you can obtain them, you can use this free resource on the Sovereign Man website.

About the Author

Simon Black is an international investor, entrepreneur, and founder of Sovereign Man. His free daily e-letter Notes from the Field is about using the experiences from his life and travels to help you achieve more freedom, make more money, keep more of it, and protect it all from bankrupt governments.