5 Reasons Every Business Owner and Traveler Should Have a Second Passport

Businessman with suitcase talking on cell phone at hotel room window
Businessman with suitcase talking on cell phone at hotel room window

Before World War I, people from anywhere on earth could go to places they wished to set foot on without needing to present a proof of identification. However, that's not the case anymore. Regardless of who you are, you now need a passport for international travel. It isn't a problem if you don't have trips aligned to various countries for the whole year. But if you're a business owner who needs to travel for business purposes frequently, you not only need a passport. It will be of huge benefit to you to get a second passport for the following reasons.

1. A second passport gives you the chance to continue travelling in the event that your primary passport has been lost or stolen.

Even the most organized and careful entrepreneurs lose their passports. While the chances of losing your primary passport may be slim, you'll never know if it will be lost, stolen, or even withdrawn for you. So prepare for the worst by getting a second passport.

2. Aside from traveling, it also allows you to invest, bank, and reside, in other countries you couldn't previously.

There are certain countries which forbid citizens of other countries to open bank accounts, invest in businesses, and reside in areas within their territory. This is especially true to American business owners who are treated like they have the plague. You can obtain dual citizenship by investment in a number of countries to make all of these possible.

3. You'll have more chances of visa-free travel.

If you travel often because of your business, you know by now how much of a hassle applying for a visa it. It's expensive, time-consuming, and crazy given that you have to have it with you before you leave for your trip. A second passport may relieve you of all that stress. Depending on the country where you wish to obtain a second passport from, you'll be able to travel without a visa in several countries. The best example is Paraguay which lets you travel to more than 100 countries without needing to present a visa.

4. You're secured in case your home country starts restricting citizens from leaving.

Your second passport will be very beneficial to you and your business' needs in the event that your country of residence starts restricting where its citizens can go. Because you have a second passport, you basically can't be subject under this. If you have an important meeting with clients in other countries, you can leave without hassle since you carry a second passport with you. You have the freedom and power!

5. You can reside elsewhere if your home country's economy collapses.

No matter how stable and strong you think the economy of your home country is at this time, as a business owner you know that it can change anytime. When that happens, you surely don't want to be a part of it, right? So be safe than sorry by obtaining a second passport sooner than later.

Obtaining a second passport is never easy. But with the kind of world where we live in now, it's no longer a luxury but rather a necessity. Protect yourself, your family, and your most important investment: your business by getting a second passport.