A second passport can be used for more than just tax reduction: It could prove to be a lifesaver

Consider the financial and legal advantages that come with dual nationality

Some collect art. Some collect cars. And those who seek options for tax advantage – among other benefits – collect citizenships.

We don’t mean to be cheeky: A second citizenship conveys upon the holder much more than a snazzy new passport in an unusual hue. Yes, there’s the prospect of lower taxes and greater flexibility in how assets are accounted for. And of course, you would be wise to choose that second (or third or fourth) citizenship with an eye towards finding a jurisdiction with fewer regulations.

Of course, a second passport also brings the advantage of a second government that has your back – a valuable asset in times of trouble. It means that if something should happen in your home country – not a stretch in these uncertain times – you always have somewhere to go.

For financial or personal security, a second passport may be tantamount to a second chance.