What are the benefits of having a second passport?

In today's world, having a second nationality or a second passport is not a remote possibility. Several options exist, which we will review below.

But first, one must ask: why would a person want to have more than one passport?

The answers are varied, ranging from fewer travel restrictions to potential tax or social benefits.

Let's look at some of these aspects:

Freedom of movement : Having a second passport grants you travel access to multiple countries. For example, the Portuguese passport allows visa-free entry to 188 countries, including the 27 nations of the European Union and the United States. The Spanish passport , meanwhile, allows visa-free or visa-only access to 194 destinations worldwide, including mainland China.

As a backup plan : If things change, if the country risk increases, and even if you don't plan to move to a new country at this point in your life, having a second passport guarantees you a place to start again. Whether it's to go work temporarily, move to be with your family, or retire in a country with a more pleasant climate, a second nationality is key.

Save time and money on visas: not all countries require visas for the same destinations. For example, Chile has the Visa Waiver Program for the United States; Spain can travel visa-free to mainland China; and Portugal can travel freely within the Schengen Area.

Tax benefits : A second citizenship alone won't necessarily help you avoid taxes, but it will give you options. Some countries' laws offer tax breaks or exemptions to individuals, for example, on income generated in other countries, or to people who, while holding a visa, don't reside full-time in that country.

How can we help you get a second passport?

At AIM Global we have several products that can serve as a path to a second nationality, and we can advise you on them from start to finish.

• Golden Visa: These visas grant residency through investment, providing an unconventional path to a passport. European countries with the most popular programs among Latin Americans include: Portugal, Spain, Malta, Greece and CyprusThese have different requirements and costs, so you should find out more before applying.

• In the case of Spain and Chile, the beginning of the journey can be a residence visaFor example, a Digital Nomad visa or a Non-Lucrative visa. This is because Latin Americans can apply for Spanish nationality after two years of legal residence in the country.

• Another option for Spain is the Law of Grandchildren. This is a time-limited law that allows children, grandchildren, and great-grandchildren of Spanish citizens to become naturalized, as long as they are of legal age. You can read more about this topic here.. 
• Portugal, for its part, has the Sephardic Law. If your ancestors were Sephardic Jews and you have a verifiable link to Portugal, you can become a Portuguese citizen under this law. It requires a genealogical research process that can begin in Chile. Learn more about this topic here.

If any of these options seem suitable for you and your family,let's talkThe AIM Global team has the experience needed to achieve the result you expect.

Our task is to help you make your international mobility projects a reality.