dual citizenship, do's and don'ts

DanBallGump said:

I recently got a 2nd passport from a Caribbean country, 1st passport is EU. Main reason to get it was because my wife's 1st passport is from one of those nations with very unpowerful passport.

If with “unpowerful” you mean that she has to obtain a visa for most of the countries she wants to travel to, then it was a sensible thing to do and actually the only reason one should obtain a second passport for.

DanBallGump said:

First of all, should I proactively inform every bank where I have an account that now I'm have dual citizenship and update KYC?

No. Even if this in some countries might be considered a crime. There is nothing to gain by doing this, only possible problems.

DanBallGump said:

I know I'm supposed to according to T&C's, but do I really have to?

No.

DanBallGump said:

Same question for future bank accounts, should I inform or simply avoid telling them about the 2nd passport?

Avoid.

DanBallGump said:

I'm considering opening a bank account in a Caribbean bank, just to save a small amount as an emergency fund.

Are you sane of mind? 😳

DanBallGump said:

If I use only the 2nd passport to open that account, could I use proof of address of my current residency, which is linked to my 1st passport?

You could. Have fun then with the bank's periscope exploring you.

DanBallGump said:

A utility bill only shows my name and address, not passport details.

Does that 2nd passport allow you to permanently reside in that country? I don't think so”¦

DanBallGump said:

Should I go to the extent of creating a residency somewhere else for my 2nd passport if I want to create a bank account only with that 2nd passport?

The only thing that matters with banks is the residence, not the passport (with some exceptions).

DanBallGump said:

If I open crypto exchange account with 2nd passport, again using proof of address from my current residency, would there be any major risk?

Same as above with banks.

DanBallGump said:

Is there anything else I could do with my 2nd passport?

Enjoy watching it.

DanBallGump said:

I feel like I have a new toy but I can't play with xD

Correct, because for you it's not a toy but a useless novelty.

DanBallGump said:

(again, main reason was my wife, so it's still fine)

Good to know you didn't just waste your money.

DanBallGump said:

First of all, should I proactively inform every bank where I have an account that now I'm have dual citizenship and update KYC? I know I'm supposed to according to T&C's, but do I really have to? Three groups of banks, offshore, where we reside, my home country, just in case I should deal with them in a different way.

I don't do that, I'm still using an old address I had five years ago, and like many others, I just Photoshop my electricity bill and send it in. And suddenly, I don't hear anything from anyone anymore.