You can invest, bank, travel or even reside in a country of your choice when you have a passport. You will have more freedom and opportunities when you have more options. When you have a passport you will be able to internalize your assets and income. You will benefit from the fact that you have them though they may be off limits in other countries. The regulations that have been put in place make it hard for you to open a financial account in another country. Having a passport in this case will be very important.
Another benefit of having a passport is that you will be able to travel more visa-free. When applying for a visa you may take a very long time. When your travel arrangements are urgent this will be a great hindrance for you. This hassle can be time consuming and expensive. Having a passport will help you avoid all this. This is only because you are able to travel without a visa. Another advantage of having a passport is that you will be able to avoid foreign country blowback. It will be a problem to travel in a country that is having issues with the country you come from. The advantage of having a passport is that it has minimal foreign policy blowback risk.
Having a passport guarantees you that you will not have to live like a refugee. When you have a passport you will have another place you can actually call home. You will also have the legal right to work and live in another country when you have a passport. You will avoid traveling with your original documents when you have a passport. You will able to leave them at home where they are safe. This will help you avoid losing and damaging your documents. These documents can be very important in other aspects of your life.
When you decide to renounce your citizenship having a passport will be of great help. You will be able to avoid huge tax regulations in this case. The political risk of renouncing your citizenship when you have a passport is very minimal. When you have a passport your government cannot place you under house arrest. No reason will make your passport to be cancelled in this case. When you have a passport you dont need a photo identification. You can just produce your passport whenever you are asked for an identification card. When traveling international this identification will be very important. Having a passport means you can actually seek for employment anywhere. In this case you can actually be employed anywhere. Ensure that you have a passport if you love traveling without facing any challenges.