Having a passport gives you the advantage of you can investing, banking, traveling or even residing in any country. Having more options guarantees you that you have more freedom and opportunities. You can internalize your assets and income when you have a passport. You will benefit from the fact that you have them though they may be off limits in other countries. There are a lot of regulations that can limit you to open a financial account in another country. This is why it is important to actually have a passport.
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. This can be a great problem when you are applying a visa so you will be able to travel immediately. This hassle can be time consuming and expensive. Having a passport will help you avoid all this. This is because you can travel without a visa. Having a passport will help you 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. Having a passport gives you more than one home. Having a passport is the best way of having a legal right to working and living in another country. Having a passport helps you avoid traveling with your vital documents. You will leave them at home safely. In this case you will avoid losing or damaging your documents. You cant losing documents like your birth certificate because you will need it later.
When you decide to renounce your citizenship having a passport will be of great help. It will be easy for you to avoid huge tax regulations in this case. The political risk of renouncing your citizenship when you have a passport is very minimal. You cannot be palced under house rest when you actually have a passport. Your passport will also not be cancelled for any reason. Identification wont be necessary as long as you have a passport. Instead of producing your identification card you can just produce your passport. When traveling international this identification will be very important. You can get employment anywhere when you have a passport. This means you will be able to work in whichever country you like. If you dont want to face any challenges when traveling ensure that you have a passport.