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Being a citizen of more than one country has a lot of advantages. I should know… I'm one of them.
My name is Ted Baumann. I hold passports from the U.S. and South Africa, where I've lived on and off for decades.
Here are some of the things having that second passport has done for me over the years:
The best part is... you don’t have to be a millionaire to have a Plan B. There are many ways to attain a second passport. I lived abroad for some years and eventually qualified for naturalization. But many countries will grant you citizenship if you have a parent or grandparent—and sometimes even a distant ancestor—from that country. Others will give you a passport outright in exchange for an investment.
Having a second passport is perfectly legal. Under U.S. law, upheld by several U.S. Supreme Court decisions, “dual citizenship” doesn’t jeopardize my U.S. citizenship or rights in any way.
A second citizenship can open doors currently closed to you... For many, it’s led to greater freedom, lower taxes, and greater asset protection.
Below you’ll find more details about second passports—the benefits, the best countries to apply for one, and how to get started...
The bottom line is that when it comes to global mobility, you are your country and its passport. If you're trying to preserve and grow your options, you need to think about a lot more than just how quickly you can get a new one.
Recently I’ve been researching the benefits of having a passport from one of the European Union member states. One issue that caught my attention was the relative stability of European banks vis-à-vis their U.S. counterparts… certainly a timely topic!
The U.S. and its citizens derive enormous benefits from the faith other countries place in our economy and our ability to manage it appropriately. Without that faith, our economy would be far smaller, and we’d pay much higher prices for goods and services.
These days, I never travel anywhere without both of my passports. You just never know what's going to happen in this crazy world, and having two travel documents doubles my chances of getting out of a tricky situation.
Many countries around the world have income taxes, but none have systems as bizarre as the U.S. And despite the extraordinary complexity, only 10% of people trying to get through to speak to a live agent at the IRS succeed.
Under pressure, the Portuguese government has now agreed to allow the golden visa programme to continue as is until final legislation is passed and promulgated. Applications currently in the pipeline will fall under the existing rules.
I’m going to be writing and speaking a lot about taxes over the next few weeks, so today, I thought I’d review some of the key concepts you need to understand to deal with the IRS when living, working or investing abroad.
Increasing numbers of young Americans who have spent some time overseas are finding that their pathway to a second passport is easy and cheap. At last count, 54 countries allow digital nomads to get a foot in the door to potential citizenship.
For the last six weeks or so, I’ve been preparing to relocate myself, my family and most of our possessions—including our Jack Russell, Max—back to our home in Cape Town, South Africa. I arrived one week ago today. I thought I’d share some insights from the experience. After all, when you finally arrive in your dream home overseas, you want to be as relaxed...
The takeaway: If you're concerned about the safety of your cash, it's worthwhile establishing a connection to a foreign country via a residence permit or property ownership just so you can have access to their banking system.