Second passports, and the legal right to exist as a citizen of more than one country, are not a common, every day topic. You might encounter it in the plot of a movie about international financial crime, or in a novel about secret government agents spying on one another.
There are many good reasons to acquire dual citizenship, and with it, a second passport. But just what does the phrase “dual citizenship” mean? Dual nationality or dual citizenship simply means that a person legally is a citizen of two countries at the same time...
I have accounts at the second largest U.S. bank, which has assets of $2.2 billion. I didn’t choose this bank. After undergoing five bank mergers over 25 years, here I am. Recently, I was asked by my unchosen bank to update my personal information on an online form.
Do you know where your parents or grandparents were born? Seems like an odd question, but finding the answer could determine whether you have an existing legal right to citizenship in another country.
“Citizenship” describes a legal relationship between a person and his or her national government. Each government defines by law the criteria for its citizenship. “Residence,” not to be confused with full citizenship, is the official right to live in a place. Most countries grant residence to wealthy foreign investors and selected individuals that government considers desirable. Residence status is the first step to eventual citizenship and a second passport.
Nearly 20 years ago, I first published my best-seller, The Passport Book. Since then, countless individuals have emailed, phoned, and grabbed me at International Living events wanting to know how they can get that magical passport.
Big-spending, deep-in-debt, high-tax governments everywhere are searching for more money. So, national tax collectors are touting variations on an old scheme, hoping to attract foreigners with lots of ready cash.
Most people are conditioned to see second passports as something for crooks, thanks to a steady drumbeat of negativity from the U.S. government and the mainstream media. But they're not.
When you hold a second passport, a world of opportunities opens up to help you protect your finances, safeguard your privacy, and grow your financial nest egg free from high taxes. A second passport gives you the ability to travel to and live in countries visa-free…a degree of added insurance against an American collapse, catastrophe, or other domestic dangers…and most importantly, the ability to engage in investments and tax planning that’s mostly off-limits to Americans.
You may not have considered it, but you may have a right to become a citizen of more than one country—and doing so could change your life for the better. Under U.S. law, upheld by several U.S. Supreme Court decisions, “dual citizenship” (holding a second citizenship) does not jeopardize U.S. citizenship.