Portugal’s Loss is Greece’s Golden Visa Gain
Portugal’s loss is Greece’s gain. Greece continues to offer a renewable 5-year golden visa for approved real estate investments of as little as €250,000. And it is proving increasingly popular.
Second Passport
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:
- I've traveled visa-free to countries where American passport holders require one.
- Because I'm a citizen of a second country, I can perform most of the work I do from there. That qualifies me for a huge break on my U.S. taxes… In fact, most years when I've worked from my second home, I paid no U.S. income tax at all.
- As citizens of a second country, my children are eligible for higher education at a tiny fraction of what they would pay in the U.S. The same goes for healthcare.
- I have much more control over my personal privacy. I have a second home overseas and hold other hard assets that don’t need to be reported to Uncle Sam. On top of that, privacy laws are stricter in South Africa—and many other countries—than they are in the U.S., which means I'm much less vulnerable to hacking or having my personal information stolen from a big tech company.
- Above all, I have a place to go if things ever go truly south in the U.S. I have a Plan B for myself, my family, and my wealth.
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...
Second Passport Archives
You Can Still Get a Portugal Golden Visa… For Now
It's now mid-September—and the program is still open for new applications. For that, we can thank Portuguese president Marcelo Rebelo de Sousa, who vetoed the bill on 25 August, sending it back to parliament.
A Second Passport Provides a “Plan B”
I’m on my way back to Cape Town from IL’s Overseas Bootcamp in Denver, making a temporary pit stop in Florida to visit family. All this flying has given me plenty of time to think and reflect on the event.
Following My Father’s Footsteps
Many readers are probably unaware that I'm following in my Dad’s footsteps here at IL. Dad started working for IL's parent company many years ago, focusing on wealth protection, including international diversification.
Why Your U.S. Passport is Harder to Renew Now
The State Department’s current estimated processing time is 10 to 13 weeks (about 3 months). Two factors led to this bureaucratic mess.
Naturalization: The Best Route to a Second Passport
If citizenship by descent or investment is the best route for someone, I'll always tell them so and point them to the resources they need to do that. But in many cases, the best way to get a second passport is to find a place that you love, settle there, and do your time.
Don’t Make This Common Residency Mistake
If you love what the world offers… and have found a place that you call home… protect that by getting yourself a second passport—before history turns you into a sad statistic, too.
The Pros and Cons of Digital Mailboxes
The bottom line is that as tempting as it is to use a digital mailbox if you're going to be living permanently abroad, I don't recommend it. Of course, your personal affairs may make it possible for you to do so, but eventually, I predict you're going to have problems.
Why I “Moved” to Florida Before Going Overseas
Most Americans thinking about moving abroad know they will be liable for U.S. income taxes on U.S. source income like pensions, rental income, and interest. But many states will also expect you to pay taxes to them unless you do what I did.
Dethroning the Dollar, Part 2
The most likely scenario for the dollar’s demise as the global currency involves a gradual decline in U.S. political and economic power, accompanied by increasing instability in U.S. governance and monetary management.