As an American I always struggle with all this advice. Our families live in America and we’re not going to give up spending at least half the year with them. So the tax burden is just inevitable. But we do want second passports for diversification and are still researching where we would like that to be. What is the ideal passport (and place to live) if you’re going to keep your American one?
Yes, unfortunately the American nationality is the Western nationality with which it is most difficult to set up the 7 flags.
Trump promised during his campaign that he would end taxation on citizenship. We'll see if he keeps his promise or not.
Just know, though, that just because you renounce your American citizenship doesn't mean you won't be able to spend time in the country :) . But 6 months a year will probably make you a tax resident again (this could be overturned by treaty).
I'll cover the best passports to get to have a plan B in the next article ;)
Before WW1; passports were voluntary and optional. We should go back to that model. Otherwise, we are at the whims of the State if the State goes to war and they can, technically, draft passport holders. How do you get around this?
This is indeed a criterion to be taken into account.
On the other hand, at present, all Ukrainian men of military age living abroad can no longer renew their passports. If their passport expires, they can find themselves in a very complicated situation.
In this case, having a 2nd passport means you can avoid finding yourself in a situation where you can no longer travel.
But of course, it's best if this 2nd passport doesn't trigger any military obligations. No passport sold through a CBI program does.
As an American I always struggle with all this advice. Our families live in America and we’re not going to give up spending at least half the year with them. So the tax burden is just inevitable. But we do want second passports for diversification and are still researching where we would like that to be. What is the ideal passport (and place to live) if you’re going to keep your American one?
Yes, unfortunately the American nationality is the Western nationality with which it is most difficult to set up the 7 flags.
Trump promised during his campaign that he would end taxation on citizenship. We'll see if he keeps his promise or not.
Just know, though, that just because you renounce your American citizenship doesn't mean you won't be able to spend time in the country :) . But 6 months a year will probably make you a tax resident again (this could be overturned by treaty).
I'll cover the best passports to get to have a plan B in the next article ;)
Before WW1; passports were voluntary and optional. We should go back to that model. Otherwise, we are at the whims of the State if the State goes to war and they can, technically, draft passport holders. How do you get around this?
This is indeed a criterion to be taken into account.
On the other hand, at present, all Ukrainian men of military age living abroad can no longer renew their passports. If their passport expires, they can find themselves in a very complicated situation.
In this case, having a 2nd passport means you can avoid finding yourself in a situation where you can no longer travel.
But of course, it's best if this 2nd passport doesn't trigger any military obligations. No passport sold through a CBI program does.