This article discusses the freedom of being an economic citizen and how it can add value to your passport and investment portfolio while also lessening your tax burden – if done holistically.
Economic citizenship can expand your travel freedom, improve your banking and investment options, and provide tons of peace of mind.
If that’s what you’re after, set up a call with us today to know your options.
Economic Citizen’s Freedom of Privacy
The first freedom that most people name when listing their reasons for obtaining economic citizenship is privacy. People want privacy. Moreover, it’s not only about personal privacy. Many people also feel they need to protect their companies from the government’s influence, as well.
One of the challenges of pursuing economic citizenship for greater privacy is that, even if you become an economic citizen, you will still be a citizen of the country that has you worried. Only if you renounce will a second citizenship give you the freedom of privacy that you are looking for.
A much simpler route to this freedom is using legal protections to safeguard your privacy in the first place.
One Privacy Benefit for Economic Citizens
Now, one aspect that economic citizenship helps with in terms of privacy is for individuals from a country like China. Is Comoros going to report you to the Chinese government as a Comoros citizen? No. In fact, most economic citizenships don’t. There are some countries where, if you’re naturalized, your name gets published in a register. However, in general, countries’ citizenship databases are pretty safe. So, if you’re from a country like China and you’re looking for a backup passport, then the privacy of not having to give up your current citizenship may apply.
And, obviously, you should follow all the laws. Fortunately, most of us in the Western world enjoy the freedom of being able to have dual citizenship. So that’s not an issue.
Freedom of Banking Privacy As An Economic Citizen
Simply having a second passport does not allow you to violate the requirements of the first. People often mistakenly think that whatever they do as a citizen of another country doesn’t count toward the US, and the US doesn’t have to know. Well, to the US, you’re always a US citizen. Particularly when you’re in the United States and when you are a US resident — but really, you’re a US citizen to them wherever you go.
If you want your tax and banking information to not be shared with the US authorities (FATCA, etc.), the only way for that is to renounce your US citizenship.
Merely getting a second passport doesn’t affect your reporting requirements that much if you’re a US citizen.
Traveling Freedom of Economic Citizens
Acquiring economic citizenship can be an excellent way to improve your travel freedom and diversify your passport portfolio.
A diverse passport portfolio contains Tier A and Tier B passports granting you visa-free travel freedom to nearly the entire world.
If your US passport is becoming an obstacle to exploring countries like Iran, etc., you can always use your Georgian passport to visit such countries.
Insurance: The Freedom of Choice
Many of the freedoms of privacy, banking, and travel come either after renouncing your first citizenship or by making a little extra effort. But there is one freedom that you obtain the moment you have a second passport – a backup plan.
And that’s the freedom that you have the moment you receive your second passport. The freedom of knowing that tomorrow you can decide to no longer be a US citizen, British citizen, or whatever else.
Having options is the ultimate freedom.
The More Options You Have, The Better
In essence, the best freedom that comes with acquiring economic citizenship is the variety of options.
Getting a second citizenship does not mean that you move out of your home country immediately and start planning a life in another country – unless that’s what you want.
Most people get a second passport as an insurance policy – so they can diversify their assets, invest offshore, and move overseas whenever they want.
If that’s the flexibility you’re looking for, set up a call with us today. We’ll create a tailored holistic Action Plan for you that helps you legally reduce your taxes, generate more wealth, and acquire peace of mind.