We live in a time of economic and geopolitical uncertainty. Famous economists and financial analysts like Harry Dent and Peter Schiff are predicting a recession this year, and even if they’re wrong, the economic environment will still remain fragile for some time.
Are you concerned about the experts’ predictions for what will come next? Nomad Capitalist is ready to help you prepare and create a holistic Action Plan. Here we will discuss why getting a second passport is the perfect Plan B and how you get one.
Why Have A Plan B?
After the events of the last few years and growing uncertainty about the future, Americans have realized they need a Plan B. More and more people desire to leave the United States for personal, professional, or political reasons.
The concept that America is the greatest nation on Earth has changed significantly over generations. A YouGov poll found that 65% of Baby Boomers (1946 – 1964) believed the US is the greatest.
30% of Generation X (1965 – 1981) say it is not, Millennials (1982 – 1999) are split, and only 26% of Gen Z said that America is the best nation on the planet, while 43% took the opposite view.
Are you looking for a better quality of life? Are you considering leaving the United States due to dissatisfaction with policies, or are you looking for new experiences? Would you like to create a portfolio of residences and citizenships?
Lower cost of living, access to better healthcare, more affordable housing, and a less hectic lifestyle are some benefits of having a Plan B. Another increasingly relevant advantage of setting up a Plan B is being somewhere that is not in conflict with other nations.
What Is A Plan B?
Firstly, moving to a new country gives you greater control than simply moving to another state.
Would you like to move to Puerto Rico or Portugal? Moving to another country allows you to choose the level of taxes you’re willing to pay and the culture you want to be a part of.
But how do you move overseas? Or if you’re not ready, how do you give yourself that option, so you’re prepared the next time policymakers try to take more of your wealth and freedoms?
A few options for building your Plan B for an overseas living are available, from second residence permits and Golden Visas to offshore bank accounts. While residency is valuable, having a second passport offers the highest level of certainty.
The first Plan B strategy you should consider is second citizenship. Unlike a residence permit, dual citizenship is permanent and can generally be passed on to your children.
Citizenship by Descent
Do you have an Irish grandparent or an Italian great-grandparent? Numerous European and Latin American countries allow you to go back two, three, or even four generations to reclaim citizenship in the old country.
Don’t underestimate the power of a European Visa. If you’re lucky enough to get European citizenship, you’ll be able to live in that country and any other European Union country. That means a Romanian ancestor could entitle you to a second passport in Romania but also the right to live in Ireland, Malta, Germany, Spain – wherever you feel most at home.
Once you have secured your dual citizenship, you can then consider all the options for executing your Plan B. If you secure Italian citizenship, for example, you can choose between almost thirty European countries if Italy doesn’t offer what you want. Likewise, with a Caribbean passport, you would have five countries to choose from.
Certainty is underrated. The ultimate Plan B means putting together multiple second passports offering different things and providing you the utmost freedom and greater certainty.
Citizenship by Investment
If you don’t have ancestors, you may also consider second citizenship by investment, which can take as little as a few months.
Several Caribbean island nations will grant citizenship to anyone with a clean background who can donate $100,000 or more. Countries like St. Kitts and Nevis have great passports for traveling to Europe and elsewhere and have very attractive tax rates.
Latin America also offers a variety of citizenship options. Living in Latin America means you are somewhat detached from the major conflicts and parties of these. You can live in a safe place that allows you to look after yourself easily and offers you options, including the ability to travel without restriction.
A Second Passport = Freedom In Uncertain Times
Once you secure your second citizenship, you can move immediately or keep a second passport in your back pocket if things get worse. You won’t regret having more options in increasingly chaotic times.
Not only does having a Plan B mean you can enjoy a better lifestyle, but it also offers protection. Nomad Capitalist are here to help you create an identity that suits you, and building a Plan B enables you to go where you are treated best.