The Great American Plan B: Protect Your Assets with Multiple Citizenships

If you are looking for a second passport for US citizens, you wouldn’t be the only one. Many Americans have looked into being dual citizens. It’s just the reality of the current climate in America. Not only do citizens from the US look for another citizenship, but more recently people holding Canadian citizenship are trying to obtain citizenship from two countries as well.

Why You Need A Second Passport

We admit that the decision to get a second passport for US citizens might seem a bit radical. Trust us, dual nationality for Americans is a necessity these days. Here’s why you should opt for dual citizenship status.

1. Unfair Tax Laws

Did you know that the top 10% of households accumulated 48% of the total US income while paying 71% of federal income taxes? This is in addition to any state taxes, cuts, or over-the-top tax reform bills. US citizens are also required to pay tax on their global income capital gains.

2. Global Freedom & Insurance

Aside from domestic issues, having a second passport for US citizens offers greater travel freedom as well. You are truly restricted when you are tied to only one passport. For example, if China and the United States’ foreign relations worsen, it will be a problem for you.

What Second Passports & Residencies should US Citizens get?

It is natural to imagine that any country you’ve grown fond of would be the right place to move to. In an ideal world, you would have a second passport or residence permit belonging to that country.

Unfortunately, making this decision isn’t straightforward. Since the pandemic, it has become increasingly difficult for US citizens to move compared to the citizens of other western countries. As we’ve mentioned, the future of the United States looks a bit gloomy, but here’s what you can do to combat it.

1. Mexican Residency

Mexico should be the first country on your list when looking for a second passport for a US citizen. There are several reasons behind this as well. The first is the ease of transportation. Since the United States and Mexico share a land border, you can drive there and even fly there in case of an emergency.

Having a Mexican passport can make things better for you in terms of taxes as well. You can also choose not to live in Mexico, and that is fine. Getting a residence permit in Mexico gives you the advantage of access to both the United States and Mexico. You can live in the United States as long as you want and leave if you need to without any problems.

2. A Caribbean Passport

The next obvious choice is being a resident or even a citizen of a tax-friendly or even tax-free country. If you are looking for immediate options, various Caribbean citizenship by investment programs are available to you to get a foreign nationality.

Antigua & Barbuda, St Lucia, Dominica, St. Kitts, and Nevis; all of these countries can be great options to look into when getting a second passport as foreign nationals.

3. Latin American Residence Permits

Latin American countries are great for both residence permits as well as passports. In fact, countries such as Brazil, Chile, and Ecuador are great countries for getting a second passport for US citizens. These countries give residence by investment or purchasing land.

The Latin American residence permits come in handy if you’re considering the absolute worst-case scenario. These countries have great climates and are quite self-sufficient as well. So, if you find yourself stuck here for a bit, they are not bad places to stay. You can even enjoy your stay here.

Tax-Free Second Passports for Americans

Exploring places such as Panama or Georgia are good options to consider as well. As a US citizen, you want to pay at least not more than what you were paying in the US when you move to another country.

Tax-Free Second Passports for Americans

Countries like Switzerland have relaxed tax laws for the wealthy, and the quality of life is excellent. The possibility of getting a second passport for a US citizen in Switzerland is quite high, especially if you’re investing in a local business.

Get A Second Passport with Nomad Capitalist

As you can see, this is what takes to protect assets. It is a great plan B for US citizens who are worried about the future. Whether it’s because of the taxes or even the changes in lifestyles that have gotten you worried, there are plenty of reasons why people should be dual nationals.

You can get your second passport by investment easily. The Caribbeans are a great place to go for that, and we’ve discussed many opportunities for second residencies as well.

Get in touch with the team at Nomad Capitalist right away to learn more.