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Your Passport to a Better, Wealthier Lifestyle?
By admin | January 12, 2009
You know, I’m almost scared to write about second passports these days. Second passports or citizenships are a totally legitimate tax planning tool, yet they have been demonized in the popular media, as if everyone who wants a second passport is a PT (Potential Terrorist)! But this is oure deception on the part of the powers that be.
If it’s OK for multi-national companies to do business and incorporate in different places, then the same can be said for multi-national individuals. Having a second passport has nothing to do with nationalism or patriotism. It has to do with personal freedom, human rights and that most basic of rights, privacy. Allow me to explain.
How a Second Passport Amplifies Your Freedom
First and foremost a passport is a travel document. And if that document does not allow you to travel freely wherever you choose, say you need to get all kind of visas, register here and there, report on your travels to your home country authorities and so on, then you need to obtain another travel document.
The “Right” Passport Makes You Safer
When traveling in certain countries, you may find your US or UK or other current passport is very unpopular. It can make you a target for terrorists. You might prefer to use an alternative identity document.
You Can Make More Money with a Second Passport
Your current nationality may limit your investment or entrepreneur abilities. In the case of Americans, for example, many investment houses simply won’t do business with US citizens. Other countries are “blacklisted” by other agencies such as the FATF or OECD.
A Second Passport Helps You Reduce Taxes
Taxation is a major motivation for most wealthy people who are seeking a second citizenship. Many countries would like to tax you on your worldwide income. At the same time some other states (where you can obtain a second citizenship) let you keep your hard-earned money with you if the source of income is not related to that particular country. Why not to take this opportunity and save some money that might be better used for the needs of your family.
Live the Offshore Life
You may want to expatriate – that is, to change your current place of residence. Many offshore centres are in desirable places with an attractive, safe and healthy lifestyle – great places to bring up kids, for example – and virtually crime free. Tax havens tend to attract the wealthy, who can live in harmony side-by-side. Because tax havens don’t have social security systems or give out work visas willy-nilly, riff-raff are not attracted to tax havens.
If you are interested in finding out more about international banking, living and second passports, then visit Q Wealth Report, or sign up for the free Q Bytes newsletter using the sidebar on this site.
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