People all over the world are noticing that anything can change from one second to another and are realizing the benefits of having an alternative. In the case of United States, a financial debacle, accelerated by COVID-19, is at the corner.

In these cases, a second passport for Americans might represent a lifesaver, which is even more significant than a simple expansion of the places they can go. You cannot let the Big Brother get you that easily.

In this article, you will get to know the advantages of a second passport for Americans; how to get it, and valuable information to improve your decision when thinking which one to choose. But what’s for sure is that having a second passport provides lifelong benefits for Americans, such as having more options for living, working, investing, traveling, and doing business worldwide.

How to get it?

Obtaining a second passport can be done in different ways since the United States allows dual citizenship for its citizens. Therefore, Americans don’t have to give up their US citizenship if they get citizenship in another nation, unless they want to. However, as the US is the only country in the world with citizenship-based taxation, many Americans decide to renounce their citizenship and acquire one by investment.

Citizenship and Passport by investment:

This method is one of the easiest and fastest to obtain a second passport. It is also known as “economic citizenship” because some countries offer citizenship in exchange for investments within their territories.

In some cases, this takes about six months to get it done. Yet, in general, the prices for citizenship by investment programs go up over time. Some popular destinations that offer this option are Malta, Cyprus, Turkey, among others.

Which one to choose?

There are some different methods for obtaining a second passport if you’re American. Nevertheless, the choice is up to you, your profile, and your needs. If you’re a businessperson, young and single, the method of citizenship by investment might be your best option.

Then, if you’re married and with children, but are patient enough, the process by naturalization can suit you better. At this moment, what you need to know for sure are the available options in the country of your choice, and then analyze your personal goals and needs.

Nevertheless, we encourage you to explore the benefits of the citizenship by investment. This is one of the most accepted ways of obtaining a second passport for Americans. You can find the destination that suits you better with our guide and help, provided by experts in immigration laws and legal frameworks.

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Benefits of a second passport for Americans

In big countries like United States, the “Big Brother” is very strong and it will remain like that: always vigilant of every step you take. Therefore, it is convenient to consider other options, and a second passport for Americans is the key.

You can obtain not only more freedom of movement but also tax benefits and even a back-up plan in case you are forced to need it. Right now, economists and experts are forecasting a complex situation in the US, especially with what might come after elections this year and the pandemic consequences. Also, geopolitical tensions between the US and China are likely to evolve, for this reason the option of having a plan B becomes more attractive by the day.

Therefore, holding a second passport can be a good thing. Depending on the country you applied for a second passport, it might get you secondary benefits such as broader access to countries not easily accessible for Americans.

Also, don’t trust anyone who tells you that having a second passport is the answer to stop paying taxes forever. This is not necessarily like that, but what is true is that it can give you a tax-optimized life. For instance, US citizens who establish residency abroad can take advantage of the “Foreign Earned Income Exclusion” provision. It allows Americans to write off over $100,000 of income each year, tax-free.

The idea of living in smaller countries with less regulation like Vanuatu, or even some islands in the Caribbean, might not seem urgent now. However, the risks are out there. Think about a second passport as an insurance policy for you and your family.

Here at Mundo we got you covered. We offer top-level financial, immigration, investment, and corporate services that can be helpful in this process of obtaining a second passport.

Also, if your predilect option is the Citizenship by investment, you can check our articles to decide which country offers the best options for you. For more information and, if you have any inquiries regarding our services, contact us right now!

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