3 ms·
The tax benefits of a second passport for us citizens are pretty close to zero unless you give up your us passport, and the exit tax is no joke (basically assum
by balderdash 3y ago
The tax benefits of a second passport for us citizens are pretty close to zero unless you give up your us passport, and the exit tax is no joke (basically assumes you sold all of your assets including real estate, private shares, stock/bond portfolios, etc on expatriation and charges cap gains on all the gains)
- llm_trw 3y agoDon't forget that the US will lowkey fuck you every chance they get if you give up your passport. You need to come back? Better be ready for your visa to get lost five times and a random 6 hour interrogation at the border. It's easier to get into the US on an Iranian passport than on a UK passport when you've given up American citizenship.
- ghaff 3y agoI'm very skeptical of the claim that most rich people have a second passport, especially for any reasonably inclusive definition of rich. If it's cheap and easy based on recent ancestry? Sure. But, as you say, it's just not that useful outside of narrow circumstances and doesn't provide any tax advantages if you keep your US passport as well.
- balderdash 3y agoI think the people that get second passports are mostly doing it for residency reasons e.g. you own a home in another country/spend a lot of time there and want guaranteed travel rights/it’s not much more work/can be easier (through investment) than getting a permanent visa
- ghaff 3y agoThat's probably true. If you actually have ties to another country, having a passport (or other residency permit) could make sense. But it's not a case of just getting an arbitrary second passport.