Second Passports and Offshore Residency programs:

Investment Opportunities, Tax Benefits and Security in Traveling in Turbulent Times

We can no longer travel freely throughout the world without thinking of our safety. As the world grows increasingly more conflicted, it becomes important for us to protect ourselves and our families. This is not just in the U.S. People, as well as governments across the globe, are beginning to feel the effects of conflict.

Even though we enjoy great freedom, today we have less say so over our own destinies in such matters as how we earn a living, our cherished financial privacy, even how we raise our children. We are all being increasingly scrutinized by both the governments who we pay to protect us, as well as criminal elements.

There is a way out, and it is to make sure that you have a safety net. There are countries all over the world that you never hear anything about. They are not in the news. There is no political, economic, or religious conflict. The people from these countries live their lives in a peaceful, quiet fashion and do it quite comfortably. The governments are stable. These are the perennial neutral countries like Switzerland, Canada, Sweden, Monaco, Gibraltar, Belize, Costa Rica; and some of the lesser known: Barbados, Malta, St Kitts & Nevis.

Would there be an advantage to be a citizen in one of those peaceful, friendly countries in addition to your present citizenship? Yes, if you have assets you'd like to remain private, there is an advantage of dual citizenship. Financial privacy in some of these countries is protected by law. If you need tax protection from high tax rates, yes; there are tax advantages for citizens of these countriesif you know which ones to offer them. And if you travel a lot, yesthere would be a distinct advantage. These countries offer "Neutral" passports that don't attract attention.

Advantages of Dual Citizenship: Is it the best of both worlds?

Countries, including the U.S., recognize the right of their citizens to have duel citizenship. With dual citizenship, it is permissible to have two passports.

There are many reasons to obtain a second passport. Governments are becoming very intrusive into the affairs of its private citizens, at times using documents such as passports to monitor citizens activities. Governments often strive to restrict travel of its citizens. In some parts of the world, simply being of a particular nationality can make one a target for terrorist groups, or susceptible to political or religious persecution.

People may not be welcomed in countries due to conflicts between governments. Many countries do not allow other citizens to work, invest money, do business, buy property or settle in their country without restriction, hindrance, or extra taxation. Some countries do not allow other citizens to invest, conduct business, buy property or settle in another country without restriction or extra taxation. By legally obtaining a second passport in the right jurisdiction, all of these problems may vanish and you are free to live an active lifestyle with less interference.

First Step, Assess your needs

It is important to closely scrutinize all of the ramifications of dual citizenship before deciding which country will best suit your needs. Consider your objectives: are your primary goals ease of travel and personal safety? If so, ask how well accepted is the country's passport? Is the country currently in conflict with other countries?

Do you want to do business in other countries, or enjoy more favorable tax laws? In all cases you should study the laws and tax requirements of a country you are contemplating citizenship beforehand, or have a good, experienced offshore advisor. Some of the romantic sounding countries are costly tax-wise.

How soon will you like to start enjoying the benefits of your new citizenship? How long is the process? What are the requirements? How do I qualify? What are the required...