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SOVEREIGN MAN

“Renounce citizenship” is now one of the fastest growing search terms in Google

Passports

November 9, 2012,
Santiago, Chile.

According to Google’s trend analysis, keyword searches for terms like “renounce citizenship” have soared in the past week.

Is it any wonder? Millions of people are disconcerted, dismayed, or outright disgusted at President Obama’s victory, and they sense a continued decline of civil liberties and economic opportunities.

graph renounce1 Renounce citizenship is now one of the fastest growing search terms in Google

The frustration and apprehension is understandable.  I can’t begin to tell you how many emails we’ve received over the last few days, mostly from US citizens who reached their breaking points, asking “where can I get a second passport?”

A second passport feels like a way out– a solid insurance policy. And that’s true to a degree. But let’s talk about what a second passport is… versus what it isn’t.

Most importantly, a second passport is like an insurance policy. Rather than protecting you from risks of fires, floods, and fender benders, though, a second passport helps protect against sovereign risks.

Throughout history as once powerful empires have slid into terminal economic decline, political leaders have routinely resorted to plundering their citizens. Capital controls, exchange controls, price controls, and even direct confiscation of savings.

From Argentina to Greece, these same tools are being applied throughout the world today. A second passport gives you the means to defend yourself against these measures.

Predominantly, a second passport ensures that you ALWAYS have a place to go in case you need to leave your home country.  Plus, it opens up new financial opportunities, making it much easier to establish foreign bank accounts to move your savings away from your home government’s thieving hands.

Again, it’s a great insurance policy. But a second passport should not be viewed out of context as a panacea. There are drawbacks.

With a second passport, you may be subjecting yourself to new taxes or reporting obligations to another country. Or potentially even military service. Not to mention, it can cost a LOT of money.

If you’re lucky enough to be descended from Italian, Irish, Polish, etc. ancestors, you may have a right to claim citizenship (and a high quality passport) at minimal cost and obligation.

Or if you have the ability to relocate, you can establish cost-effective residency in a place like Belgium and be eligible to apply for naturalization in just 3 years.

But spending tens of thousands of dollars… or even hundreds of thousands of dollars, especially if this constitutes a huge portion of your savings, is unwise. There may be better, cheaper ways you can protect yourself.

For example, those funds may be better allocated towards purchasing and storing precious metals overseas. Or buying productive land in a thriving foreign market. Or establishing a foreign trust to open new accounts through that entity.

Further, if you’re interested in having a place where you and your family can potentially relocate if the situation deteriorates in your home country, you could also take steps to obtain RESIDENCY (as opposed to citizenship) in a foreign country.

Here in Chile, for example, there are a number of ways to establish residency and acquire the right to live in the country at minimal cost. This also extends to your family as well.

All of these may be much better options for your savings and situation than dropping a hunk of cash on a passport.

No doubt, emotions are high right now for many people, and there’s no shortage of snake oil salesmen ready to pounce on that fear and ‘sell’ you a passport… which will likely just become a high-priced souvenir.

I’d encourage you first to step back and take a rational look at the options, and be mindful that there are likely better, more cost-effective solutions for you.

About the author: Simon Black is an international investor, entrepreneur, permanent traveler, free man, and founder of Sovereign Man. His free daily e-letter and crash course is about using the experiences from his life and travels to help you achieve more freedom.

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Comments on this entry are closed.

  • highlanderjuan

    A little more on the actual techniques discussed in this brief article would be appreciated by many, I’m certain.

  • peter

    I understand how a 2nd passport makes it easier to obtain visa’s in some places, allows for safer travel -by say not using a US passport in places line MENA and facilitates the ease of opening offshore accounts. But the law requires that you use your original passport when traveling to your original country of birth. If your passport is confiscated how does the 2nd one help you, as I believe, it would not have any entry visa?

  • Contrarianism

    I agree wholeheartedly, renouncing your U.S. citizenship is expensive and may trigger unintended consequences, however the main reason most folks seriously consider renouncing their citizenship is NOT because of capital controls, confiscation, rising taxation, or their frustration with the outcome of the election, the main reason is the U.S. draconian worldwide tax system which extends the reach of the kleptocrats in government beyond the U.S. borders.

    – Contrarian

  • http://twitter.com/dolcemattcha Dolce

    I wanted to Apply for italian citizenship in Los Angeles years ago. the waiting list for an appointment was a year! Plus processing time! I moved to Japan at that time and the consulate in Osaka said “come right on in!” So I gave them the papers and I was off to the races in no time. No waiting! I just needed a foreigners card in Japan to show ‘i lived there’ through a culture visa and it worked. That consulate was very close to the italians living in Kansai region so we’d get mail from them and invites to their year end parites etc.

  • http://thecountyguard.org/ countyguard

    We already have the answer and it doesn’t have to include leaving our republic. In fact, it involves re-entering our republic, and renouncing ONLY your “federal corporate citizenship” under the 14th Amendment. We have been deceived about what type of citizen you are, and being under the corporate federal jurisdiction. Simply quit this citizenship by making a public political declaration (forms available) and stay and reclaim our republic… it’s happening now… republicfortheunitedstates dot org

    • Rich from Venice

      I agree with you countyguard. Our country is being stolen by communists right from under our noses, and I’m not just talking about democrats. None of this could be happening without fellow travelers on the Republican side.We could get our country back easily if people just understood that they were being hoodwinked.

  • http://pulse.yahoo.com/_IBPU4CAZCGRFHU7UJSKOCG3KCE chris

    Residency in a foreign country does not supersede your IRS FBAR reporting requirements.

  • Stateless Man

    I renounced my U.S. citizenship, paid my expatriation tax, and I’m now Stateless, you just need to make sure that you have permanent residency somewhere first that you don’t mind living in until you are granted citizenship.

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