Don't be a Second Passport Snob!



let's face a harsh reality when it comes to your getting a second Passport chances are if you are a US citizen or from some other Western country your second passport is not going to be as good as your first passport when it comes to travel privileges now of course good is subjective but in this video I want to implore you to not be a second passport snob I am Andrew Henderson we talk here at nomad capitalists about all the different ways you can get a second Passport but let's face the reality for most of us if you already have one of the world's best travel documents it's not going to get any better here's the exception you're part of what we call the lucky sperm Club where you qualify for citizenship by descent in one of the European countries you have an Irish grandparent you have an Italian great grandparent you have a family member who is from Romania we've helped people get these passports just had a friend of mine get his Italian passport picked it up the other day what a great feeling he told me that was so is an Italian passport better than a US passport yeah I would say it is and our Nomad passport index bears that out it is statistically a better passport than a u.s. so if you have a family member from a country like Europe or Canada or something like that then you have a good chance but for everyone else any second passport you gets probably not going to be much better let me give you the couple of scenarios and then I'll walk through any exceptions so let's say you're not from the United States let's say you're from the UK Canada Australia wherever and your goal is tax reduction well your tax reduction isn't tied to having a second Passport so if you're getting a second Passport it's not because you need it to totally fix your tax problem it's because you want it as an insurance policy whether it's a place to live an insurance policy against future tax policies by your government whatever the case may be okay so in that case if you're not going to be giving up your high-quality travel document my suggestion almost is go for something that is complimentary in an alternative way so I had a friend recently who is British and he was dating in Armenian and they said well if you guys get married and have a child you can get an Armenian passport and what a great compliment to have a Russian friendly kind of off their radar more privacy minded passport in an alternative to your excellent travel document which is the UK because any who wouldn't like the UK probably wouldn't have a problem with Armenia so they they're a perfect complement for each other even though Armenia is certainly an inferior travel document to a British passport it's a great compliment and so there's something wrong in his case with getting that Armenian passport if you know the stands that were shifted and in the UK wanted to impose some kind of u.s. style tax policy would he renounces in Armenian I don't know I think the Armenian passport will get better over time to where and five or ten years maybe you could okay so that's the first scenario that you want to be aware of the second scenario is you are a US citizen certainly US citizens don't have to renounce their citizenship either they can certainly go and live overseas qualify for plenty of tax benefits but if you just want to cut your ties with the US from whatever reason then yeah you would be left with whatever other passports that you have and chances are none of those are gonna be as good as a US passport unless you have that family connection or unless you're gonna go through a substantial investment process whether it's the Portugal golden visa whether it's the Malta citizenship by investment Cyprus citizenship by investment even with Cyprus you don't get to go back to the u.s. visa for you so those are programs that require a lot of money some are investments other are more of a donation and so is that something that you're willing to do to have that great passport for most people that come to me and I walk them through this their goal is where am I going to live which can be solved with residences and where am I going to travel how am I going to travel which can be solved with a second passport or quite possibly a passport portfolio you see my idea is I like the ability to travel and so I can go out and I can be a citizen in a few different countries I'm looking at citizenship somewhat as a commodity we all have this grandiose romantic notion of what a citizenship is all it is is a government saying we've got a candle brand and we're sticking it into your back and so if you have a couple of those from countries that want to leave you alone in that respect you then there's nothing necessarily wrong with saying my passport portfolio comes close to being as good as my US passport because I wasn't willing to invest or donate hundreds of thousands of dollars and I wasn't lucky enough to have a family member and so if you're looking at how you're gonna live in that circumstance the idea is that you're able to travel on your passport portfolio to most of the countries that you could with your other passport and you're able to live in the countries where you want to be because you'll get residence permits in those countries and so when you put all of that together you'll have pretty much everything that you need and everything that you do want and so the challenge that I see is sometimes people come because they don't study this as much and they just they want to get to the end result which is admirable and they they they almost kind of get upset at the idea that I have this great document you know it was it was God's you know birthright to me and I don't want to give it up I don't want to become one of these you know losers with a passport that only has a hundred and thirty-two visa-free countries you know I have this good passport or you know I'm too good to be Armenian or something you know I mean I'm exaggerating a little bit but I think there's there's a little bit of fear perhaps at times masquerading as snobbery in the idea that you have to get this amazing passport or else you can't live what I can tell you is tear be passports the passports that get you into the European Union visa-free the passports that let you travel to a lot of the world minus a few countries you may be used to traveling to now for which you would then have to get a visa those passports are greatly increasing in value the countries that issue them are much easier to be a citizen of and so if the end result is living a more free more prosperous more happy life with relative freedom of mobility and plenty of ability to live in the places where you want think quite frankly I think at the better strategy as always I'm not telling people to give up their citizenship what I'm saying is be open to the fact that you don't have to necessarily have the best of the best to get everything you want and often you can save a lot of money and stress by accepting that tier B passport and building your portfolio rather than going for what's in quotes statistically the best hi I'm Andrew Henderson from Nomad capitalist I wrote this book which you can find on Amazon to distill a lot of the stuff we talked about in these videos and a lot of the stuff I've learned over the last decade plus traveling all around the world teaching you about how to legally reduce your taxes build your personal freedom and create wealth faster definitely get a copy of this book if you want to learn more now if you want to watch more videos make sure you subscribe to our Channel and make sure you click the notifications bill so you never miss one of our new videos with more tips on how to go where you're treated best and if you're already a six or seven figure entrepreneur and you'd like to put these strategies in place for yourself go to Nomad capitalist calm and learn about how I can help you




Comments
  1. I enjoy your viewpoints and want to be nomadic globally. Unfortunately, the government has limited my ability to do this financially for ease of surveillance and steal intellectual property. I guess I want to warn your viewers that if they notice their funds being depleted they need to flee. If you notice constant roadblocks that drains your funds, it could be the government limiting your movement to monitor you more easily.

    It is possible to detain you in others ways for nefarious purposes.

  2. As a Canadian with grandparents from UK and former Yugoslavia (Now Croatia) but parents and grandparents have passed away, how can you get a second passport based on heritage?

  3. 100% agree with you sometimes when I use my Mexican passport to travel abroad I always present myself in the most respect manner I never get in the face of an American and be like hey look at me I’m a local meaning when I’m in Mex in the CDMX airport and get little more privileges than a foreigner I try to be as humble about my dual nationality status.

  4. It's too expensive to retire and die in the States.
    I like Thailand and Malaysia, but it's almost impossible to get their passports and citizenships.

  5. I have a Canadian and will get my Serbian passport next year which is a good compliment to the Canadian passport.

  6. Great video as usual Andrew! Also just started reading your book, full of useful information!
    I have a question, would it make sense for me to get a UK passport, considering that my current one is Italian? If not, which one would you suggest?
    PS: I can imagine most of your audience is from the US, but it would be great to see more "European oriented" videos too 🙂

  7. Andrew, would you agree if you don't have a business and don't intend to move around often that a second EU passport (like Italy) there isn't much a point of the passport except for slightly easier traveling in EU? Honestly don't see the benefit since now prices are extremely similar across the world and you can't take advantage of cheap taxes if you don't spend a lot of time in that country or have a business (for most cases)

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