Obtaining a Second Passport

Simple living, extreme early retirement, being wealthy, ...
RealPerson
Posts: 867
Joined: Thu Nov 22, 2012 4:33 pm

Re: Obtaining a Second Passport

Post by RealPerson »

Ego wrote:
Tue Mar 29, 2022 7:36 pm
Yes. I am operating on the assumption that more options are better than fewer. But there is always the possibility that the complications will outweigh the benefits. We shall see.
Indeed. I hear rumblings about a wealth tax on Schengen zone citizens who do not live in the Schengen zone. Just a matter of squeezing some tax dollars out of non-residents. If that happens I will have to think carefully about retaining my EU passport as a second one. It may no longer be worth it at that point.

chenda
Posts: 2207
Joined: Wed Jun 29, 2011 1:17 pm
Location: Nether Wallop

Re: Obtaining a Second Passport

Post by chenda »

RealPerson wrote:
Wed Mar 30, 2022 12:10 am
I hear rumblings about a wealth tax on Schengen zone citizens who do not live in the Schengen zone.
I think that would be very unlikely, as taxation is a nation state matter and even if applied would most likely only target a few very wealthy individuals.

xmj
Posts: 28
Joined: Tue Apr 14, 2020 6:26 am

Re: Obtaining a Second Passport

Post by xmj »

chenda wrote:
Wed Mar 30, 2022 2:23 am
I think that would be very unlikely, as taxation is a nation state matter and even if applied would most likely only target a few very wealthy individuals.
US levies income taxes to its citizens on a global basis, no matter where they reside. So it's not exactly off the table.

German Greens discussed a similar scheme before the last election, and . . . let's just say this is a very good way of mobilizing all German expats in Switzerland. ;-)


On passports.. once I get my Estonian up to a B2 level I should be eligible for it, and if I stay part-time in Switzerland for another eight years straight (hah) I have another door that's opening. We'll see. They all require giving up the previous passport, as far as I understand, which makes it a lot less attractive.

chenda
Posts: 2207
Joined: Wed Jun 29, 2011 1:17 pm
Location: Nether Wallop

Re: Obtaining a Second Passport

Post by chenda »

xmj wrote:
Wed Mar 30, 2022 6:19 am
US levies income taxes to its citizens on a global basis, no matter where they reside. So it's not exactly off the table.
Yes it's the only country (along with Eritrea I believe) that does this. I still think its unlikely for many reasons but we'll see...

Switzerland permits duel nationality though.

User avatar
Ego
Posts: 5635
Joined: Wed Nov 23, 2011 12:42 am

Re: Obtaining a Second Passport

Post by Ego »

xmj wrote:
Wed Mar 30, 2022 6:19 am
US levies income taxes to its citizens on a global basis, no matter where they reside. So it's not exactly off the table.
This is true, but the US has tax agreements with many countries so that the dual citizenship holder is taxed only in the country in which the person resides.

SavingWithBabies
Posts: 796
Joined: Mon Aug 31, 2015 2:50 pm
Location: Midwest, USA

Re: Obtaining a Second Passport

Post by SavingWithBabies »

It's worth researching the Foreign Earned Income Exclusion for the case of US passport + another passport:
If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income. However, you may qualify to exclude your foreign earnings from income up to an amount that is adjusted annually for inflation ($105,900 for 2019, $107,600 for 2020, $108,700 for 2021, and $112,000 for 2022). In addition, you can exclude or deduct certain foreign housing amounts.

RealPerson
Posts: 867
Joined: Thu Nov 22, 2012 4:33 pm

Re: Obtaining a Second Passport

Post by RealPerson »

chenda wrote:
Wed Mar 30, 2022 2:23 am
I think that would be very unlikely, as taxation is a nation state matter and even if applied would most likely only target a few very wealthy individuals.
The US is the best or virtually only example. My understanding is that the higher tax countries in the EU want to put a stop to the cash drain from their citizens moving for example to Ireland or Portugal for taxation reasons. I really hope you are correct and the rumors I heard are false!

NPV
Posts: 188
Joined: Fri Dec 06, 2013 9:41 am

Re: Obtaining a Second Passport

Post by NPV »

Ego wrote:
Mon Mar 28, 2022 11:25 am
I don't disagree, but the cost/benefit calculation for the EU is changing very quickly.

When we were in Lviv in 2019 I went to the National Archives, researched my family history and now possess official documents that show my great-grandmother's and great-grandfather's birth. If they ever decide to allow citizenship by decent, I am ready to proceed.
Ukraine does allow citizenship by descent.

User avatar
Ego
Posts: 5635
Joined: Wed Nov 23, 2011 12:42 am

Re: Obtaining a Second Passport

Post by Ego »

NPV wrote:
Sun May 08, 2022 3:13 am
Ukraine does allow citizenship by descent.
True, but they require you to relinquish your other citizenships to receive it.

NewBlood
Posts: 42
Joined: Sat Aug 08, 2020 3:45 pm

Re: Obtaining a Second Passport

Post by NewBlood »

I just received my US passport.

It only took me 15 years .... (of paying taxes without being able to vote).
J1, H1B, EB2 green card with national interest waiver, and finally citizenship (which you can only apply for once you've had the green card for 5 years vs 3 years through marriage).

Getting EU citizenship is a lot easier...

User avatar
Ego
Posts: 5635
Joined: Wed Nov 23, 2011 12:42 am

Re: Obtaining a Second Passport

Post by Ego »

Hey, that's great. Congratulations!

NewBlood
Posts: 42
Joined: Sat Aug 08, 2020 3:45 pm

Re: Obtaining a Second Passport

Post by NewBlood »

Thanks Ego !

User avatar
Seppia
Posts: 1695
Joined: Tue Aug 30, 2016 9:34 am
Location: Hong Kong

Re: Obtaining a Second Passport

Post by Seppia »

That’s definitely something to celebrate.
Congrats!

NewBlood
Posts: 42
Joined: Sat Aug 08, 2020 3:45 pm

Re: Obtaining a Second Passport

Post by NewBlood »

Thanks Seppia! Celebrated it was :-)

Post Reply