Questions: All About Second Passportsby Simon Black
Today’s letter is a bit early – I’m running out soon to meet up with several subscribers at the Clarendon lounge in Notting Hill. Feel free to drop by if you’re in the area tonight between 6pm and 7pm. On to this week’s questions, which are ironically all about citizenship: Reader Antagau comments, “Simon, I am a South Korean citizen living in the U.S. as a permanent resident (green card). I am qualified to become a US Citizen and was considering doing so. After discovering your website and others, now I am not so sure. What are the pluses and minuses of my options?” A US passport used to be the holy grail of citizenship and envy of the world. Now, this is not the case. I believe the most valuable passport in the world now is Singapore, but there are dozens of others that are also great options. The most important question to answer when looking for a second passport is, “will I be better off with this document?” As a South Korean citizen, you already enjoy excellent visa-free travel around the world… South Korea is even on the US visa waiver program. As such, I don’t think that obtaining a US passport will be of much benefit for you, travel-wise. In terms of rights and privileges, as a permanent resident you already have nearly the same liberties as a US citizen. Aside from voting and a few other exceptions, you’re nearly one and the same. The major difference is that you can always walk away from US residency, and hence the US tax net. Raising your right hand and taking the oath of citizenship signs you up for painful worldwide taxation, and undoing this can be costly. Consider these issues when making your final decision – as a South Korean resident in the US, will you be better off with a US passport? I don’t think so. July 15, 2010 Copyright © 2010 Sovereign Man
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