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According to Googles 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 Obamas victory, and they sense a continued decline of civil liberties and economic opportunities.
The frustration and apprehension is understandable. I cant begin to tell you how many emails weve 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 thats true to a degree. But lets talk about what a second passport is versus what it isnt.
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 governments thieving hands.
Again, its 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.