Dethroning the Dollar, Part 2
The most likely scenario for the dollar’s demise as the global currency involves a gradual decline in U.S. political and economic power, accompanied by increasing instability in U.S. governance and monetary management.
Being a citizen of more than one country has a lot of advantages. I should know… I'm one of them.
My name is Ted Baumann. I hold passports from the U.S. and South Africa, where I've lived on and off for decades.
Here are some of the things having that second passport has done for me over the years:
The best part is... you don’t have to be a millionaire to have a Plan B. There are many ways to attain a second passport. I lived abroad for some years and eventually qualified for naturalization. But many countries will grant you citizenship if you have a parent or grandparent—and sometimes even a distant ancestor—from that country. Others will give you a passport outright in exchange for an investment.
Having a second passport is perfectly legal. Under U.S. law, upheld by several U.S. Supreme Court decisions, “dual citizenship” doesn’t jeopardize my U.S. citizenship or rights in any way.
A second citizenship can open doors currently closed to you... For many, it’s led to greater freedom, lower taxes, and greater asset protection.
Below you’ll find more details about second passports—the benefits, the best countries to apply for one, and how to get started...
The most likely scenario for the dollar’s demise as the global currency involves a gradual decline in U.S. political and economic power, accompanied by increasing instability in U.S. governance and monetary management.
If the dollar were knocked off its perch, every American would face economic hardship. The cost of imports would rise, spurring rapid inflation. The purchasing power of any financial investment denominated in dollars would collapse.
For anyone considering applying for a long-term residency permit in a foreign country, however, all is not lost. In fact, the environment is arguably more suitable now for people of independent means than it ever has been.
Global doors are still open to people who fit the bill. But the emerging paradigm will be based on more than just cash. Applicants will have to prove suitability under broader, more subjective criteria.
One reason so many Irish Americans are exercising their right to citizenship in their ancestral homeland is that it’s a better economic environment. If you’ve got enough Irish in you, applying for a second passport from the Emerald Isle could be your ticket to future prosperity.
My team and I are currently working on two exciting projects that will go beyond just talking about global diversification and second passports. We're going to offer you concrete ideas and tools to pursue them practically.
The bottom line is that when it comes to global mobility, you are your country and its passport. If you're trying to preserve and grow your options, you need to think about a lot more than just how quickly you can get a new one.
Recently I’ve been researching the benefits of having a passport from one of the European Union member states. One issue that caught my attention was the relative stability of European banks vis-à-vis their U.S. counterparts… certainly a timely topic!
The U.S. and its citizens derive enormous benefits from the faith other countries place in our economy and our ability to manage it appropriately. Without that faith, our economy would be far smaller, and we’d pay much higher prices for goods and services.
These days, I never travel anywhere without both of my passports. You just never know what's going to happen in this crazy world, and having two travel documents doubles my chances of getting out of a tricky situation.