5 Drawbacks of Dual Citizenship
Vložit
- čas přidán 10. 06. 2024
- nomadcapitalist.com/second-pa...
Are there some drawbacks to having second citizenship? In this video, Andrew shares 5 drawbacks you should be aware of right now.
Andrew Henderson and the Nomad Capitalist team are the world's most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best".
Work with Andrew: nomadcapitalist.com/apply/
Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.
Our growing team of researchers, strategies, and implementers add to our ever-growing knowledge base of the best options available. In addition, we've spent years studying the behavior of hundreds of clients in order to help people get the results they want faster and with less effort.
About Andrew: nomadcapitalist.com/about/
Our Website: www.nomadcapitalist.com
Subscribe: czcams.com/users/subscription_...
Buy Andrew's Book: amzn.to/2QKQqR0
DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
5 Drawbacks of Dual Citizenship:
1. Ban on dual citizenship
2. Required military service
3. Citizenship based taxation
4. Limited consular service
5. Issues when working for the government
tyty
Seems like there are more positives than negative
I have been at least a dual national my entire life. I proudly served in the military of two countries consecutively. I worked for the government in two different countries including having a rather high security clearance in both. I have only ever paid taxes in one or the other of those two countries. I have family in both countries with some being citizens and some with permanent resident visas. I own property in 3 countries and have bank accounts in 4 countries using 3 different passports for ID. I travel freely using whichever passports are best suited for the current trip I happen to be on. If problems arise while I am in a foreign country I have multiple embassy’s that I can withdraw to. One of the reasons I have been able to do some of these things is that I have more than one birth certificate each of which was issue by a different government agency and/or military from two different countries. There are quite a few other positive things and simple facts I could mention to go along with what I have already listed hut it would take to long. All in all I have enjoyed having multiple passports as they have served me well. Cheers
@@prepperjonpnw6482 how can you have a birth cerrtificate issued by two different countries?
@@uhmerrykan lol.. i guess that’s impossible… you are only born in 1 country.. unless you are a clone🤣🤣
Thank you for this information. I just received my UK passport yesterday.
I have citizenship in three countries:
USA (naturalization),
United Kingdom (birth), and
Trinidad & Tobago (descent via parents).
According to my research, I am allowed to have all three and have passports from all three.
Timely information.
Likewise - got UK & Trini plus I'm excited to see a respected Dubstep OG like yourself in a place like this :) Big up Joe.
@@crizza2000 much respect! Cheers for the kind words.
@@crizza2000 wow, absolutely! The one and only Joe Nice is here (a legend in dubstep)
Most intelligence agencies have been forgiving. You simply disclaim you are a dual citizen but for administrative purposes sign up with only one nationality. No problem with security clearance. There are only 2 scenarios where dual citizenship limits you - CIA & MI6. Even the Secret Service allows it while not publicized anywhere.
Great stuff, salesman or now days, sales people defiantly will not tell you about this stuff. Much thanks, Andrew.
Nice work. I’m definitely interested in expanding my personal and business ventures. Very helpful.
Great to hear!
I remember when it was 6-7 figure earners, then it was 7-8 figure, now you snuck a "9" in there. :)
Merely adapting to the clientele. 😉
@@nomadcapitalist Great job! Growth is always encouraged. :)
Inflation 🤣
this time next year it will be 12 and 13 figures
6. Impossible to renounce.
Like Argentina, Costa Rica, Ecuador, etc citizenships.
Imagine those countries starting to tax their citizens worldwide...
In just 2 years you could get a chronic illness called argentine citizenship
Stay tuned, Andrew.
@@hernandayala I hear its fatal in the end =)
Fantastic video!
Glad you liked it.
Definitely thought the death tax would be on this list. especially with some countries having their set so low. I would love to see a video about death taxes from you
In some countries, dual citizenship is an excuse to be exempted from military service.
I am an Austrian and American (US) citizenship. In Austria I still had to do the mandatory military service, but in the US I am free of any inlisting.
@@MrPeachapple that’s because the United States doesn’t require military service at this time. The last time the United States implemented the draft system was during the Vietnam war.
@@prepperjonpnw6482 I know that. What I was trying to say was: you have to do at least one.
Wishing you and your family a Healthy ...Happy Christmas & New Year !!!
You, too!
It will be funny to see how things progress post-COVID. I expect a big push to tax citizens worldwide income and also increased hassle to renounce.
It is quite possible.
Grass always looks greener on the other side.
fair talk.
Interesting stuff, certainly worth thinking twice for getting a citizenship in countries with a chance of conflict like Armenia which recently had a brief war. If citizenship is passed down in these countries then you could also be passing military service on to your sons
Or daughters in the case of Israel ...
Is this Mandatory for Jordan if the father has dual and sons? What's the age cap?
hi Andrew, singapore PRs need to send their sons for national service too. that's why a lot of expats cancelled their/never applied for SPR.
Good thoughts. Definitely good to go in with your eyes wide open around the pros and cons of citizenship. Another potential drawback along the same lines as point 4 is that if you're accused of a major crime (which hopefully won't be a situation you'd ever find yourself in!) one of the countries could take away your citizenship. I heard that Australia was considering that for one of their citizens a couple of years ago, even though that person was born and had only ever lived in Australia.
renounce your oter passports before committing major crimes then
@@richrich9321 haha, I'll have to keep that in mind!
I just thought about leveraging marketing power to help dual citizenship, remember the squeaky wheel gets the grease. Mail their embassies, market what you're going to do with their citizenship.
I already had considered all those 5 things on my own.
Think we need TWO videos per day.
I don't think there is that much stuff to talk about
Limited access to Consulate if arrested, say an American arrested in Mexico, if you're NOT also a Mexican citizen they are required by law to contact the US Consulate immediately, but if you're a dual citizen they might take their time getting around to it. Please correct if I'm wrong. Great channel, thank you.
I myself am working on that third citizenship by descent!
Another disadvantage of being a dual national that I've had is not being able to use the smart gates between Australia and New Zealand. I have to enter & leave Australia on my Australian passport. When I arrive at the New Zealand end if I try to use the smart gate to enter it won't let me through with my NZ passport. It will only let me through if I use my Australian passport, because that's the one they are expecting me on. So I always have to queue up with all the foreigners to see an immigration officer at the NZ end, so I can enter on my New Zealand passport. They also always seem confused and ask me "what flight did you arrive on?" Changing between passports seems to screw up their system.
coming from canada with 7 figure investment. how does mexico sound? im just getting into this.
I have Chilean (by birth) and Canadian citizenship. How good/bad is that?
The Chilean is a clean passport anywhere, no conflicts with anyone. As well as Canada. There's nothing bad. Just remember to pass both on to your descendants and then they and then so on.
I have dual citizenship of UK (birth and my father's birth place) and Nigeria (descentants)
Hopefully it won't draw me back too back
Would you get Hungarian citizenship? What about taxation?
You need to learn Hungarian to get it. Even by descent.
@@ACETAMINOFEN04 Not true in every case.
Andrew, I saw a documentary about Egypt, where they were saying that the Egyptian government, only cared about foreigners. There were cases shown, where dual nationality Egyptians would come into the country, using an their EU passport, because they were cared about by the Egyptian government; while entering with their Egyption passport, their government could care less about them, as a native Egyption.
For the life of me, I can't understand why any Arab would pay a single Egyption Pound, for such a crappy residence or passport? I mean when your looking into a country with a scam of a legal system, harsh policing, and questionable property laws; what is the point of this?
I have not seen the documentary you mentionned but I can understand why.
If one needs to travel in regions where your birth nation/primary citizenship has often or recently been involved in wars or have a colonial past for exemple it can be tempting to use another more neutral passport or one with a friendlier position.
I would say people from the USA, UK and France are the most prone to consider the option.
Chances are, they won't be renoucing their primary/more "powerfull" passport for the egyptian passport, it will only be an additional choice when needed be.
Hi Andrew, I’m a big fan and I’ve watched almost all your videos, especially the latest ones. Could you do a video on unique and unusual ways of obtaining citizenship in some countries? E.g. converting to Judaism and obtaining Israeli citizenship and enlisting in the French Foreign Legion and obtaining French citizenship?
for info enlisting in the Legion does not give automatic nationality .
It’s a right but one they keep very quiet . The only true direct nationality right whilst in service is Francais par le sang versé , if wounded or killed on combat duty . But this is also something you need to demand .. I know at least two guys shot in yougoslavia and never got it because they never demanded . One went back to sweden the other a Brit died a few years later . It’s not a walk in the park and it might be simpler to just marry a french girl
USAF C141 long range transport pilot here - Libya invaded Chad (French Protectorate) - flew the French Foreign Legion & equipment to Chad - FFL white officers treated the brown skin FFL like dirt.
Also flew 1973 Israel Egypt war - transport supply from USA Azores Israel - highly impressed with the Israel military’s women.
Multiple citizenship for business?
You should have at least a second citizenship. It's convenient to have three passports or even thirty passports plus golden visas
do Canadian citizen have to pay taxes no matter where they live?
Not yet: czcams.com/video/4V9N16ATlUA/video.html
I have 3, Australia, Germany, Croatia
auf Wiedersehen
Ich hab auch drei :) 🇩🇪 🇸🇪 🇨🇭 I've lived in England for a while though and am considering getting a British citizenship through naturalisation cause with Brexit and all, it would just simplify a lot of things... dann verliere ich aber meine Deutsche Staatsbürgerschaft (nicht dass ich es unbedingt brauche, denn ich habe ja schon einen EU-pass, aber es wäre trotzdem schade...)
@@o08O80o warum verlierst du die Deutsche? In UK gibt es auch die Mehr Staatigkeit
@@nenadcubric2663 Nun, UK hat nichts dagegen, aber aus irgendeinem Grund lässt mich Deutschland meine Staatsbürgerschaft nicht behalten, wenn ich mich aktiv dafür entscheide, anderswo außerhalb der EU zu neutralisieren...
I am British but my father is Bulgarian. What are the drawbacks of applying for Bulgarian dual citizenship?
Well, no drawbacks at all....Bulgaria has EU citizenship. Go for it. Brexit in Dec. 31st, 2020 will leave you out of the EU with the British one. Time runs. Bulgarian by descent has no limits in the # of generations, go to the nearest Bulgarian Embassy and process your application.
@@ACETAMINOFEN04 that's what I thought. My application submission and interview is on 29th December. Cheers!
@@Jay-qs2mb The UK nationality only passes on for one generation born outside of the UK so it is quite limited for a Nomad. If I were to do it again, I would have my wife give birth in Ireland - that way you get the right to live and work in the UK and in the EU on one (Irish) passport. The Bulgarian is a nice plus - no one is going to hurt a Bulgarian, while they might a Brit or American.
@@angusparker440 True, I'm a British and Irish citizen, the Irish Passport has more appeal to me when travelling to the EU and outside non-commonwealth states. To be honest, my British passport doesn't have much to it now (due to Brexit) apart from no restrictions on living in the UK, voting rights and the right to hold a British Passport. All this is a great safety plan and maintains my links to my homeland, but as someone looking to get out of the UK in the next 5 or so years, it's a great time to be a dual citizen!
@@FlyHighPerspectives
Irish citizenship is arguably the best EU citizenship
the dude has a different accent in this video compared to the other one i just watched
This guy could bore a glass eye to death!
I'm going to panama to do the corp bank account thing but since I was born in israel and left when I was 5 months old. Now I'm 43 if I say I want to move to Israel and go there for a few months I won't have to do army service because I'm too old. I can get an Israeli passport if I say I want to move there
Actually the CIA loves you having as many passports as possible lol
Fantastic 😍💋 💝💖♥️❤️
I think some of your disadvantages are a stretch. For instance if you commit a crime. Want to be a spy. Come on. Your talking out your as$
Where can we move to to leave this soon to be an old style Russian communist country? Answer me please.