" The wealthy are building “passport portfolios” — collections of second, and even third or fourth, citizenships — in case they need to flee their home country.
- Recent high-profile examples of second citizenships include billionaire tech investor Peter Thiel, who added a citizenship in New Zealand, and former Google CEO Eric Schmidt, who applied for citizenship in Cyprus.
- The top destinations for supplemental passports among Americans are Portugal, Malta, Greece and Italy, according to Henley & Partners."
If you are worried about political instability in America, would you not be concerned about your wealth also?
Or are the billionaires afraid that President Trump is going to go hunting billionaires?
It used to be a smart strategy if you lived or had to visit countries that were unstable. But they have the great disadvantage of suddenly being subjected to laws that might not be beneficial and you being declared criminal for transgressions you never expected to be a part of. You can be taxed for earning in any and all countries and be taken to court for not paying "your share" among many other 'legal delicacies."
ReplyDeleteAt one time I could legally hold four passports (US, Venezuela, Spain and Cuba), probably still can, but I figured it is not wort the aggravation.