How Many Second Passports is Enough?

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Having dual citizenship is good, and having a “passport portfolio” of multiple citizenships is better. But how many is too many?
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".
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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.
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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.

[@scsmith4604]

Having Options = Financial Freedom

[@hanoitripper1809]

The guy with aust/ nz/ canada / usa basically has 2 passports

[@dr.winner2516]

North American + Oceanian basically lol

[@lala7181]

Jay Z has 10 passports and I will be using your services! I also brought your awesome book after my 1st video! I'm invested!

[@nomadcapitalist]

Glad to have you with us.

[@margyiphillips4931]

Best investment

[@yevytiver2799]

@Gororoba dude is a billionaire and A list Global celebrity, he could afford every passport in the world if he desires lol

[@yevytiver2799]

@Gororoba yes, they do, african countries allow people like jayz a citizensip of decent, already few celebs got it like ludacris and meek mill to name a few, also some European countries do allow citizenship by investment and almost most of the Caribbean countries as well, oh yea btw it is not dumb, if he is rich, he has has store his assets in different places the irs can't track, check the panama papers, half of the wealthy celebs, powerful politicians and royal family members were exposed, most of these people use other countries and citizenships as a way to avoid or reduce taxes, aside from that also jay z buys art, so check out how rich people use art to avoid to avoid paying taxes, i mean someone thought a banana on a wall was a masterpiece art for Ridiculous money

[@yevytiver2799]

@Gororoba yes but what i'm trying to say is if he has 10 citizenship it is not far fetched or impossible, and me saying he can get every citizenship in the world was a metaphor that money opens doors for anything, i didnt actually mean it, also yes, a lot african countries have been allowing african americans or people of african decent to comeback and contribute to africa and grant them citizenship!

[@rubensnogueira3199]

Andrew, thank you for answering my question!

[@NickDemski]

I'm looking forward to building a passport profile. Should I find somewhere I enjoy living as a priority or somewhere for tax purposes?

[@amir5593]

Depends on you income I suppose. If you make a lot forget about tax purposes and enjoy your life. But If you earn like average or even 2x or 3x of average income definitely consider thinking about the other option, as cutting tax would skyrocket your growth in the future. And eventually you will be able to enjoy living wherever you want.

[@amir5593]

🙌

[@NickDemski]

@@amir5593 True might also depend on how badly you want to live in a certain location.

[@nomadcapitalist]

It depends on where you want to live, what options are available there, and how much you'd pay in tax there. Both isn't a bad idea, also.

[@jason41a]

I would start with what your current citizenship is. If you're a Swede wanting to live in Italy, then no need for another passport for living heh? Then go ahead for the tax one. If you wanna live in Asia then it's almost impossible to get the citizenship there without giving away your current one, so get a residence. It's all situational. If you are American wanting to live in Dubai for instance, you could get a CBI from the carribean, renounce US, and move and work in Dubai. You'd pay zero income tax with a B+/ A- travel doc, and zero income tax.

[@kano8020]

You are so right for everything you're saying Andrew. I wish if there were more people listening your advice. Currently I have already two power citizenships British and Bulgarian , total freedom 184 countries visa free.

[@nomadcapitalist]

🙌

[@benaw4603]

Did you pay for the Bulgarian or you got it through descent?

[@amir5593]

Love diversification, Love this video. 💚

[@kararmay3813]

The perfect 👌 [ passports - citizenships ] combination is : - canada 🇨🇦 + malta 🇲🇹 + Mauritius 🇲🇺 = < 177 > countries visa free in every continent and more than (90%) of the land area of planet earth 🌎 so you need visa for only 22 country / you are citizen of ( 3 three continents ) North America, Europe, Africa, all of those countries have English as official language \ you can actually work and live there so it’s not just passports also the citizenship has it’s value / you are part of European Union 🇪🇺 with all the benefits that it has to offer and you have visa free access to Russia 🇷🇺 & China 🇨🇳& USA 🇺🇸& Brazil 🇧🇷& Australia 🇦🇺 and all the rest of countries

[@cylololo6401]

there's no such thing of perfect. there's fit or unfit for one person.

[@CharlesDoole]

Perfect is different for everyone. Many people think about 'visa free travel', but overlook 'live & work visa free'. I think the French 🇫🇷 passport is possibly the strongest in the world, as it can theoretically allow one to live & work in up to 57 countries without requiring a sponsored work visa (or other complicated visa). New Zealand 🇳🇿 follows with up to 46 countries.. And it can be nicely rounded out with MERCOSUR and/or CARICOM citizenship. Having all 4 could allow one the ability to live & work in up to 78 countries (~40% of the countries in the world) 👌 And it would also give 175 or so visa free travel destinations.

[@kararmay3813]

Charles D how does this work this is the first time I hear 👂 of this

[@CharlesDoole]

@@kararmay3813 unfortunately there's no public list of each country for 'work & live visa free' like there is for visa free travel. So it requires researching countries that you're interested in. France for example has EU residence, overseas territories, and some working holiday agreements.

[@kararmay3813]

Or The perfect 👌 [ passports - citizenships ] combination is : - canada 🇨🇦 + malta 🇲🇹 + Armenia 🇦🇲 = < 175 > countries visa free in every continent and more than (88 %) of the land area of planet earth 🌎 and more than (94 %) of the world 🌍 population, so you need visa for only 24 country / you are citizen of ( 3 three continents ) North America, Europe, Asia , first (2) of those countries have English as official language \ you can actually work and live there so it’s not just passports also the citizenship has it’s value / you are part of European Union 🇪🇺 with all the benefits that it has to offer and you have visa free access to Russia 🇷🇺 & China 🇨🇳& USA 🇺🇸& Brazil 🇧🇷& Australia 🇦🇺 and all the rest of countries

[@socratestrading3801]

This is a great topic!

[@gaetanrochon9498]

My thought exactly

[@alansjf33]

I am a US citizen who is also a citizen by descent of Barbados. I am doing the paper work to get the passport as soon as the embassy opens. I have been a dual citizen since 1999. I should have gotten the second passport years ago. Smh

[@cylololo6401]

Andrew will you do an episode introducing your portfolio?

[@raymondmanapatledesma110]

Hi Andrew, If I acquire EU citizenship and I am permitted to have dual citizenship, should I let go of my Philippine passport, or should I keep it? (I have no plans to live in the Philippines but I do travel around Southeast Asia.)

[@igalanidjar5384]

Andrew, I have US and Spanish citizenships. I have the chance to easily get the Portuguese. I think, who knows what can happen in the future so let’s get it. Do you see any problem in adding the Portuguese nationality? Any benefit? TY.

[@hfjjor3681]

My grandparents were ethnic Hungarians. In 1922 they emigrated to the US from what’s now Burgenland, Austria. It was part of the Austro-Hungarian empire when they left. I’m a US citizen by birth. Might I have a shot at getting an Austrian passport? On the other side of the family, my ethnic German forebears came to the US in the mid-1800s from NW Germany. Might I have a shot at getting German citizenship? I speak enough German to get by but am not fluent. FWIW, I know some cousins in Austria and we’ve visited each other several times. We keep in touch via email. Thanks.

[@nomadcapitalist]

Hi! You can find out if you qualify for citizenship through your family background using our CBD ELIGIBILITY CHECKER here: nomadcapitalist.com/products/citizenship-by-descent/

[@LIFEmedicaltourismconsulting]

I want another passport allow me to No Visa in Russia & China. Currently have Philippines/Canadian. Son have 3 option Canadian/Philippines/Polish. Thanks

[@kararmay3813]

Those countries allow dual citizenship and give you access to Russia and China 1_ mauritius 🇲🇺 2_ Fiji 🇫🇯 3_ Armenia 🇦🇲 4_ Grenada 🇬🇩 5_ Serbia 🇷🇸

[@cylololo6401]

Ecuador passport has visa free access to China and Russia.

[@stevemeier2852]

Consider Argentina

[@cha-chabcict4228]

And brasil

[@astorsimovitchlaw]

Andrew, if US taxation is based on citizenship, what is the advantage of leaving if you can still be taxed based on that citizenship?

[@SG-tx1fz]

And that's why people renounce citentchip

[@flowbrandz316]

There's a 200k exemption for married couples. Not ideal, but perhaps a strategy to employ

[@hfjjor3681]

@@flowbrandz316Does that mean there’s a $100k exemption for single Americans?

[@flowbrandz316]

@@hfjjor3681 yes, I believe so

[@lerryperry]

Hello Andrew, I have a Tier C Passport. Ideally I would love to add a St. Lucia Passport, Vanuatu Passport and a Maltese Passport.

[@nomadcapitalist]

Great ideas!

[@cylololo6401]

Maltese citizenship is costly.

[@margyiphillips4931]

5 seconds late to class. Good morning Prof. Good morning Nomad Capitalist Team. Nobody is in class right now.

[@gabs5614]

Argentinean citizenship it's a great one to have. Best Public Universities in LatinAmerica ( Anyone from anywhere in the world can study for free as long as they have an address there). Free health services (one of the best in LatinAmerica). You can get a retirement pension as a house wife (that is never having worked, any woman can claim this benefit. It's not much (minimum wage) but still more than many countries). You can stay visa free in any European country for up to 6 months. ,Argentina has the fourth-largest oil reserves in South America, and loads of water.

[@dr.winner2516]

Argentinian citizenship can not be renounced, if they start conscription or citizenship based tax, you won't be able to get away with it

[@danielluster732]

I love having multiple citizenships like a Canadian one, a Bahraini one, a St. Lucian one, a Bahamian one, a Cypriot one, etc. B-)

[@dr.winner2516]

The Bahamas does not allow dual citizenship

[@danielluster732]

@@dr.winner2516 Well, okay, then. ^^;

[@kennethroth6757]

I noticed that alot of people are getting into selling their golden visa programs

[@kingcold5977]

3

[@johnwick860]

I plan on living like James Bond or Jason Bourne that's why I wanted as many passports as I can get

[@micomarinas2753]

is there any country that doesn't allow quadruple passport/citizenship?

[@stevemeier2852]

No country cares about how many citizenships you have. They either allow multiple or only one.

[@Kotiara123]

The problem with having multiple passports is that you have to renew all of them and deal with bureaucrats in different countries who speak different languages. Another problem, especially with less developed countries, is that if you have their passport and visit them they see you as their citizen and don't recognize any other citizenships you have. They may arrest you, send you to serve in their army, etc etc.

[@PauloGaetathe_original]

They may arrest you... Just try not to commit any crimes, thanks

[@dr.winner2516]

Choose the countries that don't have conscription for citizens

[@tigervalley62]

I was born in South Africa and hold SA citizenship along with my Portuguese citizenship (got it by descent). I can't speak for other nations, but for SA in particular they will only arrest you if you enter and leave the country with your other passport. Be sure to ALWAYS enter and leave South Africa with your South African passport.

[@andyc9902]

Rule of thumb 3.

[@Simon-Simon-Simon]

I thought duel citizenship is max

[@nomadcapitalist]

For some people, there is theoretically no limit.

[@stevemeier2852]

It's "dual", and it's not the max. Look at Andrew.

[@peten409]

How do you determine which counties you can get passport by descent. I believe I'm English and or Irish?

[@alrent2992]

Google it. Due diligence.

[@PauloGaetathe_original]

Interesting that you never mention what your passport portfolio actually is. For me only 2 passports are enough.

[@nomadcapitalist]

We explain it here: nomadcapitalist.com/2018/05/09/second-passport-portfolio/

[@alrent2992]

Less immigration controls. The more freedom.

[@eliefosso7215]

I want an EU permit I’m Canadian help plz

[@noname-sj9iv]

How many passports do you have?

[@francosuarez]

You give the impression that citizenships come in a cereal box. These are serious legal transactions with complex jurisdiction consequences; particularly, if you are married, have children, businesses and investments.

[@yaboobayyaboobay8191]

You can't have several second passports