Your Current Asset: US Citizenship

A US passport is no longer the most coveted piece of paper in the world for high-net-worth individuals. It arguably was in 2019. But now, the UAE alone pulls in more millionaires than the much larger US.

See the millionaire migration map below:

While US citizenship offers significant advantages, it's crucial to understand both its strengths and limitations in our increasingly multipolar world.

Advantages of US Citizenship

  • Global Access: A US passport is your key to 186 visa-free destinations worldwide, offering unparalleled travel freedom.
  • Economic Opportunities: Enjoy unrestricted access to work and live within the world's largest economy, tapping into a vast network of professional and business prospects. The US is the country with the biggest number of millionaires and billionaires.

Considerations for maintaining US Citizenship

  • Geopolitical Dynamics: Your US passport may attract additional scrutiny in certain regions, potentially complicating travel or business dealings in places like China, Russia, or parts of the Middle East.
  • Global Tax Obligations: The US practices citizenship-based taxation, meaning you're required to report and potentially pay taxes on your worldwide income to the IRS, regardless of where you reside. This unique system can create complex financial situations for Americans living abroad.
  • Civic Responsibilities: While rarely enforced, it's worth noting that the US maintains the right to draft eligible citizens (typically males aged 18-25) for military service if deemed necessary. The last draft occurred in 1973 during the Vietnam War.

Understanding these nuances empowers you to make informed decisions about your global citizenship strategy.

Whether you're seeking to optimize your current situation or explore additional citizenship options, CitizenX is here to guide you through the process of building a passport portfolio that aligns with your values and global aspirations.

Strategic Citizenship: Navigating the New World Order

In today's interconnected world, the concept of citizenship is evolving. No longer bound by the accident of birth, forward-thinking individuals are embracing a new paradigm: strategic citizenship. This approach views passports and residency rights not just as travel documents, but as powerful assets in a diversified life portfolio.

The Power of Dual Nationality

Dual nationality has emerged as a cornerstone of this strategy. By holding citizenship in multiple countries, you unlock unprecedented flexibility in your personal and professional life. Whether it's leveraging the strength of a Western passport like those from the USA, Canada, or Ireland, or tapping into the unique benefits of emerging economies, dual citizenship opens doors to global opportunities.

Beyond Passports: The Role of Permanent Residency

While citizenship is the ultimate goal for many, permanent residency often serves as a valuable stepping stone. Countries like Italy and Malta offer attractive residency programs that can lead to full citizenship. These programs not only provide a path to naturalization but also immediate benefits such as the right to live and work in the host country.

Investment as a Path to Citizenship

Many countries now offer citizenship or residency in exchange for significant investment. These programs, often referred to as "Golden Visas," typically involve:

  1. Real Estate Investment: Countries like Portugal (up until recently!) and Spain have offered residency rights for property purchases.
  2. Development Funds: Some nations allow investment in government-approved funds that support local development projects.
  3. Minimum Investment Thresholds: Each program has its own requirements, often starting from $100,000 to several million dollars.

Diversification is Key

Just as you would diversify a financial portfolio, a strategic approach to global citizenship involves spreading your options across different regions and types of programs. This might include:

  • A strong Western passport for global mobility
  • Residency rights in a tax-friendly jurisdiction
  • Citizenship in an emerging economy with high growth potential

Each citizenship or residency program has its own eligibility criteria and application process. Some key factors to consider include:

  • Financial Requirements: Minimum investment amounts or proof of income
  • Physical Presence: Some programs require spending time in the country
  • Language Skills: Certain countries mandate language proficiency for citizenship
  • Due Diligence: Expect thorough background checks and financial audits

At CitizenX, we specialize in guiding you through these complex processes, ensuring you meet all eligibility requirements efficiently.

Dual Citizenship: Expanding Global Opportunities for US Citizens

In our interconnected world, holding multiple citizenships can be a powerful asset. US citizens have the advantage of being able to become dual citizens without restrictions, opening up a world of opportunities for those looking to expand their global presence.

Embracing Dual Citizenship

By obtaining citizenship in a foreign country and becoming a dual citizen, US citizens can:

  • Diversify their global access and opportunities
  • Potentially optimize their tax situation in certain scenarios
  • Gain more flexibility in where they can live, work, and invest

The beauty of dual citizenship for US citizens is the ability to explore these benefits while retaining their American citizenship.

Understanding Citizenship Renunciation

While dual citizenship offers numerous advantages, some US citizens consider renouncing their US citizenship. This is a significant decision that requires careful consideration:

Potential Advantages of Renunciation

  • Financial Reporting: No obligation to report worldwide income and assets to the IRS
  • Cryptocurrency Flexibility: Unrestricted cryptocurrency holdings and transactions globally
  • Expanded Banking Access: Easier engagement with non-FATCA compliant financial institutions worldwide

Key Considerations

  • Limited US Access: Loss of the right to live and work indefinitely in the US (though 90-day tourist visas remain accessible)
  • Credit Challenges: Reduced access to US credit systems and personal finance options
  • Civic Disconnection: Inability to participate in US elections
  • Exit Tax: Potential financial implications upon renunciation
Strategic Advice: The most significant risk in renouncing US citizenship is being left with only one passport. This is why we strongly recommend that US citizens secure at least one additional citizenship in a foreign country before considering renunciation. Explore options through descent, marriage, or investment to build a robust passport portfolio that aligns with your global aspirations.

Second citizenship options

In case you want to invest in citizenship from a values-aligned country that won't crack down on crypto, and that offers you and your family members more optionality than your current citizenships (in term of visa-free access, physical safety, or passport strength), here are some options:

Vanuatu Citizenship: Your Express Route to Global Mobility

Vanuatu's citizenship program offers a unique blend of speed, simplicity, and affordability in the world of second passports. Let's explore what makes this South Pacific nation an attractive option for global citizens.

Advantages

  1. Unparalleled Speed: Obtain citizenship in just 6-8 weeks from application submission, the fastest track available globally.
  2. Streamlined Process: Enjoy a straightforward due diligence process with minimal documentation requirements.
  3. Cost-Effective: Invest approximately $130,000 for a single applicant, making it one of the most affordable citizenship programs.
  4. 100% Remote: No residency or physical presence required; complete the entire process from the comfort of your home.

Consideration

  • Limited Visa-Free Access: Vanuatu passport holders can visit 92 countries without a visa, fewer than some other citizenship options.

Ideal For

Vanuatu citizenship is perfect if you're seeking a rapid "Plan B" without intending to leave the US or renounce your current citizenship. It offers:

  • The quickest path to a second passport
  • A straightforward application process
  • The most budget-friendly option among citizenship programs

While the Vanuatu passport may not be as powerful as some alternatives, it provides a valuable safety net for those wanting to secure a backup citizenship swiftly and efficiently.Caribbean Citizenship by Investment Programs

Caribbean Citizenship by Investment Programs

Embrace the allure of the Caribbean while expanding your global reach. These programs offer citizenship in native English-speaking countries within the Americas, including Antigua and Barbuda, St. Kitts and Nevis, St. Lucia, Grenada, and Dominica.

Advantages

  1. Expansive Global Access: Gain visa-free entry to over 150 destinations, including:
    • The Schengen Area
    • United Kingdom
    • Russia and China (not available to US citizens)
    • Hong Kong, Singapore
    • Most of Latin America
  2. Minimal Presence Required: Most programs require no residency or physical presence to obtain citizenship. Everything can be processed remotely, with only Antigua and Barbuda requiring a 5-day visit within 5 years of receiving your passport.

Considerations

  1. Thorough Due Diligence: Expect a more comprehensive process compared to Vanuatu, including detailed documentation of net worth and company ownership. Forms typically require wet ink signatures and physical mailing to the Caribbean.
  2. Investment Level: Programs generally range from $250,000 to $280,000 for a single applicant.
  3. Processing Time: Citizenship is typically granted within 6 months of application submission.

Ideal For

The Caribbean offers a balanced option between Vanuatu and Portugal, perfect for:

  1. Those seeking a robust "Plan B" without leaving the US or renouncing citizenship. Caribbean passports offer superior travel benefits, better US connections, and more livable environments compared to Vanuatu.
  2. Individuals contemplating future full-time residency outside the US or potential US citizenship renunciation. A Caribbean passport, possibly combined with other options like South African citizenship, can provide excellent global mobility.
  3. Portuguese Citizenship via the Golden Visa: Your Gateway to Europe

Portugal's Golden Visa program offers a unique blend of European prestige and investment opportunity, making it a standout choice for global citizens seeking to expand their horizons.

Advantages of Portugal Golden Visa

  1. Premier European Citizenship: Obtain a highly-respected EU passport, granting access to 189 visa-free travel destinations worldwide.
  2. Schengen Area Freedom: Enjoy unlimited settlement rights within the Schengen Area, allowing you to live and work across 26 European countries.
  3. Minimal Presence Required: Maintain your residency with just 15 days of stay every two years until citizenship is granted.
  4. High Quality of Life: Benefit from Portugal's excellent healthcare system and renowned quality of life.
  5. Investment Opportunity: Unlike donation-based programs, invest a minimum of €500,000 in a qualifying fund, potentially yielding returns.
  6. Innovative Investment Options: CitizenX offers the unique opportunity to invest in a Portuguese fund primarily holding Bitcoin ETFs, combining citizenship acquisition with cryptocurrency exposure.

Considerations of Portugal Golden Visa

  1. Time to Citizenship: While residency is granted quickly, full citizenship requires a 5-year naturalization period.
  2. Investment Risk: As with any investment, returns are not guaranteed.

This program is perfect if you're contemplating a future outside the US and potentially renouncing US citizenship, but aren't ready to commit fully. Portugal offers:

The trade-off? A 5-year wait for full citizenship – a small price for such comprehensive benefits.

Success story: Pavel Durov

Pavel Durov, CEO of Telegram and recently all over the news following his arrest in France while visiting privately (and even being a French citizen!) is a perfect example of the type of citizenship portfolio high-stake CEOs use to become sovereign and minimize their exposure to authoritarian Governments.

Pavel's citizenships:

- 🇷🇺 Russia, since 1984 (citizenship by birth. Initially Soviet Union, but converted to Russia after the fall of the USSR)

- 🇰🇳 St Kitts and Nevis, since 2013 (citizenship by investment. Exactly the same program as the one offered above)

- 🇦🇪 United Arab Emirates, since 2021 (citizenship by exception. Granted directly by UAE authorities four years after moving full time himself and Telegram's headquarters to Dubai)

- 🇫🇷 France, since 2021 (citizenship by exception. Granted directly by French authorities)

Pavel initially rose to fame thanks to VK (Facebook lookalike that became the most popular social media in Eastern European countries), which he founded in 2006 and decided to leave in 2013 after years of pressures by the Russian Government to remove political opposition pages and build a backdoor for them to exploit.

This is when he decided to leave 🇷🇺 Russia and obtain 🇰🇳 St Kitts and Nevis citizenship by investment, where he lived until 2017 when he officially moved to Dubai (🇦🇪 UAE). Pavel has been very vocal since then on why he believes that Dubai was the best place for him to establish his company and personal residency, citing UAE being as a neutral country as one of its main advantages

His arrest in 2024 proved:

- Authoritarian Governments will chase and prosecute individuals even if they are citizens (Pavel was arrested with little to no explanation right after arriving in 🇫🇷 France despite being citizen of the country and was constantly harassed by 🇷🇺 Russian police while he lived there). Passports can also be revoked at any point, so individuals with only one citizenship better not bother the Government that holds all of their travel rights

- Additional citizenships (such as 🇦🇪 UAE or 🇰🇳 St Kitts and Nevis can prove to be the difference between being in jail or not. Following Pavel's arrest, to protect him as rightful citizenship played a major role in his release from custody (and placed under judicial supervision under a €6M bail) just 4 days after his arrest

Even if Pavel could've never thought that he would be one day arrested for visiting Paris when he first became Emirati, the fact that he had that dual citizenship as a plan B proven extremely useful when in need. The same could be said about his St Kitts citizenship, which was not only useful to cut ties with Russia, but also served as a great place to work and live hassle-free for a couple of years until he moved to Dubai.

While the UAE is also a very desirable citizenship to obtain, the country does not have any kind of program with a clear path towards citizenship (other than giving it by exception, which was the case of Pavel after living many years and contributing heavily to the UAE economy).

They are, however, very efficient in expediting long-term residency permits for individuals that are interested in living in Dubai (process which we can also help with if you wanted to explore this option)

Global Citizenship options: A world of possibilities

The opportunities in Vanuatu, the UAE and Portugal mentioned above are not the only options out there for second and third passports. As you embark on your journey to expand your global horizons, CitizenX opens doors to a diverse array of citizenship opportunities.

While the Caribbean or the Middle East can often be a focus for second passports — don’t sleep on the potential of an another first-world citizenship. Unlike Americans, Canadian, Irish and Maltese citizens (for instance) do not have to pay tax on worldwide income!

You may want to look to neighbours in North America, like Canada and Mexico and other European countries, as well.

Let's take a quick tour of other countries you might consider:

European gateways for lifestyle and optionality

  • Cyprus: Unlock the Mediterranean lifestyle with a path to EU citizenship.
  • Germany: Access Europe's economic powerhouse with its robust passport.
  • Greece: Combine ancient history with modern EU benefits.
  • Ireland: Embrace the Emerald Isle's global connections and EU membership.
  • Malta: Discover this Mediterranean gem's citizenship program.
  • Switzerland: Though not in the EU, Swiss citizenship offers unparalleled global respect.
  • United Kingdom: Post-Brexit, still a global player with strong international ties.
  • Turkey: A unique bridge between Europe and Asia, with a growing economy.

English-speaking countries that don’t tax on worldwide income

  • Canada: America’s northern neighbor offers a high quality of life and global respect.
  • New Zealand: Experience breathtaking nature and a laid-back lifestyle in the South Pacific.

Asia-Pacific opportunities

  • Singapore: A global financial hub with a powerful passport.
  • Australia: Combine vast landscapes with economic opportunities (not listed but often considered alongside New Zealand).