Monday, 28 January 2019 17:30

Banking passports

Second PassportAssets protection overseas

Interested in taking your money overseas?  Banking passports provides much needed anonymity and protection in the age of stricter security measures. That’s why it’s a great advantage to have a second passport to conduct your offshore banking with. 
The Western world doesn´t want you to take your money overseas. They are putting greater restrictions on offshore banking by their citizens. The U.S., for example, bullies foreign banks making it almost impossible for its citizens to secure offshore bank accounts. 
Today’s governments can buy lists of offshore bank customers. That is where the perk of a second passport comes in.  With a second passport accounts will appear with a second nationality. Therefore, if the bank account is opened with a second passport, governments won´t be able to find you. 
Personal accounts are not secure because the name goes public whenever an operation is conducted. The best way to secure your information is to open a corporate account as a beneficiary using a second passport. This will assure that your government won´t find you; they´ll only find a corporate account with the identity of another country´s resident.  
The best countries to get a banking passport with are developing countries, like Dominican Republic, for example. These second passports are generally easier and cheaper to get. Also, these countries provide more anonymity and have no interest in your bank account information. Just be sure to avoid getting a banking passport in a country that is known for terrorism or drug-related activity.
Banking passports offer the safe opening of foreign bank accounts and storage of assets, without the risk of scrutiny by your home government.

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passportsResentment against a law on passports bank drive

Few were aware of its approval and even the media published opinion columns which analyze, in depth, the issue, however, the Law on Incentives to Restore Employment Contract, known by its acronym in English, Hire Act, actually seems like another extreme regulation of financial institutions by U.S. authorities and has led many banks to seek passports through other citizenships. 
The explanation of the increased interest in obtaining passports bank is in the content of the law, passed by the Obama administration in March this year. With the Hire Act, U.S. banks find it difficult to establish negotiations with offshore banks that do not provide account information of its users. Thus, any transfer of money from the United States to other foreign financial institutions that have agreed to provide all the information on the accounts of the U.S. government would be subject to a tax of up to 30% of the total sent. 
Creating trouble to the U.S. banks that will have to investigate with great care and depth each of the transactions, to determine with certainty the reasons for the transaction, which sends you and the bank receiving the money. In the event that the offshore bank is not bending to the will of the Hire Act, for example by not providing information on the accounts and its users, then the U.S. bank would have the duty to withhold 30% tax. 
It is no secret that the U.S. tax system is based on the concept of "nationality" and not territorial, so even living abroad, Americans have to pay their taxes. Therefore, the IRS has sought new ways to control the incomes of citizens and the Hire Act, even when there was a legal mechanism for renewing that seeks to create jobs and offer tax incentives to companies to hire more employees, actually violate the banking secrecy, however, considered experts, this part has been little known. 
For offshore banks, the Act Hire is also a problem because they would be forced to send regular information to the U.S. tax authorities on any transaction of a citizen of that country or make withholding taxes directly. In case of refusal to violate banking secrecy, would risk being labeled as unreliable banks. Then it has become a trend as offshore banks are increasingly reluctant to accept U.S. accounts for fear of the consequences of Hire Act, as they would be losing one of their most important arguments when a user selects: the secret financial activities carried out there. 
Given these changes in the law that could seriously affect their business, not a few Americans would be looking to obtain passports bank by other citizenships, allowing them to open their accounts in offshore banks without having to worry about Hire Act, as this institution should not provide information about a transaction made by someone who appears registered as a citizen of any country other than the United States. 
The Act Hire a deadline to take effect in 2013, but probably the voices against multiply at about the same rate as the acquisition of passports growing bank. If the Patriot Act in 2001 worried many of the open violations of civil liberties, the Act proposes Hire increasingly extreme regulation of global financial institutions and the costs of all these changes would have to pay for all citizens.

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Monday, 28 January 2019 17:10

Schneider v. Rusk on loss US Citizenship

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Schneider v. Rusk, 377 U.S. 163 (1964)

Angelika Schneider was born in Germany. She came to the US with her parents and became a US citizen upon their naturalization. While a graduate student in Europe, she met a German man whom she later married, and she moved permanently to Germany to live with him. 
The State Department claimed Schneider had lost her US citizenship in accordance with a section of the US Immigration and Nationality Act which revoked the citizenship of any naturalized citizen who returned to his or her country of birth and remained there for at least three years. Schneider took the US State Department to court ("Rusk" was Dean Rusk, Secretary of State in the Johnson administration) and won her case on loss of Nationality before the Supreme Court in a 5-3 decision. 
The Supreme Court held that since no provision of the law stripped natural-born Americans of their citizenship as a result of extended or permanent residence abroad, it was unconstitutionally discriminatory to apply such a rule only to naturalized citizens. The court rejected arguments that naturalized citizens who resumed permanent residence in their countries of origin presented particular challenges to US foreign policy, and that the government had a right to strip such people of their US citizenship in order to safeguard the country's diplomatic objectives. 
The statutory provision which was struck down in this ruling was repealed by Congress in 1978 (Public Law 95-432).


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passport spy

Carrying several passports it’s no longer merely for international agents of the 007 variety. In today´s world, more and more ordinary people have taken to carrying several passports for reasons varying from convenience, finances, and work to recent terrorist threats and security. An average artist has Italian and Argentinean passports and just recently added an American one. Working for an airline company, having different passports helps him avoid long lines. 
Another person, who is a citizen of two countries, decides on what passport to use depending on the destination. Frankly, for some countries, it’s definitely easier not to be a U.S. citizen, for example.
Many people, especially from the U.S., qualify for dual citizenship and have no idea. People can get a second passport due to ethnicity, religion, or country of birth – just to name a few.
One advantage of having a second passport is for work. It can allow you to work with no restrictions in many countries and to cover up where you´ve been. 
Before getting dual passports, it´s imperative to assess both potential military service assignments and taxes. Many choose not to dual passports even though they have two nationalities because of mandatory military. 
Second passports can also make traveling easier. For example, having a contentious last name can be a good reason for traveling with a passport that is more ambiguous, rather than one that can be linked to “terrorism”. A lot of people, for instance, would rather not be identified as American. It’s also preferable not to travel with an American passport: it makes travelers feel unsafe and often visas are more expensive too.
Two main reasons that people are getting additional passports are still globalization and marriage to immigrants. No matter what the reason may be, it is certain the number of people with more than one passport will increase.

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Thursday, 24 January 2019 20:36

How fictitious residences can work for you

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Every wonder how to not pay taxes without having to move from your home becomes country? Believe it or not it is possible to be a paper perpetual travel – someone who becomes invisible without moving to a foreign country. It is possibility is made a reality by a fictitious residence in any country or enclave known as a tax-free haven. This way you get the financial benefits of being a perpetual tourist without having to move around all of the time. 
So you want the perks of a perpetual travel without ever traveling? Become a paper perpetual traveler. A paper perpetual travel is someone who arranges paperwork as if he were no longer a resident while continuing to live in one place most or all of the time. All you have to do is set up a residence in a safe country where taxes are free or low, and then your home country will no longer haunt you for tax money as they would a resident.
In Belgium it is common for professionals to “move” to low tax Luxembourg. They rent studio apartments, register their cars, and set up new bank accounts in Luxembourg, yet continue to live in Belgium as “tourists”. As far as the USA is concerned, it is possible to become a “tourist” there much in the same way that illegal immigrants do.
There is also the possibility of becoming a paper PT in a third country. What this entails is establishing your residence in one location, for example the tax-free Italian enclave on Lake Lugano in Switzerland, and actually physically living in a third country. This fictitious residence scenario allows you to avoid the taxes in your home country and live in any country of your choice as a tourist. This works well if you´ve always dreamed of living in the idyllic location, but know that it’s not in your best financial interest to do so.
Just to give you an example of how this fictitious residence scenario works, we´re going to introduce you to the situation our good buddy Dave created for himself that works quite nicely. Dave is your typical British gent, like many others, who wants to keep his hard-earned money and live comfortably. He invested in real estate and when the Inland Revenue charged him ridiculous taxes on his property capital gains, he took his money and high-tailed it out of England – opting to retire abroad on the sunny coast of Spain. 
Dave, however, lives in Spain as a paper PT. Why didn´t he just change residency to Spain and avoid paper PTing in a third country? Well, the fact is that new extradition treaties and the European Union have made it much more difficult for British tax dodgers to be residents of Spain. This is why Dave’s tax-savvy consultant recommended that he “move” to Andorra, a little tax have country between France and Spain. The best part about Andorra is that they don´t have a tax authority and won´t even enforce tax claims against their own residence. This is why before Dave made his paper PT move to Spain, he first went to Andorra. There he opened up a multi-currency account and opened a maildrop by borrowing an address from a local business. After setting up his fictitious residence in Andorra he was now free to peacefully live in coastal bliss on the coast of Spain, thus escaping British taxes for the rest of his carefree paper PT life.
Dave´s story may seem idyllic, but it is a reality. Controls on creating fictitious residences are getting a tighter than they were back in Dave´s day. Even so, fictitious residences are still possible with the right “moves”. You don´t even have to live in a third country like Dave. It is also possible to be a paper PT while still living abroad in a country that you once were known or used to pay taxes in. So, if you want to “move” countries without really “moving” or investing abroad anonymously a fictitious residence could definitely be a viable, worthwhile option.

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