Versatile Passport for American Citizens and Expatriates
Versatile Passport for American Citizens and Expatriates Worldwide: When it comes time for a US Citizen to obtain a second passport or substitute passport in anticipation of expatriation, there are many considerations they must factor into their decision. Oftentimes, the tax implications of being a citizen of another country may be the lead factor — but not always. Some US Persons who seek a second passport are more concerned with the travel versatility of the second passport — as opposed to the tax implications. Depending on the travel preferences of the person expatriating, one passport may have more versatility than another (more popular) passport. For example, if a person wants to spend extensive time in the Schengen Area, they would want to obtain a passport that provide visa-free — or at least VOA (Visa-On-Arrival) access to the Schengen Area.
Popular Passports with Extensive Travel Rights
There are about 15-20-different countries that are known for providing the best range of passport versatility as compared to others. These 20-passports below are not necessarily the best passports for US Citizens or Expatriates — especially if the country of the Passport turns out to be the country of residence.
Rather, these are essentially just common passports that have the most available non-visa (or visa on arrival) destinations.
- South Korea
- New Zealand
Taxes, Passports & Travels are Entwined
In conclusion, when a US Citizen or Long-Term Lawful Permanent Resident relinquishes/renounces their US status, they will need at least one other passport. It is important to evaluate their overall tax situation in order to determine which passport they provide the best bang for the buck — realizing, that not all passports benefit everyone the same, and outcomes will vary based on categories and types of income along with transfers of wealth.
About Our International Tax Law Firm
Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure and expatriation.
Contact our firm for assistance.