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  1. The rich people buying passports in places like St Kitts are not giving up their US citizenship — and all the benefits and protections it brings. They are buying a second citizenship — sometimes so that they can open up offshore bank accounts and evade US taxes by concealing income and wealth. (Look at the Panama Papers.) I say evade because US taxes are due on all income worldwide, regardless of location.

    Which is why I think dual citizenships should be banned for US citizens. Make up your mind — if you want to enjoy the privileges of US citizenship, then accept the burdens. How many of these rich snots have served in Afghanistan? Or came back missing an arm or leg and facing a 15% unemployment rate for veterans?

  2. Until such time as you cease to be subject to tax, you continue to incur the obligations of citizenship (or even just residence – you don’t get out of paying taxes if you’re a green card holder), including paying taxes. Plus, the civil authority has a say in when you’re you’re done with the citizenship switch. If you have a tax obligation, it doesn’t go away because you switch your legal allegiance any more than getting a new credit card gets you out of paying your obligations to your old card. If you switch to someplace where it’s difficult or impossible to pursue you and your assets, and you have successfully moved your assets, you may be “judgement proof”, but anybody can still pursue you legally (if not successfully).

  3. About 8 years ago, the IRS cracked down hard on Swiss banks refusing to reveal information about the holdings of Americans with Swiss accounts. As a result of that heavy armtwisting, banks in a number of nations now reportedly refuse to open accounts for Americans because of the reporting requirements imposed by the IRA.

    However, a second passport allows an American tax evader to open up foreign accounts as a non-US citizen.

    I’ve seen some news articles saying that wealth deposited in Cook Island banks are especially invisible to — and immune from — US lawsuits.

    The interesting thing is that a number of relatively cheap second passports (St Kitts, etc.) are also relatively powerful — as defined by the number of countries allowing entry to the holder without requiring a visa. Malta is more expensive but — as a EU nation — entry to Malta includes entry to all EU nations without control.

    I agree with Joel Skousen that islands are bad survival retreats and many of the off-shore havens are especially bad given their lack of food production and dependency upon food imports/ global supply lines. They sell citizenships and tax havens because they have few other resources/assets.

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