Exactly! The English speaking countries the parent mentions make it “easy” for young people to move there because they want more people to tax at their confiscatory tax rates. The goal of many people buying these other citizenships is to get them without having to become tax resident. Often they have residence visas or PR rights in other places.
For example if you’re an American with a Thailand elite visa good for 20 years or Singapore or Hong Kong PR you might want to get rid of your US passport but to do that practically you need another - literally any will do but these ppl don’t have an interest in becoming tax resident in another high tax place with complicated world wide reporting requirements…that’s literally the problem they are trying to solve by getting rid of the U.S. one.
larrysalibra|1 year ago
For example if you’re an American with a Thailand elite visa good for 20 years or Singapore or Hong Kong PR you might want to get rid of your US passport but to do that practically you need another - literally any will do but these ppl don’t have an interest in becoming tax resident in another high tax place with complicated world wide reporting requirements…that’s literally the problem they are trying to solve by getting rid of the U.S. one.