The recent US Supreme Court decision overturning Roe v Wade has had a huge global media response. Indeed, both mainstream and online media now seem to be full of headlines and articles announcing which countries will allow abortion… with the clear implication that these are the countries that freedom-loving Americans should consider for a second passport.
Similarly, prior to every US election, many celebrities claim that they are going to move out of the US. Some go as far as identifying a prospective new country. However, in reality few actually carry out their grand plans. In most cases this is not because they have changed their minds… Rather it’s because they have discovered there is a lot more to an escape plan than picking what appears to be an attractive country with one or two great-sounding benefits.
Picking a new country on the basis of a few headlines or a recommendation from someone seeking to sell you a quick solution (in most cases to earn a nice commission) is akin to being offered a brick from a brick salesman. Of course what you really need is a fully developed set of blueprints for your custom-made dream house. Now to mention the need for access to a building contractor and trades who can make those blueprints a reality.
You can’t start looking at where you are going in terms of acquiring a new citizenship and/or country of residence without:
1. Figuring out your current residency situation and how to extricate yourself from it; and
2. Considering all the important aspects of your life will be when you arrive in your new country.
Let’s start with figuring out your current residency situation and how to properly extricate yourself from it.
How to extricate yourself from your current residency solution
US citizens wanting to permanently leave will need to do the following before attending at a US Embassy or Consulate to pay the $2350 fee to renounce their citizenship:
Step 1: Acquire another citizenship
This may be achieved through lineage, naturalisation or investment. Depending on which path he/she follows this step could take 4 months to several years;
Step 2: Organize an asset by asset “Fire Escape Plan”
This will deal with all the tax ramifications of renouncing his/her US citizenship
Step 3: Arrange a renunciation appointment at a US mission:
Only a few offices are booking appointments, so he will need an expert advisor who can make this appointment; and
Step 4: Organise visas to travel
For both personal and/or business purposes, etc.
Finding your new ‘dream home’
Now, let’s consider selecting a new country of citizenship and/or residence based on those aspects that are vitally important to you – and your family – and whether or not they will be satisfied by your new country. In other words, how can you get yourself a fully developed set of blueprints for your custom-made dream house… and access to a building contractor and trades who can make the blueprints a reality.
For this, I will refer you to one of my recent blogs titled “Beyond Satoshi Island Citizenship:Real-world solutions for the Crypto Community.”. I understand that most of you reading this are not members of the crypto community, but the key principles are very much the same…
Step One. Understand where you currently stand and what is needed to move
Step Two. Understand what happens if you leave, and plan to minimize the pain
Step Three. Understand you and your accompanying family’s needs, preferences and desire
Step Four. Determine cost and tax-efficient ways of entering your chosen jurisdiction
Step Five. Put together and execute an end-to-end plan that maps out all the costs, steps, and timing involved in executing your family’s strategy.
Is the overturning of Roe v Wade a death knell for the Land of the Free?
Given the surprising number of inquiries I have received from Americans and their advisors over the past few days, I think it is safe to say that the SCOTUS decision regarding abortion is fundamentally different to past election fears and outcomes.
For starters, the impact of this decision is known, profound and immediate. Significantly, elections only raise concerns of what a given politician might do in the future.
And thirdly, this decision might mobilize sufficient voters to help the Democrats defy mid-term election history…and give them the opportunity to implement their often-stymied agenda. This is good news for some, and bad news for others.
So please take heed, when reading these “helpful” articles offering simplistic one-dimensional solutions to complex problems, ask yourself “Do you want a brick, or do you want a custom-built house?”