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Ted Baumann is International Living’s Chief Global Diversification Expert. He's traveled to nearly 90 countries and is a dual citizen of the United States and South Africa. Born in Washington DC, he grew up on Maryland's Eastern Shore.
As a young man he moved to Cape Town, where he attended university, earning postgraduate degrees in economics and history. For the next 20 years he worked in the global non-profit sector, specializing in urban development. From 2008 to 2013, he served as Director of International Programs for Habitat for Humanity International. After that he switched gears, writing financial and wealth protection newsletters for affiliates of Agora Publishing.
Ted has been published in international research journals, as well as media outlets such as Barrons, Forbes and Cheddar. He co-authored Where to Stash Your Cash (Legally) with his father and former U.S. Congressman, Robert Bauman.
I’m going to be writing and speaking a lot about taxes over the next few weeks, so today, I thought I’d review some of the key concepts you need to understand to deal with the IRS when living, working or investing abroad.
Increasing numbers of young Americans who have spent some time overseas are finding that their pathway to a second passport is easy and cheap. At last count, 54 countries allow digital nomads to get a foot in the door to potential citizenship.
For the last six weeks or so, I’ve been preparing to relocate myself, my family and most of our possessions—including our Jack Russell, Max—back to our home in Cape Town, South Africa. I arrived one week ago today. I thought I’d share some insights from the experience. After all, when you finally arrive in your dream home overseas, you want to be as relaxed...
The takeaway: If you're concerned about the safety of your cash, it's worthwhile establishing a connection to a foreign country via a residence permit or property ownership just so you can have access to their banking system.
Namibia ranks as one of the safest and most stable countries in Africa. And now, this slice of heaven can be yours: Namibia is joining the ranks of countries offering golden visas. Successful applicants receive a five-year, renewable residence and work permit.
One of the most common questions I get asked is how to obtain a second passport if you have limited resources. Plenty of people would like to have one, but the costs can appear daunting. There are several routes to a second citizenship—and thus a passport. Each involves specific variables, over which you may have different degrees of control.
The Irish government has said that qualifying investment funds can still accept potential residents until they are fully subscribed. That means you still have time to exploit this route to residence in one of the most attractive countries in the European Union.
Last week, news that the Portugal Golden Visa program is ending rocked the offshore-residence world. This came after Ireland’s termination of its own program the previous week. All is not lost, however. If you’re interested in an EU residence permit … especially if your ultimate goal is a European passport … the time to act is now.
Remarkably, with a population of just under 5 million, Ireland currently has at least 4 million official passports in worldwide circulation. In part, this large number of passport holders stems from the doctrine of jus sanguinis, or citizenship by descent, basic to Irish nationality law. It views bloodlines as determining a birthright to citizenship—even without ever having lived in the country.
To most people, owning multiple passports sounds like something only a spy or an international criminal would do. But that’s just Hollywood’s (deeply inaccurate) portrayal. The reality is that the Supreme Court has ruled that it is fully legal for a U.S. citizen to hold two, or even more, citizenships.