Why Your U.S. Passport is Harder to Renew Now
The State Department’s current estimated processing time is 10 to 13 weeks (about 3 months). Two factors led to this bureaucratic mess.
Being a citizen of more than one country has a lot of advantages. I should know… I'm one of them.
My name is Ted Baumann. I hold passports from the U.S. and South Africa, where I've lived on and off for decades.
Here are some of the things having that second passport has done for me over the years:
The best part is... you don’t have to be a millionaire to have a Plan B. There are many ways to attain a second passport. I lived abroad for some years and eventually qualified for naturalization. But many countries will grant you citizenship if you have a parent or grandparent—and sometimes even a distant ancestor—from that country. Others will give you a passport outright in exchange for an investment.
Having a second passport is perfectly legal. Under U.S. law, upheld by several U.S. Supreme Court decisions, “dual citizenship” doesn’t jeopardize my U.S. citizenship or rights in any way.
A second citizenship can open doors currently closed to you... For many, it’s led to greater freedom, lower taxes, and greater asset protection.
Below you’ll find more details about second passports—the benefits, the best countries to apply for one, and how to get started...
The State Department’s current estimated processing time is 10 to 13 weeks (about 3 months). Two factors led to this bureaucratic mess.
If citizenship by descent or investment is the best route for someone, I'll always tell them so and point them to the resources they need to do that. But in many cases, the best way to get a second passport is to find a place that you love, settle there, and do your time.
If you love what the world offers… and have found a place that you call home… protect that by getting yourself a second passport—before history turns you into a sad statistic, too.
The bottom line is that as tempting as it is to use a digital mailbox if you're going to be living permanently abroad, I don't recommend it. Of course, your personal affairs may make it possible for you to do so, but eventually, I predict you're going to have problems.
Most Americans thinking about moving abroad know they will be liable for U.S. income taxes on U.S. source income like pensions, rental income, and interest. But many states will also expect you to pay taxes to them unless you do what I did.
The most likely scenario for the dollar’s demise as the global currency involves a gradual decline in U.S. political and economic power, accompanied by increasing instability in U.S. governance and monetary management.
If the dollar were knocked off its perch, every American would face economic hardship. The cost of imports would rise, spurring rapid inflation. The purchasing power of any financial investment denominated in dollars would collapse.
For anyone considering applying for a long-term residency permit in a foreign country, however, all is not lost. In fact, the environment is arguably more suitable now for people of independent means than it ever has been.
Global doors are still open to people who fit the bill. But the emerging paradigm will be based on more than just cash. Applicants will have to prove suitability under broader, more subjective criteria.
One reason so many Irish Americans are exercising their right to citizenship in their ancestral homeland is that it’s a better economic environment. If you’ve got enough Irish in you, applying for a second passport from the Emerald Isle could be your ticket to future prosperity.