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If I relocate to another country or get a citizenship by investment what happens to my original citizenship?
Will obtaining another passport mean that you have to get rid of your existing one?
Of course not!
Citizenship, residency and tax residency are different terms that sometimes overlap. But sometimes they don’t.
You could be a citizen of Canada, who lives in Dubai and also has Vanuatu citizenship. Canada will not take your passport away because of this.
At the same time you will not be a Canadian tax resident because you don’t actually live there.
Things get much more complicated with Americans. If you’re a US citizen you will be a tax resident of the US no matter where in the world you live, and no matter which other passports you have. You will be paying American taxes unless you renounce US citizenship.
With most other countries this is not the case. You get to keep your citizenship, but if you relocate abroad you will generally not have to pay taxes in your home country.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
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Author: Michael Rosmer
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