Hi guys its Barry in DR. I have received several emails asking about “How To Relinquish US Citizenship”. I definitely understand the question and it makes a lot of sense given that the slope just got a bit more precarious. While the video below is meant to be humorous, there is no denying that there are many Americans that feel totally disenfranchised. They realize that the only way that America can continue to pay its bills as it slides further into socialism is to steal/tax the assets from those citizens that have been financially responsible and/or who still work. They realize that the Government has managed to accumulate debt and make promises that would suck almost $1,000,000 from every family in America… if they even had it to confiscate. I’ve mentioned before when a country’s currency is being artificially propped up start prepping. Your assets will become your liabilities. The powers in place just have to get it from somewhere and guess what if you have it then it’s YOU.
As you know, I am all about having options and one of those options is to establish residency, citizenship and a 2nd passport in an independent, democratic country. That gives you options. And if you are selective, you can establish those options WITHOUT having to relinquish your US citizenship. That is what keeps the doors open in both directions. If you lay the proper groundwork, and if things get totally out of control in the US, or Europe or Canada… you can always decide THEN if you want to relinquish citizenship in those countries. But why shut that door before you are forced to. The KEY… right now… is to give YOURSELF that opportunity if the need does arrive. Give YOURSELF the legitimate right to move your family and your assets out of the US, Canada or Europe if and when you choose to.
I believe the easiest and most convenient way to do that today is by establishing residency and ultimately citizenship in the Dominican Republic or similar country, while you still can. As a citizen of the Dominican Republic you will be entitled to the privacy in your banking and asset ownership that all Dominican Republic citizens are allowed without intervention of the US government.
There are currently no restrictions or penalties on you holding dual citizenship with the Dominican Republic and the other countries. Yes you still have to report having an account in any country but other than that there are no penalties. So, word to the wise…. start the residency process as soon as you can.
But to answer the question several of you have asked…. “How Do I Relinquish My US Citizenship”. I found this to be a fairly good resource to start with. Try Renunciation Guide while I’m not endorsing this or any other source of information, I found many of your questions will be addressed within this site. Seems that this being such a hot topic there are a lot of “experts” with little or no experience offering advice. Don’t listen to a hockey coach that doesn’t know how to skate, if you know where I’m coming from.
But think about it, if you have not laid a proper ground work, do you really want to put the cart before the horse. Do you really want to give up your US passport before you have another passport to fall back on. I don’t think so. First steps first. START the residency and citizenship process in a friendly country so that you have something to fall back on. Start NOW so that you will have the freedom to decide without shooting yourself in the foot.
If you want to check out what is involved in getting a passport from the Dominican Republic, click on the image below and download our “Guide To Residency, Citizenship and a 2nd Passport in the Dominican Republic”.
Now that you know HOW to relinquish your US citizenship, let’s talk a little about some of the pros and cons of doing that.
What will you be gaining?
1. Perhaps the surest and safest legal exit strategy being offered.
2. Allocating assets out of reach from being seized with a couple of mouse clicks.
3. Options that may well serve your loved ones in the near future.
4. Safety for your family as a moving target is always harder to hit.
What will you be losing?
1. The chance of being trapped where you don’t want to be.
2. Fear and that feeling of being powerless.
3. Really nothing, since you’re not giving up your original citizenship. If so desired make that decision only after obtaining your second passport. The U.S. allows everyone to maintain two.
So now it is up to you. If you have not laid the groundwork to relinquish citizenship without harming yourself and your family, I recommend you start with that. Establish residency, get your citizenship and a 2nd passport in another country FIRST. I recommend the Dominican Republic because it is a stable, democratic country only a couple hours away from the US. The Dominican Republic passport will allow you to travel into and out of the US, Canada and Europe pretty much without major hassle. It is fairly fast and painless to gain citizenship and the costs are reasonable by 2nd Passport standards.
Again, if you would like to learn more about a Dominican Republic 2nd Passport, click on the image below to check out what is involved in getting a passport from the Dominican Republic, click on the image below and download our “Guide To Residency, Citizenship and a 2nd Passport in the Dominican Republic”.
Look guys. I don’t envy you right now. If you have anything of value it is pretty obvious to me that you are a sitting duck…. part of THEIR solution to pay for all those spending excesses and ridiculous promises. I do believe THEY will stop at nothing to try to maintain power and buy their votes with more promises. I do hope you will start to lay the groundwork to give yourself options while you still can. The clock is ticking and the hour is ever nearer. Until next time this is Barry in D.R. and I’m out.