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Summary of this video:
🌍 Passports to Avoid
- Passports from sanction countries or countries with a bad reputation should be avoided due to potential travel restrictions and hassle.
- Military service requirement countries like Turkey and Israel can pose problems for children’s conscription.
- Countries like Costa Rica with no military requirements are favorable options for citizenship.
🇲🇦 Citizenship You Can’t Renounce
- Not being able to renounce Argentina citizenship isn’t a major downside, as it’s unlikely to result in enforced taxation.
- The Argentina passport has a good reputation and may be worth considering.
🇺🇸 Citizenship Based Taxation
- US citizenship comes with worldwide taxation and strict reporting requirements, making it unfavorable for wealthy individuals.
- Better passport options are available without the burden of US citizenship.
🇷🇺🇺🇦 Enemy of Current Citizenship
- Avoid obtaining citizenship from a country that is an enemy or in conflict with your current country, as it can lead to legal issues and trouble.
- Dual nationality between conflicting countries can be risky and may lead to imprisonment.
DISCLAIMER: This video is not tax and/or financial advice. Any information or advice I give is purely based on my own experience and research. I am not a tax professional and/or lawyer and/or accountant so I am not liable for any steps you take to lower your taxes. I’m not a financial advisor nor do I pretend to be. Always do your own research.
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