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Here at Nomad Capitalist, we always recommend having a plan B, an escape plan, and a set of options to not be stuck in your country. One of the best ways is to obtain a second residence and second citizenship. Obtaining a second residence is often one of the easiest and quickest steps that you can take to legally lower your tax bill, open up new investment markets, and enable yourself to live abroad if you so choose. It's the ‘vanilla' of the Nomad Capitalist world. But that doesn't mean that it's so plain, easy, and cheap that everyone can just get up and do it.
It takes careful planning and plenty of effort. In Western countries, they are implementing many of the changes that the politicians on the fringes have talked about – taxes on millionaires, wealth taxes, and even retroactive and extra-territorial taxation.
With the political and social changes that are occurring throughout the world, it would be wise for any high-income citizen of a Western country to get a second passport. Which one is better for you?
In this video, Andrew answers your question.