Dual citizenship worth the effort? (Mexico)

[littleswimmer]

Originally from the states, but have the ability hold a dual citizenship. Not through any sort of loophole or sketchy practices, as mentioned by members in the past. Is there another advantage im not seeing apart from the obvious ability to own assets etc. ?

 

[Sols]

https://www.passportindex.org/comparebyPassport.php?p1=mx&p2=us
You could travel to Belarus and Venezuela without a visa, and you can stay a little longer in Bolivia, UAE, and Uzbekistan. That's about the only upside for travel.

For taxes, it makes no difference since you're a US person and subject to income tax on your worldwide regardless of where you live.

Having a second passport is almost never a bad idea, though. Mexico is relatively low profile and neutral.

The only downside is slightly more paperwork when doing things like opening bank accounts. You have to show and declare both passports. So instead of scanning and certifying one passport, it's now two. Not exactly a huge workload.

 

[littleswimmer]

https://www.passportindex.org/comparebyPassport.php?p1=mx&p2=us
You could travel to Belarus and Venezuela without a visa, and you can stay a little longer in Bolivia, UAE, and Uzbekistan. That's about the only upside for travel.

For taxes, it makes no difference since you're a US person and subject to income tax on your worldwide regardless of where you live.

Having a second passport is almost never a bad idea, though. Mexico is relatively low profile and neutral.

The only downside is slightly more paperwork when doing things like opening bank accounts. You have to show and declare both passports. So instead of scanning and certifying one passport, it's now two. Not exactly a huge workload.

these are good bits of info, are there any aspects related to anonymity you can comment about? thank you

 

[Sols]

these are good bits of info, are there any aspects related to anonymity you can comment about? thank you

Can't think of anything. You're ultimately an American. FATCA will follow you wherever you go all over the world. Only way around that is renouncing US citizenship or lying to banks by saying your only citizenship is the Mexican. The latter works until it doesn't. When it doesn't work anymore and for example a bank figures out you're a US person, you can find yourself in a lot of trouble (account closure, fund seizure, criminal investigation).

 

[wellington]

https://www.passportindex.org/comparebyPassport.php?p1=mx&p2=us
You could travel to Belarus and Venezuela without a visa, and you can stay a little longer in Bolivia, UAE, and Uzbekistan. That's about the only upside for travel.

For taxes, it makes no difference since you're a US person and subject to income tax on your worldwide regardless of where you live.

Having a second passport is almost never a bad idea, though. Mexico is relatively low profile and neutral.

The only downside is slightly more paperwork when doing things like opening bank accounts. You have to show and declare both passports. So instead of scanning and certifying one passport, it's now two. Not exactly a huge workload.

If i were American, and wasn't intending to live in the US or knew in the future the probabilities of wealth generation.

I'd probably ensure my kids first had their US Citizenship, then consider paying exit taxes and moving abroad whilst the unrealised probable investment(s) did their things.

For example, a investment that pays 1.5-2.5m would provide a comfortable life outside of the US, whereas in the US it wouldn't due to the trappings of society.

Whilst the kids would be able to make their own choice.

Otherwise you may as well continue to pay uncle sam.

 

[Radko]

Can't think of anything. You're ultimately an American. FATCA will follow you wherever you go all over the world. Only way around that is renouncing US citizenship or lying to banks by saying your only citizenship is the Mexican. The latter works until it doesn't. When it doesn't work anymore and for example a bank figures out you're a US person, you can find yourself in a lot of trouble (account closure, fund seizure, criminal investigation).

Don't know of anyone that tells the bank how many passports they have, you just use whichever one you want and off you go, I've never had a bank asking me "how many passports do you have?"
And there are plenty of people renouncing their U.S. citizenship and never ever have heard again from uncle sam.

 

[Sols]

Don't know of anyone that tells the bank how many passports they have, you just use whichever one you want and off you go, I've never had a bank asking me "how many passports do you have?"

OK, but that doesn't change the fact that it's something banks are required to and do ask about. If you have ever seen a citizenship field on a bank form, that's it. Sometimes there are multiple fields, sometimes they expect you to fill in all in one box.