Having second thoughts about Antigua Citizenship by Investment after applying. Please help.

[Martin Everson]

Lets try and do some forward thinking here. Renouncing EU citizenship is not as crazy‌ or over the top as it sounds initially. The world is more than the EU's‍ 450m people (just over 5% of the worlds population). Most of the world lives happily⁠ without ever having to visit the EU or even US. Hence having a CBI passport⁤ or a passport from i.e Turkey etc etc etc and not having an EU passport⁣ is not the end of the world. But if your mind is Eurocentric and you⁢ believe the EU is the centre of the world, the best place to live and︀ believe everyone wants to visit or live in the EU then you will meet the︁ issue of having to adjust your mentality.

Going forward I can see many EU countries︂ and maybe even the EU itself making it impossible to cut ties with EU and︃ leave its tax umbrella. The simple fact is EU needs money and your the people︄ to pay for 5% Nato defence spending ultimately. If your rich they are simply not︅ going to let you walk away in future and renounce all tax obligations. We have︆ already seen Exit Taxation brought in to stop big businesses leaving. We have even seen︇ enhancemenents to exit taxation in some countries to include citizens leaving. Sadly this will start︈ to be common across all EU countries to prevent people permanantly leaving the tax net︉ and reducing the tax base.

@JackieTsan No there is nothing bad if you don't have︊ an EU/US/USD centric mindset. But if you do then you will panic about every choice︋ you make as to not upset the EU empire.

 

[HardRJones]

Renouncing an EU-nation citizenship is foolish or insane unless you’ve done a methodical, logical assessment‌ of your needs and all of the options. Right now, the ease of leaving the‍ tax net of any EU nation is such that you’d be a fool to give⁠ up a legitimate passport ranked 3rd in the world for travel strength that allows living⁤ in 31 different nations including the 4th, 7th, 8th, and 14th largest economies in the⁣ world as well as tax and business friendly nations like Cyprus, Malta, Switzerland, Ireland, and⁢ the Baltic nations. There are many options to getting all the way out and staying︀ out. Claims otherwise are not correct. Use them and keep the advantages of the passport.︁

Doing it because of some ideological complaint against these nations and running to Turkey to︂ get a passport and defend or excuse the dictator Erdogan by calling it a flag︃ of convenience is worse than foolish or insane. It’s hate-blinded and dishonest.

A simple gap︄ year would have solved that Swedish businessman’s problem. That’s on him for not being aware︅ and not planning properly.

Might the calculus change if they institute citizenship-based taxation? Evaluate that︆ on the law that eventually passes. These things move slowly, and you should stay informed︇ and will have warning. The US has citizenship-based taxation and it’s an inconvenience, yet you︈ can reduce your tax burden nevertheless. Access to the largest economy in the world, the︉ best capital markets, and a strong passport is too often overlooked.

Too many people have︊ Andrew Henderson syndrome. Bullied in high school, rejected by women, so they lash out at︋ society rather than recognizing that social skills are learned skills and necessary in a society,︌ and that they are the cause of their own problems. They renounce thinking they are︍ getting some measure of revenge, only to find out that no one cares, they never︎ were special, and they’ve unnecessarily given up privileges that they took for granted. Then, denied️ visas and entry, they bounce around a handful of unpleasant third world countries, unable to‌ go home, as the same miserable people they’ve always been, spewing venom on Youtube and‍ trying to drag others into their pits of misery so they won’t feel alone.

That said. How exactly does an Antiguan passport get you flagged for enhanced due diligence?

 

[Martin Everson]

😉

 

[Cloudbanck]

To make the counterargument here, even if you are⁤ appalled with the direction taken by the EU, you may still have roots, and family⁣ there. If your ancestors and the people who are most genetically close to you, have⁢ lived say around some lake in Europe for at least the last 800 years -︀ you dont want to completely cut the ties with this place.
And with current birth︁ rate trends, you and your children may well inherit property in Europe. So you got︂ to deal with that, and I wouldnt want to sell property that has been family︃ owned in generations.

 

[Martin Everson]

Only roughly 480m in world have claim to European ancestry, The vast majority︀ of the world has no ancestry connection to Europe whatsoever...lol. But as I made clear︁ if your eurocentric mentally you will run into issues with your outlook on the topic︂ of passports.

Each person has to decide for themselves what is best for their personal︃ situation when it comes to holding a second passport or renouncing a citizenship. Some may︄ have acquired it by naturalisation and may no longer see any need for it.

 

[Cloudbanck]

Yeah, that was assuming you are 1 out of those 480M

 

[Martin Everson]

The important thing to remember is not everyone with a EU passport has roots in‌ Europe. Same applies to people Americans who end up renouncing their citizenship also. So again‍ it is not a crazy idea at all and for the reasons given by poster.⁠ And the US passport is supposed to be a powerful, beautiful and most coveted passports⁤ right...lol. Why would anyone want to give it up even if they had a EU⁣ or other good passport...lol. Welcome to the future.

Nearly 5,000 People Renounced U.S. Citizenship in⁢ 2024​

https://nepyork.com/2025/02/18/nearly-5000-people-renounced-u-s-citizenship-in-2024/

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One of the primary reasons people choose to renounce U.S. citizenship is︀ the country’s tax system, which mandates citizens to report and pay taxes on their global︁ income, regardless of their residence abroad. Expatriates often find complying with the Foreign Account Tax︂ Compliance Act (FATCA) and other regulations overwhelming.

As a result, many opt to renounce their︃ citizenship to simplify their financial obligations. Additionally, some countries do not allow dual citizenship, requiring individuals to choose between U.S. nationality and the citizenship of their country of residence.︄ Other reasons for renunciation include personal, political, or bureaucratic factors.

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[HardRJones]

Even if‍ you never live in nor visit the EU, you can use the passport to simplify⁠ travel and banking and benefit from it. That’s not EU-centric but recognition of a useful⁤ tool. Any case where renunciation is the most logical option must be a unique edge⁣ case with the current legal climate there. Not to say these don’t exist. They certainly⁢ do.

I would contend that most people renounce unnecessarily or for incorrect reasoning. Andrew Henderson︀ being my prime example. Some of the screeds on these forums don’t seem to be︁ methodical, logical analyses, either.

For life and travel, of course, many people like Europe and︂ many people prefer other places. The passports you hold can have little to do with︃ where you live, though.

 

[JackieTsan]

On the contrary, for me⁠ EU/US is run as far as you can. I don't like at all and I⁤ want to be far as far as possible.. Unfortunatelly, I was born and lived there⁣ and I faced and keep facing unbelievable issues, been unable to travel and live whenever⁢ I want (many countries are non-cooperative etc etc - especially almost all of the countries︀ discusse here like Panama, Paraguay, Philippines, Barbados etc.), problems with "ties", problems with inheritances from︁ losing family members, reporting, asking questions, often law chages / discussions to change the tax︂ to citizenship etc etc etc, - finding always a way to make you headaches in︃ order to grab your hard earned money even if you are living in any other︄ part of the world... I am really fed up with this sutiation, at least I︅ want to have any passport and be able to renounce the EU one when I︆ want, when they make me say "enough"... @Martin Everson What are the risks of Due︇ Diligence / Banking / High risk? If I still keep using the EUSSR passport and︈ in the future, if and when I renounce I can switch to the CBI, isn't︉ that OK?
Last, if you have researched (I am sure you have) what do you︊ think, which country?

Yes but you are️ paying this passport with your blood - huge taxes, laws changes often to find ways‌ to get your money, and you can't know what is coming tomorrow.. Incredible headaches. All‍ of this for what? For a passport that saves you an e-visa application? for 20-50⁠ USD? you have (and will be having) all this headache, just for a passport that⁤ you can travel and been considered a citizen of a few countries there? come on.⁣ You can keep it, but the moment they make the situation worse I want to⁢ be able to give them the passport and tell them good bye...

 

[HardRJones]

I have a US passport, the bogeyman of the offshore world, and it’s not even‌ as bad as what you are claiming for your European passport. However, it’s your life‍ and you’ll do as you wish.

I am interested in the claims earlier in this⁠ thread that an Antiguan passport by itself is enough to cause enhanced due diligence. Would⁤ anyone be kind enough to elaborate?

 

[Martin Everson]

Well no one can predict the future but amongst countries in the global south (aka⁤ the global majority) it will be fine. Even with enhanced due diligence it will make⁣ no difference. For private banking in Europe it makes zero difference. Any enhanced due diligence⁢ is there to catch individuals from sanctioned countries, terrorists and criminals etc and not people︀ wishing to cut ties with their old country. Myself I have a Bahamas passport and︁ live in Bahamas with zero issues with private banks in Europe when I used to︂ use them. Retail banks and EMI's etc are generally no go.

Do you mean passport? If so most CBI countries would do fine. I︄ don't favor one over the other as often it comes down to price and speed︅ for most people.

 

[Nomadguk]

I think I"m from the same country as the OP, and I totally understand his‌ situation.

Holding my nationality now, it hectic now and it's gonna be worse
for the‍ upcoming years ahead.

The gov is running low on money, they are litererally calling everyone⁠ as "dual tax resident"
As I am going through the presidents, the trend is only⁤ growing stronger, not weaker.
recently, they ruled that one person, who lived in PH for⁣ 20 years, as a "tax evador", and charged him with 200k bucks worth of Unreported⁢ income tax+ fine.

the reason?
he went back to his country only 6 days per︀ 2-3 years.
But...!
He transferred his mom some living allowance to help her.The gov ruled︁ her as "resident"
EVEN THOUGH HE WAS IS STILL IN PH.

Hectic eh?

 

[HardRJones]

There are absolutely wild stories out there about people trying to get︃ out of the South Korean tax net.

 

[Nomadguk]

Dang how did you find out‍ the nation I was quoting to?

Recently,
there was this case of an old entrepreneur,⁠ got the permenant residency in Guatemala,
got rejected to be accepted as "non-tax resident", because⁤ his Guatemalan Business' clients are Koreans... LOL

yeah the best way is to ditch out⁣ the nationality ASAP

 

[Marie Manila]

It's in your profile. rof/%

 

[Nomadguk]

hahahaha thanks for picking up‌ that horrible opening statement 😉

Glad my joke somehow kicked in eh

 

[HardRJones]

That or his username. 😉

What options are there for a South Korean? They allow dual citizenship only under very restricted‌ circumstances. You’ll be either all the way in or all the way out. Standard immigration‍ and naturalization pathways to an Anglosphere or EU/EEA nation. Argentine. Maybe Serbia. Caribbean CBI. Turkish.⁠ Cambodia. One of the first two supplemented by one of the latter, perhaps. Or one⁤ or more of the latter depending on how much you value your freedom of movement.⁣

 

[HardRJones]

For OP, it looks like the deed is done‍ and the regrets are after the fact. OP is starting over with an Antiguan passport⁠ and a UAE residency visa. You can do a transfer of the residency visa to⁤ a new passport. Then inform the Korean government and let that process play out.

An Antiguan passport with an UAE residency visa isn’t bad for travel at the moment. It⁣ might get a bit worse this fall but still isn’t horrible. If OP is living⁢ in the UAE then this won’t disrupt his residence. The next question is how to︀ supplement it and improve business and banking if that is as big an issue as︁ OP fears. The evidence I’ve seen is anecdotal. I’m assuming OP has history and long-standing︂ accounts associated with a legitimate UAE residency that will help. OP would likely want a︃ second passport due to the uncertainty currently surrounding Caribbean CBI. Preferably something that confers some︄ additionally legitimacy in banking. Turkey, regionally, or Argentina might help. Serbia is probably going to︅ be a liability in Europe. Malta is…in flux. Those are long term improvements that will︆ take a year or more.

What I don’t know is how acute the short term︇ problem might be. Is this a tempest in a tea cup or are banks going︈ to instantly start shooting accounts out from under him?

 

[HardRJones]

Well, kind of dumb on my part︉ since he mentions T3 and requiring a visa to visit the US. So…not South Korean.︊

 

[HardRJones]

Playing the guessing game: PRC. Maybe Indonesia. Maybe Thai. Could be Malaysian. The latter two‌ are unlikely due to his mention of regulatory burden.