Dual Citizenship as a Tool for Financial Independence

A few weeks ago I chatted with J and Gwen and recorded an episode of the FIRE Drill Podcast. We discussed various topics from dual citizenship as a tool for financial independence, Canadian personal finance, dividend investing, and many more. It’s great to talk about our plan to live abroad in the future and use that as a tool to potentially expedite our financial independence journey.

And that podcast is now finally live!

Check out the podcast embedded below.

Or check out the actual podcast page here.

Let me know what you think about it. Are there any podcasts that you listen to regularly that you think I should try to make an appearance?

For now, I’ll get back to relaxing on the beach and enjoying the benefits of my travel hacking.

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15 Comments

  • Reply
    Mrs. Adventure Rich
    March 1, 2018 at 11:19 am

    Such a great podcast episode… I really enjoyed listening! The FIREDrill podcast is awesome, J & Gwen are doing a great job!

    • Reply
      Tawcan
      March 1, 2018 at 5:31 pm

      Thanks Mrs. Adventure Rich. It was fun chatting with these two amazing ladies.

  • Reply
    Leli
    March 1, 2018 at 6:10 pm

    Didn’t like it. Canada does not call people so they can leave.

    • Reply
      Tawcan
      March 1, 2018 at 8:13 pm

      That’s too bad you didn’t like to podcast. Don’t get me wrong, while we plan to live abroad one day, we will always call Canada home and will return to live Canada permanently.

  • Reply
    Lady Dividend
    March 2, 2018 at 6:07 am

    I enjoyed the podcast. I think if your kids can get EU citizenship things really open up for you all. Bob, you should also be able to get citizenship if you have been married to an EU citizen for 6 or more years.

    I have been working to get my EU citizenship and expect it to come in this year. I never thought of it as a tool for FI. I just figured I’d live there for a few months in the summer when I am FI. I’ll have to think about how this can be a tool to get me to retire earlier.

    • Reply
      Tawcan
      March 3, 2018 at 1:37 pm

      Thank you! As far as we can find, Danish government have pretty strict rules on getting citizenship through marriage. So it’s not just having married for a certain number of years. Hopefully they’ll relax the rules.

  • Reply
    rn
    March 3, 2018 at 5:47 am

    It’s great that you have dual citizenship options. Its unfortunate that housing prices are up the roof in vancouver and toronto. Part of achieving fire is to increase monthly passive income while lowering expenses. That said, there are still many lovely affordable canadian cities to live in other than vancouver and Toronto.

    • Reply
      Tawcan
      March 3, 2018 at 1:41 pm

      Yup we are considering moving to smaller Canadian towns in the future.

  • Reply
    Michael CPO, From the Far Side of the Planet
    March 4, 2018 at 1:31 am

    I have been living in Asia for 20 years and have a green card where I reside – so it is kinda like dual citizenship… our daughter is bilingual … I believe there are boat loads of folks from Britain and America retired in France, Spain, and Germany etc … so as you mention there are loopholes for living in Europe if you are of independent means … so that may apply to Early Retirees? …. and I like the idea of using your home base as AirBnB for source of income while travelling and living abroad … should work if you are from Vancouver … I have coworkers that have mini-vacation pads around the world that they rent out as AirBnBs when they are not using them ….. like in Thailand, Italy, France, Germany, Greece, China and the like … Michael CPO, From the Far Side of the Planet 🙂

    • Reply
      Tawcan
      March 6, 2018 at 12:16 am

      Yup that’s like dual citizenship for sure. That’s awesome your daughter is bilingual. Renting out places as AirBnB for a source of income while traveling and living abroad is a great idea, just have to figure out who to manage the home for you. 🙂

  • Reply
    GYM
    March 7, 2018 at 12:18 am

    That was a cool podcast, admittedly it is the first time I’ve listened to a financial podcast- everyone’s voices sounds so nice.

    My friend met a Swedish girl and moved to Sweden and got his citizenship there, now he has EU citizenship and is set! They pay $100 a month for childcare 🙂 and my friend’s wife has 18 months of mat leave.

    • Reply
      Tawcan
      March 8, 2018 at 3:06 pm

      Sweden has a more relaxed immigration policy than Denmark I believe. And yes, most of the Scandinavian countries have awesome parental benefits.

  • Reply
    Sally
    March 15, 2018 at 6:39 pm

    Interesting dialogue! Recently I learned of another way to leverage being a dual citizen. I’m a first generation Taiwanese American, so I hold both Taiwanese and U.S. passports. My current plan is to apply for the Taiwanese universal health insurance plan this year (being that I’m already a Taiwanese citizen/passport holder, I just need to apply for a Taiwanese ID in order to be eligible to apply for the universal health plan). I think the premium is less than USD$400 a year. Although my years to FI is projected to be at least 10 more years from now, I’m not sure what changes will become in regards to the health policy in Taiwan. So I’d much rather lock it in when i can. That way when I hit FI and leave my employer, from a healthcare aspect I have some leverage than having to start from scratch (there’s no telling what the health insurance situation will be like in the U.S.) I don’t think I’ll move to Taiwan permanently after FI, but I’d have more mobility and flexibility to stay in there if I need to. That’s something to consider if there are other Taiwanese FI’ers out there. 🙂

    • Reply
      Tawcan
      March 16, 2018 at 10:21 am

      That’s a very good point. Taiwanese healthcare is really good and cheap. This is something I should think about. 🙂

  • Reply
    Addy Brown
    April 24, 2018 at 8:41 am

    This was a great episode – thanks for having Bob on. Dual citizenship can have massive benefits, as well as massive complications. Bob has published several great insights, and he has inspired us to share our own stories.

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