Traveling Without a Visa

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Traveling Without a Visa: Why American Travelers Have Never Had It So Good

by Mark Skousen, Chairman, Investment U
Monday, February 27, 2006: Issue #514

If you are like me, you like to use your leisure time and savings to travel both home and abroad. It’s a sign of affluence – that you’ve made it financially and have graduated from Investment U.

So far, I’ve visited and lectured in 70 countries. The only person I know who has visited more countries is Doug Casey. He says he’s been to 150 nations.

In the 1960s, I was a missionary in Latin America, and every time I had to travel to another country in Central and South America, I had to go through a day-long process of waiting in long lines at various embassies and consulates to obtain a visa. It wasn’t enough to have a passport. “What a waste of time,” I thought to myself as I faced endless inquiries and demands by foreign bureaucrats who had nothing else to do but ask dumb questions and stamp papers.

Today, with a few exceptions, Americans can travel the globe using only a passport. It’s a remarkable improvement during my lifetime. Our government representatives in the American embassies have done yeomen service in getting rid of the red tape associated with visas. They should be congratulated.

America Is #1 In Traveling Without a Visa

According to the Economist, the United States leads the world in the number of countries Americans can travel to without the need of a visa: 130! See the chart below, from the February 11 issue of the Economist.

Traveling Without a Visa: # of countries/territories visitors can access without a Visa

What a remarkable achievement for the world’s #1 superpower! To lead the world in visa-free travel is truly a valuable asset. And this is all the more remarkable given that the U.S. imposes sometimes draconian limitations on foreigners seeking admission to the U.S. for work or vacation. To obtain a multi-entry passport takes time, patience and money, and when obtained, is highly coveted. The same may be said for a “green card” which allows foreigners to work in the U.S. legally.

When I lived in the Bahamas in the 1980s, I was encouraged by several expatriates to renounce my U.S. citizenship and live a tax-free life. Several wealthy Americans have gone this route. But when I saw the long lines and hassles foreigners receive when they face U.S. immigration, I quickly dismissed the temptation. When foreigners are paying good money, or attempting desperate measures to get into this country, why should I voluntarily give up my citizenship? I even knew foreigners living abroad who held a green card. They were willing to pay U.S. taxes rather than give up a green card.

Next month, Alex Green and I lead a sold-out investment tour to China and Hong Kong. It is one of the few countries that still requires a visa. Frankly, given America’s willingness to buy up all those cheap Chinese goods they export, I wouldn’t be surprised if Americans will be able to travel to China without a visa in a few years.

But then look at China’s own status. If you are Chinese, you need a visa and a passport for almost every country! Even the Chinese living in Hong Kong fare much better.

If you don’t have a passport, I urge you get one. I never travel without a passport. You always want the freedom to travel anywhere at any time. My motto for the good life: Invest abroad and travel abroad. You’ll be a better investor and a more tolerant person.

Good trading,

Mark

Today’s Investment U Crib Sheet

As you can see, the U.S. has made terrific progress in creating global access for its citizens. Economically, the U.S. is among the freest nations, as well. For the past 12 years, the Heritage Foundation and The Wall Street Journal come up with their “Index of Economic Freedom.” Using the most current data available on taxes, tariffs, regulations, monetary policies, the rule of law and other key information, they rank 161 countries by degrees of economic freedom. Revisit Investment U # 505: Where There’s Freedom, There’s Money To Be Made Especially In This Fund, to find out the best way to profit.
How well are U.S. companies priced today? What is the S&P 500’s P/E telling us right now? Take a look back at Investment U # 513, When To Invest in U.S. Stocks: “Amazing Graph #1″ Shows You the Right and Wrong Times, and find out where best to invest.