The problem with opening bank accounts as non-resident is that those banks will treat you poorly as a customer, like requiring high deposits, adding ridiculous fees just for non-residents (after the fact), or requiring you to appear in person to do something, and you can do nothing about it. For most people it is best to stick with a few different banks at their place of residence. I would only open an account abroad if I had a second residence / citizenship and could apply as a resident.
@@Hangover-ry9bo that isn't always the case. I opened several accounts in Asia as a tourist & didn't have a problem with any of my banks. I definitely wasn't treated like a second class citizen.
I could not agree more. I also suggest having a on/off ramp to a digital non custoadial wallet just for stable coins. Not to hold long term but as a way to transfer value when geopolitics get in the way of markets
If you're US citizen and manage to get an account as a non resident (congrats), you must tell the tax lords if they all reach 100k (rule has more nuance). So, as Michael says, it's an escape door of sorts.
World Economic Forum risk affects almost all depositors. Blackrock, for example, has an ambition of systematically converting home owners into renters. Other billionaires are working different dispossession strategies to be applied versus the masses. We might ultimately see, for example, large scale Bail-Ins of depositors to cover widespread derivative losses. Any comments?
😄😄 Just bcoz they may have certain ambitions doesn't mean they can achieve them how they want, and there are limits through laws and otherwise. and what do you mean by derivatives bail-in?
Michael, Which banks in jersey, channel islands, Lichtenstein and which brokerages might be recommended for the mirror of US wyoming llc for affiliate marketing, you tube, kindle direct publishing. SO normal income and royalties. Please do something (a vid) on royalties setups for us non residebts.
If you get a bank account in the US (as a non-resident foreigner), aren't you risking getting into the US IRS tax net? Meaning that you would get all the issues that come with that?
Reporting Requirements: As a foreign account holder, you may be required to file certain forms with the IRS, such as Form 1042-S (Foreign Person's U.S. Source Income Subject to Withholding), which banks use to report interest paid to foreign persons.
With all those risks (not to mention banks freezing you just coz they can) what is your opinion on HNWI's putting their money in some of the bigger crypto defi protocols? If your money is truely decentralised and the risk spread, why not? It is 2024!
As a US citizen, doesn't simply opening a foreign account automatically trigger additional IRS reporting requirements in addition to possible additional tax filings on any earnings in that account as well? These would both mean either paying a tax professional to help you get it correct, or creating even more problems for yourself. If you have a legit need for an offshore acct, absolutely. But just for "fun" or cheap "insurance"? Pass. Not cheap or insurance in reality.
Yes. And it also puts that custodial government into your business to tax you for money coming in. It’s an absolute NO from me, I’ll keep my money in America and use an ATM 🏧
"The fact that a U.S. citizen is having difficulty opening a bank account doesn't mean it can't be overcome. First, you could plan a vacation to an island country near the U.S. where you can establish an offshore company. Then, you could try opening an account in Switzerland under the name of the offshore company. This way, you would also bypass that thing called the IRS."
I would like a bank account in a country that doesn't tax foreign income and is crypto friendly. Would be great if residency not required. Any suggestions?
You have to report your foreign accounts to your country of residence, so this is not a way to optimize your taxes. The taxes are not tied to a bank account, but your residence (unless you're a non-dom, which is a whole different story)
Paraguay permanent resident capacity status is promising to invest USD DOLLAR $70 000 over ten years into your own surviving private priority processing treatment incorporated company! PLAN B You Tube has much better capacities for the freedom preparation information about everything!💰
If I qualify for this new Thailand DTV visa coming out 1st June and live there, where would you recommend I move my tax residency/business registration to? So far, it looks like they don't want DTV holders to pay tax in Thailand. I'm currently self-employed UK paying about 25% of my profit in tax and NI.
@@OffshoreCitizen Thailand’s new Destination Thailand Visa (DTV) hasn’t been finalized yet, but it’s supposed to be a 5 year visa allowing up to 180 days per stay. Hopefully, it won’t trigger reporting of income.
Hey Michael! Fellow Canadian here. I was wondering what you think about opening an IBKR account in another country. The account offers up to 4.83% on USD with more than 10K. I already have one in Canada and was thinking of opening a 2nd one in another country. Your thoughts?
Why not just open a IBKR bank account in Canada, transfer your brokerage money over to the new account, convert to USD and then start collecting the 4.8%? Or are you looking to become a none resident of Canada?
@@ChairWoodenFloor1 Yes they will, I have an IBKR account registered to Canada and another registered to Georgia. At the time at least they actually didn't let you migrate your account to a new country and told me to just open another account
For a Canadian solo consultant in private equity who has not setup an offshore company structure yet, and is about to receive a crippling lump sum payment(as far as taxes are concerned) can I move quickly (within a month after being paid) and claim residency somewhere else when it comes to it? Have not set up structure yet, but also curious the time it would take to do so. Some of these consulting commissions are domestic, some international and there's future equity dividends to think of too. Amenable to the NHR in Portugal living there, in combination with a low or no tax corp area like Caymans Does Canada have a clock on when they can deem me still a resident here?! Would love your insight, and possible engagement if your suggestions fit my situation.
Out of curiosity, to ensure everything is legal before a setup of this magnitude is established. Is everything double checked with accountants and lawyers to ensure the “offshore citizen” is legal in their home country? ie: Canada?
What if the country you come from doesn’t allow you to have second citizenship as is the case in the Netherlands, where i come from? No one is providing solutions to people from those countries that doesn’t allow that.
The solutions have been provided, either change to a citizenship that allows dual citizenship or just get any foreign residency, whether temporary or permanent etc.
Also, I am not so sure if it is a good idea to get bank accounts in well known tax heaven jurisdictions (like Panama, Jersey, etc). It will just make you look shady even if you are clean. Maybe would be better to just setup bank accounts in less "flashy" countries (like Netherlands, Ireland, Uruguay, etc)?
In current times, simply having a bank account in another country makes you "shady" to govts and those who care. The truly shady people are the ones laundering billions by buying and selling art. That's how the "elites" launder money in the open whilst complying with AML/KYC.
If you have enough money in the UAE this is true. But it still becomes a nightmare trying to get bank cards and credit cards…. Very few proportionally are wealthy enough to do this
Lebanese banking was ever stellar?! How could anyone ever have put such big trust on them considering the tumultuous history of the country and the always messy political situation?! Lebanon was no Malta!
I'm surprised you didn't mention Cyprus for EU bank accounts. I know that might make some people nervous after what happened in 2013, but the flip side of that is it will never happen again. I'm going through the process of opening one there now.
@@tiomoidofangle102 No, that will NEVER happen again in Cyprus. Lightning doesn’t strike in the same place twice and you only need to diversify your banking portfolio, as is point of this video.
Since I became so rich in cryptocurrency I realise that crypto is the future cuz I invested 10k and made up to 36k as weekly profit I appreciate the help of your channel 😊😊
Mr. Rosner's advice is far more sound because he focuses on what is practical and effective. The NC guy focuses on selling you a plan regardless of your needs or circumstances. This is the same 'plan' he sells everyone else.
You are right. I am russian and hate Putin. I"ve got account in EU. One day i got a massage withdraw my money in 15 days and my account was closed. What was the idea? Trasfer money back to russia?
The problem with opening bank accounts as non-resident is that those banks will treat you poorly as a customer, like requiring high deposits, adding ridiculous fees just for non-residents (after the fact), or requiring you to appear in person to do something, and you can do nothing about it. For most people it is best to stick with a few different banks at their place of residence. I would only open an account abroad if I had a second residence / citizenship and could apply as a resident.
Have you done it actualy or just educated your self on the internet?
True
@@Hangover-ry9bo that isn't always the case. I opened several accounts in Asia as a tourist & didn't have a problem with any of my banks. I definitely wasn't treated like a second class citizen.
I could not agree more. I also suggest having a on/off ramp to a digital non custoadial wallet just for stable coins. Not to hold long term but as a way to transfer value when geopolitics get in the way of markets
Could you suggest any?
@samschutt2343 Mt-Perlerin, Fiat24, Monerium....
You can go for Dukascopy or Xapo Bank too if you want physical bank for digital asset.
DYOR
Great info as always Michael
Great practical insight!
If you're US citizen and manage to get an account as a non resident (congrats), you must tell the tax lords if they all reach 100k (rule has more nuance). So, as Michael says, it's an escape door of sorts.
World Economic Forum risk affects almost all depositors. Blackrock, for example, has an ambition of systematically converting home owners into renters. Other billionaires are working different dispossession strategies to be applied versus the masses. We might ultimately see, for example, large scale Bail-Ins of depositors to cover widespread derivative losses. Any comments?
😄😄
Just bcoz they may have certain ambitions doesn't mean they can achieve them how they want, and there are limits through laws and otherwise.
and what do you mean by derivatives bail-in?
Michael, Which banks in jersey, channel islands, Lichtenstein and which brokerages might be recommended for the mirror of US wyoming llc for affiliate marketing, you tube, kindle direct publishing. SO normal income and royalties.
Please do something (a vid) on royalties setups for us non residebts.
If you get a bank account in the US (as a non-resident foreigner), aren't you risking getting into the US IRS tax net? Meaning that you would get all the issues that come with that?
No, bank account has nothing to do with your tax residency
Reporting Requirements: As a foreign account holder, you may be required to file certain forms with the IRS, such as Form 1042-S (Foreign Person's U.S. Source Income Subject to Withholding), which banks use to report interest paid to foreign persons.
So I would say it is accurate to say it doesn't open the door for IRS...
@@henry155 you mean to say it does open the door toward IRS.
@@lorenk.775 no it does not.
With all those risks (not to mention banks freezing you just coz they can) what is your opinion on HNWI's putting their money in some of the bigger crypto defi protocols? If your money is truely decentralised and the risk spread, why not? It is 2024!
what about mauritius banks?
As a US citizen, doesn't simply opening a foreign account automatically trigger additional IRS reporting requirements in addition to possible additional tax filings on any earnings in that account as well? These would both mean either paying a tax professional to help you get it correct, or creating even more problems for yourself.
If you have a legit need for an offshore acct, absolutely. But just for "fun" or cheap "insurance"? Pass. Not cheap or insurance in reality.
Yes. And it also puts that custodial government into your business to tax you for money coming in. It’s an absolute NO from me, I’ll keep my money in America and use an ATM 🏧
Your passport is the problem. USA alway gets what is wants and you are part of it.
@@mlgneo2855agree Charles swab atm fees are free 😊
"The fact that a U.S. citizen is having difficulty opening a bank account doesn't mean it can't be overcome. First, you could plan a vacation to an island country near the U.S. where you can establish an offshore company. Then, you could try opening an account in Switzerland under the name of the offshore company. This way, you would also bypass that thing called the IRS."
@@QuantStockLevels So travel around the world (not cheap), bypass the IRS (felony for a US Citizen), and then what? I mean really, get serious.
Great content - Thank you
Always a pleasure! What are your thoughts on international banking?
What do you think about the various neo, or online, banks? Do they offer any of these benefits?
Sure. We setup EMI accounts too
I would like a bank account in a country that doesn't tax foreign income and is crypto friendly. Would be great if residency not required. Any suggestions?
You have to report your foreign accounts to your country of residence, so this is not a way to optimize your taxes. The taxes are not tied to a bank account, but your residence (unless you're a non-dom, which is a whole different story)
Maerki Baumann bank, AMINA bank (Switzerland)
Paraguay permanent resident capacity status is promising to invest USD DOLLAR $70 000 over ten years into your own surviving private priority processing treatment incorporated company! PLAN B You Tube has much better capacities for the freedom preparation information about everything!💰
If I qualify for this new Thailand DTV visa coming out 1st June and live there, where would you recommend I move my tax residency/business registration to? So far, it looks like they don't want DTV holders to pay tax in Thailand. I'm currently self-employed UK paying about 25% of my profit in tax and NI.
Lots to cover here. Depends on many details surrounding your circumstances. Best is to reach out
@@OffshoreCitizen Thailand’s new Destination Thailand Visa (DTV) hasn’t been finalized yet, but it’s supposed to be a 5 year visa allowing up to 180 days per stay. Hopefully, it won’t trigger reporting of income.
When I lived in South Korea, non-residents could not open accounts. Has this changed in the last 5 years?
you can open NR account,. pay no tax on it, earn interest 3%+
in India. stable economy , stable banks. zero annual fees,
@@davelawson2564 have u actually opened an NR account in SK? if so, with which bank?
@@davelawson2564have you actually done this? Which Indian banks do you recommend?
Would you recommend a residence instead of a second citizenship for people with 6-7 figures?
Depends on what your goals are
Did you move back to Sofia?
No, just visiting
Mauritius account?
Hey Michael! Fellow Canadian here. I was wondering what you think about opening an IBKR account in another country. The account offers up to 4.83% on USD with more than 10K. I already have one in Canada and was thinking of opening a 2nd one in another country. Your thoughts?
But how can you open as non resident of other country
Will they allow you to have multiple accounts with different residence details? I don’t think so.
@@ChairWoodenFloor1 you can open NR account,. pay no tax on it, earn interest 3%+
in India. stable economy , stable banks. zero annual fees,
Why not just open a IBKR bank account in Canada, transfer your brokerage money over to the new account, convert to USD and then start collecting the 4.8%? Or are you looking to become a none resident of Canada?
@@ChairWoodenFloor1 Yes they will, I have an IBKR account registered to Canada and another registered to Georgia. At the time at least they actually didn't let you migrate your account to a new country and told me to just open another account
For a Canadian solo consultant in private equity who has not setup an offshore company structure yet, and is about to receive a crippling lump sum payment(as far as taxes are concerned) can I move quickly (within a month after being paid) and claim residency somewhere else when it comes to it?
Have not set up structure yet, but also curious the time it would take to do so.
Some of these consulting commissions are domestic, some international and there's future equity dividends to think of too.
Amenable to the NHR in Portugal living there, in combination with a low or no tax corp area like Caymans
Does Canada have a clock on when they can deem me still a resident here?!
Would love your insight, and possible engagement if your suggestions fit my situation.
Lots to cover her, best is to book a call or reach out through our website
As a Canadian resident, what documents or other info is required to open an account in Georgia? Recommended bank?
Depends if you're looking to open a personal or a business account. Different banks will have different KYC processes
I have an offshore account but would like to open one in Singapore.
If you're able to visit in person, it's doable. Feel free to contact us for further details
@@OffshoreCitizen, thanks will do, is Luxembourg a good destination to open an offshore account.
@@OffshoreCitizen, thanks will do.
Out of curiosity, to ensure everything is legal before a setup of this magnitude is established. Is everything double checked with accountants and lawyers to ensure the “offshore citizen” is legal in their home country? ie: Canada?
Absolutely
What if the country you come from doesn’t allow you to have second citizenship as is the case in the Netherlands, where i come from? No one is providing solutions to people from those countries that doesn’t allow that.
The solutions have been provided, either change to a citizenship that allows dual citizenship or just get any foreign residency, whether temporary or permanent etc.
Get another citizenship and leave the netherlands
Also, I am not so sure if it is a good idea to get bank accounts in well known tax heaven jurisdictions (like Panama, Jersey, etc). It will just make you look shady even if you are clean. Maybe would be better to just setup bank accounts in less "flashy" countries (like Netherlands, Ireland, Uruguay, etc)?
In current times, simply having a bank account in another country makes you "shady" to govts and those who care. The truly shady people are the ones laundering billions by buying and selling art. That's how the "elites" launder money in the open whilst complying with AML/KYC.
We mainly setup accounts in the countries mentioned in this video
@@OffshoreCitizen Alright, but consider also providing them from other countries (non-tax heavens) ... just a tip ;)
Cayman Islands?
what about things like revolut? wise is horrible (personal experience)
Yes, EMIs can be an option
Airwallex
Wise is unbelievable.. they close your account for no reason with no explanation
How do i get hold of you?
You can book a call, the link is in the description of the video OR you can send us an email through our website
You don't need a residence permit to open an account in the UAE. I opened one w/o it.
Which bank?
@@OffshoreCitizen NBD and ADCB
If you have enough money in the UAE this is true. But it still becomes a nightmare trying to get bank cards and credit cards…. Very few proportionally are wealthy enough to do this
@@OffshoreCitizenyou can get savings account in UAE with debit card. No current acc. and credit card but there s no difference at the end.
Take the Lebanese banking system, it was stellar at all levels forever and in one night all people’s deposits disappeared…
Unfortunately, there are many, many similar examples. Hence having backups is crucial
Lebanese banking was ever stellar?!
How could anyone ever have put such big trust on them considering the tumultuous history of the country and the always messy political situation?!
Lebanon was no Malta!
Good video, but slow down, you talk too fast.
I'm surprised you didn't mention Cyprus for EU bank accounts. I know that might make some people nervous after what happened in 2013, but the flip side of that is it will never happen again. I'm going through the process of opening one there now.
Never say never. If it happened once, it COULD happen again. Major red flag.
@@tiomoidofangle102 No, that will NEVER happen again in Cyprus. Lightning doesn’t strike in the same place twice and you only need to diversify your banking portfolio, as is point of this video.
I would just wait for it to happen a 2nd time, and THEN deposit money there. I'm pretty sure it wouldn't happen a third time.
I’m not so confident and I’ve lived here for two years
@@sibaroochi you can open NR account,. pay no tax on it, earn interest 3%+
in India. stable economy , stable banks. zero annual fees,
a lot of waffle get to the point mate, were not all swanning around in palatial apartments over looking central park.
Bitcoin doesn't look so risky after all 🤣✌️.
Since I became so rich in cryptocurrency I realise that crypto is the future cuz I invested 10k and made up to 36k as weekly profit I appreciate the help of your channel 😊😊
I would love to hear that story
First 😊
How did you like the video? :)
Is this Nomad Capitalist's B channel?
Whaaat? 😱
Mr. Rosner's advice is far more sound because he focuses on what is practical and effective. The NC guy focuses on selling you a plan regardless of your needs or circumstances. This is the same 'plan' he sells everyone else.
You are right. I am russian and hate Putin. I"ve got account in EU. One day i got a massage withdraw my money in 15 days and my account was closed. What was the idea? Trasfer money back to russia?
Go to Ukraine..
The EU made a stupid rule, among many others.