I have to admit that this was the best video you have ever posted. You covered all the bases. There are many options that are not even necessary to consider. And many that are over or under rated. The tax complexities and costs can be overwhelming and stressful.
There's always pros & cons no matter where we are. Do your research will save money & headache. Life is too short to last long. Great tips & informative. Peace!
Great video! I have been showing your videos to some Asian friends who are hyper focused on getting American or Canadian citizenship for their family. For example my Thai friends find It's hard to even get travel visas to any western country despite having a good income. I hope you are helping them realize there are easier ways to achieve their goals.
Great advice here and has really been a positive motivating force for me to look into the importance of citizenship/residence redundancy plan and absolutely necessary in the day and age that we live in.
a friend of mine got Antigua passport and he is living in India. But now he faces trouble renewing the passport as the closest embassy is in Europe. So he will have to travel all the way to Antigua to get his passport renewed which will cost a lot to renew ( flights, travel cost etc). Where as i know some people that have St Kitts and Dominica passports which can be renewed easily from Embassy in Dubai air tickets cost about US$190 return.
1. I don't do stereotyping / I follow the logic. 2. I am looking at countries that have "a strategic advantage" to apply for "Dual Citizenship" 3. I want to reduce my taxes. 4. Visa Free Travel /VFT isn't a major factor for me. 5. I am not concerned about "Tier A" Passports (I am focused on getting Passports in Countries where I am treated the best) I definitely like your advice about getting a "low key country passport"
Couple questions. If you renounce U.S. citizenship, how are all the financial instruments treated that you've previously set up, i.e. Roth IRA's, Insurance plans, Brokerage accounts, Trusts, etc. Do they stay as initially set up but just no longer need to be reported to IRS? What about social programs like social security, medicare, etc. Do you relinquish those upon expatriating?
With the annual traveling there's also a big difference between a six to ten hour direct with several daily flights and 30 hour trek that could become a three day trek if you miss a connecting flight.
I am an American citizen by birth but also have my Irish citizenship by descent and have been granted PR status in Australia. So I didn't really get to choose them.
Thankyou for making this video. As i am a regular reader of CBI programs, i felt that stereotyping passport is not the best thing. See, what suits you best. For some turkey could be an another door in life. I recently invested in Turkey to get a turkish passport. And also because, if i go to colombia, i am allowed for 6 months, and also it's easy to fly to bogota from istanbul! also i have already received my Thailand elite residency. I totally agree as in some place residents are treated better than the citizens. Many thanks again for doing this video!~
@@ajaysharma2410 Several visits to Istanbul for past 2 years, rigorous checks, local real estate listings, hiring a law firm, due diligence and bought a resale property for CBI Program. It's a lot of work and one must do it before jumping into a second citizenship program. I did not use those online property websites, even though i started my research with them. Andrew have helped a lot, unknowingly. If you could not go there or unsure about your second residency/citizenship planning, i suggest you better go through Nomad Capitalist. I am not sure about those online agents authenticity. For Thailand Elite, you could directly to their website and choose a listed agent from there. Btw, also know that India does not recognize a dual citizenship, so if you happen to become citizen of any other country, you'd have to leave your existing citizenship by law and apply for a Lifetime resident Visa (OCI) instead in your own country. Hope this. explanation Helps :)
In Canada, the government makes it very difficult to become a non-resident for tax purposes no matter how long it's been since you've set foot in Canada. If you have assets, it can take years to get out of the tax trap. I think it would be easier to be an American and just renounce.
If you move to a country that has a tax treaty with Canada you can use the “tie breaker” rules of the treaty to establish tax residence in your new country. You are right though about the “exit tax” on existing assets.
My biggest mistake, if you can call it it, is focusing on western countries, but that's more to do with the dreams I pursue and resource I have available right now.
well, i'm still young and currently focusing on western countries. I am very interested in hearing about the reasons behind your opinion, why do you thing it's a big mistake, and what consequences you had to face. . Thanks for sharing
It's scary to know that US is the only country in the world taxing their own people everywhere/anywhere, no matter where they're. Having that said - It's true, I've witnessed a few friends over the years that went through that massive of craziness. SAD!! It hurts my head as a Malaysian, because IF I ever leave Malaysia, I don't pay any tax thereon. (Hopefully it will remain)
from Spain too, but several from Sweden. just for clarification: those are pretty good passports. _Sverige_ is on 2nd place (along Ireland) on Nomad's own passport index.
I'm considering changing my last name (I have my father's last name, I want to change it to my mother's last name). Would you suggest doing that before or after I get a second citizenship?
Australian’s also are taxed by the Australian government no matter where they are in the world! You can get a dispensation to reduce your Australian tax if you pay tax else where, but still taxed!
@@PP-ux9bh too easy in my opinion considering that it's one of the world's best passports. If you're wondering the point of my comment he mentions too good to be true offers. Considering that the residence permit is fairly cheap, u don't need to actually live there most of the time, if u do decide to live there u have a 5 year tax holiday, Santiago is beautiful, Chile is indeed too good to be true in my opinion
Is it possible to get citizenship in another country by establishing an NGO or non-profit in that country? Are there public benefit objectives in lieu of financial investment minimums? Or strategic alignments that would qualify (i.e. education, green energy or some other governmental objective)?
Not sure where to ask this. I’m thinking of moving abroad and want to know if there a way to save on taxes on my passive income from my rentals? I only have two, but it brings in six figures. Could I start a foreign property property management company so I can earn foreign earned income? Will just two properties send red flags to the IRS. The properties, one comercial and one residential, are located in California. Would I still have to pay state tax on foreign earned income?
I work overseas with some people from California, and they still have to pay state income tax according to them. That's 2nd hand info, so take it for what it's worth. Should be easy to find out if you go talk to a good cpa in California.
My plan is to get a Second Citizenship wherever, or If I, get a Wife. I'm also interested in perhaps a Peruvian Citizenship via 2 year Naturalistion if I ever want to increase the access of my US passport. And then there's always the old school Swiss passport (or live in Puerto Rico for a while) if Revenue ever reach over 1 Million per year I think.
Can you carry both or how every many passports you have with you at all times? How does this work when you get to the immigration authorities? Do they accept that you have more than one citizenship?
I am Brazilian by birth but English too. What you can tell me ? I want to be Turkish too. Tell me what you think? Please. Great video as usual. Thank you. I will wait for your vision on my case. Thank you.
Cruise ships are notorious for germs getting around.. maybe from over crowding.. I went on a 9 day with Royal C and got sick the 3rd day.. their infirmary was closed due to a Pneumonia spread.. i was lucky and just got a bad cold.. Apparently they don't follow or honor protocols
@@venusreena2532 I've gone on multiple cruises on all sorts of ships and different cruise lines and I've never gotten sick. Just saying. Maybe it's your immune system?
Netherlands will keep taxing you unless you obtain tax residency somewhere else - you can't just leave and hop from one place to another - I think other countries are like that as well. Point is - US is not as bad as you make out - at least capital gains taxes are lower than many other places.
I agree Canada is the same, as long as you are a tax resident, you pay tax, you can hop from country to country but without getting a tax residence outside of Canada you will still have to pay tax in Canada. But the point he is making is you can be an American citizen but have a tax residence in Monaco and still have to report and pay taxes to the US even though you aren't a tax resident of the US or living in the US. IT IS PRETTY BAD imo.
The Netherlands will stop taxing you as soon you leave, as long as you do it properly (unregister from BRP). If you decide to go back to NL you will have to register again which will include a formal intake meeting at city hall. Source: I'm a Dutch national and have gone through this process multiple times.
@@WalterDeRooij how easy is it to obtain a Dutch citizenship. I see it as still the most respectable passport along with Japanese and Portugal Golden Visa
You have great knowledge and great shows, but I do have a few comments; you are getting excited and you talk too fast. The info you share is important and requires time to digest . About global taxing, I might be wrong but to the best of my knowledge its done not just by the US but also by Israel and Canada. As for second passport options - Israel offers immediate citizenship to any Jew , so - its an option. Love your vids - keep up the good work !
If you feel he talks too fast, click the settings icon (gear icon) and change playback speed to a lower setting. Problem solved. I actually do the opposite while, as it may be too fast for you, it's too slow for me.
@@WalterDeRooijThank you and you are right, I should have Re-Phrased my comment and say ; Sometimes... you talk too fast for some non - native speakers , whom might be the major group of your future clients.
@@dovoso5685 I think it will be impossible for anybody to find the speed that pleases everybody which is why I suggested slowing the vid down. For what it's worth, I'm a non-native speaker myself. The more English you hear, whether irl or on youtube, the easier it'll get.
If i were to choose another passport I would want one that would allow me to go to Russia and is from a country which gets along with China and Iran. Peru or Brazil would be an example. A peruvian passport would allow me to travel to Russia without needing a visa and no countries in the world hate Peru because it is generally not a huge player in regards to foreign affairs. The thing that worries me about having US citizenship is the USA getting involved in something that will prevent me from travelling to countries i like to work in. I think my interests are similar to nomad capitalists in that i do not view my us citizenship as highly valuable. However i am aware if i live in developing countries that being a US citizen can be make me a more attractive mate as many in those nation think the USA is the land of opportunity. If i want to teach in China my passport is a requirement.
Not sure why I like this channel so much. I am a long ways away from a 7/8 figure net worth and my spouse would likely hate the idea of getting another citizenship. Maybe it has to do with my travels, the languages I speak, and the romance of travelling. Or maybe it has to do with the steady erosion of freedoms in the US. I should probably unsubscribe and free up some time but it's hard to hit that button.
schengen is a free travel area in europe, so far so good. schengen visa is even fancy: free access to every member state of Schengen. just be aware UK is not part of it and will never be, but Switzerland is a standing member.
One of the most important things I see in a second citizenship country is if it has mandatory military service.
Sameeee
Yeah
And if so, you'd likely lose your 1st passport as most governments explicitly say you lose your passport if you join a foreign military service
@@iTuber012 They would never know if you wouldn't tell them.
@@puamua1396 Depending on your age!
I have to admit that this was the best video you have ever posted. You covered all the bases. There are many options that are not even necessary to consider. And many that are over or under rated. The tax complexities and costs can be overwhelming and stressful.
Thanks for the kind words.
@@nomadcapitalist .. Well deserved Sir
There's always pros & cons no matter where we are. Do your research will save money & headache. Life is too short to last long. Great tips & informative. Peace!
Thanks, you came up with that all on your own?
smart points.
thank you all nomadcapitalist team.
Glad you enjoy it Amir🥳
You going as You against you! makes this channel more special and legit. Respect!
I appreciate that!
Great video! I have been showing your videos to some Asian friends who are hyper focused on getting American or Canadian citizenship for their family. For example my Thai friends find It's hard to even get travel visas to any western country despite having a good income. I hope you are helping them realize there are easier ways to achieve their goals.
i am so happy i found your channel. you have given me some great ideas on how to save money
Good point about the follow through. Definitely something to consider.
Great advice here and has really been a positive motivating force for me to look into the importance of citizenship/residence redundancy plan and absolutely necessary in the day and age that we live in.
a friend of mine got Antigua passport and he is living in India. But now he faces trouble renewing the passport as the closest embassy is in Europe. So he will have to travel all the way to Antigua to get his passport renewed which will cost a lot to renew ( flights, travel cost etc). Where as i know some people that have St Kitts and Dominica passports which can be renewed easily from Embassy in Dubai air tickets cost about US$190 return.
1. I don't do stereotyping / I follow the logic.
2. I am looking at countries that have "a strategic advantage" to apply for "Dual Citizenship"
3. I want to reduce my taxes.
4. Visa Free Travel /VFT isn't a major factor for me.
5. I am not concerned about "Tier A" Passports (I am focused on getting Passports in Countries where I am treated the best) I definitely like your advice about getting a "low key country passport"
well said my Abdul,
I'd like to know if you have found yet the country (passport) you're looking for.
You're one of the few people on RUclips and elsewhere who can actually properly pronounce Pakistan, a sign of a truly well-travelled man. Keep it up!
Ile have 8 citizenship & 8 permanent residency , so ile never feel so helpless as I am feeling now
Mr Corona does not respect any boundaries...
@@PauloGaetathe_original mr.corona is mr transhumanism in disguise
L
Couple questions. If you renounce U.S. citizenship, how are all the financial instruments treated that you've previously set up, i.e. Roth IRA's, Insurance plans, Brokerage accounts, Trusts, etc. Do they stay as initially set up but just no longer need to be reported to IRS? What about social programs like social security, medicare, etc. Do you relinquish those upon expatriating?
You should close those financial accounts first.
You're entitled to social security because you earned it. It's not dependent on citizenship.
Thanks Andrew for sharing your experience to think about while choosing a country to live/ settle/ buy citizenship. 👍
With the annual traveling there's also a big difference between a six to ten hour direct with several daily flights and 30 hour trek that could become a three day trek if you miss a connecting flight.
I am an American citizen by birth but also have my Irish citizenship by descent and have been granted PR status in Australia. So I didn't really get to choose them.
Thankyou for making this video. As i am a regular reader of CBI programs, i felt that stereotyping passport is not the best thing. See, what suits you best. For some turkey could be an another door in life. I recently invested in Turkey to get a turkish passport. And also because, if i go to colombia, i am allowed for 6 months, and also it's easy to fly to bogota from istanbul! also i have already received my Thailand elite residency. I totally agree as in some place residents are treated better than the citizens. Many thanks again for doing this video!~
I assume you are from India or Dubai. Did you go through an agent for the turkish/Thai residencies?
@@ajaysharma2410 Several visits to Istanbul for past 2 years, rigorous checks, local real estate listings, hiring a law firm, due diligence and bought a resale property for CBI Program. It's a lot of work and one must do it before jumping into a second citizenship program. I did not use those online property websites, even though i started my research with them. Andrew have helped a lot, unknowingly. If you could not go there or unsure about your second residency/citizenship planning, i suggest you better go through Nomad Capitalist. I am not sure about those online agents authenticity. For Thailand Elite, you could directly to their website and choose a listed agent from there. Btw, also know that India does not recognize a dual citizenship, so if you happen to become citizen of any other country, you'd have to leave your existing citizenship by law and apply for a Lifetime resident Visa (OCI) instead in your own country. Hope this. explanation Helps :)
@@rajeevsharma7160 Thanks for your reply.
Very informative.
In Canada, the government makes it very difficult to become a non-resident for tax purposes no matter how long it's been since you've set foot in Canada. If you have assets, it can take years to get out of the tax trap. I think it would be easier to be an American and just renounce.
If you move to a country that has a tax treaty with Canada you can use the “tie breaker” rules of the treaty to establish tax residence in your new country. You are right though about the “exit tax” on existing assets.
@@donovanmic Which countries have the tie breaker rules with CA?
Always great content
My biggest mistake, if you can call it it, is focusing on western countries, but that's more to do with the dreams I pursue and resource I have available right now.
well, i'm still young and currently focusing on western countries.
I am very interested in hearing about the reasons behind your opinion, why do you thing it's a big mistake, and what consequences you had to face.
.
Thanks for sharing
nice video, Andrew. thinking of Dominica entrepreneur visa stream
Canada will tax you if they feel you don't have a good enough reason to have off shore accounts.
It's scary to know that US is the only country in the world taxing their own people everywhere/anywhere, no matter where they're.
Having that said - It's true, I've witnessed a few friends over the years that went through that massive of craziness. SAD!!
It hurts my head as a Malaysian, because IF I ever leave Malaysia, I don't pay any tax thereon.
(Hopefully it will remain)
Smart guy - from Uk
Great video!
could you do a beginner video. I dont even have my first PP. im american btw
Nobody is perfect.
Thx Andrew. Ill buy you a beer in Bogota.
I have 3 citizenships :)
I would like to know your opinion on a Croatian passport as a second passport by descent. I am an American citizen.
jesus christ... all of these complexities just sucks the energy out... you are a better man than we
Would you recommend having a Belize passport for an independent business owner? We will soon have this citizenship available to us.
Why is all the passports in the thumbnail from Sweden? Trying to say something?
from Spain too, but several from Sweden.
just for clarification: those are pretty good passports. _Sverige_ is on 2nd place (along Ireland) on Nomad's own passport index.
lets say I have millions in bitcoin in the US as an american, how do you transfer your wealth to your second citizenship ? there is no way
Do the five CBI programs in the Caribbean guarantee renewal at whatever time interval is codified into law?
At least one of them does. Now go start reading statutes to figure out which one. It's fun.😌 It is more than one actually as I understand it, but...
I'm considering changing my last name (I have my father's last name, I want to change it to my mother's last name). Would you suggest doing that before or after I get a second citizenship?
From what i have read the name change will add to the slow down during the investigation.. But as always advantages on both sides
@@venusreena2532 I figured it might be an excuse for them to drag their feet. I'll change it afterwards
Australian’s also are taxed by the Australian government no matter where they are in the world! You can get a dispensation to reduce your Australian tax if you pay tax else where, but still taxed!
You are making me a believer but you mention high networth individuals, I assume you help those with only large bank accounts ? or all comers ?
I definitely would like to obtain "multiple citizenships / passports"
In my opinion the Chilean program is too good to be true
What about it?
@@PP-ux9bh too easy in my opinion considering that it's one of the world's best passports. If you're wondering the point of my comment he mentions too good to be true offers. Considering that the residence permit is fairly cheap, u don't need to actually live there most of the time, if u do decide to live there u have a 5 year tax holiday, Santiago is beautiful, Chile is indeed too good to be true in my opinion
@@guilhermesalesferreiradaco2934 I think Chile is the best country in South America. What is the latest requirements for temporary residency?
Anyone know if there are spanish based advisors of these lifestyle. I have found a few but interested if there are others.
Is it possible to get citizenship in another country by establishing an NGO or non-profit in that country? Are there public benefit objectives in lieu of financial investment minimums? Or strategic alignments that would qualify (i.e. education, green energy or some other governmental objective)?
How does it work if you get a Colombian citizenship and then live and work in Panama on a friendly nations resident permit?
Not sure where to ask this.
I’m thinking of moving abroad and want to know if there a way to save on taxes on my passive income from my rentals?
I only have two, but it brings in six figures. Could I start a foreign property property management company so I can earn foreign earned income? Will just two properties send red flags to the IRS. The properties, one comercial and one residential, are located in California. Would I still have to pay state tax on foreign earned income?
I work overseas with some people from California, and they still have to pay state income tax according to them. That's 2nd hand info, so take it for what it's worth. Should be easy to find out if you go talk to a good cpa in California.
What is good passport to enter China,only Chinese
Hows does this all play in if one has a TIN#? I do not have one but i have so much info, it is daunting... sighs and deep breaths.
My plan is to get a Second Citizenship wherever, or If I, get a Wife. I'm also interested in perhaps a Peruvian Citizenship via 2 year Naturalistion if I ever want to increase the access of my US passport. And then there's always the old school Swiss passport (or live in Puerto Rico for a while) if Revenue ever reach over 1 Million per year I think.
How many passports do you have and which one? @nomadcapitalist
He has said he has Saint Lucia and Comoros passport. He also has other three passports to say yet
He left the US
The others are big three, thats why he is hiding them
Figured out what are the other three passports he holds ?
hi andrew yuo stil in belgrad?
'illegal' ecuadorian and mexican programs are rampant on the market. both are cheap (30-50k usd), but take the risk.
Can you carry both or how every many passports you have with you at all times? How does this work when you get to the immigration authorities? Do they accept that you have more than one citizenship?
wave only one passport around at immigration, dont confuse them. :)
I am Brazilian by birth but English too. What you can tell me ? I want to be Turkish too. Tell me what you think? Please. Great video as usual. Thank you. I will wait for your vision on my case. Thank you.
Two people from Togo just downvoted this video
lol…
What do you think about retiring to a cruise ship to live? I have heard it is inexpensive. What tax would you have to pay?
Cruise ships are notorious for germs getting around.. maybe from over crowding.. I went on a 9 day with Royal C and got sick the 3rd day.. their infirmary was closed due to a Pneumonia spread.. i was lucky and just got a bad cold.. Apparently they don't follow or honor protocols
@@venusreena2532 I've gone on multiple cruises on all sorts of ships and different cruise lines and I've never gotten sick. Just saying. Maybe it's your immune system?
Too many options.. I need a score card
Which countries have paper residence to citizenship?
i copied/pasted your comment into my search engine and got quite a few results.
@@FlowtnWitWalden He constantly mentions how there is a lot of misinformation about easy citizenships online
Netherlands will keep taxing you unless you obtain tax residency somewhere else - you can't just leave and hop from one place to another - I think other countries are like that as well. Point is - US is not as bad as you make out - at least capital gains taxes are lower than many other places.
It's pretty bad
I agree Canada is the same, as long as you are a tax resident, you pay tax, you can hop from country to country but without getting a tax residence outside of Canada you will still have to pay tax in Canada. But the point he is making is you can be an American citizen but have a tax residence in Monaco and still have to report and pay taxes to the US even though you aren't a tax resident of the US or living in the US. IT IS PRETTY BAD imo.
The Netherlands will stop taxing you as soon you leave, as long as you do it properly (unregister from BRP). If you decide to go back to NL you will have to register again which will include a formal intake meeting at city hall. Source: I'm a Dutch national and have gone through this process multiple times.
@@WalterDeRooij how easy is it to obtain a Dutch citizenship. I see it as still the most respectable passport along with Japanese and Portugal Golden Visa
@@atmosphereoasis9564 I unfortunately can't tell you. As I'm a Dutch citizen by birth I've never looked into it.
Great bit about Thailand :)
Passports are tools.
13:25 Actuarily
You have great knowledge and great shows, but I do have a few comments; you are getting excited and you talk too fast. The info you share is important and requires time to digest . About global taxing, I might be wrong but to the best of my knowledge its done not just by the US but also by Israel and Canada. As for second passport options - Israel offers immediate citizenship to any Jew , so - its an option. Love your vids - keep up the good work !
If you feel he talks too fast, click the settings icon (gear icon) and change playback speed to a lower setting. Problem solved. I actually do the opposite while, as it may be too fast for you, it's too slow for me.
@@WalterDeRooijThank you and you are right, I should have Re-Phrased my comment and say ; Sometimes... you talk too fast for some non - native speakers , whom might be the major group of your future clients.
@@dovoso5685 I think it will be impossible for anybody to find the speed that pleases everybody which is why I suggested slowing the vid down. For what it's worth, I'm a non-native speaker myself. The more English you hear, whether irl or on youtube, the easier it'll get.
If i were to choose another passport I would want one that would allow me to go to Russia and is from a country which gets along with China and Iran. Peru or Brazil would be an example. A peruvian passport would allow me to travel to Russia without needing a visa and no countries in the world hate Peru because it is generally not a huge player in regards to foreign affairs. The thing that worries me about having US citizenship is the USA getting involved in something that will prevent me from travelling to countries i like to work in. I think my interests are similar to nomad capitalists in that i do not view my us citizenship as highly valuable. However i am aware if i live in developing countries that being a US citizen can be make me a more attractive mate as many in those nation think the USA is the land of opportunity. If i want to teach in China my passport is a requirement.
Not sure why I like this channel so much. I am a long ways away from a 7/8 figure net worth and my spouse would likely hate the idea of getting another citizenship. Maybe it has to do with my travels, the languages I speak, and the romance of travelling. Or maybe it has to do with the steady erosion of freedoms in the US. I should probably unsubscribe and free up some time but it's hard to hit that button.
Schengen.
schengen is a free travel area in europe, so far so good. schengen visa is even fancy: free access to every member state of Schengen.
just be aware UK is not part of it and will never be, but Switzerland is a standing member.
Choose an EU citizenship. It will cost you but it’s way better . After that take the Russian citizenship!
I can get Italian through lineage. That allows me to travel to any EU Country sans visa, no?
@@FlowtnWitWalden yep
usually you are not entitled to keep your EU citizenship if you seek Russian later. choose wisely !