The Difference Between Residence and Citizenship
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- Опубликовано: 22 июл 2024
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Citizenship is a legal status of personhood and membership in a sovereign state. Citizenship grants rights, privileges, and protections to individuals within a country and state. Citizenship is permanent. Residency, on the other hand, is a permit that allows an individual to reside in a specific country with conditions that must be adhered to. Residency can be either temporary or permanent.
In this video, Andrew shares the difference between residence and citizenship.
00:00 Start
0:20 Main Mistakes
1:20 Visa Definition & Meaning
3:50 E-Visa
4:30 Residence Permit
4:47 Green Card
8:38 Citizenship
11:22 Greek Golden Visa
12:22 How to Get a Second Passport
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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
Visa = entrance ticket to stay for xyz days
Residency = entrance ticket plus right to stay somewhat indefinitely
Citizenship = all of the above plus rights and other benefits eg voting, freehold deeds etc
Passport = guarantee of identity to other countries via your issuing country
Nice summary
Citizenship also has obligations in some countires, voting, national service, jury service etc.
So many people ask me if I am still Canadian because I now live in Mexico (Permanent Resident). It's amazing how most people don't seem to understand how that works. I would have to formally renounce my Canadian citizenship so yeah I'm still Canadian. LOL!
Makes sense to me. I'm glad I can keep my American citizenship as well as gain Egyptian citizenship. I wouldn't give up the American one if that was the only way. American and Canadian citizenships have way too many advantages then Mexican or Egyptian citizenships do.
I love your Malaysian Flag Lapel pin.
Thank you for this excellent explanation on such a confusing topic!
Glad you enjoyed it.
I would like to hear about how you actually travel on multiple passports.
Bro thanks for all the jewels you drop. I am NOT a 7 or 8 figure type business owner BUT I still glean insight into opportunities. Appreciate it
Could you cover UK tax exempt/reduced territories and the validity of them for corp. usage (BVI, Isle of Man, Gibralter, UK itself, etc) residency. Then you could follow up with new videos in that series for other countries who have territories with low/no tax. etc.
Wonderful information, thank you !
Our pleasure.
thank you ! Andrew ! this absolutely important to understand about tax residence
Our pleasure.
Thank you Andrew
at last, you did this video .. i was going to ask you what the differences were !! it will a very popular video thankyou !
Love the video.... Thanks Andrew!
Glad you enjoyed it.
omg, thank you thank you thank you. i found this so confusing i didn't even know how to ask the question to find this answer.
Happy to help!
Ah tks!
Thank you
Maybe a video about what would be the benefits of European permanent residency would be interesting/ important since it may regard the Status in 26 countries at once
Do a glossary please!
Finally!
Hello! I’d be very much interested in having your opinion on something, I’m in the process of buying a house in Madeira Portugal, with intent of airbnbing it. Is it a good a idea? Im from Quebec Canada.
Andrew, if a person has had a 10 year MM2H Visa since 2015 are they required to spend 90 days in Malaysia?
@nomadcapitalist Can ONLY a citzen of a country acquire a passport for a country?
What happens if you receive residency via your existing Passport, and renounce that Citizenship? Does the process start over with your replacement Passport?
What do you know about elective residency in Italy.? I was there for three years and inquired about residency . I was told because I collect a pension I qualified for elective residency
I have had to learn these fairly recently... I moved to Egypt in August. I had to start with a 30 day tourist Visa. Then I had to apply for a 3-year residency. After that I have applied for citizenship, but that takes 2 years with my situation, so I have to wait for that one to get approved. 🙃
Nice what is it that you like about Egypt that makes you want to be a citizen? And where is your original country (if you dont mind me asking)
Obviously she married an Egyptian!
@@toddmaek5436 The people is a big one, and the lifestyle is just so different here. And yes, like @Etherium Rise said, I did marry an Egyptian, but I already loved the country before then and had wanted to move here. The husband and his amazing family was a pleasant bonus. 😄
E visa required for US citizens to turkey. Did not know that.
In the case of Malta CBI, you mentioned a year -and-half stay in Malta. Does it need to be continuous w/o breaks?
If i live and have unlimited residence permit in Germany but not a citizenship and i decide to live in the UAE will the germans tax me? (I have a serbian citizenship)
That’s a good question
@chronicreader it’s called „Unbefristete Aufenthaltserlaubnis“ which means unlimited residence permit
@@svensulzmann4282 thanks
@@svensulzmann4282 is it just no property INCOME or even just property owning?
portugal golden visa
Government lost in court there will be no retroactivity to cut cases that applied after 16 th february . New applicants have the right to enter until the law is fully legislated into force. Lawyers call it 45 day windown to enter until governemnt finishes the process.
imi daily Golden visa portuguese government yield dow 183 days news
How about Norwegian citizenship compared to Norwegian Permanent Residence ?
If I chose Malta CBI for 700k euros, do I need to reside there let's say for at least "CONTINUOUS" 15 months? Or those 15months can be can be broken down to let's say 3 X 5months to complete the 15 months requirement? Thanks
Why don't you talk about Dominican Republic? I like to hear about the pros and cons to become a citizen in the DR.
Thanks, we love your videos.
It looks like there was an email to me but I can't respond back to it
Nice!! I have Brazilian and Portugal passport!!! And now I live in the Netherlands so its possible to get ducht passport without renounce those others?
Is Portuguese passport your second nationality? check with the portuguese embassy or consulate in the country where you live.
@@iovgrkso Yeah it is!
@@cristaosunidos.academy ok good. Ask the Embassy or Consulate if portuguese goverment allows dual citizenship, even if you have Brazillian passport.
@@iovgrkso Yeah Portugal allows multiple citizenship!!!
What passport you have?
Thank you
@@cristaosunidos.academy Dutch passport
Please use fonts of appropriate colors. ..
Is it possible to have three citizenship.
It depends. Each country has their own laws.
I'm going thru that now....I moved from Georgia to Puerto Rico and though PR is part of USA in doing my taxes, I'm being asked if PR is my residence so that I can file my Georgia taxes as a non resident ...I'm so confused
@chronicreader USA
@chronicreader I work remotely out of Georgia but live full time in PR and own a home here...
Wouldn’t it be the same if you had moved to say FLA ? You become tax resident where your main residence is ?
@@Booboonancy I thought so too...I spoke to a turbo tax rep who says I would file Georgia as a non resident... I have interest paid on my home here but can't file that in PR because I don't have income in PR so I can't file it...that's just money I've paid out with no income in PR use as tax credit against...
@@LovesAlchemist That’s a bummer. I know that some people living in Mexico still file as resident in their state. Not sure how kosher that but they do it by maintaining an address in their state, like a virtual mailbox that receives and scans your mail.
I'm Pakistani and l need the job tile meson and building construction worker
"Sadly",a free minded person or a capitalist can only be a nomad nowaday or they hold you as assets of their country political business.
I am Greek if an Irish or Hungarian woman wants marry me. I offer myself, I am 25 years old.
Don’t be condescending Andrew!
People with that kind of money are smart enough to understand these intricacies.
You lived in your ivory tower far too long and started loosing grip on reality.
Actually the video was helpful. You assume that people with money can't be dumb. There are a lot of rich people who ate not intelligent. Just look at all the wealthy people, especially financial gurus who got caught up with Sam Bankman-Fried and FTX. 😂😂😂😂