Why You Need Four Passports
Vložit
- čas přidán 15. 07. 2024
- Become a Client: nomadcapitalist.com/apply/
Get our free Weekly Rundown newsletter and be the first to hear about breaking news and offers: nomadcapitalist.com/email
Get on the waiting list and join us for the next Nomad Capitalist Live:
nomadcapitalist.com/live/
In today's video we delve into the unequal realities of citizenship and its impact on personal freedom and financial security. From government surveillance to worldwide taxation, discover why holding multiple citizenships is essential for safeguarding your wealth and independence.
Join us as we explore the pitfalls of relying on a single passport and the strategic advantages of diversifying your citizenship portfolio.
00:00 Start
00:46 Understanding Citizenship Variations
3:46 Taxation Based on Passport?
7:18 Dynamics of Hatred in the West
8:16 Benefits of Having Multiple Citizenship
10:33 How Does the System Work
12:59 Risks of Reliance on a Single Passport
16:01 Protecting Freedom and Wealth
Nomad Capitalist is the world's most sought-after expert on legal offshore tax planning, dual citizenship, and international asset protection. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where you're treated best."
Nomad Capitalist has served as the “architect” and “general contractor” for 1,500+ clients who wanted one company to manage their holistic plans. We help these clients keep more of their wealth, increase their personal freedom, and protect their families and wealth against current and future threats at home.
Our in-house team of researchers, strategists, and executioners know more about these strategies than just about anyone. We’ve also spent more than a decade building a trusted network of attorneys, accountants, real estate agents, and others to assist our clients. As a result, our approach is not only holistic, but agnostic; we offer our clients advice on and options in 90+ countries, more than any other firm by far.
If you’re looking to diversify internationally, whether for lower taxes or as a “Plan B”, trust the industry pioneers at Nomad Capitalist and our experience serving the needs of globally-minded entrepreneurs and investors.
Become Our Client: nomadcapitalist.com/apply/
Our Website: www.nomadcapitalist.com/
About Our Company: nomadcapitalist.com/about/
Buy Mr. Henderson’s Book: nomadcapitalist.com/book/
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.
Another dynamic is children. We are shopping for a citizenship in a HEALTHY society - no obsession over money/credit, family structures in place, minimal social media addictions, and a government with light touch/soft freedoms....as a way to plant our kids there. So far, Colombia is winning.
good luck finding one like that
@@tonyn3227They will. Stay mad.
Colombia lol. Worst place to raise your children, woke culture is taking over. Criminals running wild, narcos with cartels, prostitution is legal. No jobs over here, high unemployment and lots of homeless and junkies. Latinos, not only Colombians are super flashy and obsessed with keeping up with the joneses, people are in debt here too. Yes, the healthcare system is affordable but that’s it. If your into hiking by yourself you can’t do that in Colombia super dangerous to venture out in the trails solo or even with people. Dude Colombia is a shit show go somewhere else to raise your fam. Try Alaska instead
I worry about multiple military service obligations
healthy society and Latin America don't get together.
maybe if you stay in a rich bubble or in a place like small towns then it's fine
Great analogy about an abusive partner. No one would/should tolerate it in any form. Especially when it comes to expecting basic liberties.
Right no one shouldn’t. you would be surprised how many people agree on abuse within families.
The exit tax from the US is very punitive
From Canada as well. It was instituted in 2015, by Trudeau,
As a russian, i can put my signature under every word of yours, mr. Henderson.
I'm on my journey now to get 2 other citizenships - one by repatriation procedure, other by naturalization, and then i will renounce.
All the best for you, sir. Keep up the good work!
I suggest you not to renounce . Because Russia is a superpower and comparing it to Europe or American countries , Russia’s economy is much strong
@@Muhayyo666It is not that i am planning to do this on a whim. Being a citizen of empire comes with a cost. I am sure many americans can say the same. Anyway, i appreciate your thought. Let's see where the situation will be in the next 1-2 years.
@@user-kr6jz5ff4p I wish you success bro. I’m an afghan and born in Saudi Arabia and not eligible for citizenship even though I m close to 30. I’m planning to get Portuguese residency and apply for citizenship
@@Muhayyo666It would be great if it'll work out for you! Wish you all the luck!
Isn’t it funny how the people of Russia and the people of the United States don’t want to keep fighting useless wars? This is a good sign. We are all brothers and sisters. We should be able to live in peace together
I mean there are multiple countries where you could be a citizen which would need to impose a tax at all before they could even think about imposing a tax on citizens abroad.
You know a lot of tax free countries?
@@steveb7600 Monaco, Bahamas, Brunei, Kuwait, Bahrain, United Arab Emirates, Bermuda, Turks & Caicos, Anguilla, Cayman Islands, British Virgin Islands, St Barths, St Kitts & Nevis, Antigua & Barbuda, Vanuatu, are the ones I can think of off the top of my head, there are at least a dozen more that can be zero tax with proper planning and structuring of your affairs, including a lot of countries with very high headline taxes, that offer great incentives for immigrant tax payers.
@@jeremyleonbarlow Sure, those Caribbean islands are good, doubt the Middle east passport is viable.
Instead of trying to stop people leaving a country they should be trying to make it as attractive as possible so you don't want to leave. Its a sign of a failing country and smells of a Prison mentality
you would think, but governments are too big today , they dont care about people or individiuls, we are just sheep to them, in most countries its like that.
Definitely!! USA govt has prison mentality
USA is so attractive and there are so many people trying to enter that it simply dont care about people leaving
@@Joao-id4dn oh please, most people trying to enter the US are mainly third world nationals, you don’t see people from Sweden or Finland rushing to get in. The only thing keeping the United States powerful and “attractive” is the H1B.
You're forgetting that you're nothing but an ATM to them.
Well spoken sir, I am an US Ex Pat
I voluntary renounced to my french passport lately..I never ever will accept such comportements from anybody..called governmental paths..so I stick to my second - ones= swiss Pport..😁🤭😏🤩
Glad you can do it.
Hey can you tell us more about the process and especially the interview in France ? Does it work like in the US in order to give up ? I know some Swiss who renunced us citizenship...
well, if one has swiss citizenship , french citizenship becomes redundant. Switzerland, USA and Japan are the best citizenships, in my view
Just remember that if you were to ever live in Monaco, you'd be subject to paying full French taxes as both current and former French citizens are required by law to pay full tax to France if they live in Monaco.
Hi Isa Manuela. Sorry but again, would you like to share with us the whole process of giving up French citizenship ?
US: "Here you are free! Free to do what you are told. Free to pay your taxes no matter where you live. Free to never leave"
That's one hell of a "FREDOM"!
The US is amazing in many ways. Unfortunately, freedom is in short supply these days.
Only because everyone complies.
Easier to comply than to die or spend years or your whole life in jail@@richardbrown9344
I have dual citizenship in US & the Dominican Republic, what are the plus & minuses of this status & what would U recommend going forward particularly involving favorable taxation & digital assets!
Thanks for ur content & all that U do to keep us informed
😂🤣 that be financial advice, I think he charges a fee for that
@@HeyMr.Johnson901 I make the request with the hope he may gloss over the topic in a future presentation!
I agree he won’t go very deep into the matter though! Thanks
Thank you Andrew!!
This is good advice!
Glad you think so! 😊
Thanks for sharing 😊
Great to see you in KL, Andrew! What is a stronger position 1) hold only a Japanese passport (no dual citizenship) or 2) hold a Mexican passport, and a Caribbean passport (SK&N/SL)?
A mexican passport or St Kits and a Nevis passport is dog poop compared to. Japanese passport. Don’t even compare.
Try living in Japan for a year and then do the same In Mexico. Besides, Japan unlocks more Visa free countries than a Mex or St K&N.
Unless you want to live in Japan and have your kids live there, its always best to have as many options as possible. More passports is better as long as they are strategically chosen.
Preach Andrew! 🫡
A very beautiful thing: variation in formations.
Brother king time viewer. Can you do an episode on Jamaica I know they just joined the carricom. Thanks for all your hard work video quality is top notch now too👍🏾
Which countries in Latin America won't allow a dual or triple citizenship? I'm doing research and I don't know much about this..
Here you can see our video about the Countries that Don't Allow Dual Citizenship: czcams.com/video/emvT7am3Hcg/video.html. Hope it helps! 😊
@@nomadcapitalist thanks friend
BUT Great Info.
U.S. taxation is super annoying for other reasons. I have always been fully remote but a lot of companies straight say no to working abroad even fully remote because they blame the complicated taxes...so basically they are telling me I am a slave to the U.S., it is so weird to me. I work on a computer, haven't been to an office in years and years, yet, they I need manager approval, HR approval, IT approval, and then can get 10 business days to live abroad...which is why I am leaving the company for a real full remote. I speak Chinese, I have lived in Asia for years before and I am going back. Even if you have vacation, they will say a month is "Leave" so then you could do like 3 weeks, but that isn't enough time to experience since the main time and cost is the flights. Anyway, I know this is a rambly rant. All I am saying is the U.S. restrictions really does make life restrictive if you like other countries and living locally in other countries and you aren't a tourist.
It's like that because, let's face it, some people try to "play the system" to get out of paying the government what is owed. That's right, certain "savvy" people do cheat on their taxes and the authorities simply aren't havin' it. You gotta prove everything, just about. Can’t blame them.
Most countries have tax treaties with the US that each contain a 'saving clause' that gives the US exclusive rights to tax a US citizen, so that's probably not the reason (at least if your destination is a tax treaty country). More likely it's the local employment laws and taxes in the destination country that the employer just isn't interested in wrapping its policies and processes around for the benefit of a single employee (you).
@@runderwo Still don't get this obsession over taxation. Countries need money, lots of it, to function and line the pockets of the landed gentry. What's wrong with that? That's as it should be. And it’ll never change, at least not in our lifetime. So stop bellyaching, please.
@@dolittle6781 Aren't you on the wrong channel? If you enjoy writing checks to the Treasury, their mailing address for contributions is posted on their webpage. Don't let anyone here stop you from doing all you can do.
@@dolittle6781Most people don't want their taxes to pay for a genocide.
It’s not just Eritrea and America. Hungary, Myanmar, and Tajikistan also have citizenship based taxation.
But unlike America they have no way of enforcing it as long as their citizens stay away from their countries territories and embassies
Singapore Citizenship is one of the worst in this regard, they give you a military service obligation then force you to report on exactly where you're moving and wanting to live until you're 50.
On top of that you legally can't even get another citizenship. So how is Singapore a better option than the US in this regard?
Hey R&D
Have you done a video on diversified banking in multiple countries before or even instead of residence or citizenship. ie a single country person opening bank accounts in other countries for diversification?
Hi, we have multiple videos about it, here is the one that might be helpful for you: czcams.com/video/HTKNXelF8Sk/video.html
A Stand on Business Gentleman. Quite rare these days.
Whats yor opinion on Project 2025 tax plan?
I will apply for a St. Lucia citizenship, but am about to get divorced. Should I wait until the divorce is final, or does that matter at all? Is it okay to be in the St. Lucia application process while I am in the middle of divorce proceedings? It's a clean divorce - no kids, no property to split, no shared accounts or investments, etc. What is your advice, please?
Here are my thoughts.
1) my wife is a dual US and Vietnam citizen. She holds passports in both. She is a Vietnam citizen by birth, and a naturalized US citizen.
2) I technically only have one passport...US citizen by birth. I could get an India passport, but they ban dual citizenship, and India's passport is worthless. What I do have is an OCI Visa care of India. It is debatable if you call it a citizenship or a visa. Me, i call it something similar to the US green card... except it is India.
Hey Andrew, I'm want to start a business as a swiss citizen. Is it fine to register it in switzerland (Zürich) or should I register it in a place like Malta?
Lets be real. He wants to reap the benefits from main countries without paying their taxes. If he was born in Georgia or Colombia, he would not be where he is today.
Maybe he doesn't want to fund a genocide.
@@quartermaster1976 Sure, that is the reason. LOL
@@dagda3000no taxation without representation. Why the fuck are we fighting and funding wars? For billionaires to make even more wealth?
Some people will never understand how annoying foreign tax is until they begin to make a lot of money outside the US. Even foreign companies might choose not to work with you because of this simply because the tax procedure is overly complex for them. Hiring a tax accountant runs you into the thousands sometimes even into the tens of thousands depending on your earnings or the nature of your work which is an additional expense and God help you if you work in multiple countries. In fact Some banks, especially in France don’t even want to deal with you because of the extra filing they have to put up with on your account, they’ll rather just deny your application due to made up reasons. And some people are surprised when you renounce. If your work is overseas the US passport is actually a harm than a good, amongst other things.
Uk and Australian citizen, Im undecided for my third citizenship/greencard for US or Irish (to get EU access).
Hi Andrew,
How can I get multiple citizenship for Asia.
I really want Malaysia, Vietnam or Thailand.
Thank you.
You can find detailed information about it by reading our blogs: nomadcapitalist.com/global-citizen/how-to-get-residence-in-thailand/; nomadcapitalist.com/global-citizen/malaysia-mm2h-visa/
I'm thinking about Argentinian Citizenship. Tax is still my biggest concern. Still researching what to do. If anyone has a link to NC's video on Argentina please share bc I can't find it.
You want a citizenship that already forbids you from renouncing it?
Don’t take a citizenship that you can’t renounce.
@@mr.clanni9930 ooooh good point. Didn’t know that
@@DrSergeantNash I didn’t know
try Uruguay, instead.
❤
Passports won't help once they shut down travel, because it's bad for the environment.
Andrew can you make RnD video about difference of US and non US tax systems. I’ve read that tax treaties between countries would not allow countries like France or Germany to do citizenship based taxation, practically impossible (they researched that and could not do because of additional legal reasons and the fact that they have to renegotiate all tax treaties with all countries in the world)
That'd be a huge series of videos. Regarding your comments about treaties and EU countries, they could do citizenship based taxation for anyone who isn't living within the Schengen zone. Simply put, the way the Schengen zone works as far as taxation is that individuals pay tax where they have registered their residence, EU businesses pay where they are primarily located and/or where they have a significant presence (i.e. a local division). In the latter case its gets complicated as the divisions of the company generally only have to pay things related to pensions and local taxes (emissions, manufacturing, etc.). This is due to the Schengen Zone's Single Market Economy. Whilst citizenship based taxation within Schengen can't be done, it can be done to those who aren't living in the Schengen Zone.
Existing tax treaties are few and far between and none of them prohibit citizenship based taxation.
I hold a US passport, but I can get a British passport by descent, but Im not sure if I would then be taxed by England! Does anyone know how that would work and what advantages or disadvantages im looking at? Any advice would be greatly appreciated!
The UK does not have citizen based taxation. Its residemce based so you could get UK citizenship but that does not make you a tax rrsident
If your work/business is outside the US you should renounce and get the British passport. Essentially the same in the visa free department. Also it’s looked on favorably as well. No CBT. Go for it, if you work within the US obviously don’t do this.
A British Passport will make it easier to get into the former British parts of the Caribbean. Sure they have the British Overseas Territory Citizen (BOTC) system and different rules but its much easier with a British passport than it is without.
@@gall6336 Thank you!
We are talking here about a lot of things we have little or no control over--taxes, Asian police stations around the world. It's almost like being afraid of your own shadow. There is such a thing as reality. Please, get a grip.
There is no telling what will happen and take place in economic uncertainty times.This is why it is so important to take action.I don’t think the USA really cares about most Americans giving up there citizenship because we are already being replaced by Indians,Hispanics and Latinos.
What you are talking about is more prescient and important than ever with war Drums rattling all over the world going where you are treated best may be the only way to make it out alive. "/
3: Particular Iranians abroad do get harassed.
I thought tax was voluntary...what happened cause it actually goes to england and the vatican ??? Explain when taxes can only be paid in gold and silver..please and thank you.
Be james bond in few words
Theres nowhere to run, Klaus Schwab will find us all.
How the heck does an American with even just $10k escape the country with any debt obligations? We are stuck in a sold out country.
Prefer to pay big taxes for a good social system, rather than mafia. Smaller countries are easily overpowered by organized crime.
Easy for ya to say get multiple citizens but the reality is not fucking easy. Even tho you have a degree.. also how multiple citizens can protect myself?
Always sounds good, but for each action, there's gonna be an equal and opposite reaction (Newton's third law). Right, so get two passports and end up with two bureaucracies--you've just doubled your headaches.
Rubbish. 99% of countries won't cause you headaches unless you live there and get fully in the system, simply having the passport doesn't get you fully in the system. As someone born with multiple citizenships, the countries I'm a citizen of but haven't ever lived in are no headache. If I were to move to one of those countries, I'd have to get a tax number and then headaches would exist, currently having to only deal with one tax file is only one headache which I can legally leave when funds permit the cost of moving abroad. One does not require a tax number in order to have a passport, only a citizen number.
@@matthewnirenberg True, assuming your second passport is nothing more than a little booklet you'd throw in your junk drawer and forget about until some "emergency." What a waste of one's time it would be to apply for something like that and rarely if ever use it. Personally, I would never want a passport in a country that I wouldn't want to live in and be involved with. What cold comfort living like that would be. The idea of "collecting passports" because you're afraid of some imaginary apocalypse seems like fear mongering and manipulation on many levels, not the lease of which is a sales pitch to make money for some entrepreneur.
@@matthewnirenberg I posted a rebuttal to your comment, but I guess someone didn't like it and decided to delete it.
Russia has a very weak passport for being such a powerful country.
Ostapko, why did you get out of the enclosure? Does Fritz take the bananas away from you?
@@AquariumRuss I prefer apples.
Powerful passport means you dont have political enemies around the world, which means you are a politically irrelevant country in terms of global power. Powerful passport = weak country
Finally.. the abolition of nation states and the creation of a one world government as my logical ambitions are slowly being realised.. mu ha ha ha...😊.
First >∆
Andrew, I love your content! Can you make a video for smaller net worth people? Something along the lines of 2-900k net worth and something along the lines of how to diversify...ex: im italian and searching for my lineage to acquire citizenship there, as well as the free homes in japan as well. would be neat thanks.
Thank you for your support! While our primary focus is on assisting higher net worth individuals, we understand the importance of providing valuable information for a wider audience. We'll take your suggestion into consideration for future content. In the meantime, if you're interested in acquiring citizenship by descent, feel free to reach out to us for personalized assistance using the link provided: nomadcapitalist.com/products/citizenship-by-descent/