12 Second Residence Permits with a Simple Bank Deposit

i've been helping some ultra high net worth individuals recently who have sold their businesses and built up a lot of liquidity in the form of simple cash in the bank or cash in a brokerage account and they're looking to deploy that cash overseas not only for asset protection or higher returns but they're thinking maybe i can get a residence permit or a second citizenship just from putting that cash to work for me somewhere else but not everyone is interested in buying real estate or investing in government bonds or starting a business overseas which are many of the ways which allow you to get a residence permitted citizenship so today i'm going to share with you some countries where just by moving your money to their country's banks you can get residents and even citizenship [Music] hi i'm andrew henderson here at nomad campus we help seven and eight figure entrepreneurs and investors legally go where they're treated best offshore tax savings asset protection overseas second passports to make sure you have options and investments in new boom markets you can learn more at nomad capitalist.com got a lot of free articles on there too that you can read and today we're going to talk about how simply moving your money from a bank in your current country wherever it is now whether it's in anz or chase or td or wherever it may be earning probably zero interest or even negative interest you can move that overseas put it in another bank keep your liquidity and actually get immigration privileges in another country so let's start in the americas one of the easiest countries for westerners if you're fortunate enough to have one of about 50 different citizenships is panama's friendly nations visa program if you've been looking around the internet you've probably heard about this it is not a very clear path to second citizenship in my opinion as we sit here today but it is a path to get permanent residents if you are a western european citizen you can go and put five thousand dollars in the bank set up one other pretty easy economic tie in the country and get permanent residence it's a pretty tax friendly country if you actually want to go and live there otherwise just a nice place to have in your back pocket by putting a pretty nominal amount of money in the bank the next option is in ecuador where for just over 40 grand in the bank you can also get a residence permit and you can work towards permanent residence and if you'd like to live there you can work towards citizenship ecuador many people don't know uses the us dollar as its official currency and so you can put money to bank in u.s dollars you'll earn a higher interest rate than you would in a place like the united states and it certainly has become a haven for retirees you can find cheap real estate there it is a place that is an up-and-coming place to live very cheaply and not a bad place to go in terms of just having a plan b pretty peaceful country pretty small country people don't really get you know they don't get anyone's bad side so not a bad place to go just by parking some money in the bank at a relatively decent interest rate you might want to check the credit unions by the way for the highest interest rates now in colombia you can actually get residents at least for a while by putting money in the bank they have a couple different residence programs in colombia and it seems they're always talking about changing them changing the requirements i found the easiest option is simply buying real estate there and getting a permanent residence permit but if you want to put in less money you can potentially put in as little as about 20 000 into a business now you've got to set up a business and you've got to go through contributing capital to that business so if you're a us citizen that's going to involve more paperwork than just the bank account and eventually they may come around to asking why you're not spending your money in the business but it's a path to put money into a company and get residents in colombia again if you're not going to live there that path is less likely to lead to citizenship than by investing more such as in a property but not a better way to get yourself into colombia also in the americas costa rica while you can simply prove income to costa rica as an alternative to showing statements from for example a pension or some other kind of passive income you can simply deposit two years worth of the required income into a bank so it's about 60 000 that will allow you to go down and live in costa rica get a residence permit and again if you want to live there for half the year you can work your way towards citizenship in a pretty peaceful beautiful country let's go to europe where many countries over the years have opened up golden visa programs where investors can do things like buy properties to get a residence permit some of these golden visas don't really require you to spend much time in the country in order to become a citizen while others do one of the ones that has promoted their bank deposit or what they call subordinate debt requirement is latvia you can put 280 000 euros into a bank now it's not exactly a bank deposit it is a debt obligation with the bank that may turn some people off but you can make that investment along with a 25 000 euro fee to the government and you've got yourself a five-year residence permit it's not going to lead to citizenship unless you actually live there citizenship takes 10 years not the best thing for someone who wants to become a european citizen however not the worst way if you just want to keep your money in something nice and simple at a relatively low price as far as golden visas go nope you know screwing around with real estate or investment funds that's an option that you might want to look at they do certainly have in addition to local latvian banks they have some of the larger european banks that are also there as well portugal and spain both have golden visa programs and people generally look at the obligation to or the opportunity to buy real estate but they each have an option to put money as a as a capital investment one million euros is a capital investment so if you want to tie your money up you can put that into the bank and you can get yourself a golden visa obviously there are cheaper options with real estate and with investment funds or in the case of portugal we've talked about hiring people there but if you've got liquidity you can simply move it from one bank earning zero percent to another bank earning zero percent and get yourself a golden visa work your way towards citizenship in the case of portugal one country where you can get instant citizenship on the edge of europe is turkey again people talk and we've talked for a couple years now about 250 000 real estate investment option and i think that one's interesting because unlike caribbean citizenship programs you can choose relatively speaking on the open market sadifi who runs our real estate department and who speaks turkish is always looking at properties there you're probably not going to get the absolute cheapest properties because of the way the law is written but you can get some pretty good deals buying in istanbul however what people don't realize is if you don't want to buy real estate you can simply put half a million dollars in the bank and generally split it up across different banks they've got some decent banks there again they've got some international banks in turkey you leave that money in there for three years and you've got yourself a citizenship not after three years but you get the citizenship now and they just restrict you from taking that money out egypt also has a citizenship by investment program probably not what most westerners are going to consider and not one that's really very favorably priced i don't know that they really considered the global market conditions but depending on how long you're willing to type your capital whether it's three years or five years you can put anywhere from 750 up to a million dollars in an egyptian bank you can't earn any interest which is unfortunate because egyptian banks actually pay relatively decent interest if you hold egyptian pounds but if you're willing to tie your money up through the central bank for anywhere from three to five years you can become egyptian not something a lot of westerners would be interested in but it is a passport where you just put the money in and walk away in asia very difficult to get second citizenship if we as we've talked about before in asia however there are a number of programs the philippines has the srrv program you can put as little as a couple thousand dollars up to fifty thousand dollars depending on which you uh which program you're qualifying for in a philippines bank interest rates are slightly better than you'd find somewhere else in the world they do have some decent banks there so that's certainly an option if you're 35 years or older you can consider that thailand has an indefinite investor's visa renewable every year theoretically in perpetuity where you put 10 million baht a little over 300 000 us dollars in the bank you can also do a combination of that with property so if you want to buy a condo for example from a developer you can split that you know half of it in the bank half of it for a home if you actually want to live there but you don't actually have to live there you just have to go one day every year to renew it malaysia has had the my second home program as we sit here it's been suspended hopefully returning later in 2020 their deal was 300 000 malaysian ring it in a bank account where you can actually earn interest again interest rates not so high these days but a little bit better than u.s dollars and potentially the ring it has been at times a little undervalued uh if you're over 50 years old they cut that in half was a pretty good deal 35 36 000 us dollars for someone over 50 double that if you were under 50 no age requirements no requirement to live in the country we'll see what they come back with when that program comes back but again you've got really nice banks in malaysia you've got singaporean banks you've got banks from different countries and i think a pretty stable environment you put your cash in the bank you get a residence permit valid for 10 years so if you have a comment on which of these countries most interests you leave it below i'd like to hear what you think about this if you have liquidity i've really been advising people lately because i've had more people who like the idea of holding cash they like having the lifetime emergency fund they like having cash on hand potentially for cheap investments that come along you know what i've said is if you're going to put money in an offshore bank sure you can look at swiss banks you can look at singaporean banks you can look at georgian banks or any of the countries that we talk about but if you have a lot of liquidity and you're not just looking to put it in one bank and if you have 5 million 10 million dollars wanna go and you know move a couple of 100 grand move a million dollars move a million euros to one of these places pick up a passport along the way kill two birds with one stone something definitely worth considering how can nomad capitalists help you four ways number one subscribe to our channel and click the notification bell to make sure you get our new video every day number two get a copy of nomad capitalist the book you'll learn a lot of my personal experiences over a dozen years of studying this stuff as well as exactly some of the strategies that you can use to build your nomad capitalist plan number three if you're not sure where to start but you want to come and learn from my team and i you want to come and mingle with like-minded people learn more about our live conference nomad capitalist live it's coming up soon and number four if you want some help right now because you've got a burning issue you need something solved you want to lower your taxes get a second passport or build the nomad capitalist lifestyle of your dreams go to nomadcapless.com and click on become a client

Channel: Nomad Capitalist

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Keywords: nomad capitalist, go where you're treated best, second passport, second citizenship, dual citizenship, bank accounts, open bank account, moving overseas, moving to equador, moving to Panama, residence permit, Portugal golden visa, turkey citizenship by investmment, life in Panama city, global citizen, Portugal golden visa2020, multiple bank accounts, diversify strategy, global mindset, wealth creation, wealthy people, grow your business, citizenship by investment, cbi

Id: J5LeScfkvYw

Length: 11min 8sec (668 seconds)

Published: Thu Oct 29 2020