6 Easy Second Residencies in Latin America

Latin America is one of the most easy regions in the world to get second residents and in many cases to get that second citizenship a lot of people when they start googling come across numerous options in spanish-speaking countries where they can easily go and take a small income a small investment and get set up with their second residence now there are some caveats to many of those programs but in this video I'm going to walk you through six different second residence options that you can qualify for today [Music] I'm Andrew Henderson let me say the word easy easy second residents what does that mean in the case of Latin America I would look at three different Easy's easy to qualify ie what is needed can you easily meet the requirements is it available to many different people easy to get approved what's the process how much time on the ground how much running around how much bureaucracy and then the third one easy to get citizenship what's interesting about Latin American countries is they are the proverbial Nations of immigrants they are much more open than Asian countries where investment levels are off to higher to get in or European countries where it's more bureaucratic you get the best of several different worlds in Latin America but that doesn't mean that there are no caveats so let's talk about six different countries and kind of share my thoughts I've had personal experience with some of these I have friends who have gone through others and we're working on researching one or two of them right now so the first one that comes to mind that I've talked about before is Mexico people seem to write off Mexico and their bid to go to Guatemala and Nicaragua there's a lot of bad press around Mexico but quite frankly it's such a big country you've got so many different places you could settle you've got so many different places you could travel around by spending your time in Mexico what's cool about Mexico is that it's a country where you can show proof of income this preps the easiest way to get residents in any country is merely saying here's my bank statements for the last six months for the last 12 months look at my high balance or look at my income if you earn about fifteen hundred bucks a month or if you've been about twenty-five thousand dollars in your account and you can show that over the course of time chances are you can give a residence permit in Mexico you can go and exchange that you can get a long term residence permit and then you renew that after the first year done this one personally rather straightforward but a bit subjective depending on which embassy you're working with some are more difficult than others what's clue what Mexico is it's almost I call option residence you can go and you can spend almost no time there the first couple years and then if you want to eventually naturalize you can spend the majority of your year there in the latter years so unlike Chile for example where you've got to spend a chunk of time up front and that tapers down in Mexico it's the opposite so it gives you the opportunity to lock something in and then see how you feel about it later either good PR or move up to citizenship the second country people talk about a lot forget so many questions is Panama now if you are a US or a Canadian or EU citizen Australian there's the friendly nations visa program you've probably seen about this online where you put $5,000 in the bank you establish an economic time whether that's a company of property whatever teak plantation that guys sell at these conferences and then you apply for residents you get a permanent residence and you can apply for citizenship after five years even if you're not a friendly nations country even if you're someone who has a T or B passport you're an economic citizen whatever there are different options $80,000 reforestation 300,000 in real estate or term deposits 160,000 in the company lots of options to immigrate to Panama but the caveat is that people sell this is an easy citizenship program what I've seen in the last two or three years is that most people who are spending the time even physically spending the time in Panama which is not technically a requirement their application for citizenship is just sitting on a desk it's not going anywhere I've seen personally people who have spent more than a dozen years actually living in Panama and they're not getting the traction that they want so if you're looking at this is some kind of easy citizenship you're probably gonna be mistaken but there may be some residence or tax or other benefits for being able to live in Panama the third option but I think probably doesn't get enough press is Nicaragua I went to Nicaragua about five years ago for the first time and it's very interesting place I think there's a lot of interesting things happening there it's potentially kind of an alternative passport in that region Nicaragua $30,000 investment depending on how you structure it if you do it through a business you can do as little as $30,000 there's also a pension option in Nicaragua you can show a pension of about a thousand dollars a month a little bit less actually I think six six something and you can move in that way but if seen cases were they're a bit more strict where they want to know in case there's a government pension if it's just hey I'm making some income it's it's hit or miss so thirty thousand dollars that's not a lot of money to play with you get residents in Nicaragua the interesting arbitrage for now and what makes this potentially interesting but also potentially challenging is that in those years leading up to citizenship right now the government is not enforcing in all cases the requirement to spend half your year there okay now that well it wouldn't be a tax trigger spending half your year there it's just something a lot of people don't want to do right now they're not enforcing that they may renew your residence permit for the first year even if you don't spend that much time well they might not and so the question is what is going to be enforcement of that physical presence requirement which is on the books but often isn't enforced for now he's not going to change so if you're looking for a passport and you you know want to put the five years in but you're not sure if you really want to live there mayor net may not work for you fourth option that I've started to see some people talking about we've started looking into is Peru Peru again like most these countries has pension ATO program a rent Teesta program you bring in a little bit less than a thousand bucks a month I think $800 in the case of Peru you get a residence permit there's also an opportunity to go to school in Peru that's an option that keeps coming up for for me and talking to people is okay go to school take some Spanish classes do that show up to some of those classes two years from now potentially getting the citizenship I think there's potential for abuse potential for it to become the next Parkway where too many people go and they start to enforce more of the the rules but for now Peru is relatively open and I think that whether it's just showing you have money or showing you have you're enrolled in class Peru could be an interesting option option number five is Ecuador very interesting place again another alternative citizenship has the some of those ties with Russia Ecuadorian citizens can go to Russia definitely something that is a good alternative passport for someone who's already a westerner and Ecuador has kind of gone back and forth and enforcing their physical presence requirement same thing is anyone else in the Latin American region show them that you have some income or what I think is probably easier for someone who's younger but $25,000 in real estate put $25,000 in a term deposit that's a pretty low cost to play quite frankly if you're looking to get a residence again sim same situation to Nicaragua government has kind of gone back and forth you need to spend nine months a year here you need to spend a lot of months here you don't spend the time here three years to citizenship in Ecuador but again here's the thing with easy you know if the goal is just a residence at places live it's part of your tax plan where am i living all that then these are all pretty straightforward if the goal is citizenship you have to consider what's the physical presence what is your presence in that country going to mean when they have to make a decision on your citizenship application in two three or five years I think that's the wild card and again it may be an interesting call option for a lot of people to just set up a couple of these and then see what happens because I don't think you have a 100% chance of success with many of these if the goal is citizenship unless you're willing to commit some time there the last option I actually personally like a lot is in Colombia now Colombia's got a lot of tax issues you want to plan around so if you're playing and living somewhere full-time you're running an international business you have wealth this may not be a great option but if you're following my trifecta strategy where you're living in several different places I think Colombia is a great option in Latin America now the numbers change because the numbers for immigration are based in Colombian pesos the currency changes it's at a relatively low amount right now and also because the amounts are indexed to inflation but basically for about twenty three thousand dollars you go down to Colombia you set up a company you don't even necessarily need to fund the company right away and that company gets you a business visa that business visa can eventually be renewed and eventually you can become a permanent resident with a ten year track to citizenship the challenge is that you've got a very small arbitrage window in terms of actually using that business process to turn into citizenship to where you have to be spending a substantial amount of time there but not quite enough to where they're gonna nail your entire worldwide portfolio so if you don't want to spend time in Colombia and you do want to become a Colombian citizen then what you're probably better off doing is going for permanent right away through putting about 165 thousand dollars into real estate into a business into something put in that cash in the bank here's my proof of funds it's gonna eliminate a lot of new requirements Columbia's come out with four actually wanting you to do business if you have a business visa in order to be renewed I think it's to eliminate a lot of hassles so while it may be among the highest price tag options here I think it's perhaps the easiest path to citizenship with one day every two years of fiscal presence lots of good investment opportunities good passport and again like Mexico a bigger country to live where you've got different opportunities different growth potential it's not just some little country in Central America so those are six different programs which are all relatively easy to qualify for what you're gonna find in Latin America oftentimes and speaking from experience is a lot of bureaucracy people who come to me who say I'm making 100 grand a month and through I want to go where can I fly in for two days just file something come back I'm done Latin America is not gonna be for you so it's always easiest objective okay I think that Colombia Mexico in my experience and what we do at nomad capitalists is probably going to be the most straightforward the other ones are probably gonna be dragged out more time in the ground more documents to bring another thing about Latin America they love their FBI reports they love their criminal records you've got to bring a lot of documents and so if you're a different definition of easy is flying in for a day or two filing and every claim back these options may not be for you but if you're looking for something that's low cost easy to qualify for and open to lots of different nationalities around the world then Latin America is probably the most open region in the world I'm Andrew Henderson and if you're looking for a way to legally reduce your taxes build your freedom and create wealth faster as a global citizen then you've come to the right place I want you to do three things right now number one click the buttons to subscribe to our channel make sure to get notifications so you never miss a new video number two get a copy of our number one best-selling book no mad capitalist on Amazon and learn all the dozens of benefits of our lifestyle and number three if you're already a six or seven five you're entrepreneur and you want to put these strategies in place go to Nomad capitalist calm and find out how to get some help

Channel: Nomad Capitalist

Views: 66,527

Rating: 4.9295774 out of 5

Keywords: nomad capitalist, second residency, nomad capitalist second passport, best second passport, citizenship by investment, cbi, second passport by investment, living in latin america, living offshore, living overseas, dual citizen, second passport

Id: txXG1mTMwaY

Length: 11min 47sec (707 seconds)

Published: Mon Mar 25 2019