Best Second Passport Strategy for Westerners

most people seeking a second passport are not from the Western world and they're from China they're from Russia they're from the Middle East and other emerging places where people don't trust their government anymore places like Central America increasingly some parts of Asia and so if you're a westerner your needs and your opportunities for a second passport are going to be different from that of almost everything out there that's marketed to the general public and so in this video I'm gonna share with you my thoughts on the best passports for a westerner [Music] hey guys I'm Andrew Henderson if you want to learn how Nomad capitalists helps entrepreneurs and investors get their second Passport live the Nomad capitalist lifestyle reduce their taxes go where they're treated best learn more at nomad capitalists calm now if you go out and you start looking up second citizenship you'll find no mid capitalists but you'll also find a lot of folks who are in the business of selling commoditized citizenship programs you make a donation or you buy some government approved real estate and you can get a passport on the higher end there are programs like those in Malta and Cyprus where you make a much larger donation or you buy a lot more real estate and you can get citizenship there but these are the commoditized programs that I think really work for a lot of folks I do recommend them to people that I'm helping from time to time but if you're a westerner understand that you are in most cases less than 10% of the market for these programs okay besides what I imagine are also tax reasons there is a reason why most of these companies don't have an office in the United States or Canada or Australia in fact most of them are based in the Middle East or in China or in places that might serve Russians like Cyprus for example because that's where the demand is and so they're mostly speaking to those people people who have a passport that doesn't allow them all of the travel privileges that you do and they have a different perspective now I think it's important if you're a westerner to learn from the folks who are buying these passports because these people have seen some adversity in their lives in their countries recent history they know what it's like to be from a country where they can't travel anywhere and people aren't always welcoming of them they know what it's like to have your government take from you or to have your currency collapse or to have a dramatic loss of freedoms and I think a lot of Western countries or at risk of suffering some of those same fates right I mean this this Western paradigm we've had for so long won't last forever taxes are going up freedoms are going down and one that a doomsday or I think it's a good idea to be prepared so let's learn from those people and let's be the Westerners who actually do have a second in citizenship who have what I call citizenship insurance but the good news is you have a you more options in those folks okay if you are American if you're Australian you have a wider set of options in most cases than a Chinese or a Qatari citizen and I hesitate to say that before we get into the list I hesitated to say that because I think sometimes people enjoy the idea of swimming in all the options I have so many options just having the option it doesn't mean you have the passport doesn't mean you have the insurance policy doesn't mean you're protected right but let's talk with the different options that you have and you can figure out which one works best for you now the first thing that Westerners have that a lot of other people don't is citizenship by descent okay so if you've got a parent grandparent grandparent or great grandparent from a number of different places you can qualify for citizenship and we've helped people with everything from Canadian to British to Irish Hungarian polish New Zealand and a handful of Mexican handful of other citizenships and so go through your family tree sometimes I'll talk to folks and we will uncover oh I actually have a passport in my family tree and depending on how quickly we can get that passport that could be a great tool to really help you I had a gentleman recently who didn't realize he qualified for a British passport and a British passport is one you can obtain through through your family tree more quickly than many of the others in that category and so he was able to fulfill his financial goals a lot faster and not have to go out and spend a lot of money simply by having us help him get that passport and then put the rest of his offshore a plan in place so that's step number one check your family tree so the good news is that people from Western countries tend to have those kind of ancestry right there's not a North Korean citizenship by descent program so this is something it's an option for you other options for Westerners are paper residents and fast-track naturalization programs now what I've said before fair unfair it's not my decision but countries view themselves at a certain point in the pecking order okay and what their general position is is if your country's above our line in the pecking order then we make things relatively easy for you if your country is below where we think we all are in the pecking order we're gonna make things difficult for you now certainly you know if you're Chinese or you're Indian or you're Russian and you want to go to some Western European country they're much more Galit aryan about it but even a lot of other Western countries like the United States there's certainly a pecking order and they act accordingly okay so what that means is if you have a tea or a passport if you've got a really good passport then more countries a lot more countries in some cases are you going to see you as someone that they want to give a residence permit to or even they want to put on the fast-track to citizenship I'll give you a high-level example I made a video where I talked about the so-called Austrian citizenship by investment program that's kind of been floating out there is something that I think only like a couple of people have ever done it's not a formal program at all what it is is if you go and make a really substantial investment in Austria some people in the government will consider whether you should be eligible for citizenship and from everything that we hear about it you're a lot more likely to get it if your name is John Doe then if your name is Cinque coop they just they're not looking to make waves a lot of countries are not looking to make waves and that's not Andrew Henderson talking that's the governments of these countries talking and I've talked about the emerging countries that I favor in many cases where it's easier to get a residence permit some of those countries do unfortunately make it difficult for people from the Middle East or from India to get a residence permit so let's talk about two opportunities number one is the paper residence this is where you go you establish a residence permit and you don't necessarily have to live there for very long or even much at all to keep that residence permit going and then after 2 3 5 however many years you can come back and claim your passport and so residence permits are a lot easier for Western citizens in those cases I often see them promoted I see some of the countries that we talk about I go into the the Indian and the Pakistani and that kind of ecosystem and I see them talking with some of those countries and I know from all my experience there these countries treat them much worse unfortunately so if you're a westerner you've got a leg up on that and so again I think that why a lot of the citizenship industry talk so by commoditized programs like in the Caribbean where you just make a donation and and they don't care where you're from it's because most of their clientele 90% of their clientele wouldn't qualify at least easily to get a residence permit where all you have to do is hire one employee or incorporate a company or you know put $20,000 in the bank or put $25,000 in government bonds or buy a small apartment or whatever okay those countries especially the ones that are more lenient in terms of granting citizenship are much more difficult towards towards people from from emerging countries based on my pecking order theory you also have opportunities to have your naturalization fast-tracked again kind of like the Austrian model of doing something interesting you know how can you contribute to the economy you know I had a guy the other day he said I want to start a company somewhere and I'm gonna go out and hire 50 people right away there are countries you could go and depending on how high-level those 50 employees are you could say listen I'd like to bring 50 countries what 50 employees what can you do for me there are some countries that perhaps if you had the right connections and you could go out and you could you could just say hey we'll give you a recommendation for citizenship and we'll send it up to the end of the flagpole and again I think that's gonna be easier if you have a Western passport than if you were from somewhere else and that thing there in some countries that wouldn't love a Chinese entrepreneur to come and hire 50 or hundred people and they and they might work with them what I'm saying is there's more opportunities for Westerners now the third approach that would recommend for Westerners to consider in getting a second passport is the citizenship by investment route the one downside that Westerners have in their passports and what their citizenship is Western countries are much more aggressive and collecting tax and so if you're successful entrepreneur and you're from you know a country like Egypt for example I've talked to a number of Gyptians they're like we don't really worry too much about it you know we want the visa free travel we want the opportunities the health care the schooling the prestige yeah you know tax I know the guy comes around you try that in a western country the IRS HMRC see right they're coming down on you like a ton of bricks even a lot of European countries where people don't think the taxman is so aggressive they are and so that's kind of the change case and so if you want to get a second citizenship quickly sometimes they can help your financial situation in citizenship by investment is indeed among the fastest ways probably the fastest way in most cases and it certainly is commoditized to where yes they'll take Chinese they'll take Russians they'll take whomever but they'll also take Americans they'll take Canadians they'll take pretty much anyone who's got a clean record who's not a terrible person who you know seems like a good person to have as a citizen and who has the the money to pay and so the good news for Westerners is because you don't have the same need for you know reaching the TRA status that some of the other folks do you can use some of the cheaper citizenship by investment programs it's not that often that I'll recommend to a westerner to go out and get the Malta citizenship by investment or the Cyprus citizenship by investment and you know when I have someone who hires us you know who has a nine figure net worth what we'll go through first is you know well maybe we could move part of your business to a country and and negotiate something with them directly with you know the people the top of the government and that does happen doesn't always work but that does happen but you know if you already have a good Western passport and you're trying to get a citizenship insurance policy the idea of going out and spending you know eight hundred thousand dollars when you could spend $100,000 becomes kind of unnecessary and that's the good thing that I found about folks who have us-canadian etc passports is they don't really need that top-tier citizenship by investment we can generally go in and get if not the least expensive one of the least expensive and so for that reason I think a lot of times it just makes sense for certain people especially if you've got a financial incentive to just go out and get citizenship by investment in Dominique and st. Lucia in Antigua wherever it may be so that's an option for some folks if you don't have ancestry and you just don't want to wait and you don't want to take your chances that's another thing that I think is important so understand there's a westerner you have more options than most folks understand that most people in the business are not talking to you and so your needs are to be different the perspective is gonna be different you probably if you're gonna be living overseas want to integrate some international tax planning again because Western countries are gonna be much more difficult than someone then they would you know in a country like Russia to someone leaving or in a country like you know China to someone leaving right so you want to get that holistic advice but the good news is you have options how can nomads capitalist 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 nomadic 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 nomadic 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 Nomad capitalist calm and click on become a client

Channel: Nomad Capitalist

Views: 67,862

Keywords: nomad capitalist, nomad capitalist citizenship, second citizenship, citizenship by investment, nomad capitalist passport, dual citizenship, Second Passports for Westerner, go where you are treated best, citizenship programs, citizenship by descent, commoditised citizenship program, citizenship insurance, citizenship insurance for Westerners, Austrian citizenship by investment, UK Citizenship by descendent, second passport, paper citizenship, dual passport, citizenship program

Id: te5Rm5lMnQg

Length: 13min 7sec (787 seconds)

Published: Thu Jun 18 2020