Best Second Passports for Crypto Investors

with cryptocurrencies like bitcoin hitting all-time highs seemingly every day a lot of crypto investors are finding themselves increasingly and incredibly wealthy but a lot of them are also realizing as governments around the world want to find new ways to tax and even confiscate their crypto they need a backup plan and for me having a second citizenship is one of the best ways to ensure that your crypto holdings are not only legal but they are yours to keep out of the hands of governments with ever rising tax rates today i'm going to give you my perspective on the best second citizenships for crypto investors hi i'm andrew henderson and here at nomad capitalist we help seven and eight-figure entrepreneurs legally go where you're treated best with our team of over 30 people our network of global experts you can learn more at nomadcapitalist.com and having helped hundreds of folks legally move overseas reduce their taxes get second citizenships to protect themselves and even to divorce their government what i've learned is that for the folks we work with that are crypto investors crypto traders the philosophy is different and i'll explain why you know for crypto it's all about opportunity cost i've talked about a number of different people who have come to me who have sold businesses they're holding money in dollars euros what have you they want to get a second citizenship i've talked about one gentleman who had about 50 million dollars in the bank and he was still trying to figure out what to do with all of it right because he just sold a company he had all this money now and so he was kind of slowly starting to invest but he says listen if i can invest somewhere and get a second passport even if the interest rate is zero i will take that because i've got cash in the bank right now and so we talked about the st lucia bond option where you can reduce the donation on st lucia dramatically by putting your money in zero percent bonds we talked about the turkish passport with its real estate options or just even putting 500 000 in the bank we talked about other residents and citizenship programs like that where you're basically just moving your money from one part of the ledger to the other but the problem is if you're in crypto you know unlike this gentleman you know you don't want you're not planning for a zero percent return i have many people now who are telling me that they think bitcoin will be a hundred thousand dollars even five hundred thousand dollars i've never seen so much uh excitement and i've seen a lot of excitement um and so in that case opportunity cost really reigns supreme now i'm going to give you my thoughts on passports for crypto investors i'm not going to talk about what happens after you get the passport from residents to tax residents to all that if you want to hear more about crypto passports and crypto strategies leave a comment below so i know that you're interested um so opportunity cost does reign supreme and so i look at the cheapest way to get a second passport potentially is citizenship by descent so you have a parent grandparent great grandparent from another country if it's a parent that may be pretty quick and so i have a number of people in my team who have parents who are from some you know other country that can get that passport that may not take that long however you know with the current state of the world and and the pandemic a lot of embassies are closed and we're seeing processes that should be relatively quick where they're just suspended can't do it can't help you sorry um and so that can be an issue other citizenship by descent programs if it's through a grandparent or through a great grandparent could take longer countries like italy greece notoriously are are very long spain isn't exactly short a lot of the citizenship by descent programs take a while and so from my perspective what i have people often coming to me is americans saying andrew um you know my crypto's out of control i had a half a million dollars a year ago now it's almost two million dollars i want to renounce my citizenship before i trigger this exit tax at two million dollars and so you may not have time to wait around for something like that if it's going to take a year once the embassy reopens uh then you may not have time for that even though it's cheapest so if you can get citizenship by dissent you know quickly then it the the cost the the practically zero opportunity cost is great okay naturalization also has a very low opportunity cost you can get residents in another country sometimes live there sometimes you don't have to live there you can apply for citizenship two three five years whatever one of the fastest citizenships is in argentina i don't think i'm a crypto investor i want to tie myself to that country there are other countries that we work with you can get citizenship in two or three years but again uh if you you know are a crypto person things change very quickly and i think uh waiting two or three years may not be ideal now if you're you know not an american and you're living in a place that's pretty tax friendly then maybe you know citizenship by descent if you have it maybe naturalization could be a good way to get citizenship because you're not as much in a hurry but if you've got a tax issue you need to move more quickly and so i think that what i generally will recommend to someone in the crypto space is the most cost efficient um citizenship by investment which would be in the caribbean i'm not going to do vanuatu you know malta obviously has a very high opportunity cost a million dollars plus but i'm going to look in the caribbean and i'm going to figure out you know how important is it that this person or how likely is it you know a certain person might go and live in their country right do you want the ability to live there and have a good tax laws or do you just want to be a citizen of that country and go and live somewhere else um you know what kind of countries do i want visa-free travel to especially if i'm going to be giving up my current citizenship where is it i want to be going so you know some caribbean citizenships offer visa-free to russia and eastern europe i know folks in the crypto space either like the dating scene in those places or they have employees or business partners in that part of the world um you know programmers whatever it may be so you know that might dictate which passport i get um you know maybe you want to live in a certain part of the world or travel around a certain part of the world that might dictate it again the tax-free status if you actually live in the country would dictate it but generally speaking the speed and relatively low cost of spending 100 maybe 130 000 uh maybe a hundred and you know seventy five thousand dollars if needed is going to be where i'm going to be because once you have that second passport you know in our case we're putting together documentation for citizenship by investment pretty quickly um for people that we work with then you file it saint kitts and nevis if you pay 175 000 for one person you get a two-month rush process 60 days we might do the math and we might figure out you know if you don't expatriate or if you don't leave your country or you know whatever and the other process at a regular speed takes three and a half months what's the value of that one and a half months based on where crypto is going based on your trading income uh and so what's the income tax until you till you leave or you know how likely is your net worth to rise uh we might look at that and it might be worth paying extra you know money to to to increase or to you know might be worth paying more to be able to get out faster but generally you know we've been seeing faster uh approvals in the caribbean uh even during the pandemic so unlike things that are for free the the governments that are that are offering something by investment are actually speeding up and digitalizing and improving the process and so i would try and look at some of the cheapest options in the caribbean again just because if you spend an extra you know 25 or 50 000 you know who knows i mean that could be half a million dollars at some point in the near future you know if crypto you know goes crazy and so i'm looking to minimize opportunity cost one thing that some people encrypted will you know come to me and say is i've got 25 million dollars in bitcoin i'm going to take 5 million of that off the table and so now that opportunity cost becomes less important so what a number of people have said to me is let me take some of my holdings off the table just to you know secure it into some precious metals a little bit of you know fiat currency let me buy some real estate start to create my homes right especially if you're going to be leaving a country like the united states maybe you want to buy a few homes and so that's when i would start to look at all right you know some people have told me they actually like the idea of living in istanbul or having a home in istanbul or just investing in istanbul and so if you buy a property for 250 let's call it 300 grand just so you can get a good deal and still get the appraisal um you know you can basically resell that asset in in three years and you haven't had you've had very little sunk cost compared to the caribbean so i would look at a program like that i would look at other programs where i could buy real estate or you know buy government bonds and get a citizenship pretty quickly um again st lucius bond option could be an example um you know potentially some crypto people occasionally say you know now that i've done with crypto i want to start a business or i'm going to start a crypto related business and so there's some countries you could go and potentially if it's big enough um you could get a citizenship by doing that by hiring people by creating value in the economy you know generally speaking those are not things i would recommend for a crypto investor unless you're taking money off the table um but basically you've got the one track where you're continuing to accumulate you're continuing to hotel you're continuing to um keep as much encrypt as you can and so that's what i'm trying to peel off let's call it 100 to 130 grand unless you're just doing trading and you're just making so much money trading where the income tax needs to be um reduced to which case i might look at the same kits option because it's maybe a month month and a half faster other than that the most important thing i would do for any citizenship my investment is make sure i'm working with someone who's doing as much of the of the leg work and the bureaucracy for me and preventing problems and by being proactive because i've seen people in the crypto space you heard uh heidi the crypto chick on our channel uh not so long ago saying it took her about a year i think you know quite frankly for many people with the current marketing conditions that's too long i would look at how do i get this done in six months or less by being extremely efficient and being extremely proactive and so that's where i think a lot of people are gonna get you're gonna suffer when they go with kind of the the discount guy in the island who is on island time and you're gonna lose three months just collecting paperwork and answering questions from the commission because you didn't address them up front that's perhaps another big issue and quite frankly three months in the crypto space could cost someone a lot of money um so you know that's definitely an issue again if you're taking chips off the table look at real estate look at bond options look at business options that's what i would advise for a crypto investor i think a caribbean citizenship by investment is quite frankly perfectly good i have a number of folks who have given up their u.s citizenship to become saint lucian or citizens of saint kitts or antigo or the case may be they haven't really suffered um they haven't really seen an issue if they want access back into the u.s there's other ways we can work towards that or even just apply for a visa but in terms of the quality of the passports i think any of the caribbean passports i think turkey i think you know you could pair those with residence permits and you'd be perfectly well off they're best for crypto investors because they keep more of your cash and crypto uh active for future gains how can nomad accomplish 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

Views: 74,811

Keywords: nomad capitalist, go where you're treated best, second passport, second citizenship, dual citizenship, bitcoins, crypto investor, investment in cryptocurrency, cryptocurrency trading, taxes on crypto, st lucia citizenship by investment, turkish citizenship by investment, citizenship by descent, italian passport, exit tax, argentine citizenship, caribbean citizenship by investment, tax haven countries, st. kitts and nevis passport, cryptocurrency, international investment

Id: XvKqAsPf4k8

Length: 12min 19sec (739 seconds)

Published: Wed Jan 20 2021