Second Passports I Would NOT Accept (Even for Free)

here at Nomad capitalist I'm always advising you of the importance of becoming a dual citizen or even creating your own passport portfolio as we call it to increase the number of options you have whether it's financially making more investments protecting yourself against high taxes or just having safe havens places that you want to live in places that you can go to when times get tough and even though my team and I are constantly researching new residents and citizenship programs that are out there there are some second passports that even I would not be interested in taking in this video I'm going to share a few of those passports and my methodology with you [Music] hey guys I'm Andrew Henderson if you'd like to learn how Nomad capitalists helps 7 and 8-figure entrepreneurs and investors get their second Passport go offshore and go where they're treated best you can learn more in nomad capitalists calm now I've come out and said that I am a passport geek I geek out on getting residence permits and even getting citizenships I've collected several different citizenships over the years I've given up my US citizenship you know for me nationality is a construct I don't believe that we should be restricted to the place that we are born and so to me citizenship is a tool that you can use now I do have some passports that I'm very proud of and I really love the country and one of the types of second passports I wouldn't take is I wouldn't go out and get a passport of and of my enemy right you know if I decided to become an Israeli citizen I wouldn't go out and you know be get to become a citizen of some Arab countries the extent that's even possible right so I do like to have some kind of Allegiance but my ultimate allegiance is to me and to my family and to having to be for a little bit about creating your passport profile okay if you're gonna have the passport portfolio there's a profile that comes with it I had a gentleman come to me not so long ago he created a very very very successful company in the cryptocurrency space and they were going at and doing a lot of different work with governments and so he really wanted to keep what he considered a very clean profile where he was looking to expand to read from the United States but he wanted to be very cautious in terms of this citizenships that he got because of that profile of the governments now if you're me write my profile is I am the citizenship geek I'm constantly researching this stuff sometimes I go out and get residence permits just because I want to better understand it and I want to be able to help you and really help our clients that I can speak from experience that's our secret sauce here so we don't just sell stuff off the back of the truck we actually live it and do it and I speak from experience and so the profile of passports that I would get may be different than the one that you would get okay you may not be interested in collecting as many passports as as I would have maybe you want to focus on one part of the world maybe you just want a backup passport okay so everyone's different I'm speaking from my own experience but I think a lot of these no-go passports or the no-fly list of passports will apply to a lot of folks so the first category passports that I wouldn't accept are simply you know personal passports this is again you know the enemy of a country that was nice enough to to naturalize me now you know I'm a st. Lucian citizen by investment I'd out st. Lucia is gonna go out and get into some big war with someone all right so that's not a worry but other countries where I've spent some time you know I think there's some importance that you don't want to go out and and get you know at least when you're getting it you know the enemies of of the countries that you're a citizen of you know for me having having a wife who I helped get her Armenian citizenship I would not go out and become a citizen of asura by Jean it just wouldn't do it would feel weird okay I don't really get freaked out about oh you know Muslim countries live in Malaysia there's nothing wrong with it it's very open you don't even really feel the religion in your daily life okay I think there's a lot of countries out there that are you know the the Muslim countries that some folks I talked to are afraid of I don't worry about that kind of stuff but on a personal level there's probably a few passports that you just wouldn't jell with okay the second type of passport I wouldn't take is some kind of sanctioned country okay I know of someone recently they went with their spouse to Iran and they were able to become an Iranian citizen very very quickly and I said I wouldn't do that okay Iran whether it's fair or not is on all the lists more of the citizenship by investment programs just came out recently and said no Iranians it's very very difficult and so what you do have is when you're doing these high-level processes like citizenship by investment they're gonna ask you about all your nationalities if you want to move to a highly developed country like the UK or the US or even visit the US they're gonna ask you about all your nationalities and so if you have a halfway decent nationality then you go on and add you know Iranian or Cuban or North Korean or Sudanese that's gonna be an issue okay there are other countries that are not totally sanctioned in the way that Iran is but certain people there have sanctions and so this can be a reputational issue again when you're going to certain banks so some Russians they're gonna have an issue banking in some places Belarusians even some folks from the Balkans and so banks that are traditional offshore banks banks that are in different parts of the world sometimes will say no people from any Balkan countries Russia see I guess none of it I don't see that that often and on the flip side there are banks in Europe that exclusively cater to Russia into the CIS okay there are other parts of the world where they just don't care but you know depending on what you're trying to accomplish you know some of these Eastern European passports particularly Russia particularly Belarus those could be an issue okay I haven't seen be an issue on a large scale but it really depends on what you're trying to accomplish there could be other folks for whom you know having a Russian passport is a really good safe haven strategy I would not be opposed to that okay but you know you want to understand what your reputation is gonna be and it goes back to that client who was working with Western governments and he said you know if you can find me something innocuous like a country that's you know not on anyone's radar no one really is worried about it you know that's cool like a Georgia for example that might be a country that's leaning westward and so even though it's in that kind of former USSR area they've done a lot of growth but he said you know I don't want to become like you know Bosnian or something and so you know you want to keep that profile in mind the other type of passport I would not be interested in just for personal reasons are those that have you know well-known active Wars or that just are really low-quality passports with a bad reputation so you know obviously you know Palestine or Afghanistan I personally don't know that you know I think a Pakistani passport would be of great value I don't know that I'd be super opposed to it but but I would probably you know enough there's a possibility for me to get it I would I would maybe be skeptical that just because you know that's not Malaysia that's not even Comoros right the Camaro seller citizenship by investment program that I participated in it they are a Muslim country and they're part of some of the Arab organizations but they're not really well known for that and Comoros is just this kind of cute little island and while one lawyer in Europe said to be careful of comras I've actually gone on to have conversations with a lot of folks who don't care and I've been able to use that passport to go to a number of places like Hong Kong and Singapore in Malaysia but you know the Afghanistan's the Stein's the South Sudan's you know any country kind of in sub-saharan Africa that just has a weird reputation now there's some that would be interesting I think like Uganda Rwanda those could be interesting Zambia has has been decent I probably wouldn't want a South African passport I certainly wouldn't want any passport where they were going to tax their citizens or already did tax their citizens or made it very difficult to get out of the tax net I actually have some Norwegian ancestry not enough that I could qualify for any kind of citizenship there but they've been a relatively strict tax policy for leaving and so unless I really wanted to go and live in Norway I'd be a little concerned about going out and getting that passport in the last category is not a category that I'm firm on but I say it just to make a recommendation and that is on the same note if you're gonna get a European Union passport make sure you understand where you think the European Union is going some folks think the EU won't be around in ten or twenty years I'm not sure if I agree but if you're gonna get a passport from a country like say Poland they're probably one of the first to get out of the EU if things get bad and then you know what's the quality of a Polish passport now again you might say hey you know I'm a Polish ancestry and so I've got a personal affinity and if you can do that I'm all for that and that's great you know I mean if we had a gentleman who had Vietnamese ancestry and we were considering whether we should get him that Passport not the great passport but maybe you just feel it and that's okay a bad passport is masked by the fact that if you have some kind of connection to the country it becomes more and more interesting right if you can become Russian because your spouse is Russian that's a bit more interesting then I don't know how I got it right but if you're going to become an EU citizen number one consider where the EU is going number two consider where EU tax policy is going I would say this about any developed country now if you just said hey Andrew here's a Canadian citizenship here take it I'll take it ok I'll absolutely take it and so would I go out and do all the hard work to become a Canadian citizen you know go through all the processes and the grief and the paperwork and living there and it's not really where I want to live and and that the costs of living in the taxes and all that to get a Canadian citizenship I personally would not at this time you know 20 years from now maybe I I get tighter everything and I want to go and live in Canada I'm willing to pay that price so would I take a Canadian passport or or some other passport for free from the European Union sure you know if if I had a hundred million dollars would I go into the Malta citizenship and donate six hundred and fifty thousand euros possibly if I wanted that that passport I don't think a lot of people need it if they create their passport portfolio but if I had three million dollars I wouldn't go out and do that merely because you have to understand that you know a lot of these developed countries might start you know cracking down on tax and so to go ahead and pay a large portion of your net worth to be a citizen of a country or to go through so much hassle to be a citizen of a country that later is not going to give you what you thought it was going to give you you know policies change the United States is right now essentially the only country on earth that taxes its citizens on a worldwide level South Africa has started moving in that direction but it's still not quite there other countries I think could move in that direction so I'm not saying I wouldn't take those passports and again I'm working in the premise of here's a free passport here's a free Iranian passport I say no thanks we'll pay you no thanks right here's a sudanese passport I'm out I'll take candid I'll take Malta I'll take you can take whatever but be aware and and by the way it's not just taxes it could be regulations in the future okay so the bottom line is out of all that there aren't that many passports in the world and if you just said hey here it is I wouldn't take it I do think being mindful of your passport profile is important what I would do is I would start with your base passport decide if you want to keep it I would see what citizenships by the cent I have I would see what investments I'm willing to make whether it's citizenship by investment fast track Naturalization paper residence what-have-you and once I figured that what those passports look like then I would see if I need it anymore you know if I needed to go further and so most countries I go to they don't judge the passport it's do you need a visa do not need a visa it's can you open a bank account can you not open a bank account occasionally you'll run into an insurance company or a bank that cares I've seen it really so few times I'm not living my life in Canada or in Australia I think you know those highly developed english-speaking countries are a bit more a stereotype more but everywhere else in the world the kind of places that we talk about I don't think you'll have a big issue if you stay out of the basic sanctioned countries and the ones with a really bad reputation I would be open-minded to passports from really a lot of other places 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 nomads to 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 capless calm and click on become a client

Channel: Nomad Capitalist

Views: 87,360

Rating: 4.835423 out of 5

Keywords: nomad capitalist, second passport, second citizenship, citizenship by investment, nomad capitalist passport, dual citizenship, passport profile, getting a second passport, nomad mindset, nomad lifestyle, renounce us citizenship, passport portfolio, tax free countries in EU, safe havens places, passport geek, citizenship collection, Israeli citizen, citizenship geek, backup passport, citizenship by naturalization, st. Lucian citizen by investment, citizenship by marriage

Id: M1b7k7iFbpI

Length: 14min 1sec (841 seconds)

Published: Mon Jun 15 2020