The Best Countries to Live, Incorporate, and Be a Citizen

people often want me to tell them what's the best place to incorporate their business the best second passport to get the best country to live in today i'm going to run down all the different best countries that we've chosen for folks over the last year and tell you how to find the best for you there's an old saying that says in the beginner's mind there are many possibilities but in the expert's mind there are few if i look back to my journey to learn this global citizenship stuff over the last decade and a half no doubt when i started i had a lot of ideas on my mind that simply wouldn't work out countries where i might have wanted to live but it would have been very difficult for me to live either at the time because i couldn't afford it or because that country didn't have a program or because it just wouldn't work out i didn't understand how taxes worked or how whatever else worked and so the idea in my mind not only because i run a business that helps people greatly reduce their options and then execute on those but simply because i believe having too many options doesn't lead us to success and there's no best option that applies to almost everybody and so whether you make a hundred thousand dollars a year as a freelancer whether you've got a 10 million dollar your business or whether you've got a 50 million dollar portfolio you're going to have different options you may overlap in some areas and yet everyone has their own needs so what i'm going to do today is i'm going to go through all the different options that we have presented to people we've worked with over the last year i'm going to choose places that we've sent at least two people to and i may be missing one or two but i've pretty much gone through and figured out what have we recommended to someone in their holistic plan at least twice maybe i'll give you a little bit of insight into why and i'm going to show you how there's so many different options that apply to so many different people if it's your first time here i'm andrew henderson founder of no matter capitalist we do help seven and eight figure entrepreneurs put together holistic legal plans to offshore their lives offshore their finances offshore their businesses and find more freedom in an unfree world you can learn more at nomadcapitalist.com so let's talk about where the best place to form a company is here are the places that we have used uh in the uae there are various free zones and so depending on what kind of business you run that will dictate the best free zone for you what also could be dictated is if you want to be in one of the sexy free zones because you want to open an office you want people to go there and you want to be kind of near the center of dubai that could be valuable but if you want to save money you might open your company to free zone because you're never really going to go to that office and what are you kids at the office is in the middle of nowhere you can only get there with a car and the people that you're going to work with maybe don't have a car in dubai and so you've got various free zones in the uae that you could use and by the way those free zones for most folks are going to retain the zero percent tax rate the uae is known for other folks have chosen to incorporate in hong kong why well they don't mind having some extra paperwork to do and have an audit some of them like the fact that it is tied to china they think that offers some kind of diversification others like the fact that they have potentially more banking options not necessarily in hong kong but throughout asia and so the uae certainly um has a bit of a reputation it's not necessarily problematic because you have domestic banking you can use the uae in part of a global structure but for folks who wanted more simplistic structures hong kong often worked that they could just get a bank account that worked they have their company in hong kong they didn't mind doing some paperwork every year we've had folks set up companies in the usa they have workers in the usa they need payment processing in the usa other reasons why they want to be connected to the us their customers ask for it right and so that may be part of a global structure but people do set up companies in the u.s and we've done that people have set up companies in malta you're not going to pay zero percent tax in multiple you can pay a single digit tax rate why do they do that well in many cases because they want to live somewhere primarily in europe where the jurisdiction would impose a penalty rate of tax on them if their business was incorporated in a tax haven and so if you live in a place where your tax rate uh where your your company being in the uae would impose a penalty tax rate then the zero percent you're paying the uae is irrelevant because where you're living you're going to pay a lot more than you would pay simply setting up a malta or a country uh another country that's on the so-called white list that people would set up in malta for that reason again other people just want to do business in the european union bulgaria was another one on the list why some people just want the eu they need to do things like registered domains and have certain ip in the eu that having an eu company is beneficial some of them had stuff where they just want to be able to hire people in that country they wanted to hire people in bulgaria because it is the eu and because there were certain protections for the kind of business that they wanted to run they needed that and so they didn't want to off uh offshore some of their staff to other places not saying you have to have everybody working the same uh you know place as the company is but for them that structure made sense other people set up companies in panama in some cases this was really for asset protection and just holding assets for as part of a state tax planning in other cases it was i wanted to get residents because there still are options under the panama friendly nation's visa if you start a company um not really a lot of active business being done in panamanian companies but people are setting up panamanian companies british virgin islands bvi people are setting up companies uh again zero tax zero reporting requirements there are some economic substance requirements but it's relatively manageable so for folks who might have looked into hong kong but didn't want to do the annual audit paperwork the bvi worked we've had folks do it for estate tax planning we've had folks do it for simple holding companies or stuff in crypto for active businesses with other parts of the structure so they have multiple companies in different places they need a top part of the structure and so the bvi worked it was simple and then people in the caymans why because they wanted something very sophisticated they could afford it they had a high level of um you know company again just like being in a fancy free zone in dubai versus out in in the uh the desert somewhere the caymans works if you can afford it some of them uh one of them wanted to actually move to the caymans and so having the company living there that works to do things like open bank accounts very high quality banks uh others again one of the prestige and so you can see like people set up companies different places by the way tax treaties were one of the the equations people who are shipping physical products there are certain requirements so that's everywhere that people set up a company i think there were some other ones that one person would set up but you wouldn't say one person doing something is the best you would say at least two people setting up in those places for those reasons would make those the best let's talk about residents mexico people want freedom they want a residence permit that doesn't require a large investment or really any investment they want uh something that's right next door if they're an american they can get in people have been moving to nicaragua or they've been getting nicaragua residents why it has been wide open it's been a good place as a backup plan it's a path to a pretty good little-known passport people have been going to colombia why high-yield real estate investments you get permanent residence you can work towards citizenship it's a great place to live without the requirement to do so bahamas just want to live in the bahamas wanted to buy a property live a tax-free life kind of get off the grid a little bit in terms of living a more slow-paced life georgia people want residents in georgia it is now back to operating uh the way it should and so hey i wanted to buy property in georgia if you bought it nine to 12 months ago you made a good deal uh that's what's happened so far so people have gotten residents there they like it they like the affordability numerous reasons people got residents in georgia residents in armenia next door again tax benefits for a smaller business in one case multiple people just want it as a backup because you can hold the residence and not have to live there generally to maintain it uh and so armenia was interesting serbia and montenegro people especially from australia and new zealand getting residents there because it is free they view it as a place that is free and for folks who are from europe or australia they view it as closer to home than going all the way over to the americas and no doubt it is a little bit easier to get there so serbia you can buy a property start a company montenegro probably better to start a company unless you want to live there all year long but people have been getting residents there portugal through numerous different residence programs and coal including the golden visa both to have the optionality for citizenship in the future or because they want to live there and have the tax incentives it's increasingly popular place to live it's becoming a name brand austria folks just like the idea of living in austria and it's not necessarily tax friendly but they're like hey um i don't want to pay the taxes of switzerland and the lump sum there so i'm going to live in austria hey i'll pay some tax i think one person was an investor and so they can use some tax treaties um but that was just place they wanted to live ireland some place that i think is a great option it's a soft landing for folks they wanted to speak english uh they realized they could reduce their taxes by moving there and uh you know some people like the cool weather actually panama some people are still getting that residence permit again just as a permanent residence or soon-to-be permanent residence that you can have is a place to go that's tax friendly italy folks that want to live there because they have a lump sum tax regime the uae if you start a company you can get residents there we've had a number of younger entrepreneurs who just like the idea of living in dubai and so you can get residents and why not tax friendly thailand malaysia people are getting residents in asian countries asia is slowly coming back and so people are interested in that because again they're tax friendly great quality of life more affordable than a place like dubai the cayman islands and again if you're australian or if you're it's a lot closer to home if you're european it's not that bad uh so that's people are doing personal tax people are paying taxes in many of those countries and they're not paying taxes in colombia for example so we're telling them hey you know you probably don't want to spend your whole year in colombia but certainly the bahamas you can live very tax friendly we had one family that wanted to live there full-time they're going to have a zero tax bill because that's what the bahamas gives them they're there all the time georgia some folks are taking advantage of the territorial tax system there serbia and montenegro have tax carve outs that you can use and we have people who are paying very low rates of tax there the government's happy to have them portugal the nhr program uh ireland panama italy uae thailand malaysia most of these countries have some element of tax friendliness um and so people are paying tax now in many of those countries they're also bringing money into those countries and helping the countries citizenship we've done all six of the main caribbean citizenship countries uh plus turkey that's the sixth and so um which is best well we had a family of four that wanted to go with antique and barbuda it's the most affordable we had a family of i think in a seven for st kids and nevis best passport in the caribbean uh that's available and it was the best deal for them because they had a big family they added all the husband and wife and kids and and his parents and her mother i think and so they get a great deal because in sync it's it is pretty affordable once you're just adding additional people on uh it's not a big chunk it's just like 10 grand to add those additional folks on we had single people doing dominica we had a couple doing dominican even though antigua would have been cheaper they said out we don't like that antigua was more strict during the pandemic so we did all five of those different countries uh we've had people who've come and said hey i want to do a grenade because i want to give up u.s citizenship have access to the e2 program i said probably better to get a separate e-2 passport and so we've certainly cleared up some misconceptions with folks but turkey we've had folks who once wanted to invest in property either like the idea of it they like to have a property as i do that is at the meeting point of the world at one of the world's largest airline hubs where you can pretty much get to anywhere else and some folks just thought hey it's a great investment why spend and fifty thousand dollars i'll get family or i'll get citizenship for my family uh for for free basically right because the rental they're gonna get the rental market is booming right now in istanbul the rental they're gonna get is gonna pay the the fees which are more affordable than the caribbean fees and they're going to sell the investment in the future uh and so they believe that they can do that if they bought the right property uh and then potentially you know not lose much of anything on their investment we also had i think nine different citizenship by descent countries and so whether that was ireland or guyana ireland is i think just getting back to starting to process cbd applications now after a while off but they weren't all in europe nine different countries where people qualify for citizenship their parents or grandparents or great-grandparents we've seen germany we've seen the uk we've seen ireland we've seen italy we've seen poland guyana and a couple of others now what's the best citizenship by descent the one you qualify for we did have someone who i think that uh you know they had some ties to um you know somewhere in the middle east and i said you're probably that's probably not going to help you out right we had somebody who i believe they were entitled to pakistani citizenship they're an american it's again it's probably not going to really move you any closer but other than that the best citizenship by the sense the one that you can qualify for we also had numerous paper residence countries that people are going and setting up residence in we're going to be talking about some of those at nomed capitalist live where you can simply go and put some money in the bank or put some money in bonds or do various other things and then go like once a year keep the residence open and then go and apply for citizenship later and so uh we also have folks doing golden visas which i don't count as a citizenship but they're working towards citizenship and so you can see there are other things that we do as well but for companies residents tax home and citizenship there's a lot of different places people are going and again i've had folks who make millions of dollars a year the last couple years say i want to move to nicaragua because i want low taxes i want to be left alone i want freedom just get out of my life you've also had people who just don't have as much money who like the idea of nicaragua because it's affordable and it gives them the things that they need you have people who stretch it to move to dubai and they rent places that are really expensive and they're not saving as much money as someone who lives in to buy good but that's okay do you have people who want to live overseas and again maybe they make a million dollars a year they're going to go to a place like in ireland and they're going to have a lot less housing affordability so they're certainly again not going to save as much but they're going to save on everything else and so it's still a win for them so there's no saying like oh if you have 50 million you do this you do this we have people with with 50 100 200 million dollars who get caribbean citizenship they're like i don't need them all to citizenship by the way we've also that's the one i missed we also did malta citizenship uh in the last year then a number of people who are getting malta citizenship and so in some cases um we have people who you would have thought they would have gone with a cheaper option but they said no i want to make an investment in my future i may only have you know nine million dollars 10 million dollars but i'm going to do the malted program it's going to cost me a million bucks but then it'll be covered and i can do i have endless options all right and then again you have people who have 200 million dollars hey just give me some kids and nevis so there's no determining based on how much you have or what your nationality is what's best certainly i can tell you that if you're american going to a country like georgia or albania for example i think we did one albanian residence um you're perhaps going to be treated better as an american than if you are a citizen of india for example or china there are some countries that are going to be a bit more focused on that there's also countries that just aren't going to care portugal i don't think they care a lot of western countries don't care so what's the best depends on a ton of factors and this is what we do here at nomad capitalist when you come and you work with us we go through and put all the puzzle pieces of your offshore puzzle together because things need to fit together your taxes in the us need to match your taxes where you go and live and if you don't plan both together you're gonna have a problem okay the residents you're relying on the citizenship you're getting right is that citizenship allowed dual citizenship is there a reciprocity agreement there's so many questions this is why we ask people that we work with hundreds of questions to figure out what's the best for them and sometimes it comes down to three or four different options but the goal is to get it down to either we're going to do all three or four or we're going to explore a couple of them but focus on one or we're going to whittle it down to one and so the way of determining the best is not asking someone for advice based on what they did it's going through a streamlined process that in our case takes you know about a month to go through and have people ask you all the right questions both qualitative and quantitative to figure out exactly what it is that's best for you

Channel: Nomad Capitalist

Views: 91,267

Keywords: nomad capitalist, go where you're treated best, dual citizenship, second passport, second citizenship, The Best Counties to Live, Incorporate, and Be a Citizen, moving to another country, life abroad, investing, leaving usa, where to live, andrew henderson, how to invest, the best countries to move, best places to live, easiest countries to immigrate, moving abroad, best countries to live in the world, travel around the world, cbi, investing for beginners, us citizenship

Id: rjAW4TZVKGU

Length: 15min 28sec (928 seconds)

Published: Tue Aug 16 2022