Where to Live with Caribbean Citizenship

today i'm going to answer the common question of if i get caribbean citizenship by investment where do i have to live [Music] this is why i suggest people have a holistic plan because you see people who they get that caribbean citizenship by investment interest from americans in for example st lucia is up nine fold in the last year people get citizenship in st lucia antigua dominica grenada saint kitts and nevis and then they're like well where do i need to live or they don't get that second citizenship they don't get that plan b insurance policy to protect themselves against their own country because they're like i don't want to live in a caribbean island this is a misconception where you're a citizen doesn't mean where you're a resident and i want to explore that today if it's your first time here my name is andrew henderson the founder of nomad capitalist we are a boutique consulting firm that helps seven and eight figure entrepreneurs and investors legally reduce their taxes diversify protect their assets and protect themselves and their freedom in a changing world we also host the biggest and best offshore conference called nomad calculus live and so i got a comment a while back from someone who uh has some wrong information about citizenship by investment and that's relatively common people don't really understand what citizenship by investment is about so here's someone who said st lucia will cost you at least 150 000 plus 15 to 20 in legal fees dominican republic on the other side is far from safe so basically they're taking the two cheapest programs in the caribbean and they're saying hey you know why is this not worth it okay st lucia for a single applicant one hundred thousand dollars the more the bigger your family is the higher the price goes no doubt so you could certainly get up to 150 000 that is doable but it's not the price for a single applicant by the way if you're making a holistic plan the type that i would recommend and that we would make maybe only one person in the family needs the citizenship depending upon your particular needs and you are wasting money getting it for everybody there are situations where that's the case the other program they completely get incorrect so i'm going to get to where you're going to live in a minute but first let's clarify some of the basics the dominican republic does not have a citizenship by investment program the commonwealth of dominica which is part of the eastern caribbean and it's an english-speaking country they do and they also have a 100 000 program for single applicants and for most westerners that's probably if visa free travel is your bigger priority probably going to be a better deal and so what this person does get correct is that there are legal fees on top of that they are not inconsequential there's due diligence there's lawyers there's all kinds of papers that need to be organized and so what i'm telling some of the products i tell them here's the price right not just you know because there's lots of different fees on top of that so let's get the programs correct you've got st lucia uh dominica those are the cheaper ones for single applicants you've then got antigua which is generally the cheapest one for like let's say a family of three or four then you've got saint kitts and nevis and then you've got grenada they each have their own benefits and you shouldn't buy just based on the pictures of the beaches that you see and so we responded hey st louis is a hundred thousand dollars for a single applicant the person said okay maybe i'm not the expert but i still don't agree with your thesis i don't know what the thesis was if that was the ideal place to relocate for the average joe with the spare hundred thousand dollars it would be crowded by there by now basically saying hey if st lucia was the answer then why isn't everybody moving this is kind of the age-old argument by the way of like well why would you leave the united states why would you want to live somewhere else because everyone's trying to come here well who's everyone right now right not wealthy europeans uh not a lot of wealthy asians a lot of them are more going to europe people where i live in malaysia prefer to go to the uk if they're going to go somewhere and more and more you see people from emerging countries who have wealth just wanting to stay in their own country people who are coming to the united states for example are people who are looking for economic opportunities and we feel badly for them i would you could even argue that the united states created their need for economic opportunities uh with their own actions and so they're coming almost of desperation you talk to people a lot of them would rather stay in their own country if they could survive if they could feel safe all those things and so it's really not fair to say hey someone who's an ultra high net worth individual who wants to leave the united states because they're tired of having their freedoms eroded they're tired of having their taxes raised they're tired of being vilified the public square that that person shouldn't do it because an economic migrant from el salvador is coming and trying to cross the border they're not the same and so the same is the case here right who is going to get citizenship by investment obviously at a hundred thousand dollars there are a lot of people who have a hundred thousand dollars who can do this and you have people in certain parts of the world that will spend this very substantial part of the net worth protecting themselves because they want citizenship in a stable country that's not going to bother them maybe the taxes for some people are ancillary the fact that they can live a tax-friendly life but they want greater visa free travel they want more opportunities they want more opportunities for their family and so the idea is to get the citizenship and not to relocate there you are seeing a huge increase in interest for citizenship by investment gold and visas all sorts of other residence programs and in some cases those people are moving if you get residents in mexico some people are going to go and live there part-time or full-time some people are just going to keep the residence permit in their back pocket people are getting golden visas in places like portugal uh and spain and italy uh and you're even seeing smaller countries like ireland kind of make a comeback and see more people applying for their programs not everyone who gets that golden visa is going to go and live there full time in fact a lot of people with that demand being driven in large part by uh u.s citizens and now by canadians as well and australians too those folks are just looking for a backup option they're looking to work towards a second passport that gives them a distance from their government because if you're american and portuguese if you're american and irish hey maybe those aren't as widely diversified as i would want to see but at least you now say hey if the us doesn't treat me well i can go to this european country and hey if i'm a european union citizen i've got access to all these different countries that can go and live in so there's always going to be a place where i'm going to be free and where i can reduce my taxes or i can protect my wealth or my my kids will be able to live the life that they want or whatever is that you're looking for and so not all this increased interest is because people want a backup plan they're not looking to move to st lucia and so let me just go through and answer the question uh where should you move if you get a caribbean citizenship by investment i do have some people that we work with who are like hey i love living in the caribbean i love tropical weather i love countries with zero tax now neither st lucia nor dominica have zero tax policies but you can go and have access to a couple of other countries in the eastern caribbean with that passport that you can then get the zero tax policies on and even st lucian dominic have much more friendly tax policies and things like wealth and things like capital gains inheritance that kind of stuff so they're more tax friendly uh to begin with but you've got even more tax apparently options in the caribbean if you wanted to go to let's say antigua think it's a nevis and so if you want to live there you can do that and hey as a citizen you could live there if you are a citizen of canada obviously you have the right to live as long as you want in canada no one's going to ask you to leave when does your visa you know expire so for someone who likes the idea of the caribbean mindset uh the caribbean lifestyle you can use this passport to live there however most people are not living there that's why st lucia is not overcrowded as the person said because they're using that saint lucia passport to say hey saint lucia's not going to judge me they're not going to bother me i'm going to move out to my country if i'm an american potentially i'm going to give up that citizenship but i'm going to be a citizen of a peaceful country that's either my back-up plan or my plan a and so if i want to go and live in probably any country the visa-free travel with that caribbean country i'm going to have an easy enough time getting a residence permit if they offer one so if i want to live in southeast asia i don't think it's going to be a problem because i have visa-free access there the only country really i don't have access to is thailand and they're not going to judge me either they'll pretty much hey you want to you want to pay our fee for thai elite hey you want to invest money in our banks coming in they don't judge so southeast asia is open latin america depending on which passport you get you may need a visa to go there and start the process in most cases you won't so if you want to live in mexico you know mexico may be one that you want to get as an american canadian australian just to make things a little easier to understand but most of the other countries if you're going to nicaragua invest 30 000 uh if you go to colombia and buy property have personally done it no judgment they don't care there may be a few programs where for example parkway's permanent residence program favors people who are people who have visa free travel so you might want to get i think there's one passport of the caribbean that has that visa free travel to paraguay you might want to look for that one or you might want to get turkish citizenship by investment if that's what you're trying to do um you know panama has certain benefits for certain nationalities uh it's not as distinct as it used to be but uh you know there's a few countries where they're gonna prioritize certain nationalities but by and large no one's gonna judge you okay in europe probably no one's going to judge you the uk doesn't want people to speak english in many cases and so if you're from a caribbean country you can use that to say i say i speak english they may ask more questions but i think generally in europe you want to apply for a golden visa you want to apply for a residence permit by showing income haven't really seen any issues with that in particular and so we could go down to mauritius in africa we could go to you know other places that offer residents we could go to east asia places like south korea most of the world is not going to judge you so any country where you have visa-free travel i think certainly won't be an issue many other countries won't be for example wealth hubs you want to live in dubai you want to live somewhere in the uae you start a company you buy property as long as you're a clean person they're not going to judge singapore i think the same issue so whether you want to live in more emerging places whether you want to live in more developed places i think that pretty much anywhere you want to live you can get a residence permit with a caribbean passport or with some citizenship by investment passport it's not only their business it's what i think most countries think if they even really pay too close of attention to it the countries that may be more judgmental what we call the kuna countries canada united states new zealand and australia i think used even probably the least of these sure you know what if you want to apply for some kind of australian residence permit they've got a very expensive investment permit and by the way i mean these countries reject a lot of people on a percentage basis compared to everywhere else but yeah they might ask you some questions they might they might be a little bit frustrated uh however the question is are you going to keep your current citizenship and so people say well hey what am i going to do with it with the caribbean passport where am i going to live well again you can live in six different caribbean countries if you have that you can travel all around the world with a peaceful country's passport but if you have your current passport if you're gonna stay uh you know british australian canadian what have you you can keep that passport you can also use that one so you can use if you wanted to be you know canadian who moves to australia i don't know why you would do that but if you wanted to be in that situation yeah you would probably move as a canadian that'd be a lot a lot easier in some cases in some limited number of countries they will ask you to disclose all of your passports you do that hey listen you know i like the caribbean i wanted a plan b whatever right and so i think that we need to look at this as if countries don't respect what you're looking for and the same way that if people don't respect what you're looking for you're going to go somewhere else you shouldn't be so hung up and wanting to live in one country where they don't like the fact that you want to protect yourself so yeah saint lucia's not overcrowded because people are using st lucia they're using dominican using other caribbean passports to have a backup plan some people are indeed moving there and the question during the pandemic was hey what if people just started moving to their citizenship by investment countries i mean saints and nevis has done tens and tens and tens of thousands of applications over the last nearly four decades what if all these people just wanted to go and move to saint kitts and even like what would the infrastructure be like prices would go through the roof would be really an incredible site and so that certainly is an interesting thing to think about but people aren't doing that because they know the strategy that i just laid out if you want to either escape your government or have an escape plan from your government build that infrastructure for the future be a citizen of st lucia make an investment as a st lucian citizen in dubai for example get that uae residence permit move yourself there to take advantage of their tax policies and saving more of your own money while being able to travel as the citizen of the country that's not going to bother you going to leave you alone obviously there are other parts here where you may need to do some reporting at some points this is where you need professional advice especially if you're an american but the idea is yeah more average joes who have a hundred thousand dollars should be insuring themselves against being the citizen of only one country given what we've seen in the last 2 5 10 and 20 years

Channel: Nomad Capitalist

Views: 33,854

Keywords: nomad capitalist, go where you're treated best, second passport, dual citizenship, second citizenship, andrew henderson, Where to Live with Caribbean Citizenship, caribbean, best places to live, how to buy a passport, cbi program, investing, investing for beginners, best caribbean islands to retire, citizenship by investment 2022, passport, st lucia, saint lucia, where to live, where to invest money, travel around the world, how to invest, best caribbean islands to live

Id: 7e6t0bNqkMY

Length: 12min 15sec (735 seconds)

Published: Sat Aug 06 2022