Money No Object? Best Citizenships & Residencies for Freedom & Lifestyle
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- Опубліковано 5 вер 2024
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Today we are going to do a FUN video! We've got this suggestion from one of our followers - what overseas strategy would we do if money was no object? What is the best possible solution for the richest of the rich?
Which is the best citizenship that the money can buy? What is the most appealing residency? How to optimize for freedom and a great lifestyle.
Where would I live? Where would I get residency (or residencies)? Which passports would I buy?
We are going to cover all of that today.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
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Would love to see an updated version of this video. Really interesting 👍
Ok, Maltese flagged yacht in the Mediterranean from about April to November (this way you can visit all coastal cities around and some), Budapest and Vienna for Christmas and New Year and for Opera performances, ski/snowboard in the Alps in Austria in January, Buenos Aires and Havana in February/March and maybe some Carribean sailing as well March/April
Love this. I've always wanted to visit the Opern ball in Vienna. I might mix Christmas in Prague in there with Budapest as well.
I like the way that you think.
need an updated version lol Hungary and Portugal are down :( would really cool to see you update this yearly as programs change
Good idea will do
O M G, You’re a Fricken LEGEND !!! I’ve had to stop at 4 & half minutes to write this - WOW, Your train of thought faster than lightening, Daaaaaaaammmmmnnnnnnnn !!!!!!!!!!!🙌🙌🙌. You Sir are the true embodiment of FREEDOM ! I’ve seen most of the world except for Africa & Australia but You are just on another level with facts & strategy, can’t wait to watch Your story. Thank You again for this !🙏
Wow, thank you for the kind words! It's truly appreciated.
Is there anything you would like to see on the channel next?
@@OffshoreCitizen YES ! A list of questions one should answer first, to make the most of a consultation with You :) I need Your help and will need to book one soon most likely. Thanks in advance 🙏
You changed your mind about Dubai.
This channel should have 100K subs. Greeeaaaat vid!
Hopefully soon! Share with your friends
Real talk....droppin knowledge
Michael you couldn't contain your smile in this vid!
Wonderful video, thank you.
Thanks!
Hey hey hey happy Tuesday brother, great to see you again. This is such a great subject and thought, Asia for me lol. Thanks so much for sharing this with us. Remember Spread and share the love in these difficult times. Stay safe and catch up again real soon.
Where in Asia?
@@MichaelRosmer I have had 3 trips to Asia, Thailand cancelled so still never been but I feel a calling to Thailand especially, we have got a 3 week trip in October so praying that goes ahead, we will be doing Singapore, Thailand, Vietnam, Cambodia and bali. Fingers crossed. Thanks so much for your reply my friend.
@@TravelTourTaste where's your favourite place in Asia so far?
@@MichaelRosmer this will be our first time in October, as all the last 3 trips were cancelled, 2 due to ill health and this November gone was due to Covid unfortunately my friend.
St. Lucian passport. Bahamian residency and actually live there December to early April (avoid heat and hurricane season!). Spring and Autumn in Spain, maybe Barcelona, probably Seville. But man those wealth taxes, you'd have to structure things well to avoid that. And to keep Spain time well under 183 days, escape the heat of summer (July and August, at least) and go someplace cooler. Paris would probably drive me insane but Bordeaux seems pretty awesome. UK would be nice but no other country I know of does that ridiculous 91-day rule. Plus Brexit = no thank you.
Why not st kitts
Bermuda status + British Overseas Territories Citizenship, + Switzerland Citizenship + Singapore PR. Split time between these three.
Is it something you're planning to do?😄
THIS IS BY FAR THE BEST VIDEO I HAVE SEEN FROM YOU SO FAR......RESPECT!!
Haha thanks!
Are you burdened with too much money?
Let's call it prudent planning
Also could you please do a video focusing on retirement visa possibilities for those who have a solid retirement income who want to live in EU?
Good suggestion
Michael, could you make a video with this similar theme BUT if " MONEY WAS AN OBJECT", how would you plan with citizenships & residence permits ?
This one is kinda : ua-cam.com/video/D0xuWBBBoXg/v-deo.html&ab_channel=OffshoreCitizen
Excellent Michael. W hen setting up a base I look at the laws in the country with definate freedom .
Nothing would really change for me. Thailand, Prague, Colombia, and Mexico. I guess maybe I would do Portugal and St. Kitts as a backup.
Definitely makes sense
I agree with Singapore. Agree with Portugal. Disagree on your view of Newport Beach, Calif. Passport - Portuguese
Monaco or Singapore… interesting places with lots to do.
Interesting video Michael. If any EU passport was available to you, would you still pick Hungary as your first? The way I see it, Ireland now has a strong claim for being the best EU citizenship for economic mobility given that it's now the only country that's part of the EU and UK's CTA.
No, I wouldn't choose Hungary if I could pick any EU citizenship. Ireland is indeed a strong contender, there's a few that are pretty good. This being said I notice at a certain level it doesn't make much difference. Like someone mentioned to me recently that Spain is better than Portugal, which might be true in absolute numbers of visa free countries but the difference isn't meaningful because you've got all the top countries with both.
What do be interesting with Ireland is if they bring in this trade union of Anglo countries and it would be included that could possibly give extra benefits no other EU country gets. So yeah I think your choice is legit.
@@MichaelRosmer Yes I agree and that's why to me, the strength of a citizenship is as much based on the ability to live, work, study, open business in multiple counties as it is on merely visa-fee travel to various countries. That's why I see Ireland as holding a special position. It's basically the only country that's come out of BREXIT with little change to employment and residency rights of its citizens. They still have both the UK and the EU!
@@ParvizMalakouti yeah 100% I think too much attention gets paid to where you can travel and not enough to where you can live and work, which is why I'm very bullish on EU passports.
Thanks for a very informative video! The topic is most interesting and you've provided quite a bit of information.
What would your choices be?
@@MichaelRosmer Portugal, Croatia, Greece with Hungarian passport
@@cornelpod2068 makes great sense
All of your videos have really great information. However, they are hard to follow because of the pace. We suggest speaking more clearly. Keep up the great work. Thanks.
Thanks it's always a trade off of speak slower and make longer videos, which people seem to like less or speak faster to keep it shorter.
I'll see about ways we can improve.
You can turn on subtitles autogenerated from UA-cam :)
Great video content - the best lately. Thank you. Hungarian citizenship allow eVisa into US to visit family with Turkey and St. Kitts citizenship. Algarve few months, Mediterranean sailing, Nevis Four Seasons each year.
Sounds like a relaxing high quality lifestyle
@@MichaelRosmer When you get "old" Michael, this is the outcome....:)
@@VERTICALWisdom haha stay young at heart
Hey Michael, would love to see a video about the best EU tax setup (residence + corporation) within access to schengen zone and future option of citizenship. For context, I've been looking at portugal D7 / NHR with a corporate setup somewhere else (UAE, Malta) to benefit from the dividend tax exemption. Curious about the details of how early I'd want to set up that corporation in order for Portugal not to see it as tax evasion.
Romania SRL + Portugal?
You forgot Serbian citizenship that gives you access to Russia and china
Could you do a video on best private banking and wealth management thanks you
Definitely. Great idea! Added to the list
@@OffshoreCitizen and maybe even just for fun in the same theme of this fun video what / how you would invest a $100 million lottery win would be really interesting :)
CBI : Turkey
Residency: Tier 1 visa UK, non dom remittance based tax
Portugal Golden Visa
so a UK and EU passport in 6 years
and Monaco residency permit when the non dom tax expires
Legit choices what makes you pick Turkey for the CBI?
@@MichaelRosmer good passport & great value, access to some difficult to access places like Thailand & Mexico. Long term I see, turkey being soft to Russia & allies so it hedges geo-political risk of having 2 western passports.
When you add UK investor visa , Portugal golden visa / and the long stay French visa needed for Monaco residency it’s as good as any Caribbean / EU passport.
@@georgeweatherspoon8328 yeah what you don't get I guess is access to Japan, Australia, New Zealand, US, Canada so if you're ok not going to those places or going through the visa processes for them it works out well.
I think when we talk about best value Turkey is clearly a standout option even if only as an option, if I've got unlimited resources it becomes less attractive to me.
in the US, I think Miami is the only really international city.
Turkey
Stkitts
Mexico
North macedonia
Citizenship in Bulgaria (low taxes), residences in Cyprus and Dubai.
Cyprus and Dubai would give a nice low tax environment. Great mansions and penthouses available in Dubai too
@@MichaelRosmer .. at distressed prices I hear
@@venusreena2532 not so much these days no. That was true back in the fall of 2020 but the market has been very hot lately
@@MichaelRosmer .. The Biden stimulus?.. Still very worth it.. IMO
Loved the video!!
Thanks!
If money were no object, I would still pay homage to environments that made it possible for money to be no object. I manufactured in the countries that were best to manufacture. I sold in the countries that best consumed. I parked myself and my businesses in the countries that taxed and regulated me the least. I parked my money in the countries that gave me the best returns. I survived up to this point in the countries that provided me the best health and safety. I associated in the countries with the most successful people - money and morality. And I gave in the countries that respected and were kind to each other. I certainly wouldn't be a citizen of a country that hated my class and/or took and took and took, but I wouldn't mind just access in some cases. I still see myself as a frugal billionaire though, so this thing like a $50M penthouse in Singapore is not my cup of tea. (Although Singapore: Yes. I'm going there in September.)
So where would those places be for you?
I love your channel Michael! Thank you!!!
Thanks for you support, Giselle! Appreciate it
What type of content do you like see here most?
@@OffshoreCitizen Hello Michael, I love all your honest and straight to the point content. Valuable information fast to grasp and understand. Thank you!
We love it! How much will be realistically needed for this lifestyle?
Turkey has recently changed it from 250k to 400k isn't it? Or with 250k property investment is it still possible?
We've covered it all here ua-cam.com/video/g1ZOe8AVBa0/v-deo.html
Let us know how you liked the video :)
Places I want to visit:
=================
Liberia, Ethiopia, Kenya
Costa-Rica, Panama, Belize, Brazil
Scotland, Ireland, Paris
Thailand, Hawaii, and Japan
Residence/Income:
================
I'm open on places to live but my main concern is getting another passport.
I would use it to open trading accounts that I don't have access to now.
Most of the brokers I've contacted don't accept American clients.
Other than day trading, I would buy houses in some countries and make them
Air B&B.
It's probably best to book a call with Michael and he'll work on the optimal strategy with you. We can also assist throughout the process
Michael I like your channel, interesting video as well yet have a suggestion, hope you will not take it personal!.. After watching a few videos I find it hard to process information you are talking about with just a talking head video (probably a lot of immigrants watch you as well with much more worse English than mine :). Your channel would probably grow even more b-roll and text effects, it usually really helps with factual info especially and also more fun to watch. Also on the phone the volume is less than many other videos, could you increase it?
Of course I inderstand that it would require more post production and budget however it might pay off in the end :). I find channels like Traveling with Kristin, Marina Mogilko's, Vanessa Lau and a few other channel for example are great in terms of effects on screen.
Thanks for the suggestion
Thanks for the feedback
Singapore is a great pick - Strong currency, great economy, no crime, low taxation, star trek infrastructure, legal sports betting and women!
Yeah I like it especially as a place to base our of. Not for everyone but pretty great overall.
❤
Interesting comment from someone in the industry who has helped people with Maltese CBI was this advice: the due diligence is excessive and takes forever, but the kicker is the rejection rate is quite high, which if it happens can damage your chances of going through another CBI. So he advised to stay away from Malta.
what is the best residency permit you can get in EU considering you want low taxes, good weather, cheap cost of living etc ? I have a french passport and I want to live somewhere in europe or 1-4 hours away from france. I was thinking of Montenegro and I read somewhere that it's your country of origin. What do you think ?
Does Switzerland allow foreigners to buy real estate? What options exist for citizenship/residency in Switzerland? Thanks.
Yes foreigners can buy property in Switzerland.
I'll do a video in the future on the residency options.
I would buy a St. Kitts & Nevis citizenship, a Vanuatu Citizenship, I would probably see if I could negotiate a Serbian citizenship by exception for setting up a substantial company with a sizeable investment in Serbia & do the same for Cape Verde citizenship. I would get the Portuguese Golden Visa with a $350k investment in a VC Fund, and probably buy or rent a place in Algarve. From there I would establish a residency permit in Ukraine through a property purchase. I would set up a BVI company specifically to operate it as a branch in Thailand to obtain a work permit & residency in Thailand. I would see about setting up a residency in the Philippines through the SIRV for an investment in a company there which would, like the Thai and Serbian companies would provide transfer priced services to my main company a Hong Kong company whose management team I would set-up in Malta. I would merely function as a non-executive director of the Hong Kong company. I would likely set up a residence permit in Mexico, and residence permits in Panama, Costa Rica, & Colombia as well. I would also set up a UAE holding company specifically to set-up a residency permit in Dubai. The only debate for me would be whether or not to retain US citizenship until I obtained Portuguese citizenship or not.
Of course if I could negotiate a citizenship by exception in New Zealand a la Peter Theil by making an investment in New Zealand, the potential Portuguese citizenship may be a moot point. I would probably also look into a permanent residency in Anguilla too and probably purchase a house there because having a place on a well off quiet Caribbean island that is only a 15 minute boat ride to St Maarten's nightlife sounds very appealing.
The plan would be to either be tax resident in Thailand, Panama, Costa Rica, Anguilla, or St. Kitts & Nevis, but mostly avoid the potential for tax residency in most of the locations with residency permits by being there no more than a couple of months a year. I would likely spend a lot of time traveling Europe, Asia, & Latin America from the various home bases I would set up.
That's quite a plan! Covers you all over the place. The New Zealand option is indeed interesting. Thanks for sharing!
How much is Hungarian Citizenship ? I thought they abolished the citizenship by investment program already .
No a few years ago they had permanent residency via a pretty simple investment and that was limited to a certain number of people and went away quickly after then.
The citizenship by investment (or rather donation) had closed down over most of 2020 but is open now again. It's an unofficial program so not like some of the Caribbean ones etc because it's actually based around contribution to the country and then granted by exception.
Cost is €750k
@@MichaelRosmer thank you for the information. Do you have any source where I can read about it more? I looked online it was hard to find a reliable source.
@@michelfahed no it's an unofficial program so it's not publicly available.
I'll do a video on it soon.
@@MichaelRosmer Thank you. Will be looking for it.
Very interesting thought experiment. If money was no object for me I'd get 2 passports- one EU and another one as a backup (Caribbean or Vanuatu or something else in that range). For residency I think I'd want to split my time between Dubai and another European city, maybe Paris, London or Barcelona. Still I'd never want to become a tax resident in Europe. Other than that lots and lots of traveling and shopping.
Nice, which Caribbean citizenship would you be most interested in?
@@MichaelRosmer I'd get whichever one gives the best visa free access, and whichever is the most complementary with my EU one :) But EU would be top priority since it gives so much freedom and opportunities!
@@tw9419 EU you still need yo report tax and accounts..invasive
Please tune up your vol.
Hi there. New Subscriber here. If its possible make an extensive video about Turkey. Im a Canadian like yourself. Living in Montreal for the past 21 years but tired of the cold winters. I want to move to Antalya, Turkey and invest 250K in real state and buy one Villa to live in and one App to rent for cash felow. As a Canadian what are your advise? What bank account to open? (in one of your videos you mentined when you leave Canada they close your bank accounts). What about Tax!? Btw, I am married and have a 8 yrs old child.
Any info would be highly appreciated.
I feel you my friend, currently in Toronto but as you said winter is really tiring. Antalya is really interesting at the moment
Thanks for subscribing!
I'll see what I can put together for you.
@@MichaelRosmer Thank you Michael. Looking forward to it!
Canadian here as well. I'm interested on info about Turkey too. Visited Istanbul once and loved it but for raising a family and International schools Antalya, Fethiye and Bodrum are better choices. Thanks!
@@cyrusbaharlu8165 Thank you kind Sir. I visited and liked Istanbul as well but the traffic and cold winter madebus to cross it off the list. So far we choose Antalya, based on International schools and location, right by Mediterranean Sea but I will look into those other cities you mentioned. Much appreciated! 🙏✌
Love your videos definitely will be looking at using your services soon my based would be Singapore Dubai or ideally London. My summer house would be marbella sottogrande st tropez mykonos or sardinia or ibiza winter house in Switzerland Geneva or Zurich for the city gstadd or st Moritz or courchevel for skying my us base miami great tech financial services gateway to south America
Thank you!
Sounds like an amazing plan and we'll be more than happy to help you achieve it. Looking forward to working with you!
Wasnt the Hungarian CBI program nixed?
There was never an official program only unofficial. You're probably thinking about the permanent residency program they offered a few years ago that was ended.
There's an unofficial Hungary citizenship by donation program
@@MichaelRosmer Ah, that must have been it. How much does this citizenship by donation program cost?
@@Prometeo9 I filmed another video about it that will be out in a few days but it's €750k
@@MichaelRosmer thanks. im looking forward to watch that video
Why not Monaco?
Me watching in case I win the powerball
Deutschland für Mich.
What is the low end of net worth required to participate in this "money is no object" scenario? Ten's of Millions? Hundreds of Millions? Billionaire?
I've probably got higher standards than most. The official definition of an ultra high net worth investor by wealth management firms is $30 million in net worth. To me that's not close to money is no object. That makes you rich and you can rent private jets but you're not going to own mega mansions or heavy private jets at that level so to me it's into the hundreds of millions.
I usually conceptualize net worth relative to income in equivalency terms as income of 5%-10% of net worth (essentially easily obtainable investment returns).
The maximum a person can reasonably spend on lifestyle I calculate as somewhere between $7 million and $18 million per year if you go crazy but don't buy sports teams or super yachts so if you run the math that puts net worth at somewhere in the $70 million on the very low end (probably not quite there) and $360 million level.
That's my assessment anyway and I could break down for you monthly spending by category etc to demonstrate those numbers.
Mostly almost no one has that kind of ambition so for most people their lifestyle will never really change after they are earning somewhere in the $2 million to $7 million per year range.
How much would Hungarian citizenship cost? I assume it doesn't have residency requirements.
Also, what are the advantages of Granada passport to St Kitts or Antigua and Barbuda?
Thanks.
Hungarian citizenship is €750k.
Regarding Grenada vs St. Kitts or Antigua (I'll do reviews on each of them soon). In some respects it offers less so in this example I didn't pick it because it was the best buy rather because it complimented Hungary. In this regard it offers China, Russia, it has US E2 visa access, which none of the others in the Caribbean have (not important of you have Hungarian).
What are you looking for in citizenships?
@@MichaelRosmer Thanks for clarifying and your good work. I am in a feasibility study stage and your videos and views are very insightful.
@@webbezzy Thanks!
You can always get the foreign earned income exclusion by moving away it's not that much but if for instance you're married and you and your spouse could both get the $107k/yr. tax free that's a start. You can also go to Puerto Rico.
Alternatively, you can't get to zero tax but you can defer at 10.5% tax, which is better than nothing I guess especially if you're wanting to reinvest.
@@MichaelRosmer Thanks Michael. Puerto Rico is an option. I'll look at the deferral you mentioned also. Thank you for your great work.
@@MichaelRosmer I thought there was a language requirement for Hungary. Not an easy language to learn.
Are you saying you can buy a Hungarian citizenship because of your bloodline? I can only find that to qualify to apply for citizenship you have to prove your link to a Hungarian ancestor. Is there some other way?
It has nothing to do with your bloodline it's based on contribution to the country but it's closed at the moment.
Money is no object, I would get Vanuatu citizenship first because it's fast and so that I could have visa free access to Russia. Have fun with BLM and Antifa guys, I am out, I would renounce my US citizenship. Next up, I'd buy a nice Riva yacht under 25 meters so I could captain it myself, I'd hire a captain to instruct me, and do my time in Malta for citizenship. Malta gets me EU citizenship, good weather, the sea, and visa free access to see my family in the USA. When my year is up, I'd sail that yacht up to Monaco, buy an apartment, and establish residency. Either that or Gibralter (which has no minimum stay requirement). It would just depend on whether France or Spain is more aggressive in residency audits, because I would either buy a villa in Marbella or Cannes, but I don't want to trigger residency in either place (less than 183 days). Monaco is better situated for sure, and has Nice nearby for a more youthful feel. On the other hand the weather is better in Marbella, more people speak English, it has those beautiful modern homes, and it's younger and larger than Monaco. I'd then buy a nice apartment in world class city that I could go to for some culture and action, probably central London. After Christmas, if I got tired of the rain, after some skiing in the alps, I could head to Thailand or Bali to warm up for a month or so. The rest of Europe is a short flight away, and in the summer the Mediterranean is my playground. I think that pretty much covers it.
I looked up the Hungary visa and it says it was discontinued in 2017. How old is this video?
That was the residency permit not the citizenship, however, the citizenship has since also been closed
Money no object, then I'd be in the Florida Keys first followed by Belize and Italy in that order. For some peace and quiet, I'd want a vacation place in northern California on the coast in the red woods because it's just so beautiful. But if that state instituted a wealth tax, I'd give it up on principle.
I feel you on the leaving based on the principle of it. Regardless I think California is going to go through a rough next decade unless they get bailed out by the federal government
Now I feel poor
Umm. How in the world are you going to buy Hungarian citizenship? I see no program for that.
Would you still be able to apply for Portugal golden visa if you were already an EU citizen (Hungarian)?
No
Money no object? Buy an island in Greece