Benefits of Having Five Citizenships
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- Опубліковано 9 лип 2024
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Join Andrew as he shares his personal experiences and insights into the incredible advantages of holding multiple passports.
Explore the multifaceted benefits of holding multiple citizenships. Whether you're looking to expand your horizons, secure your family's future, or enhance your business opportunities, this video provides valuable insights.
00:00 Start
00:48 Travel Freedom
2:39 Living and Retiring Abroad
4:45 Working in Different Countries
5:50 Financial and Business Benefits
8:20 Banking Opportunities
9:38 Flexibility
12:18 BRICS Countries
13:43 How Many Citizenship is Enough?
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I am in the process of getting my Dominican Republic citizenship through ancestry. From there I will be applying for Spains Citizenship since they offer their " former spain colony" passport/citizen route. 👌
Congratulations! Nice plan.
Wow, I had to look this up, learn something everyday...
Considering doing this with MX citizenship as well! Cheers!
How soon after can you get Spanish citizenship?
@sharkboyjuan I'm not sure if once i get my DR citizenship I'm good to go on spains....but I wouldnt see why not. FYI, to apply for spains passport you need to stay in Spain for 2 years. Which may sound like alot but its actually much better than the usual requirement, which is 5 years
Love it - Australia and Kanada are also places I have no wish to go to.
Off topic, but that interior is stunning! Beautifully done!
😎Right. I retired young and retired rich to travel around the world on multiple passports.
This was great to hear! Thanks Andrew
Glad you enjoyed it!
More important to be diverse in the regions you obtain citizenship. Thus having all 5 in the EU is essentially just having 1,etc
I'm a US born citizen and my wife is a naturalized US citizen from Serbia. Both of our daughters are American born, and both have Serbian citizenship by decedent. I would like to get Serbian citizenship, but that would most likely involve residing in Serbia for some years.
My wife lived in Italy for a number of years as a resident, but she never applied for Italian citizenship. Had she become an Italian citizen, that would've given her three passports and our daughters by decedent.
All great points. However I know through friends that having multiple passports can create some problems on occasion. I know Russian dual nationals can experience scrutiny in Russia, and perhaps in the US now:
Can you make a video on the *risks* of multiple citizenships, however remote? Like a government deciding to simultaneously implement citizenship-based taxation and a wealth tax?
Very interesting topic. I think it will be impossible. Most countries are not so digital. For example my mom left Poland 1990 and this year she found out she is still registered in Poland because the building was sold again and they could not register somebody else as residents there 😂
Thanks for the suggestion, stay tuned! Keep an eye on our R&D channel: www.youtube.com/@NomadCapitalistRD/featured
@@nomadcapitalist I’m from Germany and have been able to acquire American (dual) citizenship which honestly is a miracle
Since I’m not married to an American.
That said I’d love to get another one. I’d prefer Asia over South America but am open to options especially since I don’t have capital to just buy one but also don’t want to have to live in that place for very try long due to schooling I’m doing.
So I wonder if I have any chances since I’m a bit limited, resource wise? Thoughts?
@@nomadcapitalist your R&D channel is terrifying. Accents are not easy to understand and not as interesting as your presentation
Nomad! Can you cover your flying preferences? Fire up that private jet and show us your ways
I want more than 5.
One other benefit is healthcare cost.
Some countries offer free or heavily subsidised healthcare, having the option to move to those countries (should you ever need to) is one of the main benefits too.
I agree with what you are saying
I paid such a price to get a British citizenship. However I am no fool and what you are saying is true. The west and especially Britain are in a decline. This world will be completely different in 30 years time. So although I have no appetite to get a second nationality, it will soon be a necessity for so many & that’s pure fact
Great
I am dual Uruguayan/Chilean citizen, I had done ancestry test and I have askhenazi and sephardic jewish, so I could begin a process of having Spanish or Portuguese citizenship
Andrew, can you please clarify which kind of benefits you have in 6 countries (which countries?) as a citizen of SL?
Thank you.
Having tax changes or wealth taxes in countries you have residents or citizenship?
UK/US citizens. Husband getting his Irish. And permanent residents of Mexico. Very happy although were happier pre-Brexit:)
I am a Canadian dual citizen (Swiss). I haven't renewed my Swiss passport in years, but I am considering it when it comes to renewing my Canadian passport in a couple of years.
Do it!! In fact, do it now. Things in Canada are declining rapidly. Always have a backup plan.
Is this the son of late great Mr.Rick Jeanneret? If so he was amazing at his craft. I am also duel citizen from a country beside Switzerland and Canada. Hint, a neutral country.
@@pat564 No, that would be the better looking Chris lol ( I haven't met him).
I hold 3 citizenships. Canadian, UK and Irish. Its nice to move all around the EU and not worry.
I'm more focus on getting residencies in a few countries...
My Great Grandmother was Irish, My Half Brother is Dutch and My Husbands Grandad is Hungarian. Could we get fuel passports if so what ones? And I was born in England. Thank you x
Can you do more content about Korea? 🇰🇷
I will be working towards getting a residency in the Philippines 🇵🇭 there taxes are around 25% for foreigners.And I will look to become a citizen of a European country and a Caribbean country.I think me being a resident in an Asia country with establishing having a Caribbean passport and a passport from a European Union will be best for me.
I’m from Germany and have been able to acquire American (dual) citizenship which honestly is a miracle
Since I’m not married to an American.
That said I’d love to get another one. I’d prefer Asia over South America but am open to options especially since I don’t have capital to just buy one but also don’t want to have to live in that place for very try long due to schooling I’m doing.
So I wonder if I have any chances since I’m a bit limited, resource wise? Thoughts?
Asian countries are ethno-states so it is difficult or impossible to become a citizen in them plus the languages are harder than Portuguese, English and Spanish you have to memorize calligraphy rather than letters and even if you marry a citizen only South Korea and Cambodia will give foreigners citizenship.
I think dual nationality is allowed in Mauritius only for persons of origin, but is prohibited for naturalized persons? If so, then that unfortunately wouldn't work for someone of non-Mauritian origin who wished to gain an African passport for the purpose growing business opportunities there.
Probably the best you could do in Mauritius (and still keep your other options open) would be to get their 10-year renewable residence permits.
Hopefully their laws will change in the future.
Great video I’m thinking of getting a European passport when I retire for the freedom of travel My problem is that my retirement income is all coming from the US government I’m pretty sure that if I renounced my US citizenship I loose it all So the only way is to make more money than I receive in retirement over the taxes I have to pay So what can a senior citizen can do overseas to make that happen
Yeah I wouldn't renounce your US citizenship if you want to collect benefits. The below countries don't tax US benefits but they themselves might tax it. Perhaps that rate is more (or less) favorable than your US tax rate. Other countries likely wouldn't tax you again if the US was already collecting taxes.
Canada
Egypt
Germany
Ireland
Israel
Romania
United Kingdom
I checked mutual agreement on prevention of double-taxation between US and Czechia and you could add it to the list too. Retirement benefits are only taxed in country of origin for this kind of income. But make sure, to retain US bank account. My aunt live's in the Netherlands, takes Czech pension. Because she doesn't have Czech bank account, she's being paid quarterly instead of monthly, but if she had one, she'd receive it monthly.
Question: if a U.S. citizen has social security income and a federal government pension, if he gives up U.S. citizenship, wouldn’t he lose his SSI and pension?
probably ssi but
if your independantly wealthy, ssi is probably insignificant to the problems actually being a US citizen brings.
One example; must pay taxes to irs even for income outside the usa.
I believe you would loose both unfortunately this is why some America’s keep there citizenship if they plan on retiring off of social security and pension.
No you would not you paid into it so you are due it, I
@@robertmiur2388 🤣that’s the governments money where it come from the government yes you pay into it,that doesn’t mean it’s guaranteed because it’s not you see what there doing to the pensions right now most people aren’t getting a pension anymore.The only way he will get it is if he pull his social security and pension right now because if you wait until later it won’t be there anymore.The usa entire economy is collapsing and the banks and usa government is in serious deficit which means they will do anything to save there behind.People 401k,pensions,social security everything is on the line because the government is ready to take it so you better pull it now.
If I have Mexican and American Citizenship, what other passport do you recommend for a third citizenship?? Thanks 🙏
Look into spanish citizenship, latin american nationals get a fast track of two years of legal residence to apply, with that you can live anywhere in the EU. Some people have been saying that you must be born in the latin american country for that time to be applied but idk how factual that info is
Thank you very much @@msg5879
I have an EU citizenship. Are there any additional benefits in acquiring 2 more EU citizenships, that I am eligible for…Or is it unnecessary bureaucracy, as EU passports are „all the same“?
I have Brazilian and Italian citizenship. Does it make sense to have another European (Spain) citizenship by descent?
Yes the EU will break apart with the Eurozone have as many as possible. When the UK left the EU several hundred thousand applied for Irish citizenship all they needed was one grandparent it caused a backlog but if they already had it to begin with they wouldn't have had to wait for it.
If you have it available then why not. It is somewhat redundant at the moment but can't hurt.
@@MH-et5sn Thanks
@@quartermaster1976 great point
Just get a Bangladesh citizenship and you are all set.
Dang I thought I was good with two lol
Your benefits of 6 citizenships video was better. More theatrical.
If Countries are looking for Passport through Examinations then consider my Eligibility through Five Colours
While the benefits of having multiple citizenships across the world are obvious, could there be risks?
If there is an extreme economic crisis, what's to stop a government from implementing a usa-style world wide income or wealth tax? If there is war, you or your children might get drafted (even if not possible based on today's legislation).
These things might seem unlikely, but if you want multiple passports for ease of mind/insurance I wouldn't gloss over these scenarios.
You get rid of it or dont use the other one. no worries in those scenarios then
@@mickpeterson3722 in a time of crisis you can't count on there being an exit. Countries can deny or suspend citizen revocation at any time, tax retroactively etc. Ask any recent ex-American, you couldn't get an appointment to cancel citizenship during the epidemic.
@@ph.m.8091 America is a uniqur case. for any other country just ignore that citizenship and dont go back if they really wont let you go
That's why you have multiple citizenships. When one becomes untenable you renounce it. If the country won't let you renounce or if you're scared that going to their embassy or consulate will result in you being arrested and deported/repartiated, then remain where you are (should be a country you're a citizen of) and let the fact that you're in a country of citizenship be what helps prevent you from being extradited.
When you're in any country that you're a citizen of, you are considered as being only their citizen and can only use their documents to identify yourself - this means that you're a lot less likely to be forcibly taken to another country that you're a citizen of; it also means that if the country you're in bans you from leaving - you're stuffed as no other country can help you.
Its all about determining the risk thresholds that you're concerned about and making well informed decisions based on as much information as you can obtain and consider.
If you just ignore the tax authority that imposes a global wealth tax, I think they could seize assets internationally in at least some allied countries (after due process in the country where the assets are)? .
ETIAS has been postponed until 2025.
I’m hearing there is coming a certificate of travel for the multi vaccinated coming from the WHO. This is horrible news for those of us without residency elsewhere. Clock is ticking down now.
WHO has always had a book for vaccinee records.
So true about having 3 total. I need to do some DNA testing to see if I qualify for an ancestral citizenship.
Unfortunately it won't help you. Citizenship can be by naturalization or by descent and there are strict criteria that need to be met. There aren't any citizenships based on DNA tests.
😂 I have ancient DNA so yeah I doubt France and Paraguay would give me citizenship based on that.
For you guys saying that it's not possible, there are some countries that are allowing that type of citizenship.
@@jaws2003Please list them then... I haven't seen any country permitting citizenship based on DNA. All DNA can prove is whether your someones child - that only verifies your right to citizenship by descent, not citizenship by DNA.
It doesn't grant you citizenship due to your DNA, you were born into the citizenship.
When we say you can't get citizenship by DNA we mean that you can't apply based on DNA showing you're from that countries land / people when your family aren't citizens.
@@jaws2003 If the country is desperate for people they might allow that or some political acceptance of the past.
Threats of invasion by many US politicians and growing popular support for US military intervention in Mexico have caused anti-American sentiment (which had existed long before) to grow in Mexico. How do you deal with that while in the country? ?
Have you felt discriminated against or humiliated by any anti-American comment?
Too much work and costs for such freedom!
Why no one is talking about south Asian citizenships, residence. There are good countries in South Asia like Maldives, Sri Lanka
Countries in Asia normally don't allow dual citizenship unless you get married there or renounce you West passport
Why to have so much stress,,we will die anyway. Just enjoy the moment..
But enjoy the moment traveling abroad and now being robbed with taxes
Spoken like a true tax slave. Good luck
But you're only working with people with half a million dollars annual income... it kinda wipes out most of your audience.
Not sure why somebody would like to live in Serbia. It is small country with a lot of unresolved issues with its neighbours. If you have citizenship in a stable big country like UK/US/Germany/France and other top countries, you would lose your social payments and your children may have difficulties with their citizenship, if you cancel it. Nobody knows the future, so it is very risky step, probably not a smart step for the most of people. I am a dual citizen and even for me it is a hassle to keep track of real estate related payments, taxes, documents experations etc.
In the US and other countries, you do not lose certain payments such as Social Security by moving abroad or even renouncing your citizenship.
It's very hard to get citizenships in asean, asian, middle-east here with US, EU passports and others are leaving these white blonde countries man.🎅🤫