Three Cheap Asian Residences for Your Strong Dollar
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- เผยแพร่เมื่อ 22 พ.ค. 2024
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As we all know, Asia is known for having great financial and business growth potential. But to do that, you're going to need an Asian second residency.
From offshore banking to real estate investment to economic prosperity, the power has shifted to Asia. It's simply undeniable.
Western countries struggle to compete in these areas. Sure, we have a stable society, we have relatively good governments, and a safe life. But where are the opportunities to grow?
In most western countries, it seems as though things have become stagnant. If your dad was a millionaire, you’ll be a millionaire (or not, depending on how much you pay in taxes). But will you become a billionaire?
That's probably not going to happen. It could, but it probably won't. So, if you want to grow your wealth and expand your business, you're going to inevitably move eastwards. But as you know, the world of business has gotten quite complicated.
In this video, Andrew shares three cheap Asian Residences for your strong dollar.
00:00 Start
0:34 Moving to Asia
1:34 Malaysia My Second Home
5:00 How To Move To Thailand
7:48 How to Move to South Korea
Andrew Henderson and the Nomad Capitalist team are the world's most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best".
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Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.
Our growing team of researchers, strategies, and implementers add to our ever-growing knowledge base of the best options available. In addition, we've spent years studying the behavior of hundreds of clients in order to help people get the results they want faster and with less effort.
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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
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Andrew. You should mention the Philippines as the ideal residency. True, you have to deposit $20,000 in a bank account in USD . But you can withdraw the whole amount and use it to buy a condo costing USD 50,000 or more. And the SRRV visa is for life. No 3 month reporting. No annual reporting except you have to renew your ID card every year. Multiple entry. You can exit and enter any time without restriction. Only thing, you have to be age 50 or above.
I’m 23 and looking for another country to acquire another residence country. I was so happy reading this until the “Only thing.” 😂
He spent just two weeks in SK and is a Korean expert!lol
The exchange rate was the highest in 20 years but it came back down to 1300 won for a dollar!
Commenting from Kuala Lumpur malaysia RIGHT NOW!!! (orginal from Hong Kong )
Visiting because of you, Andrew, and the Nomad Team! Loving this place
Can't believe some of these negative comments on here. Don't knock it until you tried it!!!! That's fine, I don't need the extra competition on seaview condos on the cheap...
When is Andrew hosting a meet up for his subscribers in KL?
Been wanting to leave the US and set up shop abroad. This channel is extremely motivating, thank you Andrew 🤛🏻
Andrew, retirement visa for Westerners in Thailand, $22,000 bank deposit and that's it. Renewable every year, simple, why not mention this?
BigLance. Is it a donation (non-recoverable) or a personal bank account. If the latter, does the account need to maintain the 22k balance after visa is issued? Thanks.
@@jdobbsj Hi, I' just applied for mine. You are supposed to have 800,000 baht ($23,048 current exchange rate) in your bank account for 2 months in Thailand. You can open a bank account in Bangkok at the main branches, I suggest bring at least 3 pieces of ID including your passport, once you get the account you can wire it in or put it in yourself with cash. You then need to show a rental agreement, and before you needed traveler's insurach (Bangkok bank $200) but I heard it is not needed now. You then fill out your application and then bring to immigration etc. I myself used an agent who "helped me" with the banking, it will cost me in total about $1400 for a 1 year and 4 month visa, that fee is for the bank help and also speeding up the process and doing all of the paperwork for me and going to the front of the line, I did it all a couple of weeks ago from 9am-Noon, done! Just waiting for the visa now. Next year it will only cost about $500 to go through the agent as the first time just more paperwork and run around for them, or I can do it myself and the cost will be minimal, if I have the 800,0000 baht in my account that is ^^ peace and good luck!
@Michael Smith 50 years old or older, this is true. No other qualifications, just having the $ in the bank, and a rental lease, no travel insurance needed anymore I heard. I just did it so I should know ^^ peace.
@@jdobbsj Hey, after the visa is issued the acccount DOES NOT need to be maintained, it just must be for the following year, 2 months prior to applying. In between it does not matter, so you could have someone wire in the money, have it sit for 2 months, get your bank statement, apply, then same day send it out, then do the same thing 2 months or slightly more ideally prior to your renewal a year or so later, hope that makes sense! peace.
@@biglance Thx Lance, i hear most agents are in pattaya, you know of any in BKK?
Thailand from next month on, my new home!
The main thing I noticed that was different in Malaysia compared to other parts of Asia I’ve been to is the space…there’s a lot more of it there. Probably more out of KL.
Thailand is the best, you just have to not be in Bangkok (prefer chiang mai) Food & real estate is dirt cheap, and although being under military dictatorship you have religious/lifestyle freedoms you don’t have in Malaysia, Indonesia, etc
I had a 3k sq/ft house in a gated neighborhood in Chiangmai with a cook and a maid for $1200/mo
yeah Thailand looks interesting as a choice
1 Mexico
2 Malaysia
3 Singapore
4 Greece
5 Portugal / Georgia
I found it really hot and the air was very polluted.
@@hfj3862 Why Mexico? I'm afraid of the crime rate & cartels
where do you find such housing deals?
Hi. Really love your content.
Glad to have you.
Thailand Baht is now 34 (not 38) to a dollar (early Jan '23).
Update : the Thai Elite visa (5 to 20 years residency) increased in price drastically. They changed the name of their program also, it's now Thai Privilege.
There are many things changing.
My wife and I are both US citizens. We are looking at Chiang Mai Thailand as the place we want to retire to.
Do you mind sharing what age group (not asking for specific age) that you fall under? Above 50s, 60s etc?
@@pathkris2984 we are in our mid-40s. We still have time before retirement, but we are considering options. We are looking at Thailand, Malaysia, and Vietnam. My wife is originally from Vietnam.
@@rahuliyer7456 Thanks for the details.
The interest rates on Vietnamese Dong in local banks is pushing towards 10% BUT........their visa situation is a mess, basically don't want you there. If you could open a VN bank and park some $ for awhile, that 10% is a good deal. That said, there are some relatively decent banks.
There could be some currency exchange risk with VND.
There are those who are Viet Kieu, or married to a Viet Kieu, who have advantages for Vietnam
Vietnam...the place where they treat you WORST
@@mrslcom Not really, their currency controls are so tight the VND will always hold its own not to mention the added security of the age demographic and high education standards in their work force.
Just got back from 3 weeks in JB and Singapore. Penang, Malaysia is still #1 in my book for semi retirement.
My favorite part of Malaysia 🇲🇾 as well. Food capital of south East Asia!
Isn't the weather in Penang extremely hot and humid, even compared to a city like Bangkok? Its on my radar but the weather...
JB probably the most underated and most bang for buck. Also it's 30 min from Downtown Singapore.
@@user-qv7fs6ut2f No question, Malaysia's weather is the one thing some people can't handle. I just like the idea of never needing a jacket. Ever. I like the idea of tanktops and shorts forever. If you stay by the water it can be a tad cooler.
@@lotuseletre8724 I found JB to be a tad more expensive due to the Singapore influence and also busier than Penang.
Korea might be a good choice for some, but I can't imagine who. 82% of Koreans say they would move abroad if they had the opportunity. That should tell you something. The pollution is terrible, it's gotten unjustifiably expensive in the years I've been affiliated and the government is far too prone to nationalist sentiment and whims in lawmaking.
Korea changes the rules too often on everything. Every single time I went to immigration they wanted some different document that wasnt mentioned on any website or official requirements. I know very few business people that aren't married to a Korean Citizen. Save yourself a massive headache and go where you are wanted.
South Korea? I've read about North Korea and their military forces.
South Korea... even in Seoul, which is perhaps the closest to the Northern border most go, is still relatively safe. The North would be really dumb if they took up an invasion campaign against the South...too many troops, too many land mines, too many barriers between the border and Seoul. Even the highway to the DMZ and JSA has watchtowers every few hundred feet along it.
If only Malaysia or Indonesia can carve out a area near Singapore and make it a huge Ex pat retirement SPECIAL zone with Singapore style laws and cleanliness access to domestic help etc then many westerners will consider it.. JB east side has the land, even Binatn can be further develop.. hey may be Singapore Govt itself will lease it and then makea business out of it!
I just cemented this as a true reality by speaking with Marija yesterday to confirm moving forward, and after speaking with both Marija and Irena Prgomet while attending Nomad Live 2022 in Mexico City; thrilled beyond description and entire new chapter of my life will be happening in 2023 where I offshore my company in a lower tax regime and live a triad method of (most likely) 6 months in Dubai, 4 months in Thailand, and a month each in the UK and US to catch up with family. Can't say more here how excited my wife and I are...
I think finding cheaper homes in Thailand, not in Bangkok is the best deal
Yup! Look North or South. Me, I would go to Chiang Mai or Chiang Rai in the North. You could also go to Huahine or Rayoong in the South. Up to you.
Andy we were missing you :(
mm2h is too expensive for the viewers of this channel at $10k/mo passive income.
He started his business for high net worth business owners with multimillion dollar assets. 10K a month is not expensive to his clientele at all. It doesn’t have to be passive.
His audience is high net worth individuals. Us normal people just tag along…
how come no japan?
Shh ... dont tell anyone ;)
What is the best way to get residence visa for Malaysia? I have my own business in online marketing and have a wife and 3 children.
Is it smart to get employed by a company and get the visa that way or is there a way to arrange it myself?
Look at MM2H program for visa.
South Korea is the one that catches my eye as I prefer 4 season weather. Thanks for the video.
Knowledge is POWER!!!
Thanks 😎
No where has the quality I’ve seen in Chiang Mai especially not for the price. Maybe Singapore & Taipei then SK, Japan & China.
What options are out there for SE Asia if you cashed out of US with only a few hundred K????
Malaysia is still not a bad option, it all depends on how many hundred k we are talking about 😉
@@NON-2022 300K all in 🤦🏾🤷♂️
Retirement visa in Thailand is your best option. You can live well there and keep expenses under 12-15k per year; your funds might be enough forever if you figure out how protect from inflation.
But never buy anything in TH only rent.
Why doesn't Andrew include Vietnam? What are the negatives?
VN has a lots of Pros, you can find a retirement City, it's weather is comparable to San Diego, nice people, lower living cost etc., the con is food pollution, people get used to add chemicals to the veggies and fruits to keep it look fresh, the seafood was polluted constantly by the a steel plant in the affected area operated by a unit of Taiwan’s Formosa Plastics Group. The local Ha Tinh government let Formosa conduct its own emissions tests on the waste it discharges into the ocean through an undersea pipeline, do a search with key word Dead fish Ha Tinh. A lot of Good retirement places, but your health won't last long.
Vietnam was a pleasant surprise for me. Spent almost two weeks there last summer, from South to North and loved it and will definitely be returning.
Vietnam allows only 30 days stay as a tourist. If you want to stay longer, you have to do a visa run to another country to reset the clock. There are business visas (1 year) but you must have a local partner.
Andrew always tells how much it costs to get residency or citizenship in various countries. But ue never points out.....that you have to multiply that by the number of people in your family.
Does he need to do arithmetic for you? His channel is geared towards intelligent, educated, affluent people. Also very often your wife asks children can be tacked on for a small additional amount relative to the amount for yours.
Eeek, $260K @ 1% to get a visa in Thailand vs $42,500 in Ecuador @ 8%!
Thai Elite Visa $17k for five years if under 50. You don't get the money back. Quito is shihole. Haven't been to other cities in the country though. Once >50 visa options in Thailand get really good/ cheap.
Can you get a citizenship of Ecuador?
What are the cons of living there other than the language?
Thanks!
No go for SKorea. It's to close to Kim Jong-un
mm2h needs monthly passive income of 10000usd lmao
Expect changes to come since new govt OR wait until next year when the JB Sultan becomes king. He will change things since his wealth has been impacted greatly due to raised mm2h requirements.
Too bad you have to be married in Malaysia
@@eurotravels-dt3em Malaysian here. Not true at all. I rented an apartment and several AirBnbs with my bf for two years+.
How about India?
Sorry... But Who Wants To Live In South Korea
4 defined seasons, proximity to East Asia, very safe, decent expat communities, good public transportation, night life, public parks and recreation areas, clean, public restrooms, amazing local and international food, public baths, nice country side, k-everything if you care about that...as a foreigner you get most of the good stuff and few of the bad, like japan
@@diegogamez2181 Yeah, no. No one wants to live in Korea. Japan, yes. Korea? Meh...
Pag ibig mp2 is the best return i ever received. Developing countries are the best options if you wanna double your money in short period of time