Do NOT waste $$$! 6 countries with easy RESIDENCY programs
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- เผยแพร่เมื่อ 16 มิ.ย. 2024
- In this video, we'll delve into why a second residency often trumps a second citizenship.
Citizenships can take years to obtain and come with hefty price tags, residencies offer a streamlined path to financial freedom. Discover six countries with straightforward residency programs, some of which can be completed in just a few weeks. We'll discuss:
1- Paraguay: With favourable tax rates and a territorial tax system
2- The Philippines: Learn about the SRRV and SIRV ID residency programs, offering unique residency opportunities. The Philippines also a territorial tax system
3- Montenegro: Explore the benefits of permanent residency and its favourable tax regime.
4- Georgia: You can secure residency by setting up a business.
5- Italy: Italy's five-year residency and significant tax exemptions.
6- United Arab Emirates: Discover the simplicity of obtaining residency and its tax advantages.
Opting for a second residency can reduce your tax burden and gain financial freedom.
If you're interested in learning about the countries our clients are moving to: bit.ly/TopSixCountries
Or exploring low European tax countries. Check this video: bit.ly/LowTaxInEurope
Have questions or want to learn more? Reach out to us in the comments or contact us directly here: bit.ly/ContactWWA
Your financial journey starts here with Worldwide Advisory. Thank you for watching, and don't forget to subscribe for more valuable insights!"
00:00 Why Residencies are More Beneficial
01:15 Exploring Residency in Paraguay
01:49 Understanding Residency Programs in the Philippines
02:47 Permanent Residency in Montenegro
03:07 Residency Opportunities in Georgia
03:33 Italian Residency and Tax Exemptions
03:51 Residency in the United Arab Emirates
04:20 Conclusion: The Advantage of Second Residency
#WorldwideAdvisory #FinancialFreedom #ResidencyOverCitizenship #TaxEfficiency #GlobalPerspective #SecondResidency #FinancialEmpowerment #TaxationSolutions #InternationalFinance #FinancialGoals #TaxExemptions #InvestmentOpportunities #PermanentResidency #GlobalTaxation #TaxStrategies #FinancialPlanning #TaxBenefits #LowTaxCountries #FinancialAdvisory #InternationalBusiness #TaxationInsights #EconomicFreedom #FinancialIndependence #TaxSavings #GlobalTaxRates #WealthManagement #FinancialConsulting #TaxExperts #FinancialServices #FinancialJourney
Subbed! Very good presentation and superb content
@redzebra6688 - thanks! Much appreciated
You forgot Russia who has brought out a new residency, as a skilled worker you can now get a job fairly easy in Russia, after 2 years you get permanent residency. You can also get residency if you register and operate a company in Russia for two years.
@tronwars7130 - great info! I did forget Russia so thanks for bringing up - after watching the Putin/Carlson interview I am even more intrigued to check it out. Thanks for your comment.
and get snatched up to fight in Ukraine. NO THANKS
Putin will make you pay twice for your foolish choice of residency.
citizenship is for a passport that acts as a better travel document than what you already have for some people
Agreed @wagmi614
Just depends on what your current passport and its limitations.
For example - a popular passport is the St Kitts and Nevis one - which will cost you in excess of $250k USD.
Depending on your scenario - it may not provide that much value. It has a passport rank of 23 compared the Australia (6), USA (6), UK (5), NZ (5).
However if you are from India for example, your passport ranking is 67 - so it may make sense.
www.passportindex.org/byRank.php
@@worldwideadvisorybut if you speak to an Indian they will tell you they can't get dual citizenship and will lose any retirement and medical benefits from India if they renounce.
@@worldwideadvisory I am not that exited about these passport rankings - they hide many important factors. One of the most important factors: does the given country allow multiple citizenships or not. Or: how easy is to get that passport.
Once you take that in the account the picture is very different. For instance Singapore passport is very good for travel - but very bad if you already have a US, EU, UK passport and want to live in these countries: you have to renounce all your citizenships. In particular in the case of Hungary, USA, Argentina (and few more) renouncing the citizenship does not make much practical sense, is expensive and could be invalid (you do that because you are forced to do, not because your wish is genuine).
Some passports may look not bad at the first sight - but could become a horrific burden. The worst passport on the Planet Earth in 2024 is passport of Ukraine.
Not only women could be drafted and sent to be killed (and all men until the age of 60) - but recently all Ukrainian residents of foreign countries as well. Failing to report the readiness to fight on the front could lead to confiscation of property, bank accounts, etc. A "nice" addition is that Ukraine actively prohibits dual citizenship. Under such condition the best is to get rid of that passport ASAP. I.e. imagine: you live in the US on the West Coast, work for, say, Google, have $450K / year and with "Green Card" wait for US citizenship.
And... you have to give up your job, your home - and travel back to Ukraine (on your cost!) just to be ready to participate in fighting. If you don't do that your car which is driven by your mom in, say, Odessa, your flat in that city and your bank account will be confiscated. Thank - you - very - much, such citizenship is a major pain.
And the best way to renounce that horrid citizenship is to acquire either the Hungarian (most from Transcarpatian region can do that) or the Russian (every Ukrainian can do that) citizenship and report the new citizenship to the Ukrainian authorities.
Acquiring any of these two will lead to instant loss of the Ukrainian citizenship (both countries are regarded hostile to regime in Kiev)... and that's precisely the goal!
Totally agree with this. There are too many people out there trying to collect 4 citizenships as if they are some kind of collectors card. Lots of bad advice out there, maybe you get one spare citizenship as a backup. Dont see any need for more than that
@XRSCTV Thanks! Agreed about the bad advice, lets not forget people profit of superfluous advice. Also agree about having maybe one more as back-up. Thanks for the comment
All these residences are useless unless you go there for a business or whatever lol
@@Bambotb thanks - all peoples circumstances differ so thats why we keep it as general as possible. What makes you say that they are useless?
Are you as intrigued as we are by the potential of second residencies and tax strategies? Share your thoughts, questions, or experiences in the comments below.
Excellent content as usual
Any thoughts on Cambodia. It seems relatively easy to stay on an extended basis
Will you be covering the new tax changes in Thailand?😮
Thanks @bornfree8487 - appreciate your comment!
I have not looked into Cambodia too much. From a tax perspective, it is not overly enticiting. Retirement visa seems simple enough to attain from my quick research.
I did a video a few weeks ago on the new changes - take a look - th-cam.com/video/4tQrrvOLLSA/w-d-xo.html
@@worldwideadvisory Absolutely. As long as one is young and / or needs just a winter residence: SE Asia is easy and fun.
If you have already two or three "good enough" passports: there is practically no restriction, how long you stay. You don't even need a residence permit!
But at one point you may need a car (and you can't register it locally). And local driver's license (you can't take the exam because of the language).
Than you discover: cars sold locally cost 3x more than in Eastern / Western Europe, US, Australia, Japan.
And if you bring your own: try to get the insurance.
And so on, the list of roadblocks will just grow. At the end, indeed, two doable "Western" passports (Australia, NZ, USA, Canada, Ireland, UK, Poland, Croatia, Hungary), one doable "non-Western" passport (Serbia, Russia, Argentina, Uruguay - these are largely interchangeable) and you don't need any residence permit in Thailand, Cambodia, Malaysia, Laos, VietNam. The absolutely best Chinese and Russian visa comes only in USA passport: 3-year (RU) and 10-year (CHN) multiple-entry for $185, each entry allows 6 month residence, visa-run allowed.
The "Holy Trinity" is USA + Hungary + Russia because the entire CIS is open, no worries about working in the US. And the "guerrilla passport" (Hungary) tops because this passport is from EU and there is no such entry in the passport as "birth country", only "city of birth". The disadvantage: the language is almost impossible to learn; the local social culture is quite poisonous (avoid Budapest like plague - I am REALLY angry today at them, for good reason); road rage I still can't get used to; abundance of pathologic "haters" (given a random person you never know, what kind of ethnic group that person really hates - until it is not late). You can substitute Hungary for Ireland (best thing, you can live and work in both EU and UK. But for me Hungary was far easier). And Russia with Serbia, Argentina, Uruguay. For Americans or Australians Serbian citizenship is probably the easiest, the least expensive and fastest. A very good substitute for USA is obviously Canada.
With three passports like these one is set. There is one more, almost forgot: with the easiest (and most tough) citizenship program: Israel.
Citizens of Israel may have two different passports: the "REAL THING" (it's blue) and the red "Travel Document". A person who does not live in Israel qualifies only for the "red" passport. It is not good for traveling world-wide, but excellent for traveling to European Union and most of the CIS (Russia, Ukraine, Belarus, Georgia, Kazakhstan) visa-free.
Who qualifies for instant Israeli citizenship can get that red passport within few weeks. It is great if you travel to countries which have some sort affiliation with Israel (basically, all where that red travel document allows visa-free travel). Of course it is the worst passport for Iran, Syria, Pakistan, most of Africa.
Cambodia attracts too many bad apples of society because the long-term visa is too easy to acquire.
@@dexterspeights3484 Ah interesting. Thanks for sharing your insights. If there is anything further regarding Cambodia to share, please do.
If you are an American citizen then getting a second citizenship and renouncing U.S citizenship is the better than residency. It depends if the person is a U.S citizen and trying to gain freedom from U.S citizenship.
@youknowkbbaby Yes - valid point if you are American as their citizenship-based tax is restrictive.
Thank you sir
Thank you! Do not hesitate to reach out with any questions
I'm surprised you didn't mention Mexico or Panama.
EXACTLY!!!!
Thanks @joec3390 - Good point. Those are great countries as well - I will do a video on them in the future.
@@a.Janine.pretty Thanks!
That's all everyone else talks about. I appreciated hearing about others for once.
The Philippines is a nice place to live - the tax system can get a bit complicated. Do you work with accountants and lawyers there?
Yes we do work with professionals in the Philippines - please reach out to us direct at worldwideadvisory.au/contact-worldwide-advisory/
Tourist visas is easier than 10 years for expensive citizenship. I dont see the value of citizenship.
@ViceCoin It depends on each person's circumstances in the end.
Many of our clients want to cease tax residency, and being on a tourist visa is not a sufficient enough connection in that new country for that.
OMG, you show the pictures of Georgia as US State, not Georgia as country, locally called "Sakartvelo".
A very common mistake. Sakartvelo (Caucasus country) ≠ Georgia (US).
@GeorgeGy Thanks for pointing it out. I realised our editor added this incorrectly. I am well aware there's a difference but overlooked it during our editing/review process. Really appreciate you mentioning it. We will ensure its correct the next time we speak about Sakartvelo.
I moved to Portugal from South Africa. Currently have a 2-year temporary residency. Was planning to get citizenship as the South African passport is so bad, need visa to travel to USA, Canada, Australia, New Zealand, UK, Europe (if I didn't have this residency) Think once I get Citizenship (If I can pass the required Language exams) I'll definitely try to get permanent residency for a cheaper tax country.
@brian_wanderlust Good luck mate - thanks for your comment. Check out some of the options in the video above.
Hey Mark, I thought starting 1 Jan 2024 (today!) that Dubai mainland + freezone companies will both be taxed at 9%, with some freezone companies being exempt if they are under certain qualifying activities. Is that true or have I read the wrong thing?
Thanks @ezzaaa
It commenced the financial years commencing on or after 1 June 2023. So its already in place as we speak.
Correct regarding qualifying income/activities. Great question!
@@worldwideadvisory so both mainland and freezones are now taxed? what's the point of a UAE setup now?
@@wagmi614 irs not taxed, but you must report your mainland and FZ income to them perodically. If you are doing what they consitute to be Freezone income, then that income is tax free. It still makes sense to set up there depending on your situation.
There's also plenty more bureaucracy now in UAE with regards to taxes, even if you don't pay tax there, also extra BS fees and charges for things that either don't apply in most other countries, the charge and bureaucracy just to get a tax resident certificate there is a bloody joke.
@@scottfree993 Thanks - yeah its a lot more work these days which can get annoying. Currently working through these bureaucracies with a client setting up there atm - its been frustrating as.
That being said its getting more in line with other jurisdictions in terms of compliance and bureaucracy.
Cheapest temporary residency program by company formation?
3 years in Turkey so far… hard to beat.
@GeorgeLista Thanks for noting Turkey! Its also an attractive destination - glad to hear you are enjoying it
@@worldwideadvisory huge diverse country with cheap internal flights and transport connections, easy residency admin, cheap cost of living, advantageous exchange rate performance… I have a simple formula for places like this, next plan will be to run a second base from SE Asia and bounce between the two.
@@GeorgeLista amazing stuff! Its located in a great area as well.
Exciting times!
Hello. Is Serbia or Azerbaijan a good place to get residence leading to citizenship?
Good question - I have spoken to a couple people talk about Serbia being a good place but have not heard about Azerbaijan.
Let me know if you have any other questions
👍👍👍👍👍👍👍👍
@rza9233 Thanks!
Italy residence costs how much you did not mention
@abdulkarim-iq6zf it depends on what else is involved - they aren't expensive. Should cost between 500-1000 euro. However I must note that Italy has changed their conditions making it less favourable.
That B-roll for Georgia needs double checking :p
@dylnrvs Thanks! Too late to change now but will be more careful going forward.
Yes, a tax system that constitutionally can't be screwed with unless they get the majority vote in a referendum, also territorial tax in most cases on top of that.
Thanks @@scottfree993 - I presume you are talking about Georgia here?
@@worldwideadvisory yes Georgia, I have UAE and Georgia residency and the difference in both the bureaucracy and cost between them in terms of getting a tax residency certificate is like night and day, I wouldn't bother with all the BS from UAE even though it's theoretically 3 months less time required there each year, too many hoops to jump through.
@@scottfree993 Really appreciate you sharing your experiences. Good stuff and great to hear. Look forward to chatting one day!
Actually no, UAE removed the 0% freezone benefit suddenly. U didn't mention that. Bummer.
@kisms8590 Thanks - they have not removed it but have implemented a 9% corporate tax which does not apply in all scenarios. You can still get away, depending on activites with 0% tax.
@@worldwideadvisory hi, this is news. So it has exclusions. What if you have an agency service company, can u still do 0% via freezone ibc?
@@kisms8590 potentially - there are multiple considerations here
I thought Georgia's tax rate was 1% now.
Hi @dialecticalmonist3405
It really depends on what's involved. Its not always a flat 1% rate.
@@worldwideadvisory I understand that, but it's like up to $150,000 of income. So for individuals it's perfect. And I have no idea why corporations or 10 + million net worth individuals would get their tax advice from TH-cam.
@@dialecticalmonist3405 yeah exactly - its $500k GEL which is like $187k USD/$290k AUD. A decent amount of income to only be taxed at 1%.
Have you moved there or are planning on moving there?
@@worldwideadvisory That's what I'm trying to figure out.
@@dialecticalmonist3405 Where are you based? Please reach out and we can assist
Awesome. Love being trapped in "the land of the free". I love my cage.
You don't have to be! @dialecticalmonist3405
😂😂😂 really
his talking is really weird...
@viabiz9540 Thanks for the feedback.
Have you heard an Australian accent before?
@@worldwideadvisory Sure, I did. It sounds sweet for us (central / east Europeans who immigrated to USA and than back), no kidding.
In addition to that it is not that difficult to understand it, unlike, say, of northern Scotland.
But one thing I can't understand about British and Australians: why do they drive on the wrong side of the road? 🤣😂
There is an old Soviet joke about that.
- What would happen if communists would take over Australia?
- They would do that step-by-step, like Lenin did. They will order first the trucks drive on the correct side of the road.
If that will become success: after few days the passenger cars will be ordered as well.
And the American joke:
An Australian arrives to L.A.. Next day he rents a car and takes off to Vegas. The "Australian" way.
In few minutes he crashes, but somehow survives.
CHP officer: "Man, you flew here from Australia to die?"
Australian: "Not to-die, yester-die"
Weird how? Just sounds like he's enunciating for emphasis
More Indian or something similar.
@@rydergoode6922 yeah I would like to know what this guy is on about
Georgia much racist so not a good option