Dude so funny I saw this. I recently got my id card in a country and they asked if I wanted to be an organ donor if I died in country. I didn’t think about it and was like “sure”. Told my buddy after and he said basically what you said. Organs are BIG business. People get on hit lists for their organs. Just think, someone with power and money needs to “skip the line”….they find you as a match and next thing u know you disappeared or were in an “accident”…. Very good video
WOW! People from western countries often don't take these realities into account and unintentionally can put themselves in very dangerous situations. I've heard that similar things were happening in Eastern Europe in the 90s. When someone who was rich enough needed an organ, they'd just get it this way. This was very common in Albania and Kosovo during that time, and allegedly these places supplied Western Europe with organs. Scary stuff!
Makes complete sense. Many of us are so concerned about making the right choices on where we'll go, that we overlook this very basic, but very important detail. The data breaches here in the US alone over the years tells us that anything can happen. Great topic, Michael.
Found Michael after doing research and basically always hitting "the Competitor". That Michael is a Canadian is a big plus and much more down to earth. Definitely somebody I will get in contact with regarding my future plans. Thank you for your wealth of videos and information.
I have PR in Mexico but never have more than 6,000 pesos -most often a lot less, in my Mexican bank account, the rest is safe somewhere else. When I applied for PR, disclosure of my financial situation was one of my concerns so I specifically planned a year in advance to have my bank account only show the lowest financial amounts required for financial solvency.
Good Idea but wouldn't you need to show a minimum of a 12 month balance ? That means you would need to open said account one year before applying right ?
THIS IS GREAT INFORMATION MICHAEL !!!! !!!! I was following close to a year now Nomad Capitalist. I learned a lot from him. I will watch your videos now. Expect a like every video now. Anyway, good info, Andrew should stress this out as well !!!!
@@OffshoreCitizen Oh yes, residency, company formation.. thought about Montenegro. What are your prices beside the 30 min 300 dollars option? What would i be looking at? Like a professional consulting session one on one on what to do?
Glad you are addressing this topic, and I assume this means you consider it in your consulting work. In some countries, some of the ones people frequent, it’s precisely the banker and the police you have to worry about. The team that grabs you already knows what is in your bank account, and they aren’t afraid of being caught by the police because they either are or are working with the police. If you are a pensioner you don’t really have to worry about this, you aren’t really worth the trouble; but it’s why some people recommend keeping a low profile in the country you live in, and the bulk of your holdings in another jurisdiction so that you don’t attract attention. Even in countries that are considered safe for vacationers and pensioners can be dangerous if you are known or believed to be a big fish.
As someone from the Caribbean, you are spot on!! There is a small island mentality and people gossip and share information, there is no privacy and not to mention the corruption.
Important topic you've addressed in this video about residency safety and security. I think there's a reason why countries like Switzerland and Singapore rank high in terms of public safety and residency safety - especially in regard to protecting one's personal info in terms of banking. Would make for an interesting video to rank countries in terms of standards of care for protecting one's personal data and confidential info (banking security). Thanks for this video!
Thanks for the video, certainly an important issue to consider. Another topic that you may want to pick up is things like child support for the nomadic entrepreneur. In Ecuador for example where I stayed for some time child support for one kid can be up to 40% of income without cap....
Thank you for addressing this! I've seen countries recommended for living abroad on other channels for a variety of reasons primarily the low rate of tax (if any) and cost of living. Some of these counties have suspect safety levels. I've spent quite a bit of time in South America and yes kidnapping is most certainly a concern if you are perceived as an affluent gringo.
Most of my time was spent in Brasil and a little bit in Columbia. In both cases, if you were a foreigner with actual money and were either carelessly flashy or very visible there was a risk of being kidnapped by organized crime. There was a secondary risk for ordinary gringos. I remember a couple times regular people, one was an assembly worker on vacation (sexual tourism) kidnapped by low-level kids from the slums that assumed all gringos were rich. Common sense is your best friend. Don't be flashy and try to travel to unfamiliar places with a trusted local. My two cents.
Great video. This topic deserves a longer version. Maybe an interview series of people sharing their experiences with security around the world? Keep up the great work!
@@OffshoreCitizen Thailand Malaysia Philippines Vanuatu… 🙏🏻 how about a Labuan Foundation, or does that automatically red flag a person for their Gov in home country?
When applying for residency you could also be giving alot of information to a potentially corrupt immigration dept. Knowing exactly where you live, how much liquid assets you have in the country, what banks/brokers you have along with when you're in and out of the country. May make one an easy Mark. Good reminder video Mike
So in summary your suggesting using places such as US/UK/Aus/Singapore etc for banking (i.e potentially your home country) and just transfer across what's needed on a monthly basis to local bank account in less regulated jurisdictions?
Good points but could talk about business maintenance fees, healthcare fees, taxes, physical presence requirements etc other aspects of maintaining residency that might be perceived as downsides
Thanks for the video. Could be a significant risk in many countries. Unfortunately, in many countries as an expat whether living below your means or not, it's probable you will be a target. Could be as simple as having to pay higher prices, having to pay a spiff to an official or supplier to get something processed or it is intentionally stopped until paid, burgularly, home invasion & kidnapping. It happens more often than most think. I have followed closely areas in central america and the carribean for a long time. It happens with great frequency.
Great point, the secrecy in places like Colombia etc. is non existent and the threshold for armed robbery connected to it quite low. Happened to someone I know.
What you are discussing in this video is amongst the reasons my great uncle practiced stealth wealth. His multi-million dollar real estate empire was not owned in his name. At least not in an easily identifiable way thanks to trusts and LLCs. He drove a 7 year old Buick. He wore button down shirts from JC Penney & faded blue jeans. There is a benefit to appearing poor. No one asks you for anything when you appear broke. No one thinks about kidnapping a broke person for ransome. Amongst the reasons Monero is superior to Bitcoin is no one will easily be able to figure out how much money you have on the Monero chain as opposed to the Bitcoin chain. Can you obfuscate your ownership on the Bitcoin chain? Yes, but it's built into Monero.
@@OffshoreCitizen Yeah. If hypothetically someone lives in Mexico for most of the year and has a Swiss bank account, then that person would have to tell the Swiss bank that they are a tax resident of Mexico, since Switzerland participates in the Common Reporting Standard, the Swiss bank then would have to report the account and its balance to Mexican tax authorities anyway. Although the risk of a Mexican bank leaking info can be eliminated (more accurately, replaced with the risk of the said Swiss bank leaking info), the risk of Mexican tax authorities leaking info would sadly remain. There is no way around this issue unless a bank account is opened with a bank that practices secrecy and also is not in a CRS participating jurisdiction. Also, if the person is a tax resident of a country that requires the disclosure of bank accounts held (or due to other reasons is required to disclose bank accounts held) then there is literally no legal way around the issue. What are your thoughts on this?
Do you see these security concerns a reason for Monero growing further? Possibly it's the on-ramp and off-ramp which is the greatest risk of being compromised. Exchanging for $500 gift cards if done carefully is a possible option in avoiding a possible breach of privacy. Interesting topic Michael, you keep surprising me. Thank you
You don't necessarily need to live at your domicile tax residence. For example if I spend 95% of year on a boat. I can't put gulf of Mexico on my address. Sometimes you just need an address to satisfy a how-do-we-contact-you form.
Do you believe it is safe to migrate to Panama or Costa Rica for crypto investors ? In Panama there is no tax on exterior income so normally there is no reason to have to share some personnal wallet addresses. Then, are the exchanges trustable enough for not revealing client data to states ? Or are Panama and Costa Rica states trustable enough ? Hopefully yes.
Panama is safe but there is corruption. Is it safe to immigrate to? Yes. Heard of the “panama papers”? A lot of very powerful people had their data exposed. All kinds of crazy stuff was exposed. World leaders hiding funds, etc. So it can definitely happen…
I'd like you to give an example of how this might work with 2 residencies and having enough assets in each to maintain both but structuring things for safety and privacy. As you say, without physical safety, a billion dollars is of no use for you and your family. On an unrelated note - that is a very interesting t-shirt; can you explain what it shows?
How is your safety profile...in world "Where you shall own nothing" Rental house, rental car...cmon in to my eU-topia...trust me with your kids....so yummmy...by the way our latest model includes a "transition closet"...as I said...yummmmmy! Duh! Great content.
Hi Michael, quick question, is there a place where you can help getting residency where you don’t need to spend a lot of time and where capital gain taxes are low or very low, so when I’m reported to that country I pay as little capital gain taxes as possible? Thanks in advance
I believe you can get a PRC (Perminate Residency Certificate) in Turks and Caicos and not have to spend a min number of days there. Also, I've heard that places like St. Kitts and Nevis may have a number of day per year BUT in reality since you never file taxes there, they have no way of knowing?
Antigua & Barbuda have a tax residency program that costs $20k a year & you must spend 30 days a year there. You also need a permanent home there. Anguilla has a similar program, but the investment is higher, neither country has a capital gains tax or income tax for that matter. The Republic of Georgia has a tax residency plan for "High Networth Individuals" if you earn at least $60k a year and you own a $300k property in Georgia you should qualify for residency and tax residency if I recall correctly. The Republic of Georgia does not tax overseas income and capital gains tax as I recall is restricted to the sale of real property in the country, but you might want to double check that with the PWC tax briefs site or the Deloitte Highlights PDFs. Rules can change. The key to those programs is meeting the short minimum stay requirements in the countries, but also NOT staying in other countries long enough to become tax resident in those countries, or developing ties via property ownership or other vital interests tests to become tax resident in the other countries you stay in. All three are good programs for perpetual travelers.
depends on the punishment. if your country will revoke citizenship then use it to your advantage, move out and secure another citizenship and abandon the first.
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Dude so funny I saw this. I recently got my id card in a country and they asked if I wanted to be an organ donor if I died in country. I didn’t think about it and was like “sure”. Told my buddy after and he said basically what you said. Organs are BIG business. People get on hit lists for their organs. Just think, someone with power and money needs to “skip the line”….they find you as a match and next thing u know you disappeared or were in an “accident”…. Very good video
WOW! People from western countries often don't take these realities into account and unintentionally can put themselves in very dangerous situations.
I've heard that similar things were happening in Eastern Europe in the 90s. When someone who was rich enough needed an organ, they'd just get it this way. This was very common in Albania and Kosovo during that time, and allegedly these places supplied Western Europe with organs.
Scary stuff!
Makes complete sense. Many of us are so concerned about making the right choices on where we'll go, that we overlook this very basic, but very important detail.
The data breaches here in the US alone over the years tells us that anything can happen.
Great topic, Michael.
Thank you!
Definitely many factors to keep in mind. What else do you deem important?
Found Michael after doing research and basically always hitting "the Competitor". That Michael is a Canadian is a big plus and much more down to earth. Definitely somebody I will get in contact with regarding my future plans. Thank you for your wealth of videos and information.
Thank you for your kind words! We really appreciate it!
I have PR in Mexico but never have more than 6,000 pesos -most often a lot less, in my Mexican bank account, the rest is safe somewhere else. When I applied for PR, disclosure of my financial situation was one of my concerns so I specifically planned a year in advance to have my bank account only show the lowest financial amounts required for financial solvency.
Good Idea but wouldn't you need to show a minimum of a 12 month balance ? That means you would need to open said account one year before applying right ?
Oh, great topic! Not exactly on the front burner of things that most likely consider, but incredibly real! Gotta look from as many angles as possible.
Always happy to provide :)
Any other things you think are important to keep in mind?
THIS IS GREAT INFORMATION MICHAEL !!!! !!!! I was following close to a year now Nomad Capitalist. I learned a lot from him. I will watch your videos now. Expect a like every video now. Anyway, good info, Andrew should stress this out as well !!!!
Thanks! Appreciate your support.
Have you though about a second residency?
@@OffshoreCitizen Oh yes, residency, company formation.. thought about Montenegro. What are your prices beside the 30 min 300 dollars option? What would i be looking at? Like a professional consulting session one on one on what to do?
Glad you are addressing this topic, and I assume this means you consider it in your consulting work. In some countries, some of the ones people frequent, it’s precisely the banker and the police you have to worry about. The team that grabs you already knows what is in your bank account, and they aren’t afraid of being caught by the police because they either are or are working with the police. If you are a pensioner you don’t really have to worry about this, you aren’t really worth the trouble; but it’s why some people recommend keeping a low profile in the country you live in, and the bulk of your holdings in another jurisdiction so that you don’t attract attention. Even in countries that are considered safe for vacationers and pensioners can be dangerous if you are known or believed to be a big fish.
As someone from the Caribbean, you are spot on!! There is a small island mentality and people gossip and share information, there is no privacy and not to mention the corruption.
Important topic you've addressed in this video about residency safety and security. I think there's a reason why countries like Switzerland and Singapore rank high in terms of public safety and residency safety - especially in regard to protecting one's personal info in terms of banking. Would make for an interesting video to rank countries in terms of standards of care for protecting one's personal data and confidential info (banking security). Thanks for this video!
Thank you, Anthony!
That's a great suggestion!
Do you have any tips on security?
Once again, great topic to discuss. The trade-off between safety and economy!
Thanks for the video, certainly an important issue to consider. Another topic that you may want to pick up is things like child support for the nomadic entrepreneur. In Ecuador for example where I stayed for some time child support for one kid can be up to 40% of income without cap....
Thank you for addressing this! I've seen countries recommended for living abroad on other channels for a variety of reasons primarily the low rate of tax (if any) and cost of living. Some of these counties have suspect safety levels. I've spent quite a bit of time in South America and yes kidnapping is most certainly a concern if you are perceived as an affluent gringo.
How was your experience there?
Most of my time was spent in Brasil and a little bit in Columbia. In both cases, if you were a foreigner with actual money and were either carelessly flashy or very visible there was a risk of being kidnapped by organized crime. There was a secondary risk for ordinary gringos. I remember a couple times regular people, one was an assembly worker on vacation (sexual tourism) kidnapped by low-level kids from the slums that assumed all gringos were rich. Common sense is your best friend. Don't be flashy and try to travel to unfamiliar places with a trusted local. My two cents.
I always operate by the rule that when in a foreign country especially of a different ethnicity, always assume you're a Mark
Great video. This topic deserves a longer version. Maybe an interview series of people sharing their experiences with security around the world? Keep up the great work!
That sounds like an interesting idea, thanks!
What country would you be interested in learning about most?
@@OffshoreCitizen Thailand Malaysia Philippines Vanuatu… 🙏🏻 how about a Labuan Foundation,
or does that automatically red flag a person for their Gov in home country?
Interesting take. I have not heard anyone else discuss that planning option.
Thank you, Wayne!
What do you think of it?
When applying for residency you could also be giving alot of information to a potentially corrupt immigration dept. Knowing exactly where you live, how much liquid assets you have in the country, what banks/brokers you have along with when you're in and out of the country. May make one an easy Mark. Good reminder video Mike
So in summary your suggesting using places such as US/UK/Aus/Singapore etc for banking (i.e potentially your home country) and just transfer across what's needed on a monthly basis to local bank account in less regulated jurisdictions?
Good points but could talk about business maintenance fees, healthcare fees, taxes, physical presence requirements etc other aspects of maintaining residency that might be perceived as downsides
Thanks for the video. Could be a significant risk in many countries. Unfortunately, in many countries as an expat whether living below your means or not, it's probable you will be a target. Could be as simple as having to pay higher prices, having to pay a spiff to an official or supplier to get something processed or it is intentionally stopped until paid, burgularly, home invasion & kidnapping. It happens more often than most think. I have followed closely areas in central america and the carribean for a long time. It happens with great frequency.
Was trying to read the map behind you (due to the subject matter.)
That’s amusing.
Great point, the secrecy in places like Colombia etc. is non existent and the threshold for armed robbery connected to it quite low. Happened to someone I know.
Keeping a low profile or being just another tourist has its benefits.
True.
What are the tips to do that?
@@OffshoreCitizen Low profile? Big floppy hat and a big beard.
@@tinglestingles I’m always happy when I see your comments on Michael’s videos. We both have a common interest: retiring in Portugal but unlike you.
an accordion
Very great topic n no one has ever talked about it .well done 👍
Thank you!
Anything you'd like to see next?
@@OffshoreCitizen thanks ! May be something on Cyprus as people rarely talk about this island / tax benefits in detail .
What you are discussing in this video is amongst the reasons my great uncle practiced stealth wealth. His multi-million dollar real estate empire was not owned in his name. At least not in an easily identifiable way thanks to trusts and LLCs. He drove a 7 year old Buick. He wore button down shirts from JC Penney & faded blue jeans. There is a benefit to appearing poor. No one asks you for anything when you appear broke. No one thinks about kidnapping a broke person for ransome.
Amongst the reasons Monero is superior to Bitcoin is no one will easily be able to figure out how much money you have on the Monero chain as opposed to the Bitcoin chain.
Can you obfuscate your ownership on the Bitcoin chain? Yes, but it's built into Monero.
bears to my mind multiple name strategy
Does that make some Latin American countries such as Mexico, El Salvador and Nicaragua not good places to get residency?
Depends how you look at it….
This is something rarely talked about for sure
Anything else comes to mind?
@@OffshoreCitizen
Yeah.
If hypothetically someone lives in Mexico for most of the year and has a Swiss bank account, then that person would have to tell the Swiss bank that they are a tax resident of Mexico, since Switzerland participates in the Common Reporting Standard, the Swiss bank then would have to report the account and its balance to Mexican tax authorities anyway.
Although the risk of a Mexican bank leaking info can be eliminated (more accurately, replaced with the risk of the said Swiss bank leaking info), the risk of Mexican tax authorities leaking info would sadly remain.
There is no way around this issue unless a bank account is opened with a bank that practices secrecy and also is not in a CRS participating jurisdiction.
Also, if the person is a tax resident of a country that requires the disclosure of bank accounts held (or due to other reasons is required to disclose bank accounts held) then there is literally no legal way around the issue.
What are your thoughts on this?
Do you see these security concerns a reason for Monero growing further?
Possibly it's the on-ramp and off-ramp which is the greatest risk of being compromised.
Exchanging for $500 gift cards if done carefully is a possible option in avoiding a possible breach of privacy.
Interesting topic Michael, you keep surprising me.
Thank you
You don't necessarily need to live at your domicile tax residence. For example if I spend 95% of year on a boat. I can't put gulf of Mexico on my address. Sometimes you just need an address to satisfy a how-do-we-contact-you form.
Do you believe it is safe to migrate to Panama or Costa Rica for crypto investors ? In Panama there is no tax on exterior income so normally there is no reason to have to share some personnal wallet addresses. Then, are the exchanges trustable enough for not revealing client data to states ? Or are Panama and Costa Rica states trustable enough ? Hopefully yes.
Panama is safe but there is corruption. Is it safe to immigrate to? Yes. Heard of the “panama papers”? A lot of very powerful people had their data exposed. All kinds of crazy stuff was exposed. World leaders hiding funds, etc. So it can definitely happen…
please do a video about having only one citizenship esp in the caribbean since some countries doesn't allow dual residency
Good idea, thanks!
What countries do you have in mind?
I'd like you to give an example of how this might work with 2 residencies and having enough assets in each to maintain both but structuring things for safety and privacy. As you say, without physical safety, a billion dollars is of no use for you and your family.
On an unrelated note - that is a very interesting t-shirt; can you explain what it shows?
I’ve got it in Seychelles 🇸🇨 in their Rum destillery that produces their most exported product - Taka Maka rum.
It’s a picture of their process.
@@OffshoreCitizen above question is a good one about maintaining residency visa, but where to expatriate plan b funds… eg: Labuan foundation?
is it even legal to keep your banks registered under another residency than the country where you currently reside?
How can you find out what countries publicly disclose crs info?
How is your safety profile...in world "Where you shall own nothing" Rental house, rental car...cmon in to my eU-topia...trust me with your kids....so yummmy...by the way our latest model includes a "transition closet"...as I said...yummmmmy! Duh! Great content.
The grass is always greener on the other side. Reality bites once there.
Hi Michael, quick question, is there a place where you can help getting residency where you don’t need to spend a lot of time and where capital gain taxes are low or very low, so when I’m reported to that country I pay as little capital gain taxes as possible?
Thanks in advance
Paraguay
I believe you can get a PRC (Perminate Residency Certificate) in Turks and Caicos and not have to spend a min number of days there. Also, I've heard that places like St. Kitts and Nevis may have a number of day per year BUT in reality since you never file taxes there, they have no way of knowing?
Antigua & Barbuda have a tax residency program that costs $20k a year & you must spend 30 days a year there. You also need a permanent home there. Anguilla has a similar program, but the investment is higher, neither country has a capital gains tax or income tax for that matter.
The Republic of Georgia has a tax residency plan for "High Networth Individuals" if you earn at least $60k a year and you own a $300k property in Georgia you should qualify for residency and tax residency if I recall correctly. The Republic of Georgia does not tax overseas income and capital gains tax as I recall is restricted to the sale of real property in the country, but you might want to double check that with the PWC tax briefs site or the Deloitte Highlights PDFs. Rules can change.
The key to those programs is meeting the short minimum stay requirements in the countries, but also NOT staying in other countries long enough to become tax resident in those countries, or developing ties via property ownership or other vital interests tests to become tax resident in the other countries you stay in.
All three are good programs for perpetual travelers.
The Gambia
@@patrickmcbrearty9046
Thanks for the information, much appreciated
What if my country of birth doesn't allow dual citizenship .. ??
depends on the punishment. if your country will revoke citizenship then use it to your advantage, move out and secure another citizenship and abandon the first.
So basically money laundering or no
Live in a country with no CRS. 😁
So no downside other than maybe the country is dangerous?
well.... it might kill you. not dangerous enough ?
👍🏻 👍🏻 👍🏻