The Offshore Strategy Everyone SHOULD Use
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- เผยแพร่เมื่อ 28 พ.ค. 2024
- ☎️ Book a call with Michael:
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One of the best advice we can give to people is to open multiple bank accounts! Having multiple bank accounts, Internationally (offshore bank accounts) will provide you with lots of freedom and flexibility.
It is a cheap insurance, in case anything happens with your current bank account!
Setting up an alternative bank account(s) can save you lots of headaches in case any of the banking risks happen. And there are many banking risks people are typically not aware of.
Institutional risks, client risks, government risks, political risks, to name a few.
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Introducing Michael Rosmer, the true modern-day Renaissance man and international entrepreneur, who has been mentored under top international tax attorneys.
He is widely regarded as the foremost international tax expert for legal cross-border tax planning, with extensive experience in immigration, residency, and second citizenship for those seeking a plan B, asset protection, global offshore banking, and payment processing.
Michael leads a team of lawyers and accountants who are top experts in their respective fields. This multi-lingual, multi-national team has worked with digital nomads, entrepreneurs, and investors from 62 countries, providing practical real-world multi-dimensional solutions for their clients.
At Offshore Citizen we understand that each individual's situation is unique. Unlike most industry service providers, we do not push any particular country or solution. Instead, we analyze your individual situation and custom-tailor the best countries and strategies for you, drawing on every part of the globe.
With Offshore Citizen, you can rest assured that you are in the hands of professionals who have your best interests at heart. Let us guide you through the complex world of international tax planning, immigration, residency, and second citizenship.
Contact Michael today for a personalized consultation and take the first step towards securing your financial future.
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Get personalized advice about tax, asset protection, offshore banking, residency, and citizenships.
☎️ Book a call with Michael:
calendly.com/michael-rosmer?m...
🌎 Visit our website:
offshorecitizen.net
The problem with opening bank accounts as non-resident is that those banks will treat you poorly as a customer, like requiring high deposits, adding ridiculous fees just for non-residents (after the fact), or requiring you to appear in person to do something, and you can do nothing about it. For most people it is best to stick with a few different banks at their place of residence. I would only open an account abroad if I had a second residence / citizenship and could apply as a resident.
I could not agree more. I also suggest having a on/off ramp to a digital non custoadial wallet just for stable coins. Not to hold long term but as a way to transfer value when geopolitics get in the way of markets
Could you suggest any?
As a US citizen, doesn't simply opening a foreign account automatically trigger additional IRS reporting requirements in addition to possible additional tax filings on any earnings in that account as well? These would both mean either paying a tax professional to help you get it correct, or creating even more problems for yourself.
If you have a legit need for an offshore acct, absolutely. But just for "fun" or cheap "insurance"? Pass. Not cheap or insurance in reality.
Yes. And it also puts that custodial government into your business to tax you for money coming in. It’s an absolute NO from me, I’ll keep my money in America and use an ATM 🏧
Michael, Which banks in jersey, channel islands, Lichtenstein and which brokerages might be recommended for the mirror of US wyoming llc for affiliate marketing, you tube, kindle direct publishing. SO normal income and royalties.
Please do something (a vid) on royalties setups for us non residebts.
If you're US citizen and manage to get an account as a non resident (congrats), you must tell the tax lords if they all reach 100k (rule has more nuance). So, as Michael says, it's an escape door of sorts.
Great content - Thank you
Always a pleasure! What are your thoughts on international banking?
World Economic Forum risk affects almost all depositors. Blackrock, for example, has an ambition of systematically converting home owners into renters. Other billionaires are working different dispossession strategies to be applied versus the masses. We might ultimately see, for example, large scale Bail-Ins of depositors to cover widespread derivative losses. Any comments?
😄😄
Just bcoz they may have certain ambitions doesn't mean they can achieve them how they want, and there are limits through laws and otherwise.
and what do you mean by derivatives bail-in?
With all those risks (not to mention banks freezing you just coz they can) what is your opinion on HNWI's putting their money in some of the bigger crypto defi protocols? If your money is truely decentralised and the risk spread, why not? It is 2024!
Mauritius account?
What do you think about the various neo, or online, banks? Do they offer any of these benefits?
Sure. We setup EMI accounts too
If you get a bank account in the US (as a non-resident foreigner), aren't you risking getting into the US IRS tax net? Meaning that you would get all the issues that come with that?
No, bank account has nothing to do with your tax residency
Reporting Requirements: As a foreign account holder, you may be required to file certain forms with the IRS, such as Form 1042-S (Foreign Person's U.S. Source Income Subject to Withholding), which banks use to report interest paid to foreign persons.
So I would say it is accurate to say it doesn't open the door for IRS...
@@henry155 you mean to say it does open the door toward IRS.
As a Canadian resident, what documents or other info is required to open an account in Georgia? Recommended bank?
Depends if you're looking to open a personal or a business account. Different banks will have different KYC processes
Out of curiosity, to ensure everything is legal before a setup of this magnitude is established. Is everything double checked with accountants and lawyers to ensure the “offshore citizen” is legal in their home country? ie: Canada?
Absolutely
If I qualify for this new Thailand DTV visa coming out 1st June and live there, where would you recommend I move my tax residency/business registration to? So far, it looks like they don't want DTV holders to pay tax in Thailand. I'm currently self-employed UK paying about 25% of my profit in tax and NI.
Lots to cover here. Depends on many details surrounding your circumstances. Best is to reach out
@@OffshoreCitizen Thailand’s new Destination Thailand Visa (DTV) hasn’t been finalized yet, but it’s supposed to be a 5 year visa allowing up to 180 days per stay. Hopefully, it won’t trigger reporting of income.
I would like a bank account in a country that doesn't tax foreign income and is crypto friendly. Would be great if residency not required. Any suggestions?
You have to report your foreign accounts to your country of residence, so this is not a way to optimize your taxes. The taxes are not tied to a bank account, but your residence (unless you're a non-dom, which is a whole different story)
Would you recommend a residence instead of a second citizenship for people with 6-7 figures?
Depends on what your goals are
Hey Michael! Fellow Canadian here. I was wondering what you think about opening an IBKR account in another country. The account offers up to 4.83% on USD with more than 10K. I already have one in Canada and was thinking of opening a 2nd one in another country. Your thoughts?
But how can you open as non resident of other country
Will they allow you to have multiple accounts with different residence details? I don’t think so.
@@ChairWoodenFloor1 you can open NR account,. pay no tax on it, earn interest 3%+
in India. stable economy , stable banks. zero annual fees,
Why not just open a IBKR bank account in Canada, transfer your brokerage money over to the new account, convert to USD and then start collecting the 4.8%? Or are you looking to become a none resident of Canada?
@@ChairWoodenFloor1 Yes they will, I have an IBKR account registered to Canada and another registered to Georgia. At the time at least they actually didn't let you migrate your account to a new country and told me to just open another account
Please describe current status of Vanuatu? Are Passport and banking ok?
Banking is not recommended. The passport lost a lot of its value once they lost the access to the EU, there are definitely better ones on the market currently
@@OffshoreCitizen thanks Micheal,
Is it jurisdiction risk or economic?
reasoning was expediency, cost, near-shoring, (clarifying for Au folks), especially as it’s Refundable Gov bonds, happy just to access SEA
Unlike big USD (lost) donation to Caribbean
Did you move back to Sofia?
No, just visiting
Cayman Islands?
When I lived in South Korea, non-residents could not open accounts. Has this changed in the last 5 years?
you can open NR account,. pay no tax on it, earn interest 3%+
in India. stable economy , stable banks. zero annual fees,
@@davelawson2564 have u actually opened an NR account in SK? if so, with which bank?
what about things like revolut? wise is horrible (personal experience)
Yes, EMIs can be an option
Also, I am not so sure if it is a good idea to get bank accounts in well known tax heaven jurisdictions (like Panama, Jersey, etc). It will just make you look shady even if you are clean. Maybe would be better to just setup bank accounts in less "flashy" countries (like Netherlands, Ireland, Uruguay, etc)?
In current times, simply having a bank account in another country makes you "shady" to govts and those who care. The truly shady people are the ones laundering billions by buying and selling art. That's how the "elites" launder money in the open whilst complying with AML/KYC.
We mainly setup accounts in the countries mentioned in this video
@@OffshoreCitizen Alright, but consider also providing them from other countries (non-tax heavens) ... just a tip ;)
I have an offshore account but would like to open one in Singapore.
If you're able to visit in person, it's doable. Feel free to contact us for further details
@@OffshoreCitizen, thanks will do, is Luxembourg a good destination to open an offshore account.
@@OffshoreCitizen, thanks will do.
You don't need a residence permit to open an account in the UAE. I opened one w/o it.
Which bank?
@@OffshoreCitizen NBD and ADCB
If you have enough money in the UAE this is true. But it still becomes a nightmare trying to get bank cards and credit cards…. Very few proportionally are wealthy enough to do this
@@OffshoreCitizenyou can get savings account in UAE with debit card. No current acc. and credit card but there s no difference at the end.
I'm surprised you didn't mention Cyprus for EU bank accounts. I know that might make some people nervous after what happened in 2013, but the flip side of that is it will never happen again. I'm going through the process of opening one there now.
Never say never. If it happened once, it COULD happen again. Major red flag.
@@tiomoidofangle102 No, that will NEVER happen again in Cyprus. Lightning doesn’t strike in the same place twice and you only need to diversify your banking portfolio, as is point of this video.
I would just wait for it to happen a 2nd time, and THEN deposit money there. I'm pretty sure it wouldn't happen a third time.
I’m not so confident and I’ve lived here for two years
@@sibaroochi you can open NR account,. pay no tax on it, earn interest 3%+
in India. stable economy , stable banks. zero annual fees,
Since I became so rich in cryptocurrency I realise that crypto is the future cuz I invested 10k and made up to 36k as weekly profit I appreciate the help of your channel 😊😊
How do i get hold of you?
You can book a call, the link is in the description of the video OR you can send us an email through our website
What if the country you come from doesn’t allow you to have second citizenship as is the case in the Netherlands, where i come from? No one is providing solutions to people from those countries that doesn’t allow that.
The solutions have been provided, either change to a citizenship that allows dual citizenship or just get any foreign residency, whether temporary or permanent etc.
Get another citizenship and leave the netherlands
You are right. I am russian and hate Putin. I"ve got account in EU. One day i got a massage withdraw my money in 15 days and my account was closed. What was the idea? Trasfer money back to russia?
Go to Ukraine..
The EU made a stupid rule, among many others.
Take the Lebanese banking system, it was stellar at all levels forever and in one night all people’s deposits disappeared…
Unfortunately, there are many, many similar examples. Hence having backups is crucial
Lebanese banking was ever stellar?!
How could anyone ever have put such big trust on them considering the tumultuous history of the country and the always messy political situation?!
Lebanon was no Malta!
Bitcoin doesn't look so risky after all 🤣✌️.
If you're an American, you don't just open an offshore bank account. Uncle Sam hates you, and he hates you trying to save yourself. He requires all sorta of compliance with stiff penalties for non-compliance, and most banks won't even deal with you as a relative of Uncle Sam. Uncle Sam, like a controlling abusive pimp, wants to know everywhere you go, and everything you do, and everyone you talk to offshore. It's expensive to comply with Uncle Sam's nonsense. At this point in time, with current regulations and reporting requirements, the best a peasant can do is Bitcoin, Ether, or something like Tether. They're extremely strong offshore banks, and they can easily complete with any offshore bank. Exchanges worldwide become your new banks, and the crypto your bank credits. There can be all sorts of problems with banks in other countries. Don't kid yourselves. Very complicated for a peasant to navigate. The most daring peasants can take their Bitcoins and enshrine the wallets into offshore trusts, like a Cook Islands trusts. Nuclear grade protection.
How do you put a crypto wallet in a cook islabd trust.
Soft or hard storage? Which companies-exchanges?
First 😊
How did you like the video? :)
a lot of waffle get to the point mate, were not all swanning around in palatial apartments over looking central park.
Is this Nomad Capitalist's B channel?
Whaaat? 😱
Mr. Rosner's advice is far more sound because he focuses on what is practical and effective. The NC guy focuses on selling you a plan regardless of your needs or circumstances. This is the same 'plan' he sells everyone else.