@@OffshoreCitizen I was personally following the traditional flag theory for a long time, but got more and more frustrated the last years - It’s just not really practical anymore and it’s getting worse and worse. So as someone which has had his own share of problems with banks I agree with your philosophy of bank centred tactics. Try to make banks work and built around everything else, that seems to me to be a logical consequence of what’s happening in the world. It will be interesting to see in how far cryptocurrencies will be able to disrupt the old banking system, this then might become a game changer. Until then I agree with you to play it safe and not to eat too much bananas.
UAE can be a very expensive place to live. Rents are also normally expected 1 year payments up front. Buying is possible, mortgage if you are locally employed by a well listed, approved, company. If you are independently wealthy, then these points are mute, but UAE is not for everyone, of course setting up a company in one of the free zones opens some additional opportunities.
As with any place, it has its pros and cons. Each person should weigh those out and decide what would work best for them 😄 Could you see yourself living in Dubai?
I have bank accounts in various jurisdiction. What I noticed is that the ones where I do less transactions are often sending me emails or calling with questions. One thing for sure, banks like a simple story. They don't hesitate to derisk. Better to keep 2/3 bank accounts which you can actually get decent amount of transactions on each one of them.
Thank you for pointing out flag theory is not so useful if you spend time jumping from one place you don't want to live to another place you don't want to live. My dream plan would actually work out pretty well for flag theory (with proper structuring, of course) because they're places I want to be anyway! Bahamas in the winter, Lisbon in spring and autumn, Dublin in summer. (sigh) If only!
@@OffshoreCitizen Thank you for the best wishes. I'll try to avoid writing an essay. You know better than anyone how all of this is a jigsaw puzzle, but one where the pieces keep changing shape! For me, it is mostly climate, but of course also residency visas and taxation. From all the places everyone mentions in flag theory, I picked out a number that I could live in. All due respect to UAE and SE Asia, but I would be unhappy in those places. Spain would be high on my list, but they have the most insane taxes I've ever seen, so Portugal it is. Plus, Spain wants proof you've spent 184 days in your tax haven residency. Screw them. With 100 days in Bahamas (Dec through early- to mid-March) you meet their 90-day tax residency requirement. Then do under 90 days in Portugal. After that, throw in a week vacation in the UK before or after Dublin to stay under Ireland's 90 days yet be out of the Schengen Zone for over 90 days. Then back to Portugal for another under-90-day visit. The only thing I'm not certain of is if Ireland catches on to repeated visits and may eventually deny entry. I know the UK certainly would! Anyway, this plan avoids multiple residency visas and doesn't fudge any rules. I'd be doing exactly what each country tells me to do. Aaannnd I ended up writing an essay anyway, lol. Sorry!
Minimum stay requirements… is it really all about tax? As long as you don’t get ensnared by another country’s tax system and not advertising the fact overtly do think it’ll be overlooked?
I wonder if government restrictions do not really matter - it's the financial/bankling restrictions that are the issue and will be more so in the future.
What's your take on Argentina? I am planning to move there (purely lifestyle reasons and I have a MercoSur passport so it's like a $90 process for me to get temp residency) - is this country destined to just collapse or do you see any hope for it? I would keep running my business online and don't plan on purchasing anything there. I like how you can sell USD at a 100% markup from the official rate.
Getting debt right now is not as smart as you think. There’s a worldwide political push for wealth tax and pro-tenant anti-eviction etc. Also if there’s a currency debasing they will come for your assets.
@@OffshoreCitizen diversified commodities and cash (short term). But after today and last week, who knows. I wish Crypto wasn’t such an obvious bubble. It’s losing the greatest opportunity. All because of the siren call of speculators on margin. Even asking for regulation!?
I think people should also cover for the possibility that distant air travel will become more cost prohibitive or restricted due to "pandemic precautions" so they should focus on getting residencies in a contiguous chain (e.g. central America) or cluster (e.g. Balkans) of countries that are accessible via land travel. Many countries have/had restrictions based on whether you are a resident/citizen or not (i.e. ban on tourism). Rather than spreading out, I think it is best to finish one area before moving on to another. You may cross the ocean one day and never be able to come back.
If you are wealthy enough to rent or own a private long haul jet, that is unlikely to be the case. If you are not wealthy enough to own a long haul jet, then flag theory is probably a wasted effort.
@@OffshoreCitizen much like what I wrote above, although given that processing everything takes longer due to understaffing issues, in fact I might try to at least establish one foothold in different regions e.g. Balkans, SEA, MENA, etc......but I think for flexibility and going to the country with the most freedom, the contiguous country idea I think makes sense. You can drive your stuff in a truck to your new home on short notice...just trying to think ahead and anticipate different issues. Things we take for granted today may be restricted in the future.
@@jeremyleonbarlow What is the average cost per hour for 1 person on a rented private jet that is going from say Dubai to NY (14.5 hours travel time on non-private jet)? A nonstop one-way first class Emirates ticket would cost about $650 per hour for a 14.5 hour trip.
Hey I have said this before and I want to say thius again your voice is not clear you must open your mouth and speak in a medium tone I understand english perfectly but its difficult sometimes .... it feel your voice is talking to yourself at times...dont suppress your voice in other words...
To get personalized advice book a call with Michael:
calendly.com/michael-rosmer?month=2021-03
Big fan of your videos OC. Loads of useful info and ideas.
Legend!
Yooo B&B watches the channel that’s crazy
Wont be so bankrupt anymore with good tax planning. Pay for a hair transplant with the savings
finally someone said it. "flying from [perceived] risks creates more risks".
Solid Stuff. You've now become the *Offshore Strategist*
Haha thanks!
Are you working on your plan B?
Most advanced insights and recommendations i‘ve seen all over youtube. Keep on the good work!
Always happy to be of service ☺
Any thoughts on today's topic?
@@OffshoreCitizen I was personally following the traditional flag theory for a long time, but got more and more frustrated the last years - It’s just not really practical anymore and it’s getting worse and worse.
So as someone which has had his own share of problems with banks I agree with your philosophy of bank centred tactics. Try to make banks work and built around everything else, that seems to me to be a logical consequence of what’s happening in the world.
It will be interesting to see in how far cryptocurrencies will be able to disrupt the old banking system, this then might become a game changer.
Until then I agree with you to play it safe and not to eat too much bananas.
Much needed discussion
Happy to provide 😄
What's your take on it?
Thank you for the great advice, wish I would have seen these vids 20years ago.
Always a pleasure!
What type of content would be helpful for you now? :)
UAE can be a very expensive place to live. Rents are also normally expected 1 year payments up front. Buying is possible, mortgage if you are locally employed by a well listed, approved, company. If you are independently wealthy, then these points are mute, but UAE is not for everyone, of course setting up a company in one of the free zones opens some additional opportunities.
As with any place, it has its pros and cons. Each person should weigh those out and decide what would work best for them 😄
Could you see yourself living in Dubai?
@@OffshoreCitizen Maybe at one stage, but not now.
I have bank accounts in various jurisdiction. What I noticed is that the ones where I do less transactions are often sending me emails or calling with questions. One thing for sure, banks like a simple story. They don't hesitate to derisk. Better to keep 2/3 bank accounts which you can actually get decent amount of transactions on each one of them.
👍
What jurisdiction would you recommend?
I looked at UAE but can't get over the false imprisonment component.
Fortunately it's not really a big thing
Good insights👍🏼
Thank you!
What are you thoughts?
Great info and update on the strategy. Having a EU and Canadian passport, what other passport would come to your mind to add as a third?
Depends what your lifestyle goals are? Where are you interested in living?
Thank you for pointing out flag theory is not so useful if you spend time jumping from one place you don't want to live to another place you don't want to live. My dream plan would actually work out pretty well for flag theory (with proper structuring, of course) because they're places I want to be anyway! Bahamas in the winter, Lisbon in spring and autumn, Dublin in summer. (sigh) If only!
How did you come up with the plan?
Wishing you best of luck with achieving it🤞
@@OffshoreCitizen Thank you for the best wishes. I'll try to avoid writing an essay. You know better than anyone how all of this is a jigsaw puzzle, but one where the pieces keep changing shape! For me, it is mostly climate, but of course also residency visas and taxation.
From all the places everyone mentions in flag theory, I picked out a number that I could live in. All due respect to UAE and SE Asia, but I would be unhappy in those places. Spain would be high on my list, but they have the most insane taxes I've ever seen, so Portugal it is. Plus, Spain wants proof you've spent 184 days in your tax haven residency. Screw them.
With 100 days in Bahamas (Dec through early- to mid-March) you meet their 90-day tax residency requirement. Then do under 90 days in Portugal. After that, throw in a week vacation in the UK before or after Dublin to stay under Ireland's 90 days yet be out of the Schengen Zone for over 90 days. Then back to Portugal for another under-90-day visit.
The only thing I'm not certain of is if Ireland catches on to repeated visits and may eventually deny entry. I know the UK certainly would! Anyway, this plan avoids multiple residency visas and doesn't fudge any rules. I'd be doing exactly what each country tells me to do. Aaannnd I ended up writing an essay anyway, lol. Sorry!
Minimum stay requirements… is it really all about tax? As long as you don’t get ensnared by another country’s tax system and not advertising the fact overtly do think it’ll be overlooked?
Michael , this is my dream is to live in Dubai for 7 months and for tax reasons and to avoid Dubai’s summers , only 5 months in Europe ( France ❤️).
Are you already in France?
Best of luck with achieving your dream🤞
That was great
Thank you!
What's your plan B? :)
I wonder if government restrictions do not really matter - it's the financial/bankling restrictions that are the issue and will be more so in the future.
That's definitely part of it. Very little matters of you can't transact
Hmmm... So what is 6 flags???
What's your take on Argentina? I am planning to move there (purely lifestyle reasons and I have a MercoSur passport so it's like a $90 process for me to get temp residency) - is this country destined to just collapse or do you see any hope for it?
I would keep running my business online and don't plan on purchasing anything there.
I like how you can sell USD at a 100% markup from the official rate.
Terrible idea. Collapse imminent. Brazil and Chile will follow.
@@alfinal5787 Why imminent? And why Brazil and Chile also collapse?
Getting debt right now is not as smart as you think. There’s a worldwide political push for wealth tax and pro-tenant anti-eviction etc.
Also if there’s a currency debasing they will come for your assets.
What do you think is the smartest thing to do?
@@OffshoreCitizen diversified commodities and cash (short term). But after today and last week, who knows.
I wish Crypto wasn’t such an obvious bubble. It’s losing the greatest opportunity. All because of the siren call of speculators on margin. Even asking for regulation!?
👏👏👏
🤗
Any thoughts on the topic?
I think people should also cover for the possibility that distant air travel will become more cost prohibitive or restricted due to "pandemic precautions" so they should focus on getting residencies in a contiguous chain (e.g. central America) or cluster (e.g. Balkans) of countries that are accessible via land travel. Many countries have/had restrictions based on whether you are a resident/citizen or not (i.e. ban on tourism). Rather than spreading out, I think it is best to finish one area before moving on to another. You may cross the ocean one day and never be able to come back.
If you are wealthy enough to rent or own a private long haul jet, that is unlikely to be the case. If you are not wealthy enough to own a long haul jet, then flag theory is probably a wasted effort.
Considering your predictions, what's your plan of action?
@@OffshoreCitizen much like what I wrote above, although given that processing everything takes longer due to understaffing issues, in fact I might try to at least establish one foothold in different regions e.g. Balkans, SEA, MENA, etc......but I think for flexibility and going to the country with the most freedom, the contiguous country idea I think makes sense. You can drive your stuff in a truck to your new home on short notice...just trying to think ahead and anticipate different issues. Things we take for granted today may be restricted in the future.
@@jeremyleonbarlow What is the average cost per hour for 1 person on a rented private jet that is going from say Dubai to NY (14.5 hours travel time on non-private jet)? A nonstop one-way first class Emirates ticket would cost about $650 per hour for a 14.5 hour trip.
Investing in different streams of income in other not to depend on government for funds and avoid all the chitchat about the inflation bla bla bla
Hey I have said this before and I want to say thius again your voice is not clear you must open your mouth and speak in a medium tone I understand english perfectly but its difficult sometimes .... it feel your voice is talking to yourself at times...dont suppress your voice in other words...
Thanks for the feedback