Five Passports to AVOID Like the Plague
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- เผยแพร่เมื่อ 30 ก.ย. 2024
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Summary of this video:
🌍 Passports to Avoid
- Passports from sanction countries or countries with a bad reputation should be avoided due to potential travel restrictions and hassle.
- Military service requirement countries like Turkey and Israel can pose problems for children's conscription.
- Countries like Costa Rica with no military requirements are favorable options for citizenship.
🇲🇦 Citizenship You Can't Renounce
- Not being able to renounce Argentina citizenship isn't a major downside, as it's unlikely to result in enforced taxation.
- The Argentina passport has a good reputation and may be worth considering.
🇺🇸 Citizenship Based Taxation
- US citizenship comes with worldwide taxation and strict reporting requirements, making it unfavorable for wealthy individuals.
- Better passport options are available without the burden of US citizenship.
🇷🇺🇺🇦 Enemy of Current Citizenship
- Avoid obtaining citizenship from a country that is an enemy or in conflict with your current country, as it can lead to legal issues and trouble.
- Dual nationality between conflicting countries can be risky and may lead to imprisonment.
DISCLAIMER: This video is not tax and/or financial advice. Any information or advice I give is purely based on my own experience and research. I am not a tax professional and/or lawyer and/or accountant so I am not liable for any steps you take to lower your taxes. I'm not a financial advisor nor do I pretend to be. Always do your own research.
Great video, a number of the most eminent market experts have been expressing their views on the severity of the impending economic downturn and the extent to which equities might plummet. This is because the economy is heading towards a recession and inflation is persistently above the Federal Reserve's 2% target. As I'm aiming to create a portfolio worth no less than $850,000 before 1 turn 60, I would appreciate any advice on potential investments.
Even if you go to the moon 😂
Absurd but true
I don’t get the obsession of wanting to obtain US citizenship either. Also even if you’re not wealthy its best to not get it.
Obsession = years of Hollywood brainwashing
It's them selling the american dream which is just a trap. Much better to get a european passport that gives you easy access to the US anyway
Why ?
@djzrobzombie2813 super hard to get rid of as well as a tax for leaving it. Also no matter what country you go to, you will have to pay an income tax, even if you don't live there.
It's because the country in theory is one of the easiest to become wealthy which is better than just not paying tax.
You can include Singapore, 2 years mandatory service for males , with absurdly below average wage, like 600sgd a month. While the females go on to higher education. This is serious loss of ‘time’ for males. I did my service, yes it is like that. The females go on to graduate from university earlier than the males
male privilege
How would one get a citizenship for Singapore?
@@bibablendi4747you have to live there for 10 years and apply but also they don’t allow dual citizenship
if U don't want malaysia and indonesia take over your country then just shut up and do your job.
@@gonkong5638 🤡
Very comprehensive. better than the video of the same topic produced by nomadcapitalist.
Nice thank you
I am missing German passport on your list. Germany and EU will have more and more restrictions, you have to pay up to 42% taxes...Germany has the highest energy cost....many people want to leave Germany. So it's getting very bad in Germany. If you want to leave Germany one day, you have to send your tax declaration for the next 5 to 10 years to Germany. I think, nobody wants this? You should check this! But I can only recommend to avoid Germany and also other EU countries.
If u r naturalized argentine YOU CAN RENOUNCE IT, i dont get why these expats vids keep saying is not possible.
IT IS possible, of course, is not an administrative issue, is a judicial process sou you'll need a lawyer and depending on your lawyer connections, take some time to be processed by a judge. Only native argentines and argentinos por opcion (those born abroad from an argentine native parent) cannot renounce it.
Naturalized citizens can get revoked their citizenship by authorities as well, altough i havent seen any case of this, law says for example, traitors can get their citizenship revoked. Native argies just go jail instead
Turkey has paid army service you basically do 21 days army for 3 thousands dollars.
You do know about Turkeys human rights record and their history? The Young Turks?
🇨🇦 we are overtaxed 😢
Over poisoned too 💉
Have you been to Germany? We pay the most taxes world wide.
@@patrick1992 even more than america?
Taxes are modern slavery, but still many people defend it with "but we need to for schools, roads, hospitals" and failing to realize all of this is just so we can be productive slaves. Schools for making us believe what we need to believe so the system can continue to enslave us. Roads are so we can be efficient slaves. Hospitals are to fix us, so we can continue to produce.
yeah but if you leave Canada they wont touch you like the US passport
I'M NEW TO BTC AND I'VE BEEN MAKING LOSSES TRYING TO MAKE PROFIT MYSELF IN TRADING...I THOUGHT TRADING DEMO ACCOUNT IS JUST LIKE TRADING THE REAL MARKET... CAN ANYONE HELP ME OUT OR AT LEAST ADVISE ME ON WHAT TO DO?
Well...I will advise you should stop trading on your own if you keep losing and start trading with an expert because trading with an expert is the best strategy for newbie...😊
All you need now is a professional trader esle you will continue making losses
Interesting. I have a lump sum doing absolutely nothing at all in my bank account, I wanna get something started with it. You seem to be doing excellent for yourself, how do you achieve this?
It is possible to produce superior performance provided you do something different from the majority. However, most of us tend to pay more attention to the shiniest position in the market to the cost of proper diversification.
That's true most people today have been having a lot of failure in fx and crypto sector because of had orientation and bad expert
I'm getting my Canadian passport soon and leave for UAE
The UAE might not be the best choice when it's so involved in Israel/Gaza these days. You never know when an insurrection could happen there.
Why you are leaving uae
You also can not renounce Costa Rican citizenship.
This is a 👀eyes-wide-opened 👀 video. Very thankful for it !🙏
Yes, it was amazingly informative!
I love your videos! Getting my Mexican Passport very soon!
Please 🥺 i need
Hi! Mexican here... I'm planning my Turkish passport as I type 😅
How are you getting itb
@@brahmaistrash.indiaisatoil5292DNE Express
I don't see any cons by having a morrocan passport beside the fact it is non renounceable. They are very light with morrocan living outside morocco
You know you are the best, thanks for the heads up, stay blessed and let's go! 💪💪💪💪💪💪💪
i was today years old when i realised i don't want us passport
Same
أفضل حل بيوت وسيارات طائرة بمحرك مغناطيسي بطاقة نظيفة مجانية متصل بالنت الفضائي والأرضي قيادة ذاتية ذكية برسيفر عالمي موحد ذكي وجهاز يستخرج الماء من الهواء مع إستخراج الغاز الطبخ ومزرعة لأجيال قادمة هيكله من الحديد🇺🇳🛸
it is so sad that the US has fallen from. grace. It is only a matter of time before Europe and Asia just flat out rejecting US people from traveling entirely, just like most Americans can't bank anywhere anymore
It's well deserved, the US has continued declining and needs MAJOR change to be seen positively. It's inferior to other countries in so many areas from medicine to education to infrastructure to foreign policy/wars.
Since you've renounced your US citizenship, that means you can't go back to Puerto Rico, or would you have to get some type of special visa? For me, if i renounced , i would want to be able to still enter the USA.
Depending on the passport, you can still visit Puerto Rico as a tourist for up to 90 days on esta
You can't renounce without a foreign citizenship if you get one get it with visa free travel to the USA if not you'll have to get a Visa which takes time.
Same, the problem is there are very few countries around the world that have visa-free travel to the US. Most of which are struggling with the same issues the US is so you don’t really escape any of the issues in the US
American Empire will chase you even on the moon 😂 That's dictatorship
How about Panama 🇵🇦 what's your thoughts 🤔 on this country?
In Australia you have to file taxes on your international income even with PR, not just citizenship. Do you recommend avoiding the AUS PR?
Absolutely 💉
As a Brazilian, Iam doing my best to get a Italian citizenship. Since the new brazilian president, Lula, things gots wayyyy worse.
italy is not well either
Get an Argentina passport. Their new president is a right wing racist lunatic so that might suit uou well hhh
italy has more problems..now things got changed completly..soon selecting europe will be the most foolish idea
I would avoid the EU at your place. EU is very very bad!
@@ronaldo.7422 eu will be avoided by most of the countries now ..
Great Video, Thanks!
So curious...which passports do you have? I would find it hard to renounce my US citizenship. But then again I am not rich. I have Italian ancestry so I probably would get Italian.
He did said in his video that he has an St kitts 🇰🇳 nevis passport as well
You will regret if you give it up
@@troytreywhy?
What about Belarus? I have not seen a single video on Belarus citizenship or permanent resident.😢
Putin slowly takes control of the country, it's risky
Off the top of my head, PR can be attained by starting a business or getting a job while citizenship will take 5(?) years.
What about citizenships of countries that are basically vassal states tied to the United States such as Panama or Costa Rica?? Isn't it true that US technological power makes it impossible to escape the coercive power of the US virtually anywhere??
Irán 🇮🇷 is the best I have with Germany and great for travelling and investing
Why do you like having Iranian citizenship? Do you get benefits while in Iran?
lol..iran is a big joke
@@PutinkabaapLawrencekajijaYou're a paid israeli bot account, what do you know about Iran lol.
I'm also curious, would love to hear.@@jaws2003
@jaws2003 You can visit most eastern countries that western passports can't
Can you tell us about the CONS of Mexican Citizenship for both those who plan to live in Mexico and those who don't. For instance, you need to visit Mexico once every 5 years to keep your Mexican Citizenship (not necessary for Permanent Residency). You have to renounce Citizenship of other countries, etc.
Just get a Mexican permanent residency. You get the same perks as having a mex citizenship but without the need to pay taxes in Mexico and permanent residency is forever. You will lose your mex citizenship if you leave the country for more than 5 years. Plus it’s almost impossible to pass the citizenship test in Mexico if you’re a foreigner without paying a $10,000-$15,000 USD bribe.
@@MEN101 Outside of an emergency plan b ... I don't see the perks of permanent residency in Mexico if you don't plan to live or invest there. I do see perks of Mexican Citizenship, specifically an alternative passport and path to renounce US citizenship.
@@MEN101 someone can lose their Mexican citizenship just because they spend more than 5 years overseas? I didn’t know that
@@doctorstrange69 have you lived in Mexico before? Visiting on holidays in cancun or puerto Vallarta doesn’t count.
@@nikkosr888 google it. It’s all there.
Come ooon, 😅 Morocco is a great country to live in... 😋
I want to visit Morroco but I have a problem understanding Morrocan Arabic😢
@@azammohammed9567 no matter, you can communicate in english...
😂😂😂😂
I think you only should get a US passport if you are a stateless person living in America and have no choice in the US you can don't get it. It will distroy your life.
How
I am a US citizen i pay 0% taxes in USA despite the fact i made 1.2 million dollars in profit last year, it's more about using the loopholes then giving up the citizenship.
hahaha OKAY
@@WealthyExpatdefinitely 😅😅😅😅 lmao
You really think you’re gonna fool a guy who deals with wealthy people for a living lol… I dare you to give us an explanation.
As a Moroccan, I didn't know that the Moroccan citizenship is hard to renounce. Its an ok country to live in tho.
Lol
The best passport is North Korean.
Are you still trying to get Spain Citizenship in 2 years? How are the taxes there?? I’m asking because I want to get it too
Spain doesn’t allow many nationalities tho
@@silverbowftw5225 Yea, but Spain allows dual citizenship with my country. And let’s me get it in 2 years instead of the normal requirement of 10 years of residency.
@@JenKai0019 It’s true, I am dominican so I can technically apply for Spanish citizenship after 2 years of residence, but then I’ll be stuck with only countries that Spain has treaties with and Switzerland and USA aren’t two of them, which is why I’m going with German citizenship which will allow multiple citizenships for everyone this year
Please stop doing those flashes between videos. It's just not needed and annoying as hell. Looking at the dark background and suddenly this dumb "camera flash" comes up. Not sure why would you want to hurt the eyes of anyone watching your videos.
Thanks for the feedback
You're wrong all across. the board. You're viewing wealth and equity from a very antiquated perspective. You need to learn about income/asset management. Bring the horse to the lake instead of doing it the other way around.
thanks for the comments lol
US citizens pay income tax voluntarily, you just don`t need to pay it because it is not in line with the US constitution, which doesn`t allow direct taxation.
oh please
@@WealthyExpat 😀, I know one guy who doesn`t pay it.
You are correct and is right in the instructions. I have not paid in 15 years. We can also become state citizens since citizens are considered less free. This guy is just trying to scare people to get $$$$$$
@@jl3268 thanks. Yes, this guys don`t want you to have easy options, for me unfortunately not possible, since I`m not an US citizen but german citizen, we haven`t this in our constitution.
So how is that working out for you? I suppose you 'travel' instead of drive as well.
Can you do countries for language issues?
What about citizenship in Panama?
Useless video for the 99.9999% of people around the world!
i asked him in my email but i did not get a reply ... so where to ask details about passports???
Join the private community in the description that’s the best place to
As a Syrian, I'm crying at the corner.
Stand strong my bro syria will rise again inshallah
Philippines passport
Would def never renounce my American citizenship, been playing taxes since forever lol
Raphael is a top dude, you wont go wrong with his help
Sure but none of this is an issue if you don't have a lot of money. Although I can see that in a case like that, you might gravitate towards citizenship of, say, the Marshall Islands, Micronesia, Kiribati, etc.
I Always Planned On Moving To Turkey Due To The Great Weather And Excellent Beaches (My Opinion)
I don't like my American citizenship. 😳 they'll track me down everywhere.
You forgot Australian citizenship. This place is an island bastion for the dark side. Plus 47% tax.
How is life im Australia?
Oh... A Milei fanboy, eh? Not a subscriber, but as a multi-national I used to watch the occasional video. Ah well...
I do not agree with two points of this video:
1. Israel requires joining IDF only if you spend more then 6 months in the country and become a resident. No requirement if you leave abroad or visit.
2. I don’t understand the US citizenship avoidance or renouncement cr*p. If you don’t don’t have children or retired it’s probably a possibility. Otherwise, you don’t want you kids to grow in a 3rd world country if you have a choice. The richest countries in the world usually have higher taxation rate than the US so even if you lived there, your tax liability to the US will be close to zero.
Yes, there is a hassle to report your taxes every year, but it’s a small price to pay for the ability to get protection of the greatest country in the world (yes it still is despite all the drawbacks).
So, sure, enjoy life in Argentina!
Hahaha OKAY
Argentina is amazingly, what are you on about?
Because if you don't renounce US citizenship, and don't buy a Caribbean one with him, he wont get his commission.
It literally makes sense in 0.01% cases, and the additional freedom argument is just bs everyone dealing with authorities outside the US knows that they are the same type of bureaucrats like everywhere else.
what protection?
@@michaelgood9218us navy seals gonna rescue your ass
I think we Trinidad and Tobago people go for US and Canada passports because we're poor😶
I just clucked on the video to see if he talked about my passport (Iranian)
Most of the top 20 wealthiest people on the world are US citizens lol
Holding dual British and Argentinian nationality might have some potential pitfalls! 🤣
great recommendations!
2:00 Actually, if you become a citizen of a country that applies right of blood and have a child later on, you can’t choose not to give your child citizenship, it will automatically transfer to them when they are born.
I didn’t start my passport conquest yet but I have a moroccan passport and I hope they don’t have some tax treaties with tax-free countries like UAE
Hi everyone, congratulations by your presentation. Totally I agreed with you concerning to get residence even citizen in United States and Canada. I have been analyzing the taxes structures in US and its policies. For example if you are a Mogul, a wealthy investor with substantial quantities of money and properties I never advice you get the American citizen,, why? Because they are gonna set your money with taxes independently if your business are out of united states and you were wealthy before travel to the US. With Canada the situation is 😅worse.
Conscription crawls back to European countries whether you like or not. The Scandinavians lead the way.
Myanmar should be at the top of the list LOL
Always love your videos, thanks!
Pero hay un acuerdo entre España y EEUU para evitar la doble tributación, si no estoy errado. Hay que tener cuidado a qué nacionalidad se renuncia porque pueda que en un futuro la vayas a necesitar y es probable que no te la vuelvan a dar y además, aún renunciando, en el caso de EEUU, te siguen cobrando por 10 años más.
Suggestion, Timestamp video so we can skip to specific part directly
Thank you I was wondering about Vanuatu. Australia is the same as US they’ll chase you until you die. I’m so conflicted here. I love where I live but I pay 45cents for every dollar in tax. It means I have to purposely not make too much money because them more I make the worse I end up. Making between 40-80k a month is pretty bad tax wise the only way to get ahead is to incorporate my business or make 100k or more a month. It’s frustrating and I could be spending that money elsewhere. I also love where I live, the lifestyle etc but the political system here and the nastiness of others towards high income earners is disgusting. I worked my butt off to get here I went from being poor and homeless to living in a wealthy gated community in just 2 years. I did it through so much sacrifice but this country punishes you for your success and people look at you like you owe fhem something. I even have to be careful about hiring trades people because they give you the “rich people’s tax” and double their prices. Sick of it. I want to be somewhere where i can be around others like myself. Where wealth and success isn’t punished. I want to scale my business but can’t and I have to downplay how successful I am to others because they tend to get angry. Many of my neighbours have been targeted by car jackers this is why I drive an ordinary hatchback and not a Mercedes or anything flash. I always dreamed of being successful and now that I am it’s like society turns on you for it.
I’m sorry you have to experience this
4:30 Morocco does not grant citizenship to foreigners
I am thinking of moving to Costa rica or Panama or Belize or Argentina I have a close friend who I graduated highschool with who is Argentinian who I sadly haven't seen in years I have to make a visit out to see him someday it is easier for me to travel than it is for him the last time I met him he was insisting that I go visit him but I was still in college at the time so I could not afford it. maybe in the next year or so I will go visit !
really don't understand why all Americans don't renounce to their citizenship with that slavery tax rules. terrifying.
It's because most Americans are not rich and are not planning to live outside the US. In fact, most Americans have never even been outside the US.
The US is the 'land of the free' indeed. 🙄🙄
Very informative, thanks 🙏🏼
What about French citizenship?
America will be better when Trump comes into office - nothing wrong with paying taxes - why would you avoid paying taxes - only in Third World countries do they not pay taxes - and therefore there is no infrastructure
Biden just dropped out,
Hey man, so what happened to Poland? You visited it, and said going to do a video :)
You should include swedish passport
Passport for filpens 5:10
It’s insane what greed will do to us
You talk to much, get to the point!!
Can anybody get Philippine passport?
If your parents are, then you can get it. Youd be a dual citizen. Otherwise you could naturalize by living there for 10yrs, but youd have to renounce ur other citizenship.
Could you define a "Wealthy individual"?
What about domenica citizenship
I want to apply for a UAE citizenship, Golden Visa, passport and ID can you help with that?if you can how can i contact you?
So what do you think about guyana, south america? It seems many foreigners are putting their money there.
A racist dumpster fire of a nation.
3:20 I am from Argentina, we never had a rule of taxation by citizenship, not even with the most Peronist governments and of course it will not happen in the future with a Libertarian culture in the country. We would need another influx of European immigration if we want to become again a powerful country.
MAGA 🇦🇷
can i renounce my citizen ship to uk even though i don't have passport here.
Do you have citizenship somewhere else?
What do you mean "pay to get out of it"?
Do you mean like bribe?
4:03 Beware: Milei is an "invention" of... Klaus Schwab 🙂
What do you think of Milei speech at the WEF in davos ?
@@Paul-m7c5l Theater for the crowds. Do you remember the election commercials of Volodymyr Zelensky shooting a machine gun in the Verkhovna Rada... ? 🙂
gm
Very interesting
Great run down
Hey man, thanks for the videos!
What’s your thoughts on Spain?
Spain would be great if it wasnt for the national and local governments tax. They charge 30% tax at each end when property changes hands.
@@anthonyhassett wow that’s insane!! So that means 30% on crypto?
dude, you should listen to epic economist before you make some of the ridiculous statements that you have made in this video, especially how america tracks you anywhere. there are a # of countries that do not report to the irs.
Hahaha OKAY, every developed / high quality life country in the World tracks everything you do with the USA
@@WealthyExpat Non-CRS Countries Today · Armenia · Cambodia · Dominican Republic Guatemala · North Macedonia · Philippines
Milei's a clown
a clown and a clone
free Palestine 🇵🇸🇵🇸🇵🇸
Long Live Pakistan
Long Live Humanity ❤
UNSUBSCRIBING! And if you tube will allow me ..GO you know what
Hehe
Oh no, what will he do without you.