When going offshore, people usually get confused about some basic, important terms which may lead to some other mistakes.
As we don’t want this to happen, in this video we are going to explain four crucial buzz words and point out the differences between them:
1:04 – Visa
Generally, it ‘s a short-term process that allows you to visit a certain country, study or work in it.
Here at Nomad Capitalist, we don’t deal with visas that much, although we sometimes help our clients get some specific ones.
2:11 – Residence Permit or Second Residency
This document allows you to come and go as you please from a certain country.
However, you’re not eligible for obtaining a passport, even though residency CAN lead to citizenship in some cases, through the naturalization process.
There are numerous ways to get a residence permit – by opening a bank account, depositing some money in it, showing that you have sufficient funds, making investments, etc.
3:50 – Tax Residence
For most people, residence and tax residence are going to be the same, but it doesn’t necessarily have to be like that.
Just because you live or spend part of your time somewhere, it doesn’t mean you’re a tax resident.
On the other hand, you can be a tax resident of a country without an obligation to pay taxes, or you may be a subject of some special exception or exemption.
7:07 – Citizenship
Generally, being a citizen of a certain country means you have its passport and you’re able to travel with it.
There are many ways to obtain citizenship – by birth, descent, naturalization, etc.
——-
ABOUT NOMAD CAPITALIST
Andrew Henderson is the world’s most sought-after consultant on legal offshore tax reduction, investment immigration, and global citizenship. He works exclusively with six- and seven-figure entrepreneurs and investors who want to “go where they’re treated best”.
Work with Andrew:
Andrew has spent the last 11 years studying and personally implementing the Nomad Capitalist lifestyle, and has started offshore companies, opened offshore bank accounts, obtained multiple second passports, and purchased real estate in a total of 20 countries.
He has also spent years creating a behavior-based system that helps people get the results they want faster and with less resistance. Andrew believes that everyone can use offshore strategies to keep more of their own money, live a life of freedom, and grow their wealth faster.
About Andrew:
Our website:
Subscribe:
Buy Andrew’s book:
DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
source