The Best Time to Get a Second Passport

by birtanpublished on August 25, 2020

I'm often asked Andrew when is the best time for me to get my second citizenship I'm gonna tell you right now hey guys I'm Andrew Henderson and here at nomadic capitals we show successful entrepreneurs and investors have a go

Offshore reduce their taxes take part in new boom markets to live in and to invest in and also how to use second citizenship and even multiple citizenships to expand their options and make sure that they can always go where

They're treated best if you want to learn more about us you can go to nomad capitalists calm and because second citizenship to me is something that's so important for every entrepreneur every investor every successful person and

Especially in certain areas if you're a cryptocurrency investor or a trader you really need this if you're in certain industries you really need this but generally I think it's a good thing for everyone to have options and obviously

We talk to people who are you know 7 and 8-figure entrepreneurs and people with high net worths with the way the world is going with the the war on success that will you see out there especially in the Western world

Everyone needs a plan B everyone needs a safe haven where they can go if and when the country of their primary citizenship is no longer hospitable to them whether it's for tax reasons whether it's for some kind of investment reason whether

It's personal freedom whatever it may be and so from my perspective with that in mind the best time to get your second passport is now now I say that because there are so many different ways to do it so for me it's really an issue of

When's the best time when you buy a car to buy car insurance well when you buy the car immediately right you don't wait around you don't drive the car around for a month and figure I won't get in an accident now I'll buy the insurance

Later because if we did that then everyone would only be buying insurance after they crashed their car or house insurance after their home burned down right and you know especially as entrepreneurs we like to think that

We're in total control we like to think that we've got everything handled we're smart we know what we're doing and hey those things won't happen to us famous last words throughout history it can't happen here right and I think

Especially in the Western world people have not seen some of the stuff that governments are capable of in their lifetimes or they've seen it you've seen a lot but people kind of brush it off because they figured hey well you

Know it's different over there and so you know if you understand the risks that come with being a citizen of just one country you would look at it as I don't want to drive around in my car without car insurance right and so there

Are different ways to get a second passport we have plenty of videos on our channel here where we talk about how to do that some of them don't cost a lot of money if you have an ancestor in your family tree that could be done pretty

Affordably if you are already living somewhere overseas or you'd like to go and live somewhere overseas that can be done relatively affordable you can set up residence you can wait for the clock to run out however many years are

Required to be naturalized you can eventually get your second passport now you want to make sure if you're a successful person you're doing some tax planning with that you can move to Paris and get a French passport in a couple of

Years but obviously that's going to come with a high tax bill and so generally we talk about how to avoid those types of countries there are paper residences that you can go out establish a residence permit come back in three four

Or five years collect your passport without a lot of lifestyle changes required maybe a small investment there are fast-track naturalization programs or you can go out and invest in real estate government bonds all kinds of

Different projects and get a citizenship relatively quickly and then of course there's citizenship by investment where you can make a donation get a passport in a matter of months I'd like to look at a second citizenship again as an

Insurance policy so you know if you are driving a a 1996 Geo Metro the insurance that you need is not nearly as substantial as if you're driving a brand-new Bentley right and so if you are someone with a 50 million dollar net

Worth then going out and spending $100,000 or maybe even a million dollars on a second citizenship you can get very quickly is probably a good thing to do the insurance the the risk transfer there is worth it you know if you're

Just starting out and you're a small business owner and you have an amazon store or you're selling some stuff online and you're making a hundred grand well maybe you want to go out and spend five or ten grand in legal fees and turn

On a paper residence okay now getting the process started for me is the most important thing because what I see when it comes to any of this stuff we talked about it nomadic capitalist but particularly

Second citizenship is people want to kick the can down the road right I'll get a second passport when I need it well here's the thing about the reasons you might need it government sometimes act very quickly you know we've seen in

The United States in a lot of other countries where literally sometimes during a crisis they'll go in a back room over the course of a weekend come out with a new draft bill and when the draft bill is

Out they'll say hey if you make any changes to your business your finances or whatever we're gonna we're gonna pass the law and make it apply retroactively Lee so literally some cases you have only a matter of days or weeks when the

Government hatches some new idea to take your money or restrict your freedoms to react okay it's often like bankruptcy you know it happens very slowly and then all at once and so if you're not prepared you may be stuck I've seen

Situations where you know people have had to pay a large amount of tax because they couldn't react quickly enough to the speed at which the government passed a new law we've seen in countries like Cyprus in Greece where people didn't act

Quickly enough and they couldn't get access to their money so you know having your insurance policy in place is important because you never know when this stuff could happen you're basically taking an insurance policy out on

Bureaucracy and because getting a second citizenship also involves some bureaucracy you never know when other countries may shut down their programs now I happen to think they'll always be plenty of residents in citizenship

Programs out there but the goal posts are often moving the programs that worked three years ago may not work anymore unless you got in three years ago or the investment may be higher and you may be

Priced out or you may be priced out but I've seen people where it's like well I was interested at 250 but you know it's 500 forget it and then they go about their lives and then later something hits them they wish they would have

Gotten their passport so the best time to get started is now if you can afford to get a fast-track naturalization passport or a citizenship by investment where you're putting out a decent amount of money now and the passport comes back

To you quickly I would do that if you don't have the capital to do that go out you know we work with different residence programs where again you know legal fees are not that high the investments require

If Annie are not that high you get yourself on the path to some kind of second residence that leads to second citizenship and often you can do that without making any or at least making dramatic changes to your lifestyle so if

You can't afford to get the passport in a couple of months at least get yourself on track to where within the next five years you're going to be entitled to apply for a passport because again not only could the programs become more

Difficult but the reasons you need one could sneak up on you and so again it really is about you know planning for when's your house gonna bird down when's a drunk driver gonna crash into you you don't know you want to be covered you

Want to be prepared having a second citizenship can benefit you in that if you like that country you can go and live there you know they have to let you in maybe they have a good tax policy you can go and live there and take advantage

Of that maybe you just like going and living in the place and you maybe you want to have a point of pride of being a citizen of a country that you like or maybe you want to send your kids there and get the health care there or use the

School system there or whatever but in addition to all those active benefits of a second citizenship you can also be used that at the moment you need it you're ready to go no matter what happens and that's why I say the time to

Start is always now even if you're gonna wait five years that time is gonna pass anyway it's best to start the process now how can nomads capitalist help you four ways number one subscribe to our channel and click the notification bell

To make sure you get our new video every day number two get a copy of nomadic capitalist the book you'll learn a lot of my personal experiences over a dozen years of studying this stuff as well as exactly some of the strategies that you

Can use to build your nomadic capitalist plan number three if you're not sure where to start but you want to come and learn from my team and I you want to come and mingle with like-minded people learn more about our live conference

Nomad capitalist live it's coming up soon and number four if you want some help right now because you've got a burning issue you need something solved you want to lower your taxes get a second passport or build the Nomad

Capitalist lifestyle of your dreams go to Nomad capless calm and click on become a client

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