The Cheapest Second Passports in Europe

by birtanpublished on September 10, 2020

What's the cheapest way to become a European citizen in this video I'm gonna lay out different ways that you can become a European citizen and some of the pitfalls associated with each hey guys I'm Andrew Henderson if you

Want to learn more about how Nomad capitalists help 7 and 8-figure entrepreneurs and investors go where they're treated best with second residences second passports homes around the world

Learn more at Nomad capitalist calm and in this video I want to talk about citizenship in Europe it's something that a lot of folks aspire to something a lot of people are interested in see is that the creme de la creme of the

Citizenship world now I've personally said that I believe with the European Union in particular there are some warning signs coming up if you are a high net worth individual if you're a person who is a high income if you want

To protect your privacy your personal freedoms you believe in Liberty Europe may or may not be the best place for you I think there are some great places particularly Eastern and in South Eastern Europe the carcasses we've

Talked about Georgia and Montenegro and Serbia and Armenia and places like that so that's a topic for another video but in this video I'm going to talk about how you can go about doing it and start with this because we're talking about

The cheapest ways to do it obviously what's cheap for one man is not cheap for another let me give an example I recently had a guy come to me and saying you know his goal is to get a tier a European citizenship now we

Talked about tier a passport says you can go to the United States visa-free obviously if it's a European Union passport you can travel all around the European Union as well and this is a guy who has a multi-million dollar income

He's got a multi-million dollar net worth he's traveling a lot he's another time or desire to settle down in one place and so not only would his business not be able to continue if he were required

To spend six months or nine months or ten months a year in a certain European country he needs to be traveling to all the different continents of the world but not only that but if he were to do that and spend the time in a European

Country his multi-million dollar income will be taxed he'd have a minimum one million dollar tax bill that he wouldn't have if he based himself in a tax friendly country that we often talk about and so you know if we just take

The example of a standard European Union you know kind of faster citizenship that takes five years through natural as a would cost him five million bucks it would probably cost him a lot more than that because the cost to his business of

Being tethered to one place for let's just say a minimum of six months a year to meet naturalization requirements would be untenable okay and so that's why I think for a lot of people what's cheaper is actually to make some kind of

Investment that loosens the physical presence requirements eliminates the requirement to pay tax in the European country it just gets you the passport sometimes it's in a matter of a number of months other times it might just be a

Regular naturalization process but without the tax or the physical presence requirements okay so strictly speaking the cheapest way to become a European citizen in most cases is going to be through descent if you have a

Grandparent parent great grandparent in some countries who has or did it has or had citizenship in that country you can often go and apply now the most expensive part of this is not the actual application which in some countries is

Like 50 euros so that's pretty cheap there are always caveats with these programs I've seen some people miss it by this much I've seen one or two people who everything on paper qualify but then they got rejected and so the most

Expensive part of citizenship by descent citizenship through your family tree is having someone review the documents you know we're always doing this for folks here on our on our strategy team clients come in hey it looks like they may be

Qualified for this citizenship we've got to go and check all the dates we've got to go to make sure that nothing was was broken in the chain there's no weird requirements that might cost some money but the actual filing is pretty cheap

The second cheapest way to do it would be through naturalization that I mentioned where depending on the European country you know you hire an attorney some cases you can even do it yourself and you set yourself up with a

Residence permit in a certain country that could be through a job there are freelance permits if you have rather nominal income some European countries will give you a freelance visa or like a self self-sufficiency visa and you can

Use those again those will often get you into the tax net and they'll often require you to be there but if you're just looking to live in a European country you don't want the taxes and you have five seven ten years

Wait then you can do that approach it's not gonna cost you a lot to set it up again as long as you're not factoring in you know all the costs of higher taxes and being stuck in one place for some people those things are perfectly fine

For a lot of the 7 and 8-figure entrepreneurs that we're talking to the lifestyle and tax costs are just too high so that's where citizenship by investment and fast-track naturalization comes in there are a couple citizenship

By investment countries in Europe they seem to change their requirements more or come on and offline more than others citizenship by investment programs you would find in the Caribbean or the South Pacific for example especially in the

European Union which does not really like citizenship by investment programs there is certainly a if not hate the rich distrust the rich sentiment in the European Union it says hey no one to be able to allowed to cut the line no one

Should be able to get into our our our our community without paying a lot of taxes those are our values so citizenship by investment is available in Malta it's a six hundred and fifty thousand year old donation you have to

Own or rent a house for five years you have also to put some money into government bonds or some kind of multi securities so that is the most expensive sunk cost in Europe the next most expensive sunk cost probably would be in

Cyprus which requires two million euro real estate investment five hundred thousand of which must be kept for the rest of your life this is kind of a weird component to that plus they've recently added one hundred and fifty

Thousand euro donation for one hundred and fifty thousand year old donation you could go to pretty much any of the of the five Caribbean citizenship programs and get a passport in a matter of months without the two million euro real estate

Investment and obviously the challenge is this is a challenge that we help people with here with our network of real estate agents but most times you're gonna go and you're gonna try and find real estate very quickly and you're

Gonna end up with one point four million euros in a real estate that you pay two million euros for because that's kind of what the program is therefore it's designed to to prop up and promote developers nothing wrong with that but

You're you're oftentimes not gonna be able to resell your real estate for what you paid for it it's something that I really have made a push in our team to have full-time real estate person helping people avoid that as best as

Possible outside of the European Union Moldova has a program that's been suspended that was in the low six figures Montenegro has a program 100,000 euro donation plus two hundred and fifty thousand euro real estate investment I

Love Montenegro I have a home in Montenegro I find the real estate investments at the 250,000 year level expensive there in the north of the country they're trying to develop that part of the country it is nice

I've been up there you like to ski it's a nice alternative to some other parts of Europe if you want to buy in the coast it's gonna be four hundred and fifty thousand euros but you're gonna be buying government approved real estate

And you're not gonna be able to sell that for what you paid for it so you've got a bigger sunk cost than just the donation okay so and if you want to count Turkey as is being part of Europe Istanbul certainly is then two hundred

And fifty thousand euros in real estate again the way that it's set up it's designed to make you overpay we've helped a couple people do that and I think get pretty good deals because there are some incredible deals in

Istanbul right now certainly most people wouldn't think of Turkey as a European passport but that is probably the cheapest citizenship by investment option because you can probably get most of your money out there aren't too many

Government fees and you know if we're finding properties for someone they're probably going to be pretty close to par whereas in Montenegro in Cyprus for example you're probably going to lose a bit of money so those are options

Worried enough to live there you know to pay tax there you have the option to live there there may even be tax incentives in some case in some of those countries fast-track naturalization is the last one you may have heard if

You've looked around at some of the citizenship by investment some folks talk about Austria for example as having a program I made a video on this and so I won't go into it in too much detail here but basically there are some

Countries in Europe where if you have a big net worth and you have a business acumen or you have a philanthropic history or anything like that you can go and you can make a donation or you can start a big business we're not talking

About you know hiring one person and putting five grand in the bank we're talking big numbers but if you have the capability to do that I had a gentleman who I was working with you know sold a business for well into the nine figures

Wanted to start his next business he can go and put five million dollars in a company and hire some people and so there countries in Europe that will grant you citizenship sometimes you want to make

Sure it's aboveboard you know as I always say we're not talking about where you go to the the Moldova Romania border and you're paying someone a thousand euros to forge some paperwork for you everything must be aboveboard and these

Programs are going to be expensive so the point about you know cheapest citizenship in Europe is if you're not worried about taxes if you're not worried about being able to travel the world of the whim

You have ancestry you have naturalization you could just go and live there but for the 7 and 8-figure globally mobile entrepreneurs and investors you probably want to focus on one of these other two options how do I

Create value in a country and you want to understand that in Europe you're going to pay a premium as I always say every country is a brand name Europe as a continent has a brand name the European Union has an even better and

Stronger brand name and that's why they charge more you are gonna pay more for a certain patina for a certain gravitas as one person told me if that's worth it to you because you want this you know so-called best Passport that's how to go

About doing it of course that wouldn't shut up other options it really depends on what your goals are if they don't involve living in Europe you may be able to do something cheaper somewhere else but when it comes to European passports

That's the thought process that I would take how can nomad capitalists 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 Nomad –

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 capitalist calm and click on

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