The Million Dollar Dual Citizenship Strategy

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In this eye-opening video, Andrew delves into the fascinating world of dual citizenship and its impact on taxes. Are you one of the many who believe that having dual citizenship automatically reduces your tax burden? Think again! Join us as we debunk this misconception and reveal the truth about how taxes and second citizenship really work together.
Join us now to unlock the secrets of dual citizenship, and embark on a journey towards financial freedom and global flexibility.
00:00 Start
00:53 Misconception about Dual Citizenship and Taxes
2:33 Understanding Tax Implications
3:38 Citizenship by Descent
4:15 Citizenship by Investment
5:19 Take Action and Act Now
8:43 When You Prefer Not to Relocate
Nomad Capitalist is the world's most sought-after expert on legal offshore tax planning, dual citizenship, and international asset protection. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where you're treated best."
Nomad Capitalist has served as the “architect” and “general contractor” for 1,500+ clients who wanted one company to manage their holistic plans. We help these clients keep more of their wealth, increase their personal freedom, and protect their families and wealth against current and future threats at home.
Our in-house team of researchers, strategists, and executioners know more about these strategies than just about anyone. We’ve also spent more than a decade building a trusted network of attorneys, accountants, real estate agents, and others to assist our clients. As a result, our approach is not only holistic, but agnostic; we offer our clients advice on and options in 90+ countries, more than any other firm by far.
If you’re looking to diversify internationally, whether for lower taxes or as a “Plan B”, trust the industry pioneers at Nomad Capitalist and our experience serving the needs of globally-minded entrepreneurs and investors.
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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.

[@nomadcapitalist]

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[@1439315]

"Not someone to sell but someone to serve." - Love simple brilliant concepts.

[@REASONFORTRUTH]

Thank you

[@chelseatheoctavian]

Ive been fan for awhile of your work. Love love what your doing. It was you that inspired me to get my 2nd citizenship by descent on my fathers side.(Especially when the year of 2020 was happening lol) I am now a two passport holder, working on my third. Again Thank you for what you do.

[@nomadcapitalist]

Happy to hear that! Best of luck with your third citizenship!

[@angstvision7108]

Again, another awesome episode. To tell you the truth, I aspire to this life, to surround myself with people like the Nomad Capitalist, although there are some changes that I need to make to get there. But after I saw the first video, I was hooked and it's lighting a fire under my ass. Hopefully, I won't be too late to the party. Keep doing God's work, NC!

[@2GringosOnTheGulf]

Great info brother.❤ Cheers from 2 Canadians 🇨🇦 living in Mexico 🇲🇽✌️

[@2GringosOnTheGulf]

@@RetireandGo muchas gracias amigo ✌️🥰 going live in El Centro soon 1hr approximately

[@2GringosOnTheGulf]

@@RetireandGo yes that destination is on our list to visit one day. We travel extensively. 👌❤️

[@Nitrotix1]

I would love to hear about the benefits of having an American National Passport vs Citizen Passport (US Territory vs State, SSN vs No SSn) and how it impacts taxes, travel, etc...

[@nonameanon9368]

I sooo agree

[@patrick1992]

You have a huge advantage because you have a huge freshhold. I thing it is when you not live anymore in US and don't spend more then 60 days in US then you have a Foreign Earned Income Exclusion of about 110.000 USD. That's crazy high. In Germany this don't exist and they can get after you and say you whole income need to be taxed in Germany even you not lived in Germany because you have for example large money in Germany and other stuff.

[@schrodingerscat3912]

this man is on passport bro god-mode LOL

[@FreedomPlaya]

Love your channel Andrew. I Love that you support people’s freedom! 👏👏 ☺️☺️

[@nomadcapitalist]

Always!

[@holdingfarkas]

I’m from Slovakia, slovak passport. When I watched first time your videos I thought how can I get more passports. I found the solution. My mother language is hungarian, because in Slovakia lives half million hungarian. By my grandmother who born in 1942 (that area belong to Hungary that time) I will get hungarian passport in the next 6 months. In the next year I will apply to Czech passport, because my parents born in Czechslovakia. So I will have 3 citizenship. Next year I move to UK, so I will get the british citizenship as well. Thanks for useful informations:)

[@nomadcapitalist]

That's quite an impressive plan you've put together! Best of luck with your Hungarian and Czech passport applications.

[@BlakeTedKord]

​@@nomadcapitalistAndrew, do you think Colombia is a bad place to live/get a passport in healthcare wise? Aren't they on par with India's healthcare quality accessibility and speed wise even as a non Spanish speaking foreigner? Not many jobs there to begin with. The rest of Latin America is like that besides Chile since they're the richest, then maybe Sao Paulo Brazil.

[@holdingfarkas]

Thank you@@nomadcapitalist

[@holdingfarkas]

My friend the dividend tax is 8.75% in UK, I have a holding company in Ireland with 12.5% CT; I will employee myself in the next year for living and Up to £12,570 / year is tax free@@ozkane5955 So, I will pay myself the minimum cost, and I buy assets with my holding company, because between company and company doesn't have any tax I take out lots of dividends from other companies by my holding company without zero taxes. I have to pay taxes CT 12.5% after my assets gain.

[@Cloudyconfusion]

How are you getting the UK passport isn’t it really hard?

[@simplemind7]

I've been having dual citizenship since I was born, never thought about its importance.

[@ginadesmeules1436]

Just love watching your videos. Great information. How long does it take to get citizenship by descent from an Italian father and mother born in Italy? Father still with Italian passport.

[@nomadcapitalist]

It depends on where you file, ranging from less than a year to four years. Email [e-mail] and we would be happy to help.

[@jamalgreen3056]

No mad capitalist is the go to destination for all diversification 💯

[@BurchellAtTheWharf]

0:37 the same question but from a Canadian

[@MarkWatsonSMTX]

This applies to anyone with a Panama Canal Company birth certificate: “2. United States citizen employees and dependents shall be exempt from any taxes, fees, or other charges on income received as a result of their work for the Commission. Similarly, they shall be exempt from payment of taxes, fees or other charges on income derived from sources outside the Republic of Panama.” 1977 U.S.-Pan. Tr., Art. XV, Sec. 2, T.I.A.S. No. 10031.

[@jamalgreen3056]

Duel citizenship can be confusing doesn’t really reduce your taxes but it does provide alternatives with more than one citizenship so wen u give up your United States citizenship you will already have another passport and or citizenship lined up

[@MH-et5sn]

What exactly is confusing about it? A ton of people have it.

[@jamalgreen3056]

@@MH-et5sn with dual citizenship it can be confusing as far as knowing what countries allow dual citizenship and the ones that don’t plus if u have dual citizenship one citizenship may can hinder the other if a country u have citizenship in such as Saint Kitts and Nevis and let’s say there not on good terms with the United States because u still have your United States citizenship they can choose to not grant u a Saint.kitts and Nevis citizenship

[@michaelkaufman9625]

So to permaently stop all US IRS taxation, yeah, we need to give up being a US citizen. This is what I've garnered from listening to his many videos.

[@jamalgreen3056]

@@michaelkaufman9625 yes but not only that we have to keep in mind that if we do keep our u.s citizenship which sone people will it will be sone countries where is that we won’t be granted a citizenship their because of them not being in good standing with the United States anymore

[@pepsime6895]

Great recap, concise with concrete examples. There's a reason why Andrew is wealthy, he has an amazing brain!😎

[@nomadcapitalist]

Glad you enjoyed it!

[@unTLDR]

Go Andrew!

[@ROSCO608]

I'm blessed my mom is Guatemalan 😂

[@chopsworld5332]

Can you do a video on diplomatic immunity

[@dressydress9726]

Much improved camera angling to put attention away from eye twitches. Very good.

[@angstvision7108]

I don't give a shit about eye-twitches. That adds character, and the information he's providing and the spirit of service that he has eclipses that. I was so enthralled by the information that I didn't notice that until I read your comment.

[@BlakeTedKord]

​@@angstvision7108agreed

[@dressydress9726]

@@angstvision7108 it’s not as noticeable now and it’s an improvement in the presentations

[@gdew9643]

You are a wealth of info, could you do a video for young people, the 20 something year old recent USA college grads who want to move overseas? That crowd has not amassed large amounts of cash/assets yet to buy second citizenships and don't qualify for retired status. Please could you do a video recommending favorable countries. With the inflation in the US, there is a rising number of young people wanting to move and not as digital nomads.

[@Cloudyconfusion]

Yes this is exactly me! I’d love that video

[@ThiefKingofLegend]

What the heck is Australia doing

[@eat_ze_bugs]

Going back to their roots

[@archtect4391]

​@@eat_ze_bugs😂

[@matthewnirenberg]

Full steam ahead on 100% self destruction. The worst part is they're trying to bring their citizens down with them - even the ones living abroad!

[@VS257]

they have always been a US copycat. They wanna be the US Junior down under

[@andrews5320]

I'm curious about Puerto Rico. US citizenship but limited US taxes. Also daily flights to NYC.

[@Denver_____]

The taxes are ok, but as some one who has been to that island for more than a month, you will get extraordinary bored for 6 months of the year.

[@nomadcapitalist]

Definitely an option some clients prefer.

[@FallacyAsPraxis]

Puerto Rico is a tricky place if you're moving there to start a business.

[@dylanmanka8795]

If you’re born in Puerto Rico, you get US citizenship and get fast tracked to Spanish citizenship within 2 years of legal residency.

[@Bu3eesa1]

Can you help with citizen by descent for Germany?

[@nomadcapitalist]

Yes, we do offer citizenship by descent. Email [e-mail] and someone will get back to you.

[@keitho77]

How does an individual avail of 2nd, 3rd passport options if their job involves physical work, which cannot be done remotely?

[@nomadcapitalist]

Generally by investment or by descent using your local consulate.

[@angstvision7108]

Hey NC, thanks for mentioning the passport by decent. Unfortunately as things have it, my father was from Liberia 😢. Don't think they would fare better than America given their history 😢.

[@jackieboy1593]

It's still a second passport that may offer better access to Africa.

[@JennyJeanLove]

Could you please do a video on countries best for large families with six plus children in terms of freedom to have gun ownership to protect your family, benefits, land ownership prices, and low taxes

[@zaenida12]

Please, keep your guns in your country and leave the rest of us alone

[@dylanmanka8795]

Russia

[@REASONFORTRUTH]

Andrew you have been and will be super success if for no other reason…you are a white globe company that understands that “serving your customers” is the key! WOW…I can’t see why folks would not want to work with yiu and your team…

[@nomadcapitalist]

Thank you so much for your kind words! We truly appreciate your support and encouragement. At Nomad Capitalist, we are dedicated to delivering exceptional service and ensuring our customers' satisfaction is always our top priority. It's wonderful to hear that our efforts are resonating with you.

[@REASONFORTRUTH]

Thank you, Andrew and the team have had a sizable impact on how I think and have structured my goals. Thank you@@nomadcapitalist

[@REASONFORTRUTH]

An idea for an episode. I follow some channels from Portugal which is a beautiful place, but NOBODY is addressing the issue of "CAREERS" for one's children. For those with very young children and for those in retirement it's an easier move. I am an entrepreneur which makes relocation much easier-hence why Andrew and his team make so much sense. This is an issue I have not heard mentioned anywhere (career for people with kids in 20-30's). When countries abuses its citizens they get educated and take the their wealth elsewhere. This is a statistical fact. If our children have no real possibility of a good or better life, but are left to pay for a bunch of people (citizens and non-citizens), why would the educated, the skilled, the go-getters, the motivated, the ABLE and everyone else who is simply willing to put in what it takes to get ahead stay? Look at Western countries that overtax its citizens which also closes or limits small company start ups which limits good job opportunities. The young leave their country. This story is coming soon to an American town near all of us. Who will be left? Those with little if any skills, little motivation, little usable education (not speaking of highly educated people who live in academia-they love socialism). This is the future snapshot of America. Big changes will and are coming to America. Good things could happen, but not all people would consider those changes good. In another decade, we will look back and see then how the country was remade...

[@michaelbaker5501]

Hi Andrew, can you talk about African countries giving citizenship to African diasporas

[@nomadcapitalist]

Yes, we are researching this.

[@lorisimons1852]

Who can I speak with in person locally about moving to another country, all the cons and benefits. I want to permanently relocate on a low budget. Have European heritage.

[@nomadcapitalist]

We'd be happy to assist you. Please feel free to reach out to us directly through this link: nomadcapitalist.com/apply/.

[@Steger13]

What if you are a us citizen but are living in a other countries and don't stop paying the us taxes, what can't they do if you Never go back to the usa?

[@bharath2508]

Which ia the best citizenship in Europe?

[@HoDLum]

Possibly Ireland? 5 yers to naturalisation, moderate taxes, right to live anywhere in EEA plus in Great Britain. Getting in may be difficult for non EU people though (think marriage and asylum are 2 paths left for non EU citizens to get in).

[@awsysumer3814]

@@HoDLumTotally agree. Ireland is really wonderful but you have to live in the state as one of the naturalization conditions. To be more clear, if you plan to live permanently in the state, no problems. But if you plan to leave the country for more than 7 years without registering every year the intention to retain Irish citizenship, most likely it will be revoked.

[@lovelynirvana2960]

Andrew answered that question in another video. Ireland

[@MH-et5sn]

​@@awsysumer3814I don't think they can take away your citizenship once you get it unless you were some international criminal.

[@HoDLum]

@@dancrowley-2023 hmm .. 12.5% corporate tax rate. non dom taxation for expats. Agreed 20/40% personal income tax brackets are not ideal but still on par with ret of Europe.

[@azdbuk]

Citizenship by birth is the easiest. :)

[@m.o.5386]

I am a Malaysian citizen. Dual citizenship is not acceptable. Seems odd to renounce Malaysian citizenship when citizens of, say, the USA are trying to to get residence in Malaysia for tax benefits...

[@PassionPno]

I’m a Malaysian with triple citizenships. It’s possible.

[@bonnieupton4114]

I get 1200 a month. No other income. What the heck can I do.

[@LisaCulton]

Earn more money.

[@Johnnynomadic]

You could live in a lot of countries with that income, Latin America, south east Asia are two regions to focus on.

[@SantraSam]

Its hard to relocate with less money. I make half a million a year so top 2% with two passports and still have a hard time moving to a new country. I’m still relatively young but learning a new language and culture is hard.

[@LisaCulton]

@@SantraSam Clearly money is not your problem - it's language skills and lack of knowledge / experience in living and working internationally. I relocated a few times earning significantly less and with only one passport.

[@michaelkaufman9625]

@@LisaCulton good point; you have to want to assimilate to a new culture and language, be willing to bend in alot of areas live differently . but it's so worth it.

[@alexinthemiddle4170]

Purchasing citizenships are not cheap!

[@dylanmanka8795]

If you get a B tier citizenship it is. You can move to Argentina as a tourist, live there 2 years, and for $5-10,000, become a citizen there with an Argentinian lawyer.

[@electricmeatpuppet]

As an Australian, I would love to hear you talk about what we can do as Australians to protect ourselves

[@unclefrankindia]

Just to share with u andrew and all, they just caught a group of ten people involved in billion dollar money laundering here and they btought up the issue of buying citizenships

[@danitapadilla8394]

Your title sucks! We're trying to get away from all this elitist bull. Having said that, I still listen to some of your videos because you have some interesting information. The title just isn't humble, especially these days

[@d3r3kyasmar]

Don’t come back in the United States

[@joebidet2050]

Why not ? It's that bad now ?