One point you seem to have overlooked despite mentioning dual citizenship is that a requirement of Panamanian naturalisation is that you have to forfeit your other citizenships. In practice some people say it is not strictly enforced but it's still something I wouldn't want to gloss over or take for granted.
@methods3110 Жыл бұрын
De jure yes, but de facto no. The Panamanian authorities turn a blind eye to that.
@robertgillies9382 Жыл бұрын
You have to renounce your original citizenship to the Panamanian government. You are not required to renounce it for example in my own case to the American Embassy. So it only affects your legal status within Panama. While in Panama you are only considered to be Panamanian. If I go back to the States I have to use my American passport to enter the US as an American. While I am in the US I am legally only an American. The US allows you to have another citizenship but doesn't recognize it. Some countries follow through and require you to renounce your citizenship to your home country. Panama doesn't do that. Neither does the US.
@AmusementForce4 жыл бұрын
I hide money in my backyard not in Panama.
@calvinconcepts3 жыл бұрын
Where do you live? Ha ha!
@Carolinapetroska2 ай бұрын
I don't have a backyard
@prieten493 жыл бұрын
My reading of the IRS website tells me that, unless the foreign country you are living in has a tax treaty or totalization agreement with the USA, you will still have to pay self employment tax (basically US social security and medicare tax) to the USA on any earned income you get while in that foreign country. Panama does not have such a tax treaty or totalization agreement with the USA. You will have to pay Panamanian taxes and US self-employment tax rates.
@josefsimonovic14454 жыл бұрын
Dont hide money! Just travel to panama and enjoy my beautiful country ❤️
@user-sb6os3 жыл бұрын
How about both
@robertgillies9382 Жыл бұрын
I have lived in Panama for the past 23 years. Maybe I am lucky but 10 years ago I became naturized as a Panamanian citizen. Even though I had to swear that i renounced my American citizenship the US doesn't recognize it. So I have both passports. American and Panamanian. I haven't been back to the US in over ten years. I vote in the Panamanian elections and have joined a Panamanian political party. I have become fluent in Spanish. Nobody can speak English in my family except for.myself. My American passport is completely empty but my Panamanian passport is full of stamps. Maybe I should renounce my US citizenship as I never plan to leave Panama. I am too old and have been here too long to ever leave.
@methods3110 Жыл бұрын
You need to emphasize much more the huge benefit of not paying tax on worldwide income. Even for US citizens by living in Panama you do not pay tax in the US on the first $80000 of income. Other citizens pay nothing. By the way you do NOT have to invest $300000 to get a visa. It is $200000 to buy a house if you are Friendly nation citizen such as the US. You can also set up your own company in Panama and become an employee of it provided you pay social security of about $150 per month. You can also simply take out the pensionado visa by proving you have a guaranteed income of $1000 pm available to anyone over 18 years of age. It takes 6 weeks to get a residence permit, and you can do that as a tourist in the country. US tourists to Panama can stay for 6 months. Another benefit is that the cost of living is roughly 60% of the USA. He has not done very thorough research here!
@SACREDFlREАй бұрын
These guys almost always overlook something. We have to do our own research.
@johnvdk4 жыл бұрын
Hello Andrew, Thank you again for this video explaining a lot. My question: if you use your offshore company just to generate money but you do not take a salary out of it instead you invest it in whatever you can imagine. (you keep it to accumulate wealth in the company for somewhere in the future). Do you need to declare or pay tax on it in your home country? (living in Europe)
@jeffb.1403 жыл бұрын
Yes, under controlled foreign corporation rules
@falconellirk901 Жыл бұрын
@@jeffb.140 What if its owned by a dutch BV company that is owned by a Liechtenstein Foundation then you arent the owner right?
@amir55934 жыл бұрын
Couldn't believe it's free. Thanks Andrew for your great content.
@ricardofigueroa20864 жыл бұрын
Hey Andrew, can you make a video about the pensionado visa offered by Panama.
@bradnomad10114 жыл бұрын
check out the latest article on Escape Artist, it pretty much covers your request minus the video.
@SACREDFlREАй бұрын
Andrew is selling to the ultra rich, cheap options are not really his for tay
@malingote3 жыл бұрын
Does getting panama permanent residence by opening a bank account in under ‘friendly countries visa’ program at Citibank Panama safe? Or any US court or creditor will have a right to access that money because it is in a US bank?
@lighthouse72614 жыл бұрын
hey guys, i know very little question, im open to go anywhere im from canada im a day trader so i make my income online where would be the top 3 places i could move or obtain citizenship only criteria has to be tropical/good waves golf and high speed internet ultimate goal is to buy land out rite make my income online and pay zero taxes or close to, i believe theres some off shore brokerages in the Caribbean i can use. anyone know of any places that mite work out for me?
@osipov833 жыл бұрын
Andrew, thanks for the tips. Well done!
@mikebenge2853 Жыл бұрын
Man... I'll just be happy when my rental properties cashflow 6k. I can reinvest half and bounce around thailand and cambodia and maybe some Latin countries during the cold months. I'll be a rich man at that point.
@MarkWatsonSMTX3 жыл бұрын
I was born in Panama in 1965 (the Canal Zone). There is a law firm that says all they have to do is register my birth certificate and I have Panamanian Citizenship.
@holytrashify3 жыл бұрын
yep, I did it
@manrod15 Жыл бұрын
That is correct. The Tribunal Electoral is goverment entity that process the paperwork in able to get your panamanian cedula ( ID)
@روح-د9ر3 жыл бұрын
7:26 I do not think Panama today grants dual citizenship right. I believe they will ask you to give up your former citizenship to obtain their passport.
@holytrashify3 жыл бұрын
not true...I have dual citizenship with panama
@روح-د9ر3 жыл бұрын
@@holytrashify what's written in the Panama passport. Garbage man ?
@clintrichardsonclintfromny2034 жыл бұрын
The game is rigged. In Panama if you have one or more American on your board of directors of your corporation you are discriminated against. How is this fair? Also I have noticed that if you pull 30k cash out of a Panama bank they say here you go have a nice day. In the US you have to plan to do so and wait weeks. Why the effort to keep cash out of reach for people in the US?
@rossfidler89712 жыл бұрын
If I go to Panama, get residency and earn no money in Panama/ don't work, cra with holds 25% of my oas and cpp. Where do I park my investment money to reduce my tax burden. I would not be a resident of Canada for tax purposes
@MrAtor953 жыл бұрын
What about if you do KZbin videos like your self that income will be tax free? Because the tax territory thing, because KZbin money always come from USA, no?
@shyb3rt Жыл бұрын
How about achieving tax residency by actually living the 180-183+ days a year in Panama under the different residency programs ? Will you still easily get the tax residency certificate even if all your income is from abroad, meaning you are sin impuestos in Panama, but still getting the tax residency certificate to show other countries in order to pay a typical flat source tax in those countries ?
@josefsimonovic14454 жыл бұрын
All my family members are dual citizens and most of them live in panama and dont pay taxes in the usa , they travel back and forth once in a while and no prob!
@lorinmactrinity4 жыл бұрын
But do they get a Pension or Social Security?
@chineseboxer1083 жыл бұрын
Not getting caught yet doesn't make it legal.
@Thatguyy74393 жыл бұрын
Josef be careful. They should consider the risks of not filing US just because they don’t live in the US. If it’s been only a few years, they should consider the Foreign Earned Income Exclusion. For qualified US individuals, it could exclude the first $108,700 of their earned income from IS federal taxation. Be careful and of course talk to an attorney or something but just make sure to advise your family before the IRS approaches them. If you approach IRS first, you could avoid penalties and interest, AND maybe retroactively qualify for the FEIE (the exclusion).
@Thatguyy74393 жыл бұрын
If someone is a dual citizen US/Panama, how can they set up their tax quadrant to pay 0% tax?
@paulbucklebuckle49213 жыл бұрын
I thought Panama does not allow dual citizenship.
@Thatguyy74393 жыл бұрын
Imagine you own a health club. You make money when people are subject to the terms of your health club. Are you going to promote dual health club membership? No. You’re not going to say anything about dual health club membership. You’re completely disincentivized to do so. But you probably won’t be interested in actively stopping it either. Even if you make new members renounce their other health club memberships, the other health clubs don’t know that. And why should they care? At any rate, you’re still subject to their terms as well. That’s citizenship. (Oversimplified but you get it).
@MeesterVegas4 жыл бұрын
How do you feel about Puerto Rico, for an American citizen?
@christiancalderon38214 жыл бұрын
Good point
@bhargi46924 жыл бұрын
Peter Schiff and Mike Maloney are there for tax purposes. They may have videos on it
@christiancalderon38213 жыл бұрын
I believe you have 2 live there for 6 months to be consider any taxes haven
@theconsciousentrepreneurs1983 жыл бұрын
now i remember where i got "rax haven" for real international real estate information from, tom wheelright the guy who works as a tax advisor for the rich dad company, very good information
@kararmay38134 жыл бұрын
I always wonder what is the black list and how does it works
@Carolinapetroska2 ай бұрын
The black list is for countries that do not want to share financial information with other countries. Very few countries are black listed nowadays because they want to continue to do business transactions worldwide so they are pretty much forced to comply to more and more demanding regulations. Panama now shares information with your country of residence so you can't win or hide anything.
@tttman43853 жыл бұрын
What places have no property tax and good electricity and internet
@cochfct64414 жыл бұрын
Hey Andrew! How about from the Latinamerican citizen point of view. Considering our tax systems are very ineffective and corrupt, and considering the US didnt sign to the CRS, is the US the best place to have our savings/investments, am I correct?
@rodneyjones30782 жыл бұрын
where can U.S citizen with felon get passport
@joshweber9884 жыл бұрын
What suit is that?
@maverickcapitalist14 жыл бұрын
Very good video with a fresh perspective and yes Panama is sort of a buzz term now for international banking.
@amir55934 жыл бұрын
Hey Viking Traveler. I wonder which country do you see as the next big thing? The next low tax expat oriented country which at the moment no one even Andrew not talking about but you feel this path in their policies? Thanks.
@maverickcapitalist14 жыл бұрын
@@amir5593 Good question Amir. Depends on how you define the next big thing. It all goes back to the person and what they seek. For example , I know countless people interested in southeast Asia but for me not really my thing. I would much prefer snowy mountains and forests then tropical rain forests. As Andrew says it goes back to the person at hand. Of course, look for countries that are not overly developed and that don't have crazy immigration policies. For instance I live in Estonia, a country that prides itself on an easy country to set-up a business and get residency, which is so far from the truth. In some ways I would argue their neighbors Russia actually make it easier for immigrants that come from non-EU countries. This leads into next point when looking at a country make sure that country has needs that you can fill if you plan on living long-term in that country. Each country has certain areas it lacks talent wise, and see if those are talents you can fill if you are not working remotely. Often the first country someone moves to will not be their final country. I first lived in Chile, then Argentina, then Russia, then Estonia, and will likely be back in Russia by the end of the year once again. It often takes trial and error before finding the right fit. Lastly, seek what you like and prefer not what other people tell you to like and remember it is different visiting a country then living long-term and being permanently settled their.
@amir55934 жыл бұрын
@@maverickcapitalist1 Thank you very much for thorough explanation. Really appreciate it. About Argentina and Chile could you mention one benefit of Argentine over Chile from your perspective? Was anything more favorable to you in Argentina? Thanks
@michaelmoguel81303 жыл бұрын
Expat life is the life!
@NickDemski4 жыл бұрын
I also just wouldn't want to live in Panama. It's okay, there are some nice places to live there, but if people are looking to settle down somewhere. There are better locations in Latin America, for sure. 🙌
@cnnewyam4 жыл бұрын
The Single Dad Nomad what places would you suggest, in your opinion? Never been to Latam before :)
@taj-sid4 жыл бұрын
Hey Single dad nomad love your videos. 👍👌
@amir55934 жыл бұрын
Hey Nicholas. I think when someone needs to establish a corporate choices are limited and should consider and analyze Panama as a candidate but for personal perspective there are plenty of options. What do you think?
@NickDemski4 жыл бұрын
@@hubertcumberdale2651 😁😁 I prefer Costa Rica and some hidden parts of Nicaragua 🙏
@NickDemski4 жыл бұрын
@@amir5593 yes, Boquete, Bocas Del Toro, the capital city. They offer a wide range of choices for people. It was just a vibe thing for me. Not a bad place, but I feel better in others. I love Guanacaste, Costa Rica 🙌
@adrianmobley68054 жыл бұрын
I'm an American who's currently visiting Panama. I can confirm Andrew is speaking the truth. I like Panama, but I think it's overrated when it comes to tax benefits and quality of living. I am now curious about other places in Latin America, namely Colombia.
@Leo-eb1wl3 жыл бұрын
Forget about Colombia, it is one of the hardest places to do business and taxes are high. I have been doing business in Colombia for 7 years and it has been a struggle the whole time. Beautiful country though.
@Leo-eb1wl2 жыл бұрын
If you think panama is hard, you can forget about Colombia.
@danzelimako4 жыл бұрын
What about the 501- c3, if have a small church in the U.S. , and run a business under the church in Panama, will it be exempt from US tax?
@christiancalderon38214 жыл бұрын
Lol...CLEVER thinking
@abzy3k14 жыл бұрын
Didn't know Americans get bashed with TAX
@ericeverson59564 жыл бұрын
When will you cover Uruguay?
@MeesterVegas4 жыл бұрын
I don't think he's guay. I think he has a wife or girlfriend.
@jimmymifsud12 жыл бұрын
In terms of being taxed in your home country, wouldn’t that only apply if you withdraw that income into your home country or pay yourself a wage. Would you be able to use Panama as a staging area? Earn money from Indonesia, pay local tax and send it to Panama; this would avoid yourself also paying tax in your home country on already taxed business revenue
@Antoniussssss3 жыл бұрын
The work you do here is great! You need to drop a bitcoin or etheruem address in your bio so i can donate. How does the friendly nation visa effect capital gains taxes?
@opnion22944 жыл бұрын
Bridge is burning I mean our stock market
@wendywendy6464 жыл бұрын
Live oike you are unemploy and you are fee from ttax
@ericeverson59564 жыл бұрын
Andrew, I like the Red statue better than the lady with the blood lip for your background on this videos.