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When Andrew started Nomad Capitalist, one of my primary goals was to counter some of the bad information out there on the internet about topics like opening offshore bank accounts and getting residency in other countries.
See, after Andrew decided to leave the United States for good, He spent a lot of time researching these topics, and I quickly learned that most of what’s on the internet is garbage.
Some of these websites were out of date or didn’t quite know what they were talking about, but others went as far as advertising offshore banking and second passport scams.
So, once Andrew had done many of these things himself, He decided that he wanted to share his knowledge and dispel some of this misleading information.
Now, one of the most common rumors that we hear is that opening an offshore bank account is near-impossible for US citizens.
In this video, Andrew gives you four tips to show that information is inaccurate.
00:00 Start
00:20 How to Open Foreign Bank Account
02:16 Residence Permit and Second Citizenship
04:14 Living in Dubai
04:39 Portugal Golden Visa
05:53 Banking in Georgia
06:55 Can US Citizens Open Offshore Bank Accounts?
09:10 Banking for High Net Worth Individuals
Andrew Henderson and the Nomad Capitalist team are the world’s most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to “go where they’re treated best”.
Work with Andrew:
Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.
Our growing team of researchers, strategies, and implementers add to our ever-growing knowledge base of the best options available. In addition, we’ve spent years studying the behavior of hundreds of clients in order to help people get the results they want faster and with less effort.
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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.
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Nice content. To me, trading the forex and crypto market is way better than any onlineinvestment 💯
🇺🇦🇺🇦🇺🇦🇺🇦🇺🇦
why hide money offshore when you can do it onshore in places like Delaware and London
I am a US citizen by birth. I live in Arizona. I used to maintain an accountant at a bank in Mumbai in India. As I am an OCI for India, it is relatively easy. I had no issues. Yes, I had a few fees. They did not hassle me. I kept the account for family reasons.
BTW an OCI for India is 'not a citizenship', though the long form has the word 'citizen' in it. It is a visa akin to what a 'Green Card' would be for the USA. I basically can do many things in India as an OCI, except hold political office, own agricultural land, or deal with anything defense related. I can do virtually anything else…even work in India. Of course I pay tax accordingly in India. Dual citizenship, India and and other country, is illegal under India law. You have to show that you cut ties to other countries before getting a true India citizenship.
My wife has similar for Vietnam, but the difference is that Vietnam has dual citizenship.
Anyone have a video for a step by step how to open offshore bank account and move money out of Canada? (will be escaping and moving overseas like millions of Canadians this year, I don’t trust Greek banks so somewhere trustworthy please)
Americans have no idea how bad Obama was. The Dems are fascist control freaks. The US dollar is not convertible like the 1990s and will collapse. It's a sad commentary on a poor country in decline.
I think this channel may want to start including the movement of funds into crypto accounts offshore as an alternative to offshore banks.. There are some crypto centers being established … El Salvador, Malta, Estonia, BVI and Singapore. These are similar to offshore banking countries. Its a serious alternative to offshore banks for Americans.
Ah, offshore banking… …it's like in Papillon, when the prisoners try to escape, there is a whole ecosystem of predators looking to take their money and send them back to prison.
I opened a bank account in Italy in 2007 and still have it.
The pro tip for Thailand is that for many banks (specific experience with the "dark blue" and "light blue" banks…if you are here, those designations should make sense) will open accounts with tourist visas or visa exempt stamps as long as you can show a bona fide long term lease. Even for a garbage $100/mo hole.
Bitcoin solves this.
Here in Republica Dominicana it's 500 pesos minimum two forms of id and three months bank statements from your home country. That's all.
You mention that some banks will not accept former US citizens. Given that some countries will not allow multiple citizenships and others will, it would be interesting if it was more clear if this was a factor. Are the banks, that do not accept former US citizens, refusing accounts if your passport will allow multiple citizenships and accepting accounts if your passport does not allow multiple citizenships, like Singapore? I presume they would be more accepting for a country, like Singapore, that does not allow multiple citizenships as there is less chance that the person is hiding the fact they are still US citizen.
I've heard Thailand is fairly easy to open a bank account
The Mir system will go after Americans, Canadians and possibly Mexicans to irritated Washington D.C. because the sanctions passed on by U.S. / UK / NATO.
Karma is a b***h, and Life is a motherf*****r when getting paid back for past behavior. SWIFT network won't be used and once out of the country, what going to
stop it from happening. I am curious what laws are gonna be passed to prevent and tax violators??
Thanks Andrew!
We have permanent residency in Mexico where we tried to open a bank account. What a rigmarole! We finally gave up. We have found that everything government related goes smoother if you pay a consultant. Maybe next time we're there…
Why some banks do not like Americans??
Looking for offshore bank that allows Americans and the ability to invest in publicly traded markets with leverage. Please provide bank names.
Yup. I remember this. I could not open an account in France.
Living in Switzerland is honestly infeasible for most US citizens anyhow. I don't see a point in opening a foreign account if you don't live there. I've been rocking a Russian bank account since 2015. I've used it for daily living since I'm in this part of the world. Something interesting people have been doing to move money in and out of Russia is moving it through crypto currency. Luckily I haven't needed to do this.
Always a good show.
Take the Caymans off the list. Since 2021 Americans attempting to open an account there have been hit with a demand for a bribe from RBC officials who live there. If you pay it, you are breaking US law and they will have you over a barrel. Don't do it.
Can we do a canadian version of this?
Please!
What about dual US/EU citizens? Any advantage really or are we in the same boat so to speak?
They're starting to charge people with EUR since it costs the bank to keep it. You need to be able to transfer to other currency such as CHF, USD, MXN or CNY. It's interesting from an economic viewpoint. Most currencies depreciate to USD. Only a few appreciate such as MXN and CNY. Gold is backed by RUB so to speak. CNY is flat to gold.
what about Canadian citizens open accounts in Panama
Andrew actually mentioned "Chase Bank" by name. They are totally unwilling to send your money outside the US, even to transfer your money to overseas accounts in YOUR name. Chase: We declined your transfer because we could not identify the owner of the receiving account. Me: Do you see it is my name on that account? Chase:. Ok you can try the transfer process again. 😡
Andrew can you make another video about banking in Georgia and Armenia?
I have heard the criteria and process has changed.
In your opinion …. Off the top of your head in the republic of Georgia which bank would you choose, TBC or The Bank of Georgia
Excellent advice, thanks again Andrew!
Well either that or you use trading platforms, crypto and stable coins… There are wallet service providers and trading platforms that offer Credit Card options…
You don't need banks anymore…
What if I use BBVA or HSBC in the USA and they are used in South America? Are international banks the same as offshore banking?
It's very difficult, there's no getting around that fact. If you are an American in Switzerland, just go straight to PostFinance, so you don't waste time at other banks. Even with a residency permit and employment, the others WILL NOT open an account for you.
what about banks in czech republic or slovak republic? Any advice for banking in those countries?