THIS IS GREAT INFORMATION MICHAEL !!!! !!!! I was following close to a year now Nomad Capitalist. I learned a lot from him. I will watch your videos now. Expect a like every video now. Anyway, good info, Andrew should stress this out as well !!!!

100% Spot On. I want to qualify for Temporary Residency in Mexico but there is no way I am proving financial solvency with them. I need to find a way around it. Any idea how to show the ability without showing the Govt everything ? The risks are real for the exact reasons you explained. Well Put.

Once again, great topic to discuss. The trade-off between safety and economy!

Found Michael after doing research and basically always hitting "the Competitor". That Michael is a Canadian is a big plus and much more down to earth. Definitely somebody I will get in contact with regarding my future plans. Thank you for your wealth of videos and information.

I have PR in Mexico but never have more than 6,000 pesos -most often a lot less, in my Mexican bank account, the rest is safe somewhere else. When I applied for PR, disclosure of my financial situation was one of my concerns so I specifically planned a year in advance to have my bank account only show the lowest financial amounts required for financial solvency.

The grass is always greener on the other side. Reality bites once there.

Very good point. I have tried to raise this issue with the government here and [crickets]

When applying for residency you could also be giving alot of information to a potentially corrupt immigration dept. Knowing exactly where you live, how much liquid assets you have in the country, what banks/brokers you have along with when you're in and out of the country. May make one an easy Mark. Good reminder video Mike

So in summary your suggesting using places such as US/UK/Aus/Singapore etc for banking (i.e potentially your home country) and just transfer across what's needed on a monthly basis to local bank account in less regulated jurisdictions?

Great video. This topic deserves a longer version. Maybe an interview series of people sharing their experiences with security around the world? Keep up the great work!

Important topic you've addressed in this video about residency safety and security. I think there's a reason why countries like Switzerland and Singapore rank high in terms of public safety and residency safety – especially in regard to protecting one's personal info in terms of banking. Would make for an interesting video to rank countries in terms of standards of care for protecting one's personal data and confidential info (banking security). Thanks for this video!

please do a video about having only one citizenship esp in the caribbean since some countries doesn't allow dual residency

Great point, the secrecy in places like Colombia etc. is non existent and the threshold for armed robbery connected to it quite low. Happened to someone I know.

Do you see these security concerns a reason for Monero growing further?
Possibly it's the on-ramp and off-ramp which is the greatest risk of being compromised.
Exchanging for $500 gift cards if done carefully is a possible option in avoiding a possible breach of privacy.
Interesting topic Michael, you keep surprising me.
Thank you

Thanks for the video, certainly an important issue to consider. Another topic that you may want to pick up is things like child support for the nomadic entrepreneur. In Ecuador for example where I stayed for some time child support for one kid can be up to 40% of income without cap….

Very great topic n no one has ever talked about it .well done 👍

Thanks for the video. Could be a significant risk in many countries. Unfortunately, in many countries as an expat whether living below your means or not, it's probable you will be a target. Could be as simple as having to pay higher prices, having to pay a spiff to an official or supplier to get something processed or it is intentionally stopped until paid, burgularly, home invasion & kidnapping. It happens more often than most think. I have followed closely areas in central america and the carribean for a long time. It happens with great frequency.

Two residencies is not possible with governments. You are a resident where you live the most from January 1st to December 31st. You can pay taxes in 2 different countries. You can have multiple citizenships. But you can only be resident of one country. But you make a good point about safety. Governments will not keep secrecy. Even the French government will spy on you if they know you have some money.

Dude so funny I saw this. I recently got my id card in a country and they asked if I wanted to be an organ donor if I died in country. I didn’t think about it and was like “sure”. Told my buddy after and he said basically what you said. Organs are BIG business. People get on hit lists for their organs. Just think, someone with power and money needs to “skip the line”….they find you as a match and next thing u know you disappeared or were in an “accident”…. Very good video

As someone from the Caribbean, you are spot on!! There is a small island mentality and people gossip and share information, there is no privacy and not to mention the corruption.

How is your safety profile…in world "Where you shall own nothing" Rental house, rental car…cmon in to my eU-topia…trust me with your kids….so yummmy…by the way our latest model includes a "transition closet"…as I said…yummmmmy! Duh! Great content.

How can you find out what countries publicly disclose crs info?

Do you believe it is safe to migrate to Panama or Costa Rica for crypto investors ? In Panama there is no tax on exterior income so normally there is no reason to have to share some personnal wallet addresses. Then, are the exchanges trustable enough for not revealing client data to states ? Or are Panama and Costa Rica states trustable enough ? Hopefully yes.

Glad you are addressing this topic, and I assume this means you consider it in your consulting work. In some countries, some of the ones people frequent, it’s precisely the banker and the police you have to worry about. The team that grabs you already knows what is in your bank account, and they aren’t afraid of being caught by the police because they either are or are working with the police. If you are a pensioner you don’t really have to worry about this, you aren’t really worth the trouble; but it’s why some people recommend keeping a low profile in the country you live in, and the bulk of your holdings in another jurisdiction so that you don’t attract attention. Even in countries that are considered safe for vacationers and pensioners can be dangerous if you are known or believed to be a big fish.

Does that make some Latin American countries such as Mexico, El Salvador and Nicaragua not good places to get residency?

👍🏻 👍🏻 👍🏻

Live in a country with no CRS. 😁

What you are discussing in this video is amongst the reasons my great uncle practiced stealth wealth. His multi-million dollar real estate empire was not owned in his name. At least not in an easily identifiable way thanks to trusts and LLCs. He drove a 7 year old Buick. He wore button down shirts from JC Penney & faded blue jeans. There is a benefit to appearing poor. No one asks you for anything when you appear broke. No one thinks about kidnapping a broke person for ransome.

Amongst the reasons Monero is superior to Bitcoin is no one will easily be able to figure out how much money you have on the Monero chain as opposed to the Bitcoin chain.

Can you obfuscate your ownership on the Bitcoin chain? Yes, but it's built into Monero.

Oh, great topic! Not exactly on the front burner of things that most likely consider, but incredibly real! Gotta look from as many angles as possible.

Good points but could talk about business maintenance fees, healthcare fees, taxes, physical presence requirements etc other aspects of maintaining residency that might be perceived as downsides

So no downside other than maybe the country is dangerous?

Thank you for addressing this! I've seen countries recommended for living abroad on other channels for a variety of reasons primarily the low rate of tax (if any) and cost of living. Some of these counties have suspect safety levels. I've spent quite a bit of time in South America and yes kidnapping is most certainly a concern if you are perceived as an affluent gringo.

bears to my mind multiple name strategy

Only crazy would reside in Colombia with significant wealth. Its not even income tax free.

Keeping a low profile or being just another tourist has its benefits.

I'd like you to give an example of how this might work with 2 residencies and having enough assets in each to maintain both but structuring things for safety and privacy. As you say, without physical safety, a billion dollars is of no use for you and your family.

On an unrelated note – that is a very interesting t-shirt; can you explain what it shows?

You don't necessarily need to live at your domicile tax residence. For example if I spend 95% of year on a boat. I can't put gulf of Mexico on my address. Sometimes you just need an address to satisfy a how-do-we-contact-you form.

This is something rarely talked about for sure

Makes complete sense. Many of us are so concerned about making the right choices on where we'll go, that we overlook this very basic, but very important detail.
The data breaches here in the US alone over the years tells us that anything can happen.
Great topic, Michael.

is it even legal to keep your banks registered under another residency than the country where you currently reside?

Interesting take. I have not heard anyone else discuss that planning option.

Government snooping on citizens is a real problem. They all do it, and their ability to keep the information secure is a joke. Just one more of the harms done to us by our inept leaders.

So basically money laundering or no

Hi Michael, quick question, is there a place where you can help getting residency where you don’t need to spend a lot of time and where capital gain taxes are low or very low, so when I’m reported to that country I pay as little capital gain taxes as possible?
Thanks in advance

Was trying to read the map behind you (due to the subject matter.)
That’s amusing.

What if my country of birth doesn't allow dual citizenship .. ??

I didn't know this! I'm glad you spoke about this, Michael 🙂