6 Banking Residence Permits I’m Considering

Summary

This video explores six countries where depositing money in a bank can earn you a residence permit or citizenship, part of a global diversification strategy for investors. Countries like Indonesia, Thailand, Saudi Arabia, Paraguay, Panama, and Barbados are discussed, each offering various investment options, such as bank deposits, real estate, and stocks. The focus is on tax-friendly environments, liquidity in foreign banks, and gaining access to stable or emerging economies. The video emphasizes how these programs can provide flexibility and residency without the obligation to live in these countries full-time, ideal for those seeking international diversification.

Takeaways

• 😀 Countries around the world offer residence permits or citizenship in exchange for bank deposits or investments.
• 😀 Residence permits do not necessarily require you to live in the country, providing more flexibility for international diversification.
• 😀 Having a residence permit or citizenship doesn't mean you're automatically subject to taxes in that country, unless you live there full-time.
• 😀 Some countries like Turkey and Egypt offer citizenship through investment programs, requiring significant deposits and a few years of holding the money.
• 😀 Countries with simpler residence permit options include Indonesia and Thailand, where opening a bank account with a specific deposit grants you residency.
• 😀 Indonesia's residence permit requires a $129,000 deposit in government-owned banks, but it doesn't provide high-quality banking services.
• 😀 Thailand offers a residence permit for $290,000 through a 10 million Thai baht deposit in the bank, with the requirement to visit once per year.
• 😀 Saudi Arabia has a lifetime permanent residence program costing about $213,000, but you don’t need to keep a large sum in a bank to qualify.
• 😀 Paraguay and Panama offer tax-friendly residence permits, with Panama providing various investment programs to obtain permanent residency.
• 😀 Barbados requires a significant $2 million investment for residence, but offers a tax-friendly environment with European-style policies for residents.
• 😀 These countries are generally tax-friendly, offering options for individuals seeking a residence permit without necessarily living there permanently.

Q & A

What is the main benefit of depositing money in a foreign bank account as mentioned in the video?

Depositing money in a foreign bank account can grant you a residence permit or even citizenship in certain countries, without the need to live there full-time.

Can a residence permit guarantee tax residency in a country?

No, a residence permit does not necessarily mean you will be considered a tax resident in that country. Residence permits usually just allow you the option to live there without triggering tax obligations unless specific conditions are met.

What is the benefit of diversifying assets across multiple countries?

Diversifying assets across multiple countries helps protect your wealth by spreading risk and ensuring that you're not overly dependent on any single country’s financial or political system.

Which countries offer citizenship through a bank deposit, as discussed in the video?

Turkey and Egypt offer citizenship through investment, which includes making a bank deposit in the respective country and meeting additional conditions.

How much money is required to get a residence permit in Indonesia?

In Indonesia, a deposit of approximately $129,000 is required to obtain a five-year residence permit.

What are the drawbacks of Indonesia's residence permit bank deposit program?

The bank deposit program in Indonesia involves placing funds in government-owned banks, which may not offer robust banking services. Additionally, the funds must remain in the bank without easy access or movement.

How does Thailand's residence permit program work for foreign investors?

To obtain a residence permit in Thailand, you must deposit 10 million Thai Baht (around $290,000) into a Thai bank account. In return, you get a residence permit, which can be renewed annually as long as the deposit is maintained.

What are the tax implications of living in Thailand with a residence permit?

Thailand follows a remittance-based tax system, meaning that any income earned abroad and brought into Thailand is not taxed unless you become a tax resident by spending the majority of your time there.

What is Saudi Arabia's permanent residence program, and how much does it cost?

Saudi Arabia offers a permanent residence program that costs approximately $213,000 (800,000 Saudi Riyals). This allows you to live in the country for life, with no ongoing investment required for a bank account.

What are the challenges of obtaining a residence permit in Paraguay?

In Paraguay, to qualify for a residence permit, you must already meet several conditions, such as spending a significant amount of time in the country. This may not be suitable for people who do not want to live in Paraguay for extended periods.

What makes Panama a popular choice for residence permits?

Panama offers several immigration programs, with varying requirements such as depositing between $300,000 to $750,000 in a bank to obtain a permanent residence permit. Panama is also tax-friendly, with territorial taxation.

Why might someone choose Barbados for a residence permit, and what is the investment required?

Barbados offers a residence program for those who are willing to invest $2 million. This could appeal to individuals who are looking for Caribbean island living with a potential tax-friendly environment, though it is a significant financial commitment.

Can you obtain citizenship through a residence permit in the countries mentioned in the video?

In most of the countries mentioned, such as Indonesia, Thailand, Saudi Arabia, and Panama, a residence permit does not lead to citizenship. However, some countries like Barbados may have a pathway to citizenship if you live there long enough.