Seven Residencies You Can Get Without Leaving Your Home

Summary

This video introduces the concept of 'backpocket' residence permits—residencies you can secure without needing to live in the country. These permits offer flexibility, asset diversification, and a backup plan for lower taxes or more freedom. The video highlights seven countries with attractive options, including Thailand, Indonesia, Greece, Portugal, the UAE, Mexico, and Panama. Each country provides various investment or bank deposit requirements to gain residency, allowing individuals to hold multiple permits for different purposes. It's a strategy for those seeking to protect their assets and secure an escape plan without full commitment to a new country.

Takeaways

• 😀 A 'back pocket residence permit' is a permit that allows you to hold residency in a country without needing to live there, giving you access to better tax rates, personal freedom, or a place to escape to when needed.
• 😀 The Thai Elite (Privilege Card) offers a 5-year residence permit for a fee of around $20,000, allowing access to Thailand without living there full-time. Additional benefits like airport pickups and golf outings are included.
• 😀 Indonesia offers a Golden Visa for $129,000, where you deposit money in a government bank, giving you the ability to stay in the country whenever you choose without being required to live there.
• 😀 A back pocket residence permit can provide asset diversification and protection, as you're holding assets in foreign currencies (e.g., Thai Baht or Indonesian Rupiah) and not just your home country's currency.
• 😀 European countries like Greece and Portugal offer affordable Golden Visa options. Greece requires a €400,000 investment in property, while Portugal has options involving investment funds or cultural initiatives for €250,000.
• 😀 Both Greece and Portugal allow for minimal physical presence, meaning you can hold residence permits in both countries without living there full-time. Portugal, in particular, offers the possibility of citizenship after 5 years of residence with minimal time spent in-country.
• 😀 The UAE provides a 10-year Golden Visa for a bank deposit of $550,000 (2 million AED), giving you the option to return to the UAE at any time without requiring physical presence.
• 😀 Holding multiple residence permits (e.g., Greece, Portugal, UAE, etc.) allows you to have diverse options for tax savings, personal freedom, and travel across various regions, particularly within the Schengen Area in Europe.
• 😀 Countries like Mexico and Panama offer residence permits through income proof or investment, with Panama also offering the possibility of obtaining citizenship through naturalization after living there for a set period.
• 😀 A back pocket residence permit does not necessarily affect your tax residency as long as you do not meet the specific criteria for tax residency in that country. This allows flexibility for global travelers and businesspeople.
• 😀 Planning for a back pocket residence is essentially about creating a 'Plan B'—having a backup in case things go wrong in your home country, and ensuring you have a place to go to whenever you need it.

Q & A

What is a 'back pocket residence permit'?

A 'back pocket residence permit' is a residence permit that you obtain for a country without needing to live there permanently. It serves as a backup option that you can use whenever you need to, such as for tax optimization, personal freedom, or escaping chaotic conditions in your home country.

Why is having a back pocket residence permit beneficial?

It provides flexibility and security, offering you an alternative place to live or conduct business. You can use it as a safety net if your situation at home becomes difficult, and it allows you to diversify assets and avoid taxes or other restrictions in your home country.

How does the Thai Elite or Thai Privilege Card work?

The Thai Elite or Privilege Card grants a five-year residence permit for a fee of 650,000 Thai Baht (around $20,000). It offers various benefits, such as airport pickups and access to exclusive activities, and allows you to stay in Thailand without the need to live there full-time.

What is the Indonesian Golden Visa, and how does it compare to Thailand's option?

The Indonesian Golden Visa requires a $129,000 bank deposit into a government-approved bank, offering a multi-year residence permit. It’s cheaper than Thailand's Privilege Card but similarly provides a long-term permit without the need to reside full-time. You can spend time in places like Bali or Jakarta.

How can back pocket residence permits help with asset diversification?

Back pocket residence permits require you to invest in foreign assets, such as currencies or property, which helps protect your wealth from risks associated with being overly dependent on one country’s economy or currency.

What options are available in Europe for back pocket residence permits?

In Europe, countries like Greece and Portugal offer golden visa programs. In Greece, you can invest €400,000 in property or a bank deposit to qualify, while Portugal offers similar programs with lower investment requirements, such as €250,000 for cultural donations or fund investments.

What are the specific benefits of a Portuguese residence permit?

A Portuguese residence permit grants access to the Schengen Area, allowing unrestricted travel between Schengen countries. You only need to spend seven days per year in Portugal, and after a few years, you may be eligible for citizenship.

How does the UAE’s golden visa program work?

The UAE’s golden visa requires an investment of 2 million Emirati Dirhams (around $550,000) in a term deposit for 10 years. The program doesn’t require you to live there, but you can use it as a back pocket option for tax efficiency and flexibility.

Can you explain the Panama residence options?

In Panama, you can obtain a temporary residence permit by forming a company and hiring yourself, or by making an investment in property or a bank deposit. These permits can lead to permanent residency, and Panama also offers a path to citizenship after residing there for a certain period.

What is the advantage of having multiple back pocket residence permits?

Having multiple back pocket residence permits diversifies your options and gives you flexibility. You can spread your investments across various countries and have different places to go for different needs, whether it's for tax advantages, lifestyle, or safety.