Clarifying My Thoughts on EU Citizenship

Could EU citizens be subject to global minimum tax? Watch as Andrew shares his thoughts on EU citizenship and taxes.

00:00 Start
1:14 Living in Europe
- Spain
- France
-Wealth tax

1:31 Spanish citizenship
- Living in Dubai
- Living in Monaco
-Living in Panama

2:14 Taxes in Europe
2:58 Taxes in the USA
- IRS
- FATCA

3:45 Second citizenship
4:07 Paper residency

- Maltese passport
- Malta citizenship by investment
- The Bulgarian CBI program
- Portugal golden visa
- Italian citizenship by descent.

6:08 Travel to Ireland
7:06 European passport

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".

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.

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.

[olafweyer]

I moved to Latin America in 2016. Never felt so FREE in my life and was out of my financial troubles thanks to taxation in an instant. Europe is like a constant weight around your neck. It's nice to visit sometimes, but I couldn't live there anymore, no way.

[Canuckbelgo]

I'm Canadian, I'm also Belgian and I work for the EU....and I definitely want to get out of the EU asap to Nicaragua.

[lazyrudi]

In my home country Germany we will not get a wealth tax within the next 4 years of the new government, but on EU level they plan a wealth register which inevitably will lead to a EU-wealth-tax sooner or later. That’s what all EU citizenship are facing. 🤬

[buoyohbuoy]

Forget passports (I have 3), plan B, C, D etc. If you have an EU passport, and a small flat, or even a slip in the old marina of Monaco, you can secure and enjoy a European lifestyle, and have an exit plan in case funny governments want to tap into your hard earned wealth.

The only point for going through the pain of building serious wealth, is to be able to enjoy it with those people that matter to you. Wasting your life in “exotic” places in order to avoid taxes is way too much. Securing access to a few well connected, yet tax friendly jurisdictions is strategically important. For a European, Monaco, Switzerland, Liechtenstein, Luxembourg, even the Channel Islands, are the right places.

But even if you live in a hostile country from a tax perspective, there are strategies to get you out of trouble. For example you can …incorporate yourself. I won’t say more, but spend a few thousands and get some serious advice from E&Y, KPMG and the likes. It is the best investment you can make these days. Seriously, as people become wealthy, they sometimes forget to ask basic questions.

[wulfmaster]

I live in the EU and I wanna get out of here asap.

[phillipjuan]

Everyone is going to turn into Edward Snowden at this point

[alfinal]

A passport of EU country A gets you residency in EU country B. Can you get citizenship in country B after a few years? Maybe renounce A if they decide to tax it’s citizens abroad.

[vipdemand]

EU have six month rule so get a strong EU passport like Italian or Spain for Visa free traveling but don't live there rather reside in a tax free or low tax country, soon I'm gonna renounce my us nationality and probably get a euro passport.

[jimmccann]

Tax does not make it into the top three issues with the EU : 1) Europe has zero Energy security, making it a grim struggle there in the future. 2) The Refugee problem is intractable, and corrosive. 3) The EU dream has dubious cohesiveness even in good times. Under pressure, it will be the Balkans writ wide. Look at history, except for the past century (only two World Wars!) these countries have always, always fought.

[SlimTortoise]

I wonder how long counties will go before they start to tax a passport holder, those with a few passports will need to dump them if that happens ?

[guilhermesalesferreiradaco]

I don't really see countries with a lot of citizens living overseas imposing taxes on them. On the other hand these countries have been trying to "recover" their citizens living abroad so perhaps if they taxed them people would be less interesting in leaving which is the opposite of what they should do. They should be trying to become more competitive so people don't need to leave in the first place

[AshleyOliviaDaCosta]

This is exactly what we were looking for! Thank you! Been waiting for a video like this for years. I’m a fan. Wish we could afford the full service. 😂👍🏼

[nicolet]

The EU is not going to last much longer so once Poland leaves it is the end and others will reconsider whether it's worth it being in the block.

[shana]

UAE is basically the last place where you can still do offshore stuff and get a bank account with relative ease. If FATF / USA / EU put even just a little bit of pressure, UAE will cave in. Watch this space. And then you will not have any place as SG and HK are already super hard. There is nowhere left to run.

[edwardlloyd]

I'm surprised you said Germany is a high tax country. The taxation laws are very complex but if you put enough time and effort into your tax return you shouldn't be paying much, if any tax. Also property tax is virtually zero and crypto gains are also zero % if you hold for at least 12 months.
Add in free university, great, affordable health care and a relatively low cost of living, it really isn't that expensive to live there. Also it's a classless society so that, particularly in rural and small urban locations, everyone partakes in the same society and activities regardless of income.

[TheDenn]

Thoughts on how this may effect Montenegro if it joins the EU as it likely will

[ariumusa]

I have french and canadian citizenship, high taxation is not great. My mother who had retired in France while still owning a canadian based business had to move back to canada this year because France wanted her to pay taxes there and they were starting to count retroactively since she had left France almost 10 years ago...
There is its upsides to it however, I've lived in france, spain and italy thanks to that passport. there is no jobs however, best to retire there, not great for entrepreneurs in my opinion.

If I could I would trade for a US passport.

[dlukton]

If a country like Spain wanted to impose a tax on Spanish citizens residing outside of Spain, it would be easy for them to enforce the tax, in either of two ways: (a) denying passport renewal for those who had failed to meet their tax obligations, and (b) for those who chose to return to Spain to live full time (or even part time), the government could get the money out of them at that point. And for those who NEVER returned to Spain and who NEVER renewed their passport then yes.... the Spanish government probably couldn't collect the taxes owed, but it wouldn't much matter either.

[dyqqwhb]

Andrew is that a solid gold 24 karat Toucan?
your'e crushing it bro! $$$
lmao

[robinspat]

Abandoned me

The problem with EU is it failed to protect millions like me in UK who grew up as an EU citizen, never wanted a UK referendum in 2016, voted Remain, as forced to vote, and have had EU citizenship an rights ripped off me and nothing from EU to me in aid, or lifeboat. Nothing at all. 14 million or more British Remain voters just walked away from by EU as though we were nothing and are still nothing.

Remember if EU can treat us British (Welsh) EU Remain voters with such disregard when we most needed EU protection… what about you in your EU country? Why would EU parliament, commission, courts etc not simply cast you away too, as inconvenient?

I am one of the abandoned, I’m still an EU citizen in my head but I’ve been left as waste at the side of the road?

Why?