Five Citizenships to AVOID Like the Plague

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Join us as we uncover the potential pitfalls and disadvantages associated with these passports, providing valuable insights to help you make informed decisions about your global citizenship options.

00:00 Start
0:47 Country Prohibits Renouncing Citizenship
3:33 Citizenship-Based Taxation
5:25 Mandatory Military Service
7:21 Sanctions and Reputation
9:24 Impact On Job and Security Clearance

Nomad Capitalist is the world's most sought-after expert on legal offshore tax planning, dual citizenship, and international asset protection. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best."

Nomad Capitalist has served as the “architect” and “general contractor” for 1,500+ clients who wanted one company to manage their holistic plans. We help these clients keep more of their wealth, increase their personal freedom, and protect their families and wealth against current and future threats at home.

Our in-house team of researchers, strategists, and executioners know more about these strategies than just about anyone. We’ve also spent more than a decade building a trusted network of attorneys, accountants, real estate agents, and others to assist our clients. As a result, our approach is not only holistic, but agnostic; we offer our clients advice on and options in 90+ countries, more than any other firm by far.

If you’re looking to diversify internationally, whether for lower taxes or as a “Plan B”, trust the industry pioneers at Nomad Capitalist and our experience serving the needs of globally-minded entrepreneurs and investors.

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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Having Dutch citizenship is also one of the worst EU citizenships as they don't allow double citizenship (you're only allowed to have 2 EU citizenships, not a second citizenship from a country outside the EU unless you're married). That is insane for such an international culture. I met a Dutch Australian family. Their daughter wanted to study and live in the Netherlands. She only had Australian citizenship as the Dutch government didn't allow her to have Australian and Dutch citizenship. It became very complicated and expensive for her to live and study in the Netherlands even though she's of Dutch descent. One of her friends was an Irish Australian and she could study and live in the Netherlands without any issues as she could hold an Irish and Australian passport. This is beyond ridiculous!!!

LangAmor
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Renouncing a country citizenship should be included in the human rights bill.

xyyx
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As a Hungarian who was born in Hungary, I have to tell you that Hungary taxes people according to residency, not citizenship. I have lived for decades outside Hungary and did not have to pay Hungarian income tax at that time. Now that I have moved back I became a taxpayer again. If you are officially resident in Hungary you have to pay income tax on your worldwide income irrespective of your citizenship. Personal income tax is a flat 15%.

thehun
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too much video editing/effects & camera changing too much, it is litteraly making me dizzy, other than that good video

o__sama
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Renounced my US citizenship a few years ago and got the IRS of my back. Best thing I have ever done!

sborges
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I identified myself as a resident of Mars, so I don’t have to pay taxes anymore in this planet

RafaelGomez-uqzn
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As an Argentinean I can say that one thing is being citizen and another is having tax residency. If you don't live in Argentina for 12 months you are not required to pay taxes. Afterwards, you can visit for 90 days without gaining the tax residency back. So many people go to Uruguay for a year and then come back for periods of 3 months.

mawortz
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I heard of a lady whom had a US citizenship . Her parents walked away from the US when she was 4 . She is now an entrepreneur with money in another country so Uncle Sam wants to tax her, even though she has nothing to do with the US . The only solution the US gave her was to renouce her ctizenship ... It would only cost her a few thousand dollars .

dubongros
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I'm Italian, and my ex gf lives and works in US now. Italians are taxed according to residency. She changed her residency to US a couple of years back, this brings some benefits regarding embassy assistance privileges and such. You won't be taxed in Italy anymore, but you'll also lose your privileges as a citizen, such as universal healthcare (to some degree).Whenever she gets back to Italy, she has to apply for a termporary healthcare pass which lasts a set period of time. In order to get your privileges back, you'll need to transfer your residency back to Italy. Apart from this, personally i would avoid US citizenship.

DerpEye
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Good info. Terrible editing. Please stop the zooms and sound effects. It's hard to watch.

timmyhassett
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Well, being stuck with any citizenship is just awful. Nobody should ever be forced into it. It's like those governments owning you, no matter where you go.

TheSimArchitect
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Spain = Citizenship based taxation and obligation to reveal any assets.

Switzerland = various obligations that can become an annoyance and depending on age and other factors like sex, means once cannot simply stay away and come back without risk of even being "arrested" it's calle "Aufenthalstnachforschung" means evaluation of place of living or stay. (happened to me once, after that I startet to stick to the minimum obligations but they still ask way too many question each time they get a hold, i.e. passport renewals.

Switzerland = mandatory military serves OR YOU PAY according to income, means extra tax or you have to provide certain civil services to compensate, either way, not as free as it seems on first glance, be aware.

magnamentis
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There is a lot of Russians and Ukrainians going to the Philippines lately because they can stay there for 3 years as tourists and just exit for 24 hours (Visa Run) Then return and start the process again for another 3 years. There’s also a community in other South East Asian countries. And Russians and Ukrainians living there are living in harmony as friends. P.S. The PH does not have any issues no matter what passport you have.

CRUSADER
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Please, no more funny sound effects and zooming. It's a bit annoying. Besides that, great video, 100% agree

juangonzalezblanco
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In Finland, Norway, Sweden and Denmark you can avoid military service on religious and moral grounds. Finland is strict: religious grounds are examined by the court and moral grounds have an option of civilian service. If you're over 50, generally you don't have to do anything during a war unless it's your calling and passion and sweet things.

tomstarwalker
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Access to banking services is becoming as big an issue as expatriate taxation. Most Latin American countries will not allow you to open a local bank account without local income. It doesn't matter how much foreign income you have. Conversely, because of ever tightening KYC rules, US banks are closing the bank accounts of Americans and foreigners who can not declare their primary residence to be the US. The only option becomes an offshore banking jurisdiction but that is getting tougher too, as many stores refuse foreign credit cards and local banks charge excessive ATM fees on foreign cards, while imposing narrow daily withdrawal limits.

stephenburnage
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Andrew, great vlog, might want to consider losing the sudden movements (zoom in/out) and the sound effects. This is not video a game and the people who watch your website likely do not play games often and are probably prone to vertigo - otherwise the editing is fine, audio is very good, everything else is looking good. We are here for the information. Period.

stevemyers
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You should fire your video editor. The last few videos have been a disaster - background music, too much unnecessary edits. Just no!

ColFu
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I was surprised that you didn’t include Canada in your assessment. There are huge red flags to consider when talking about a Canadian citizenship, and it’s only going to get worse!

MsK-xmvw
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It's fun how "No Taxation Without Representation" is totally forgotten when U.S. Citizens live outside the U.S. Double standards?

david-reason