Transcription
A quick look in the map and where you can go in the world. And at the same time, spend three days, sometimes one day, and get useful documents that you'd rather have. Paraguay. We have a few assets that you can get off camera. I'm going to tell you some more things, but I'm going to start with the open ones, which is residency in Paraguay.
Temporary residency takes 3 days in person. And what we need to prepare before is the birth certificate, the marriage certificate. In case you are single, that you are not married, everything apostilled. And then a criminal record. With these three documents, and ensuring you have a visa, which is one of the other things that people don't think about, but you need a visa to get to Paraguay. So depending on your passport, you get there. 3 days, you can leave, you come back, and you pick it up. And then you can apply for tax residency. In case you don't want to get tax residency, then just one visit and we can even ship you the the physical car via DHL. And that's it. We can pick it up for you with power of attorney.
After you have residency, things open up in Paraguay. You can get driving licenses, a weapons permit in case you care about it. You can have unlimited weapons of any caliber at your place. Has a limit of, I think, four weapons. Weapons depending on the caliber. Some other places, two weapons. Paraguay, unlimited. So you can literally have like 20 weapons, everything like rifles, anything you want in your house after being a resident. So, you know, cool thing of being there. And it's a place that if you're interested in shooting, you know, improving those skills, very inexpensive ammunition. Very, very cheap bank accounts when you are a resident as well. You can get bank accounts. You can get this American Express. Actually, I just got the green. Somebody asked me the other day in the group like, "Bro, why do you have like the American Express in in Paraguay? Is it good for the US?" And he said, "No, it's just the color." Like I had this one, this one. I just had just had to have the green one because of the color. Just looks nice in this portfolio. So I got it. It's pretty simple. You just go to Ital requested. You need to present six months of uh tax residency in there, like tax declarations. And after that, they give you this this card. So it's pretty straightforward if you are a tax resident. If not, residency, get the driving license, get the weapons license, and that's pretty much it. Paraguay.
The other good thing I always say is you'd rather get the residency now that it's so easy and not get the tax residency, but at least you are a resident. So if someday you want to become a tax resident of Paraguay, it's one morning. That's it. One hour in the tax office and you are up in the system and you start paying taxes or zero taxes, right? If you are not a resident and it changed in the future, might take two years, who knows? Tax residency will make sense for you if you are not spending more than six months in any other country. If you are not, then yeah, makes a lot of sense to have tax residency. That's what many of us are doing. We're getting tax residency there. We don't need to leave in Paraguay more than two days every two years and then voila. We we issued a lot of tax residency certificates because other countries or other banks requested. One morning, easy. It's like $50, $50 or something like that and you get it done. So basically proving other countries that you are indeed a tax res in in Paraguay. Any questions on Brazil on Paraguay? Sorry.
Yes. Right. So obviously I'm in Dubai. There's a creeping tax regime coming into Dubai. So let's say I got to a point I'm like, "Gez, let's say I decide it wasn't serving me or Paraguay is is is another option essentially to to not have to pay far." I know many residents, many residents of the UEE that pay taxes in in Paraguay because there's no downside of being a tax resident here, paying taxes here and living in Dubai. Well, declare, declare taxes, you know. So you can live in Dubai five months and three weeks. So under six months are you in your calendar spending more than six months a year in Dubai? Then voila, bravo. You know, you can still have your golden visa. You can still live in Dubai, your apartment and everything and then pay taxes here and visit once every two years and you're good to go.
Now, Paraguay has received something very interesting, very, very interesting this year. Look at the size of Brazil. Look at the size of Paraguay. They received investor grade. It means that they see the potential in Paraguay and it checks multiple boxes to receive funds from Merosur area and from surrounding countries like a big pot that they have of money from all these countries here. So there are going to be a big influx of cash entering Paraguay right now. And Brazil does not have this investor rate. And you know, the most important thing, and I said this before in some consultation calls, is do you want to navigate this alone or do you want to navigate this as a group, as a pack? So that's that's the the thing, you know, whenever it's going to something happen and change, we all together find a solution.
Panama. I already mentioned before the residency. Before was so simple. You just had to show $5,000 deposit in your bank account, they gave you PR, permanent residency directly. Just show that. It was so easy. Then it got difficult. Now you need to go through temporary, then permanent, and you need to do three visits to the country, create a company. Still possible. Still, I might do it because I think long-term, going through all these loopholes to get or hurdles to get Panama permanent residency in the future can be beneficial because of the Panama Canal, how well connected it is, the most global airport in this part of America and Central America to go anywhere in the world. So I think it's interesting that I secure my access to Panama in the future. And still, it's pretty affordable between company and lawyers and everything. We can get Panama temporary residency and then a second visit, get permanent.
Costa Rica. Child passport. And then while you're living there, because you need to live in that country after you give birth. Costa Rica is a territorial tax country. So I can live completely tax-free there. I don't need to create any loophole, trust holding company, nothing. Just literally the same situation with Paraguay. Anything I make out of Costa Rica, tax-free. So that's beautiful. That means Costa Rica is also an alternative to Paraguay, right? In terms of 0%. The difference is that Paraguay, you don't need to live there for more than two days every two years. Here, you need to live six months per year in Costa Rica. So it's similar to Puerto Rico, you know, for Americans. They need to live there six months a year. And Costa Rica, the good thing is when you unlock the citizenship, it's similar to the Mercosur. You're unlocking other countries of Central America. So the most interesting thing about getting citizenships, I always say, it's get complimentary areas of the world. It makes no sense to get Spain and Portuguese citizenship or to get El Salvador and Costa Rica. Zero sense. In order to get two Korean countries, zero sense. You're wasting your money and your time. Just get complimentary passports that open doors to the regions of the world that you care about.
There's high net worth individuals would pay like 5 million in taxes, 10 million in taxes because they're making 50 million and they only pay $80,000. There's a category 2 tax regime in Gibraltar. That you need to pay a flat fee or $50,000 and then rent an apartment for a whole year that cost around $30,000. So after $80,000 that you pay flats every year, anything above it's tax-free. So high net worth individuals that would pay like 5 million in taxes, 10 million in taxes because they're making 50 million and they only pay $80,000. Don't have to stay in Gibraltar. Why they don't do Paraguay? Because some countries prefer to see that they have tax residence in Gibraltar than Paraguay. So for some high earners where $80,000 it's literally nothing, they can pay it anytime. They do Gibraltar because of the better reputation it has internationally and for other places around Europe. So they pay $80,000, the rest is tax-free and they have a place they can show tax residency. And for banking, it's pretty good if you are a resident as well. It's also kind of a mafia. So if you know the right people in Gibraltar, because it's so small, you can also go your way in many permits and and stuff. For some people, especially high income people, uh, it's worth it. But look at the size of Gibraltar. It's seven square kilometers. There's the monkeys, the war tunnels, and that's pretty much it. And an airport that you have to cross walking. It's owned by the UK. It's a UK territory. Yes. It's not a country. Uh, no. The country is UK. It's a region.
Armenia. It's the only country you can become a permanent resident remotely. In all the other countries, you need to go in person at least once. Armenia, we got two residencies, two permanent residencies last year for people that never step foot in Armenia and now they are permanent residents for 5 years. So what they did via DHL, you ship the documents, power of attorney, they put everything, submit everything, and then they send it back to you and you're an Armenian permanent resident. This passport now only gives you access to 69 countries visa-free. One of them it's China, the other one is Russia. So if I become an Armenian citizen, I will have 90 days in Russia. With my Spanish passport, it's 16. So many more if I want to spend time in Russia. Armenia has really good relationship with Russia. Russians and rebels and then these rebels get transformed into euros because Armenia has rubble, euros and dollars accounts. So they do the exchange inside Armenia and then the euros they send to the EU. And there are a ton of Russians now in Armenia. Every time I go to Yerevan, full of Russians and they speak Russian very fluently. So if you speak Russian, you can go to Armenia and just be very chill there.
You need to make a choice. If you come Armenia resident, you will never be able to enter Azerbaijan again. So they will blacklist you forever. So for example, now I cannot go to Azerbaijan anymore unless, who knows, maybe I use another passport and they don't find out. But if they find out, they're going to put you in in observation, investigation for three, four days, even to seven days in the airport. So I'm probably not going to risk it because they are in war. They are in conflict, in active conflict right now. So they don't want they don't allow citizens or residents of the other country to cross borders. The relations of the gate between Georgia and Armenia, very nice, neutral. Let's say Armenia and Turkey, there's an issue because there was a genocide in the 1920s. So Armenia lost, Turkey won. Turkey no problem if Armenians come because they were the winners. Like come, you know. And the Armenians, they have a lot of resentment. So Turkish people, I actually have the experience of a Turkish citizen that came and she had to do a visa and she got asked questions for like an hour. Eventually, she got in because it was a clean, but she got many, many, many questions of why a Turkish citizen wanted to enter Armenia. So also, you know, if you have multiple passports, don't enter Armenia with a Turkish one. Or if you buy this one by investment, you know that Armenia is going to have this always questioning. It's not impossible. You're going to enter, but it's going to have this thing here.
The UAE. It's nice for the Emirates ID. You can get it by opening a company or becoming an employee of a company. You get Emirates ID. Then you can get driving license, bank accounts. Pretty nice, efficient city. Many people here have been to Dubai, so you know what to find there. Then tax residency, local domestic tax residency. After 90 days, you can get the tax residency certificate from the UAE. If you need the international one, six months. So six months in Dubai. If you're okay with that, you can prove to any country that you're paying taxes in the UAE. 0% personal income tax from anything that comes from dividends. But now it's being more complicated. Dubai made some adjustments. So if you have a US LLC, it's going to put you in trouble if you have direct personal income going through the LLC. So you need to use a UK corporation to use as a bridge. And the relationship, the tax treaties between UK and Dubai are much more favorable. But the UAE is considering that it's taxable income if it's coming directly from the US LLC coming to Dubai. So now we are finding that we need to do some adjustments in some tax planning strategies. Does it have to be UK? Can it be Panama? Can? Yeah, it can be others. Can be others. UK is usually the easiest because it's we incorporate in 24 hours. So we usually recommend just do UK. It's very friendly. But there are other jurisdictions that would be still friendly to Dubai. But US it's being less and less every time. UK citizen like me. Is that problematic to then have that UK? For you, I would do another. Yeah. Could be Panama or we need we need to see which ones would be the best. I said to you a couple days ago that what I heard was that it depends on where they perceive the control of the businesses. So if you're in Dubai for less than 90 days, they probably say it's not controlled from Dubai. Well, it's definitely up in the air, isn't it? I mean, if you're spending more than six months, which is not your case, but if if you were, it would be probably easier to say you are controlling the US LLC from Dubai. But many people that just do this 90 days or whatever, then they're having some issues. With the UK, they are not having any issues. So we are creating this breach. How does the UK company work? Is it also something like a past? Yeah. Yeah, it's the same past entity, but from another jurisdiction that is more favorable. Is this is this bringing money into the Dubai banking system? Because mine goes to Wise, which is partly back. Wise account is registered or has something to do with the UAE, right? Like Wise knows that you are a UAE resident. Well, I'm sure you can use it, but you just cannot create an account. Yeah, maybe it's one of these gray areas. It sounds like like a gray area in which if the money arrives to Wise, it's fine, but if it arrived directly from a US LLC to your UAE bank in US dollars as a personal income, which should be 0% taxed, it's creating some some more problems. But if you open up the banks in Georgia, you could open your US LLC. Yeah. Or Georgia or any other place. Or he's saying Wise, for example. Yeah. Yeah. But any any any other bank. Yeah. Any other bridge, bridge thing.
Montenegro. You have a great residency program. You can buy property and become a resident of Montenegro. The only way that you don't have to spend there more than 300 days a year is by opening a company, being a CEO. When you're a CEO, you only are required to be in Montenegro one week a year to keep the residency. If not, they're going to revoke the residency. I'm going to cover really briefly this one. Montenegro, you have a great residency program because it's very affordable. You can buy property and become a resident of Montenegro. The only issue with that, and that's why I had the call with the lawyer before this event, is that the only way that you don't have to spend there 270 days is by opening a company, being a CEO. When you're a CEO, you only are required to be in Montenegro one week a year to keep the residency. If you are not, if you're an employee of, let's say, somebody creates a company, I create a company and I employ him to also get the residency, he needs to be there 270 days. So it's nine months. If he buys a property and wants to keep residency, needs to stay 270 days. If not, they're going to revoke the residency, keep the property, but revoke the residency permit. The only way you can justify that you're out of the country for longer is being a CEO of a company. So that it's creating a company, doing some paperwork, less than 10k, you can get a Montenegro residency. Can be inactive all the time? Needs to pay some taxes, etc. So that's why I'm saying in in a year, it's going to be around 10K. And between taxes, you need to pay operating company, the first year. Then the second year, it's cheaper because you don't need to incorporate the company again. But it's really nice a place. For example, called Tivat has this like nice Mediterranean lifestyle. So it's it's pretty nice. And what I like is that it has the foot out of the EU. So it's still like Serbia, but with sea, basically. Serbia is another one. You can get residency. There's citizenship by exception, but that's for another topic. It's it's very tricky. Bosnia, Herzegovina, it's outside, but it's not as good as Montenegro. North Macedonian, Kosovo, also not good places compared to Serbia or Montenegro. They're inferior.
Greece. Here you can get the permanent residency if you invest 400,000. And depending on the loophole, 250,000 in some areas of Greece. And if it's the most expensive, let's say Mykonos, Santorini, it's 800,000. But if you buy property there, you can get permanent residency as long as you keep the property in your name. What's the beauty with that permanent residency? It's not just for Greece. It's for any country that you can access in the EU. So you can be 90 days traveling and being around the EU. Seriously. Yeah, you will not get the passport because you need Greece and seven years. So it's very complicated, but you have a very nice permanent residency that it's for the whole Schengen area. So that's pretty huge.
Then Latvia has a very interesting residency program in which you can invest 250,000 in real estate or you can make an investment in a company for 50,000 plus legal fees. And then you can get residency. And it's not permanent. Also opens doors to the whole EU. So if somebody needs access for 90 days every 180, they can do Latvia for less than 100K. That's also 90 in the EU, but 90 in every country, right? 90 days in the EU, and then you need to leave the EU for 90 days. So you cannot reside 12 months even if you change countries inside the EU. But this is very favorable. For example, we did it for somebody from Azerbaijan. So the easiest way would be or getting a passport or getting this residency permit that for less than 100K he got in 2 months access for 90 days every 192. So it's the cheapest and fastest right now. So if you want this tailor to you, you want to book a time, a call with us, a discovery call, you can do so in the description down below.