The problem with opening bank accounts as non-resident is that those banks will treat you poorly as a customer, like requiring high deposits, adding ridiculous fees just for non-residents (after the fact), or requiring you to appear in person to do something, and you can do nothing about it. For most people it is best to stick with a few different banks at their place of residence. I would only open an account abroad if I had a second residence / citizenship and could apply as a resident.

I could not agree more. I also suggest having a on/off ramp to a digital non custoadial wallet just for stable coins. Not to hold long term but as a way to transfer value when geopolitics get in the way of markets

If you're US citizen and manage to get an account as a non resident (congrats), you must tell the tax lords if they all reach 100k (rule has more nuance). So, as Michael says, it's an escape door of sorts.

Michael, Which banks in jersey, channel islands, Lichtenstein and which brokerages might be recommended for the mirror of US wyoming llc for affiliate marketing, you tube, kindle direct publishing. SO normal income and royalties. Please do something (a vid) on royalties setups for us non residebts.

World Economic Forum risk affects almost all depositors. Blackrock, for example, has an ambition of systematically converting home owners into renters. Other billionaires are working different dispossession strategies to be applied versus the masses. We might ultimately see, for example, large scale Bail-Ins of depositors to cover widespread derivative losses. Any comments?

As a US citizen, doesn't simply opening a foreign account automatically trigger additional IRS reporting requirements in addition to possible additional tax filings on any earnings in that account as well? These would both mean either paying a tax professional to help you get it correct, or creating even more problems for yourself. If you have a legit need for an offshore acct, absolutely. But just for "fun" or cheap "insurance"? Pass. Not cheap or insurance in reality.

With all those risks (not to mention banks freezing you just coz they can) what is your opinion on HNWI's putting their money in some of the bigger crypto defi protocols? If your money is truely decentralised and the risk spread, why not? It is 2024!

Good video, but slow down, you talk too fast.

Great content - Thank you

What do you think about the various neo, or online, banks? Do they offer any of these benefits?

If you get a bank account in the US (as a non-resident foreigner), aren't you risking getting into the US IRS tax net? Meaning that you would get all the issues that come with that?

If I qualify for this new Thailand DTV visa coming out 1st June and live there, where would you recommend I move my tax residency/business registration to? So far, it looks like they don't want DTV holders to pay tax in Thailand. I'm currently self-employed UK paying about 25% of my profit in tax and NI.

For a Canadian solo consultant in private equity who has not setup an offshore company structure yet, and is about to receive a crippling lump sum payment(as far as taxes are concerned) can I move quickly (within a month after being paid) and claim residency somewhere else when it comes to it? Have not set up structure yet, but also curious the time it would take to do so. Some of these consulting commissions are domestic, some international and there's future equity dividends to think of too. Amenable to the NHR in Portugal living there, in combination with a low or no tax corp area like Caymans Does Canada have a clock on when they can deem me still a resident here?! Would love your insight, and possible engagement if your suggestions fit my situation.

Mauritius account?

Out of curiosity, to ensure everything is legal before a setup of this magnitude is established. Is everything double checked with accountants and lawyers to ensure the “offshore citizen” is legal in their home country? ie: Canada?

Would you recommend a residence instead of a second citizenship for people with 6-7 figures?

Since I became so rich in cryptocurrency I realise that crypto is the future cuz I invested 10k and made up to 36k as weekly profit I appreciate the help of your channel 😊😊

Hey Michael! Fellow Canadian here. I was wondering what you think about opening an IBKR account in another country. The account offers up to 4.83% on USD with more than 10K. I already have one in Canada and was thinking of opening a 2nd one in another country. Your thoughts?

When I lived in South Korea, non-residents could not open accounts. Has this changed in the last 5 years?

Please describe current status of Vanuatu? Are Passport and banking ok?

Also, I am not so sure if it is a good idea to get bank accounts in well known tax heaven jurisdictions (like Panama, Jersey, etc). It will just make you look shady even if you are clean. Maybe would be better to just setup bank accounts in less "flashy" countries (like Netherlands, Ireland, Uruguay, etc)?

I have an offshore account but would like to open one in Singapore.

Did you move back to Sofia?

I'm surprised you didn't mention Cyprus for EU bank accounts. I know that might make some people nervous after what happened in 2013, but the flip side of that is it will never happen again. I'm going through the process of opening one there now.

As a Canadian resident, what documents or other info is required to open an account in Georgia? Recommended bank?

Cayman Islands?

I would like a bank account in a country that doesn't tax foreign income and is crypto friendly. Would be great if residency not required. Any suggestions?

You don't need a residence permit to open an account in the UAE. I opened one w/o it.

Take the Lebanese banking system, it was stellar at all levels forever and in one night all people’s deposits disappeared…

What if the country you come from doesn’t allow you to have second citizenship as is the case in the Netherlands, where i come from? No one is providing solutions to people from those countries that doesn’t allow that.

what about things like revolut? wise is horrible (personal experience)

Bitcoin doesn't look so risky after all 🤣✌️.

How do i get hold of you?

a lot of waffle get to the point mate, were not all swanning around in palatial apartments over looking central park.

First 😊

Is this Nomad Capitalist's B channel?

You are right. I am russian and hate Putin. I"ve got account in EU. One day i got a massage withdraw my money in 15 days and my account was closed. What was the idea? Trasfer money back to russia?