What To Do With $10 Million Dollars or More | Summary and Q&A

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May 29, 2022
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Wealthy Expat
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What To Do With $10 Million Dollars or More

TL;DR

High net worth individuals worth around $10 million should consider obtaining a second citizenship and residence in Dubai to lower their taxes, invest in property globally for tax benefits, and explore citizenship programs in Portugal, Bulgaria, or the Caribbean. Building ties to the host country is crucial, and considering unstructured programs in countries like North Macedonia or Montenegro may provide additional options.

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Key Insights

  • βœ‹ Dubai is an excellent destination for high net worth individuals worth around $10 million looking to lower their taxes, with an accessible setup cost of $25,000 to $30,000.
  • πŸš• Property investments in Dubai (around $300,000 to $500,000) can serve as proof of a second home for tax residency purposes and provide potential tax benefits.
  • πŸ›‚ Consider citizenship programs in Portugal, Bulgaria, or Caribbean countries for obtaining a second passport, depending on individual preferences and investment capacity.
  • 🏒 Building strong ties to the host country, such as having an office in Dubai or investing in property, can further strengthen the tax residency claim.
  • πŸ‡²πŸ‡° Exploring unstructured programs in countries like North Macedonia, Montenegro, or the Seychelles can provide additional options for high net worth individuals seeking citizenship or long-term residence.
  • πŸ›‚ For high net worth individuals with a strong passport and looking for an additional passport, Turkish citizenship by investment is a quick and convenient option.
  • πŸ’ It is essential to consult with an accountant and tax lawyer to navigate exit taxes, gifting strategies, and renouncing US citizenship properly for high net worth individuals in the US.

Transcript

hi it's the wealthy expat here a lot of my clients are worth around the 10 million dollar mark anywhere from 5 million all the way up to 20 million around that mark most of my clients fall within that net worth in this video let's look at what i recommend most of my clients that are looking to lower their taxes get a second citizenship potentially ... Read More

Questions & Answers

Q: What are some affordable options for high net worth individuals looking to lower their taxes and obtain a second citizenship?

One affordable option is setting up residence in Dubai for around $25,000 to $30,000. Another option is investing in property in Dubai or other countries such as Portugal, Bulgaria, or the Caribbean for tax benefits and potential citizenship eligibility.

Q: Are there any concerns about wealth tax for individuals worth around $10 million?

Generally, individuals worth $10 million do not need to worry about wealth tax. However, it is crucial to consider exit taxes and potential taxes on net worth when renouncing citizenship in countries like the US.

Q: What is the benefit of obtaining a golden visa and investing in property in Dubai?

Obtaining a golden visa and investing in property in Dubai not only provides potential tax benefits but also serves as proof of a second home for tax residency purposes. It can also lay the foundation for obtaining a quality passport in Portugal if desired.

Q: What are some alternative options for high net worth individuals looking for a second citizenship?

Alternative options include exploring unstructured programs in countries like North Macedonia, Montenegro, or the Seychelles, where substantial investments can lead to citizenship or long-term residence.

Summary & Key Takeaways

  • High net worth individuals worth around $10 million can lower their taxes and obtain a second citizenship by setting up residence in Dubai for about $25,000 to $30,000.

  • Property investments in Dubai (around $300,000 to $500,000) can be beneficial for tax purposes and to prove a second home for tax residency requirements.

  • Consider citizenship programs in Portugal (for a five-year residency and a quality passport), Bulgaria (for a two-year passport), or the Caribbean (for faster processing and renouncing US citizenship if desired).

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