Step 1 - Should you consider multiple residences?
Having multiple residences in different jurisdictions can provide a number of potential benefits, including:
Increased flexibility and mobility: Having multiple residences in different jurisdictions allows you to have a home base in multiple locations, giving you the ability to easily move between them and take advantage of different living situations or opportunities.
Diversification of assets: Owning multiple properties in different jurisdictions can provide diversification of your assets, which can help to reduce your financial risk.
Access to different amenities: Depending on the locations of your properties, you may have access to a wider range of amenities and opportunities. For example, you might have a beach house in one jurisdiction and a ski chalet in another.
Tax advantages: Different jurisdictions may have different tax laws, and owning property in multiple jurisdictions can potentially provide tax advantages by allowing you to take advantage of lower tax rates or other favorable tax laws.
Political and legal protections: Depending on the jurisdictions in which you own property, you may have access to different political and legal protections. For example, some jurisdictions may have stronger property rights laws or more stable political environments.
Again, it's important to carefully consider the potential benefits and costs of owning multiple residences in different jurisdictions before making a decision.
Step 2 - What are your domestic options?
Domestic residence optionality refers to the ability to have multiple residences within the same country. This can provide a range of benefits, including improved access to education and healthcare, enhanced safety and security, and potential financial advantages. Obtaining an additional domestic residence is becoming increasingly popular as people look for ways to diversify their assets and protect their wealth. It is also a way for individuals to enjoy the benefits of living in different parts of their country without having to go through the process of obtaining a second citizenship.
Overall, domestic residence optionality can be a valuable option for individuals who want to have more flexibility and control over where they live and how they manage their assets.
Follow these guidelines when considering a second domestic residence:
Easy accessibility from where you live
When considering the accessibility of a second home from your primary residence, you may want to consider the following factors:
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Distance: How far is the second home from your primary residence? A shorter distance may be more convenient, but it may also mean that the second home is in a similar location and climate as your primary residence, which may not offer the diversity or change you are seeking.
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Transportation: How will you get to and from the second home? If you plan on driving, consider the distance and the availability of flights or other transportation options.
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Time: How long will it take to get to the second home from your primary residence? This can be important if you plan on using the home frequently or if you want to be able to get there quickly in case of an emergency.
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Cost: Consider the cost of transportation to and from the second home, including gas, flights, or other transportation expenses.
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Accessibility for other family members: If you have family members who will be using the second home, consider their accessibility as well.
Overall, you should choose a location that is convenient and accessible for you and any other family members who will be using the home.
Choose a residence in a different jurisdiction than your primary home
There are a few reasons why you may want to choose a second home in a different jurisdiction than your primary home:
Diversification: Owning a second home in a different jurisdiction can help diversify your assets and protect against risks associated with a single location. For example, if you own a second home in a different state, it can provide an alternative place to live or vacation in the event of a natural disaster, civil unrest, or other crisis in your primary location.
Tax benefits: Depending on the jurisdiction, owning a second home in a different state or local area may provide tax benefits such as lower property taxes or income taxes.
Cultural and personal growth: Owning a second home in a different jurisdiction can provide an opportunity to immerse yourself in a new culture and potentially learn about different ways of life. It can also be a great opportunity for personal growth and self-discovery.
Decentralization: Owning a second home in a different jurisdiction can also provide a sense of decentralization and independence, as it gives you the option to live or vacation in a location that is separate from your primary residence.
Security: Owning a second home in a different jurisdiction may provide added security, as it gives you an alternative place to live or vacation in the event of a crisis in your primary location. It can also provide an opportunity to live in a location with a lower crime rate or in a community with a strong sense of security.
Vacation home: Owning a second home in a different jurisdiction can provide a convenient vacation spot for you and your family to visit on a regular basis. It can also be a great investment opportunity, as you may be able to rent the property when you are not using it.
It's important to carefully consider your needs and budget when deciding whether to choose a second home in a different jurisdiction than your primary home.
Availability of necessities (hospitals, groceries, schools, etc.)
When considering purchasing a second home, it's important to consider the availability of necessities such as hospitals, groceries, and schools in the area. These are important factors to consider, especially if you plan to use the second home as your primary residence or spend extended periods of time there.
Here are some things to consider when evaluating the availability of necessities in the area:
Hospitals: It's important to ensure that there is a hospital or medical facility nearby in case of an emergency. Consider the proximity of the hospital to the second home and the quality of care provided.
Groceries: Make sure there are supermarkets or grocery stores within a reasonable distance from the second home. It's also a good idea to consider the variety and quality of the groceries available in the area.
Schools: If you have children, or plan to have children in the future, it's important to consider the availability and quality of schools in the area. Consider the proximity of the schools to the second home and the reputation of the schools.
Other necessities: Depending on your needs and lifestyle, you may want to consider the availability of other necessities such as public transportation, recreational activities, and cultural amenities.
It's a good idea to research and visit the area before making a final decision on purchasing a second home to ensure that it meets your needs and the necessities you require are available.
Step 3 - Do you have (or want) international options?
If you think a second domestic residence isn't sufficient (and many agree), then consider having an international residence. The same guidelines can be applied. If your considering international residency please also consider a second citizenship. The benefits include the following:
Emergency or crisis: If you have a second residence in a different country and something happens in your primary residence that makes it difficult or impossible to live there, you can relocate to your second residence temporarily or permanently.
Increased freedom and flexibility: A second citizenship can provide you with greater freedom and flexibility when it comes to travel, work, and living abroad. For example, it can allow you to live and work in another country without having to go through the lengthy and complicated process of obtaining a visa.
Improved access to education and healthcare: Depending on the country, a second citizenship may provide you with access to better education and healthcare systems. This can be particularly important for individuals who live in countries with inadequate or underdeveloped education and healthcare systems.
Enhanced safety and security: In some cases, a second citizenship can provide increased safety and security for you and your family. This is especially true if you live in a country with a high crime rate or a history of political instability. Having a second citizenship can give you the option to flee to a safer country if necessary.
Financial benefits: A second citizenship may also provide financial benefits, such as access to better banking and investment opportunities. This can be particularly useful for individuals who want to diversify their assets and protect their wealth.
Overall, the importance of a second citizenship depends on the individual and their specific needs and circumstances. For some people, a second citizenship can provide increased freedom, security, and financial opportunities, while for others it may not be as important.
Step 4 - Start laying the groundwork
Whether you're seeking a domestic or international second residence, it's important to start planning ahead. This way, you're making the best decision for yourself and your family. Think about things like: Acquiring an additional citizenship, establishing legal residencies, visa types, and job portability.
There are several ways to obtain a second (or third) citizenship, including the following:
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Birth: If you were born in a country other than your parents' country of citizenship, you may be eligible for citizenship in that country. This is known as jus soli, or "right of the soil," and it is a common way to obtain citizenship in countries like the United States and Canada.
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Marriage: If you marry a citizen of a different country, you may be able to apply for citizenship in that country. This is known as jus matrimonii, or "right of marriage," and it is a common way to obtain citizenship in many countries.
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Descent: If you have a parent who is a citizen of a different country, you may be eligible for citizenship in that country through descent. This is known as jus sanguinis, or "right of blood," and it is a common way to obtain citizenship in countries like Ireland, Hungary, and Italy.
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Naturalization: If you live in a country for a certain period of time, you may be able to apply for citizenship through naturalization. This typically requires you to meet certain criteria, such as passing a language test and showing a commitment to the country's values and way of life.
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Investment (CBI): Citizenship by investment is a program offered by some countries that allows individuals to obtain citizenship in exchange for an investment in the country. This can take the form of a financial contribution, property investment, or business investment. Some examples of countries that offer CBI programs include Antigua and Barbuda, St. Kitts and Nevis, Dominica, Grenada, Saint Lucia, Vanuatu, and Cyprus.
Overall, the best way to obtain a second citizenship will depend on your individual circumstances and the requirements of the country you are interested in. It is important to research the process carefully and consult with an immigration lawyer if necessary to ensure that you meet all of the requirements and complete the process successfully.
Golden Visas are a type of investment-based visa that allows individuals to gain residency or citizenship in a country by making a significant investment in that country. The specific benefits of a golden visa can vary depending on the country offering the visa, but some common benefits may include the ability to live and work in the country, access to education and healthcare, and the ability to travel freely within the country and other countries that have visa-free travel agreements with the country offering the golden visa. In some cases, obtaining a golden visa may also provide access to citizenship and the ability to pass citizenship on to future generations.
Many countries around the world offer golden visas. Some of the most popular programs that can also lead to citizenship after fees and residency requirement are met:
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Greece - $500,000
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Malta - $760,000
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Turkey - $400,000
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Portugal - $280,000 (*ending after 2023)
It is important to note that the requirements and benefits of golden visas can change, interested individuals should research the specific details of each program before applying.
Digital Nomad Visa is a type of visa that is designed for individuals who work remotely and are not tied to a specific location. Digital nomads typically use technology such as laptops and internet connections to work remotely and may travel frequently. These visas are designed to allow digital nomads to live and work in a particular country for a specified period of time, usually one year or more. Some digital nomad visas also allow for multiple entries and exits to the country, which is useful for those who may need to travel for work or personal reasons. Nomad visas are becoming increasingly popular as more and more people are choosing the digital nomad lifestyle.
There are several countries that are popular with digital nomads and offer visas that are suitable for this lifestyle. Some options include:
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The Bali Digital Nomad Visa: This visa is available to digital nomads who want to work and live in Bali, Indonesia for a year. It allows you to enter and exit the country multiple times during the validity period and gives you the freedom to work remotely.
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The Thai Elite Visa: This visa is available to digital nomads who want to work and live in Thailand. It allows you to stay in the country for up to five years and gives you the freedom to work remotely.
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The Portuguese D7 Visa: This visa is available to digital nomads who want to work and live in Portugal. It allows you to stay in the country for up to one year and gives you the freedom to work remotely.
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The Barbados Welcome Stamp: This visa is available to digital nomads who want to work and live in Barbados. It allows you to stay in the country for up to one year and gives you the freedom to work remotely.
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The Estonian Digital Nomad Visa: This visa is available to digital nomads who want to work and live in Estonia. It allows you to stay in the country for up to one year and gives you the freedom to work remotely.
It's important to note that these visas have different eligibility requirements and application processes. You should research each one carefully to determine if it is suitable for your needs and if you are eligible to apply.
Wander could be a useful for anyone interested in traveling and working remotely, as it allows users to search for and book a variety of travel-related services, such as flights, hotels, vacation rentals, and activities.
For Visa (work, travel, education, digital nomad, etc.) questions consider iVisa. They are a company that provides online visa and passport services. It allows individuals to easily apply for visas to travel to various countries around the world, as well as to renew or replace their passports. iVisa offers a range of services, including assistance with completing the necessary forms, checking for errors, and providing support throughout the application process.
Job portability can refer to an individual's ability to move between jobs within the same country, known as domestic job portability, or between jobs in different countries, known as international job portability. Domestic job portability can be influenced by factors such as the overall health of the job market, the availability of job training and education programs, and the flexibility of employers in hiring and retaining workers. International job portability can be influenced by factors such as language proficiency, cultural adaptability, and citizenship status.
In general, having a high degree of job portability can enhance and protect your personal freedom, mobility, and autonomy.
“Better three hours too soon than a minute too late.”
― William Shakespeare
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