Acquiring a new residency is a must for anyone seeking to become location independent. Partly for the tax benefits, partly for the opportunity to obtain a second passport. This guide covers the distinction between residency and tax residency, how to acquire a second passport as well as which countries have the best programs.
Residency vs tax residency
A residency is essentially a permission to reside within the borders of a country, usually for a predetermined amount of time. Most countries will grant residency provided that certain conditions are met. This can include having a job offer, being admitted into a university, marrying a local etc. Most countries will also grant long-term residents permanent residency provided that a sufficient level of integration has been achieved. It is important to understand however that being the resident of a country does not necessarily equate to being the tax resident of that country. Tax residency is determined by other factors such as domicile, physical presence and in some cases, citizenship.
To learn how to qualify as a tax resident of a country, please log into your Insiders Club account. Not a member? Click here to learn about the benefits of membership.
The road to a second passport
Acquiring a second passport may or may not make sense to you, it really depends on your long-term goals and personal circumstances. Module one of the Zero Tax Nomad course covers all there is to know about pros and cons of acquiring a second passport, how to go about it and how changing geopolitics may affect your plans. Click here to read it.
The best residency options
You can access detailed country guides by clicking on the thumbnails
To access the Zero Tax Nomad course, all our material about residencies / second passports and for personalized help, please log into your Insiders Club account. Not a member? Click here to learn about the benefits of membership.