Hi everyone.
I am a low-risk (as per OECD) Asian national. I have already applied for an Antigua Citizenship by Investment but I am having a lot of second thoughts.
Note: My home country does not allow dual citizenship.
undefinedObjectives#-objectivesMy primary objectives for getting this citizenship are below, ordered by importance
I am a low-risk (as per OECD) Asian national. I have already applied for an Antigua Citizenship by Investment but I am having a lot of second thoughts.
Note: My home country does not allow dual citizenship.
undefinedObjectives#-objectivesMy primary objectives for getting this citizenship are below, ordered by importance
- Eliminate home country regulatory burdens like foreign asset disclosures and various other forms
- Financial privacy & freedom for the future - Where I only need to deal with the country of tax residence and NOT so much with my (too grabby) home country
- Optimise my taxes
- Ensure easy future cash out (if my holdings grow significantly in value) by residing and/or getting a citizenship in low tax, low compliance countries now (Note: My home country does not have exit tax)
- Better travel - My current passport is T3.
- Ease/Neutral US travel once a year - Close friends work & live in the US and it would be a shame if I couldn't visit them because of this passport (Note: I have already applied the US tourist VISA using my home country passport and got denied due to lack of ties to current residence UAE)
- Significant (at least to me) ($1.5m+) Crypto holdings.
- Some Real estate ($0.5m+)
- Been a UAE resident for 2+ years and have businesses in UAE
- No criminal background
- Remain in UAE as long as it remains a low-tax, low-compliance (relative to other reputed counties)
- Explore another long term residence in another country as a plan B
- Hold on to crypto as long as possible
- Slow travel quite a bit and figure out where I want to settle down eventually while building wealth
- Getting flagged as HIGH RISK, loss/difficulty of banking around the world/UAE, triggering EDD/more paperwork. Below is from a brief talk with compliance officer (acquaintance of friend) at a bank in UAE
Getting a CBI citizenship automatically flags your profile as HIGH-RISK and this will trigger EDD (Enhanced Due Diligence) for all financial activities in UAE (likely true for other jurisdictions as well). If your goal is to reduce your paperwork/fly under the radar, this is not the way to go, especially if you have crypto investments/trading and/or real estate in your portfolio and you are cashing out crypto through P2P/OTC/Real estate.
Click to expand...
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Getting a CBI citizenship automatically flags your profile as HIGH-RISK and this will trigger EDD (Enhanced Due Diligence) for all financial activities in UAE (likely true for other jurisdictions as well). If your goal is to reduce your paperwork/fly under the radar, this is not the way to go, especially if you have crypto investments/trading and/or real estate in your portfolio and you are cashing out crypto through P2P/OTC/Real estate.
Click to expand...
- Getting flagged in WorldCheck or similar databases and life becomes a complete mess
- Difficulty in getting visas (where applicable) and getting through border controls. CBI citizenship raises immediate red flags
One thread in this forum where a US citizen got their bank accounts closed within 3 weeks of receiving their Dominican passport in mail in 2022
Some unofficial reports of detention and/or deportation due to CBI passport in this forum
- One thread in this forum where a US citizen got their bank accounts closed within 3 weeks of receiving their Dominican passport in mail in 2022
- Some unofficial reports of detention and/or deportation due to CBI passport in this forum
- Antigua being considered as 7 (high risk OECD) country and what it would mean for me
