Buy Gold, Get a Second Passport

one country is making a simple offer to help you diversify buy gold here and we'll give you a residence permit good for the rest of your life with a promised FasTrack to get citizenship today I'm going to tell you the details of how you can turn precious metals into a [Music] passport and these are usually two diversification tactics that we separate we tell people store your precious metals somewhere overseas we've talked about that at Nomad capitalist live Singapore Hong Kong Switzerland those are some of the top places to do that and then we've said get

your residence permit get your passport pay taxes do those in different places because the wealth Havens often aren't the best to live in they're not the places you can get the passport here's an opportunity in one upand cominging country to put the two together Sierra Leon in West Africa is following in the footsteps of Al Salvador with its $1 million Bitcoin Freedom passport and saying we want gold investors come here buy one kilogram of gold mined in our country pay a fee and we'll give you a residence permit for life it's a brand new residence

program and before you scoff at Africa let me walk you through everything that you get let me walk you through why this could be interesting as part of a broader portfolio one thing that's interesting is the country is promising a 40-day approval so in a time of longer citizenship by investment approval timelines 40 days is pretty darn good I'm not saying this is replacing your citizenship by investment but I'm saying uh they are looking to be very efficient with this and there's kind of a weird bonus offer they're throwing in I'll get back to that

in a minute the country sier Leone it is in West Africa you might have heard about it in the movie Blood Diamond no doubt about it within our lifetimes uh some very sad stuff going on there the country has overcome a lot and I'm not saying this is the next hot place to invest it is still very emerging but I always like it when countries come out and say hey we got to get some people to invest we want to bring investors here so the deal is one kilo of gold mined in sier leom they

want to support the mining industry it will be they say 99.99% gold it will be lbma certified uh they also say that as the price of gold increases gold now of course at record highs uh that they will reduce the amount of gold you have to buy so they're basically pegging it at you know today's kilo bar uh price of gold so that offer is about $85,000 that's the give or take the market price today for a kilo bar of gold that gets you a single applicant for this lifetime residence program I'll explain the uh

what you get in a moment they are charging a fee due diligence and processing fee no doubt this fee is a little bit high it's almost the fee probably they should be charging if they had a citizenship buy investment program so for a single applicant you buy the one kilo bar of gold that's yours to keep you're also going to pay $65 ,000 if you are a nuclear family it's the 1 kilo plus $75,000 so we've been seeing this trend with the last couple programs we talked about no Rus forthcoming citizenship buy investment program where

you add a couple Grand and the whole family gets added on there so if you have a nuclear family that's good if you want the extended family you got to double It Up 2 kilog of gold and increase your fee to 100 Grand so that would be your perhaps your sisters your brothers your uh cousins your parents Grand I mean we what they Define that as doesn't seem like as good of a deal what you're getting in return is sort of an instant truly permanent residence so a lot of countries will give you a temporary

residence that's where you start out with most of them particularly in Europe and in many countries in Latin America you start out with temporary residents now sometimes you can get citizenship by being a temporary resident but sometimes you have to convert to permanent and then you convert to citizenship everyone defines it a little bit differ some countries will let you go right to permanent so for example I bought a small apartment in Columbia number of years ago I got permanent residence sadly that program no longer exists in the easiest form uh that it used to

so sometimes you can jump right to permanent residents this is something that you don't see that much of where it's truly lifetime residents Saudi Arabia has a program they're charging about $213,000 Hey listen you'd probably rather live in Saudi Arabia from a tax perspective and just a lifestyle perspective than you'd rather live in Sierra Leon but the price of that lifetime residence for you and your spouse in Saudi Arabia 213 Grand you're paying a little bit less than about a third of that price in sier Leon obviously the pitch is Saudi Arabia is becoming a

bit more liberalized we've talked to people like zubie at Nomad capitalist live whove said I grew up there when it was more conservative it's a great place very safe very important uh thing to have in your life right now whereas Sierra Leon you're looking at more of the potential so you're going to pay a fee I do think the fee is a little bit steep quite frankly for what you're getting but you're also buying a kilo bar of gold and theoretically you could take that with you somewhere deal with the Customs requirement and keep that

wherever you'd like the process is fully remote you don't need to go to CR on they're saying at any time this program was actually advised and they helped to put it together by an old friend of mine the Hong Kong Visa Giza good to see him uh due diligence they claim will be strong but the paperwork from what I'm looking at looks pretty darn straightforward the weird bonus that I mentioned is they're adding a networking component where they're kind of creating like a foreign Investment Group like a country club of sorts for all the foreign

investors to get together and share their experiences from around the world and talk about investing in sier Leone and basically you know getting people together we do that for our clients with Nomad cist dinner parties over the course of the year we get people together all around the world they're saying they're going to do that in CR Leon if you get this residence permit uh you're also getting that access now the cool thing here is they're talking about a a forthcoming fast track to naturalization and what I'm imagining that will be is something like cambodia's

my second home program where you get to avoid some of the requirements that a normal naturalization case would get in order to get citizenship so uh in Cambodia you have to wait the same amount of time five years to be naturalized but if you do through the my second home program some of the more difficult requirements those go away I would imagine Sierra Leon this could be forthcoming any day or week now will be something similar wait a certain amount of time maybe do like what a Paraguay really talks about where it's like you have

to have some kind of financial connection to the country we want you to be invested we want you to have some kind of Link but I would imagine that a physical presence requirement um I think the language is English but a physical presence requirement would not be uh important sier Leon not a great passport but it is part of ecoas this community of West African States there's 15 of them what am I always telling you if you can get residence permits or particularly passports within those regions I think you're going to see as more of

these Regional blocks band together Allah La bricks but on a more Regional level I think you'll see some relaxed foreign ownership requirements for those apply I think you'll see easier ways to invest in businesses you might say hey what do I care about sier Leon well everyone that we've worked with in Africa talks about how you can start some of the easiest businesses in the world you can become insanely profitable we've heard stories of you know concrete businesses uh all sorts of stuff the same way I told you you know 13 years ago when I

was talking to you from Cambodia guy came here and started an ice cream P became a multi-millionaire I mean that's a lot harder to do in a western country and so if you want to invest in up and cominging places then I think having residents or again particularly citizenship in a block Ewa so sier Leon the biggest country in EAS is Nigeria and has its problems but I can tell you the Nigerian stock market up until recently was on part with Bitcoin for growth year to dat so a lot of opportunities there and potentially that's

what this kind of networking Association that they're offering is all about is getting together and pulling ideas how can you make money in serial Leon how can you uh make money in West Africa so this is something that you're doing for the future particularly once they roll out details on this naturalization fast trck if you don't to be there uh that could be interesting now we have talked about sier Leone on one or two occasions they have been doing citizenship by descent for folks who can prove a connection historically particularly from the United States this

is obviously different from that other benefit of sier Leone and I say this with great caution not part of the common Reporting System keep in mind what we do here is the goody two shoes of the offshore world is uh we're not playing hideand-seek we're playing as one guy calls it show and tell right we're going to be honest with where we uh where we live we're going to be honest with our other Banks we're going to be honest with everybody where we have to disclose where our banking is but if we can add some

privacy in a legal way I'm not saying Sierra Leon is the place I'm going to put much of any money right now but what you're seeing more importantly than privacy from not being part of CRS is we're a country that doesn't go along with what all the other countries want us to and what if I've been telling you for the last year or two African countries they're pushing out in particular France that's what these coups have largely been about is we're tired of what they call Western imperialism we'd rather be more buddies with Russia we'd

rather be invested in by China the US gives us a bum deal we're going to put Ser on first right that's the thing everyone talks about America first first sier Leone first and sier Leon African countries first that's what they're doing and so one of the things that they've been doing even going back to the global minimum tax is saying this doesn't benefit us to go along with your Rising taxes this doesn't benefit us to go along with your information sharing and I think what we've heard from people who were living in Africa during the

pandemic is there was kind of that mindset on that as well now obviously the average person living in Sierra Leon does not have the kind of means that most people watching this do if you have means having a backup that is totally detached where they're going the other direction no we don't want International harmonization of high taxes no we don't want to tax corporations more no we don't want to give you the information on our customers and our citizens there's something to be said for having that in your portfolio and it flies in the face

of there'll be nowhere to go and it all falls apart yeah if you have access to a 15 country block I'm guessing one of those 15 countries will emerge to the point where you if you have money could go and you could live there you could pay lower taxes and you could be left the hell alone that's to me the broader picture of what you're trying to get into it's like going and looking at a house a fixer uper the ceilings caved in everything there's mold there's rats running around but you're saying wow I can

really make this up into a beautiful property I think the price is a little high but you're getting a residence permit in any of these African countries or any other emerging country where you're like hey why would I want to go there you're investing in the future potential of the ability to go there whenever you want for the rest of your life not just hey every 3 years we we've renew it you're in for life you don't have to go there you keep it in your back pocket if you're 30 you keep it in your

back pocket for the next 70 years the world's going to change a lot in 70 years let alone 17 years you're investing in the future this is an ultimate Plan B and maybe it's not a plan B right this is you probably want to get a residence permit if you're an American Canadian an Australian British citizen maybe you go to Europe and you get a golden Visa first or some other kind of residence permit and that's the the play for today there's plenty of tax friendly countries in Europe you can move to now or you

get your citizenship by descent if you qualify for that so maybe you get that option as hey I could go there today if something happened maybe you get your second residence permit in a Latin American country where you don't really need to be there that much to keep the residence permit although you won't probably get to a passport all you've got to do is show proof of wealth everywhere from Mexico down to Chile or Uruguay lotss of residence permits in there yeah I'd probably look at those first but we've got more clients I've been telling

you this for a while now who are coming saying I want playing bcdef that's what I've done and I'll tell you I feel pretty secure I've got a little bit of African diversification in my portfolio and I feel good about that as much as it's not helping me that much today but I think you know in a time of Chaos in a time of increasing uh geopolitical and Military insecurity in a Time of countries raising taxes you know this is the kind of thing you want in your back pocket so we're going to be talking

about residents and passport opportunities like this more and in greater detail at Nomad countless live we're going to reach out to folks in si Leone to see if they want to participate so we definitely hope to see you every year at our 4day live event it will be again in qualum po this year this is the kind of stuff we talk about in Greater detail you get to meet and greet with people you get to hear people's stories we're going to have more focus on Africa people who move there people who are investing there opportunities

there not as the whole four days but as a couple of segments that you will want to hear and of course we help people put together their plan B at Nomad capital.com apply it's something that I think more and more people are realizing they need and I hope people realize maybe not as the first backup plan but as one of your backup plans something like this is in there Egypt has a citizenship by investment program which comes with a lot lower fees if you're will to lay out more money that's instant citizenship but you know

that's that's Middle East North Africa if West Africa is more your speed we haven't seen that much from that region ever since the Gambia was selling Shady passports in Hong Kong 15 years ago this could be something to uh pay attention to particularly once the citizenship details are rolled out