As we all know, Asia is known for having great financial business, so moving there could be a great business move.But to do that, you’re going to need Asian second residency.
Western countries struggle to compete in these areas. . Sure, we have a stable society, we have relatively good governments and a safe life. But where are the opportunities to grow?
In most western countries, it seems as though things have become stagnant. If your dad was a millionaire, you’ll be a millionaire (or not, depending on how much you pay in taxes). But will you become a billionaire?
That’s probably not going to happen. It could, but it probably won’t. So, if you want to grow your wealth, expand your business, you’re going to inevitably move eastwards. But as you know, the world of business has gotten quite complicated.
So, what can you do?
Traveling isn’t exactly easy. Gone are the days where you could pack up your bags and move abroad. It’s becoming harder for westerners, particularly Americans, to move to Asia. Countries like China and Russia, with their turbulent relationship with the United States, have made it quite difficult for you to live, let alone settle there.
Luckily, some Asian countries with a massive global influence understand the importance of diversification and protection of assets. These countries have begun to offer second residencies to foreigners interested in their countries. We’re going to discuss these amazing places today and tell you exactly how you can acquire a residence permit there.
How Do You Move to Asia?
Everybody has pondered about moving abroad sooner or later. Whether it’s envisioning a better future for your family or better business opportunities; it’s typical to contemplate if the grass is truly greener on the other side.
Of course, the least demanding part of moving overseas is a residence visa. This will allow you to remain in the country of your choosing to apply for second residencies and even become a citizen in the long run.
Depending on your native country, the residence permit application strategies will vary. So, it’s crucial to check each country’s official migration site to get the best and complete image of where you want to move to.
You must also ensure that you have all the information about your intentions. Are you moving for a more compatible lifestyle? Or does it have to do with finances? Are you hoping to save taxes, or do you want to simply invest in Asia?
These are some of the questions you should be asking yourself before deciding where you want to go.
At Nomad Capitalist, we understand the importance of making the right decision at the right time. Therefore, we do our best to ensure that our clients have all the information at their disposal.
Our research team goes through great lengths to make sure that we have up-to-date, accurate information regarding various second residencies and citizenship programs. So, with this in mind, we think you should look at three things before moving.
3 Things to Consider Before Moving Overseas to Asia
We know that moving overseas is a big commitment. If you’re looking for ways to get strong second residencies to open Asian markets for you, then there are certain things you’ll want to keep in mind. If you want a change of scenery, there’s another set of things to consider.
Regardless of what you plan on doing, here are three things to consider before moving abroad.
1. Intentions for your Asian residency
It’s very important that you know what you’re looking for before you apply for second residencies. While there’s no such thing as too many second residencies, it’s important to know what you’re looking for.
2. Goals for Residency
Once you’ve established your reason for getting an Asian second residency, it’s important to lay out your plans clearly. Some Asian countries don’t require you to be physically present in the country all year-round to keep your residence permit valid.
Several Asian countries don’t mind if you enter the country once every year. So, you need to plan it all out. How often do you plan on visiting the country? Are your Asian residencies just a way of enhancing your second residence permit portfolio? Or, do you plan to live in Asia for the long run?
If it’s about business development, what are you doing to ensure that your business succeeds in the country?
3. Compatibility with the countries business and tax laws
The most important thing to consider when looking for an Asian country to move to is your compatibility. This can only be established once you have goals figured so make sure you’ve got that right.
Then you can get down to understanding whether a certain county meets your requirements. If you’re moving to a tax-friendly country in Asia, you need to ensure that you have your documentation right, so you’re not a tax resident.
Similarly, if you want to buy real estate in Asia and live there as early retirement, you should look at property prices and understand the market.
The 4 Easiest Residence Permits in Asia
Once you’ve established where you want to go, the next step is to get a residence permit. But depending on your native country, it can be difficult getting residencies for several Asian countries.
What can you do in this situation?
Unfortunately, not much. But this doesn’t mean that you can’t benefit from Asian residencies at all. In fact, you’ll be more than pleased to know some of the biggest emerging markets in Asia offer the easiest methods of obtaining second residencies.
Thailand is regarded as the second safe haven country in Asia after Singapore. You can apply for the Thai residency if you have lived in Thailand for a certain time and meet one of these conditions:
- You have possessed a Thai work visa for at least three years
- You have an “Extension of Stay” due to employment
- You have worked with a company (or have lived in Thailand working on your own business) for a year
- You can show proof of income of at least 80,000 Baht ($2300 USD) every month
- You’ve put in at least 3 million Baht ($88,000 USD) into a Thai private or public organization
- You are a Thai resident’s direct relation (parent, children, or partner)
- You have a BA degree and work in a place that expects you to work for three years straight
Also, it is important to note that Thailand limits the number of permit residencies that can be granted each year. At present it is 100 annually, which can increase or decrease at the government’s discretion.
Benefits of Thai Residency
With a Thai residency, you will have the following advantages:
- Unrestricted movement around Thailand
- No need to get a new visa every year
- No need to present a 90-day report
- Easily buy real estate in Thailand
- Easy Alien Registration Certificate procedure
- If you have kids during your stay, they will become Thai citizens
- You can work as an executive in a public company
- You can invite your non-Thai relatives and dependents to live with you
- You can apply for a Thai citizenship after five years
2. South Korea
South Korea is one of the most developed countries in Asia. It has extraordinary, futuristic city life, an adaptable government-backed retirement network, and a steady economy. South Korea is the place for every young entrepreneur to be.
In fact, the government realizes the potential. It has created ideal conditions for foreigners to start a business in South Korea. It’s an innovative hub with opportunities in Seoul and other areas.
With high standards of living, great workforce regulation, South Korea can be compared to some of the best western countries in the world. While it’s citizenship program can be a bit tricky, the South Korean residency can be obtained quite easily.
You can get a Business Investment Visa by:
- Investing 100 million Korean won, which would be around US$80,375 into your own company
- Investing around 100 million Korean won into someone else’s company and become a shareholder with +/- 10% ownership
- Investing 500 million Korean won into government bonds (300 million if you are over 55 years of age and have assets of another 300 million in Korea or abroad)
Benefits of a South Korean Business Investment Visa
Business Investment Visa in South Korea has several benefits:
- Right to stay in South Korea indefinitely
- Universal healthcare and high-quality education for residents
- Investment opportunities in a stable, highly innovative economy
- Create business opportunities without restrictions
- Chance to live in a highly-developed country
- Re-enter South Korea without needing a re-admittance card or visa
3. The United Arab Emirates
- In the UAE, there are three strategies you can take to receive a residence visa. The government has created a tiered strategy where, depending on how much money you put in, you get more and more benefits.
Types of UAE Resident Visas
As mentioned, there are many tiers of residency in the UAE. Depending on how much you spend, you receive a longer residence time period. For example:
- For an investment of $3 million (10 million Emirati Dirham), you will get a ten-year residence permit, also being called the UAE Golden Visa
- For a real estate purchase of 1 million Emirati Dirham (~$272,000 USD), you will get a two-year temporary residence permit. The property must be residential, and it must be retained for at least three years. A 1 million AED investment gives an investor a 3-year investor visa, while a 2 million AED investment gives a 5-year visa.
- If you start a company in the UAE, you will get a pass for 2 years, and then renewed for another 2 years. Note that there is a corporate tax in the UAE for the first time in its history to be implemented in mid-2023.
Depending on the size and kind of investment you’re willing to make, your residency options will vary. The permit options available include:
- 10-Year Golden Visa or Long-Term Investor Visa: for those making an investment upwards 10 million Emirati Dirham ($3 million USD)
- 5-Year Golden Visa or Property Investor Visa: for those making an investment of at least 5 million Emirati Dirham ($1.5 million USD)
- Retirement Visa: for those over 55, making an investment of at least 2 million Emirati Dirham ($500,000 USD)
- Company Investor Visa: for those who own or have shares in a company based in the UAE
- Employment Visa: for a foreign national working for a company in the UAE
- Family Visa: for the families of the individuals who possess any of the visa options mentioned above
- Domestic Workers Visa: expats may hire someone for domestic help with this visa type
- Specialist Resident Visa: this is a visa type offered to individuals with special talents in the field of science and knowledge to work and live in the UAE
- Student Visa: for those entering the UAE with the intent to study at undergraduate, graduate or postgraduate levels
The UAE Residency Process
Before you can apply for a UAE residence visa, you need to ensure that your passport is valid for at least six months. After gathering the necessary documents, you will be called to an application center to screen your documents
You will have to go through a clinical examination as well, and you are required to take your international ID and proof of income (including business contract, asset information, and more).
You will get a text message announcing the endorsement of your residency. The Zajil (UAE designated messenger), your PRO (public connection official), or you will be required to gather your identification and visit the residence permit office to get your permit.
Benefits of UAE Residency
The UAE residence permit has several benefits such as:
- Residents have to pay no taxes on their income
- Ability to register for and utilize government healthcare facilities and health insurance
- Being able to open UAE bank accounts, which is not possible if you are not a resident.
- Access to a world-class education from several top universities and schools in the world
- Invest and work freely without any restrictions
- Unrestricted movement around the UAE
- Visa-free travel to several countries
- Purchase or rent property (or you can purchase and then put it up for rent)
- Chance to live in one of the safest countries in the world
Manama, the capital of Bahrain, is an interesting choice for most people. But as a middle eastern country, there are plenty of opportunities available to you. You won’t feel as though you’re far away from the western world.
Like its neighbor, the UAE, Bahrain has several amenities to offer and a business environment that can be quite beneficial. Depending on your passport, you may need to apply for a specific visa type to enter the country. The process is typically very straightforward if you have a document sorted.
After you’ve gotten your initial visa, all you need to do is make your investment to get Bahrain’s residence permit.
For a low price of $135,000 USD, you can buy a property and receive a permit. Unlike the UAE and even Qatar, Bahrain isn’t a consumer-oriented middle eastern country yet.
You can say that it’s still quite low-key, providing entrepreneurs a great opportunity to make their investments and reap the benefits in the future.
If you have a family and are wondering whether it is a place worth moving to, the answer is yes. As mentioned, since it isn’t too commercialized yet, Bahrain has this lovely feel of hominess. If you’re a fan of middle eastern culture, the whole oasis in a desert experience, then Bahrain can offer you that.
You can see amazing skyscrapers predominantly in the capital city only and enjoy an amazing nomadic Arab lifestyle as well.
Property is also still relatively cheap compared to its neighboring countries. We think this is a great option you should not shy away from.
Other Options Are Available Too
These four Asian countries offer very simple second residencies to investors, entrepreneurs, and business people. As long as you invest in the economy, you’ll have a very nice residence permit tailored to meet your specific needs.
At the end of the day, what matters is how much you’re willing to spend. But these aren’t the only countries offering second residencies.
In fact, the Caribbean Islands are offering Caribbean citizenship by investment as well. Many European countries have started offering Golden Visas to seven and eight-figure entrepreneurs and investors as well.
To find out which of these passport and residency programs are perfect for you and your business, get in touch with our team today.
Nomad Capitalist is the world’s most sought-after organization for legal offshore tax strategies, investment immigration, and more. Our team comprises experts in all sorts of financial and immigration solutions. We believe that you should go where you’re treated best.
So, don’t miss out on this opportunity and let us help you today!