Is Holding Multiple Residencies a Good or a Bad Thing?

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Is having multiple residencies a good or a bad thing?

One thing that's important to clear up from the very beginning: you can have multiple residency permits which might be different than holding multiple tax residencies.
It is also possible to have multiple tax residencies.

Most countries in the world will consider you to be their tax resident if you spend 183 days or more in the country during one year. Also, a country can consider you a tax resident if you have a home or a center of vital interests in that country.
If you're a US citizen or a Green Card holder you will be considered a tax resident of the US, no matter where else you spend the time.

It is smart to plan in advance and hold multiple residencies so you can mix and match. However, you do not want to have multiple tax residencies, unless we're talking about zero-tax countries.

That being said, you can maintain your residency permit in multiple places relatively easily.
Some countries don't have minimum stay requirements: Bulgaria, Georgia, Panama, UAE, etc. So it's quite easy to keep your residency in lots of places.

It is certainly better to hold multiple residency permits. This opens more doors, and in addition to your passport, it can open some visa-free travel benefits. For example, holding UAE residency will allow you to travel to some countries without a visa, even though you would need to obtain one based just on your passport.

Multiple residencies can be very useful when it comes to banking as well.

Holding multiple residencies is quite smart because you are insuring for the future, so it's smart to take advantage of the opportunity while it's available to you.
Also, after some time your temporary residency will become a permanent residency, which is a valuable asset you will have for life.

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Author: Michael Rosmer

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