Here is what I have learned over the years being an expat.
Alot of what you read about opening bank accounts setting up residencies is not always accurate or cut and dried.
For example, some of the expat sites you may be reading or have read don't always have accurate information or up to date which is fine because everything is changing so fast in the western world.
Here is an example of what you will come across, some expat information sites are more marketing groups than getting good imfo on banking expating excetra.
Here is an example, some of these sites get a commision from law firms pointing you in the direction of getting a second passport from say Paraguay, which is embedded in your cost of setting up the residency leading to passport.
I dont have a problem with that but sometimes despite you paying all the fees if they are using a lawfirm or fixer that is incompitant you will never get the passport, in the time you expect. But because foreigners want a passport so badly and quickly they sign up for these programs then get pissed off if it takes them twice as long as expected or they dont get the passport because there lawyer fixee cut corners.
Another example is the recent surge in people applying for passports in Panama using the forming a company and keeping a bank account or corporate account of 5000 usd and paying all the fees government fees. I had an idea it woulnt work out because all the promoters were saying you didnt actually have to do any business with the account and in so many years you would apply for passport and get it.
Well what happened is and its still early inning on that program but its up to the immigration officer to decide if you qyaulify and I believe some of those officers will not grant you natualization and give you the passport.
Here is what I think is happening, said expat promoters are going to Panama setting up a program to earn a commision which I dont have a problem with which you pay upfront and the government gets a lot of "taxes, fees" upfront and then they change the rules in the middle of the program like added fees.
In the end I have heard people are learning that even though they followed all the rules they will not get there passport except the wealthier clients.
So, they offshore promoters get there cut and government offials there then some or the majority get shafted.
This has already happened in Equador.
Some foreigners who signed early for residency and passport got there passports, others who signed up latter as more foreigners flooded into the country and met all the requirements didnt.
Here is a recent example, the promoters of second passports told clients to get there application in and put a higher income requirement than needed to qualify. On the surrfice that makes sense and the clients who did followed the advise and have just been shafted even before they ever get a chance at naturalization.
The government just announced that all legal residents now have to pay a 17.5 persent tax on government health insuranse, so now these clients have to pay more tax in some cases 1000 usd or more, and for the people who put money in Equador to wire it out they have to pay the expat tax.
While im at it here is something to know, if you use the pensionado programs and or other programs where you have to disclose a sertain income to qualify or investment assets, you need to know that will be disclosed to the western government in the future or if Uncle Sam asks for it.
Most people dont see a problem with that but now the local government knows where you bank and your assets and Uncle Same too.
Whats the point is a lot of theses expat promoter sites dont tell you aboout the alternitives because they get no or less commision to tell you.
For example in some Latin countries you cant get residency on a penionado although Guatemala is one exception.
In most Latin countries from Guatemala to Chile just having a busienss or corporate account qualify's you and no proof of assets or income although in Chile you do have to pay yourself the minimum income.
There are more examples of this kind of thing related to residency and banking but I may write a past two to this if anyone shows interest.
Kindly leave comments especially if you disagree or think im wrong, or your experience was different.