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Nomad Capitalist Live

Welcome. I’m Andrew Henderson – perpetual traveler, international entrepreneur, and citizen of the world. Each week, I share tips and insights gleaned from my world travels on how you can find more freedom, grow and protect your assets, and live a radical life on your own terms. I help you achieve your own freedom with my daily field reports, weekly syndicated radio shows, helpful products, and live events. Every year, I travel to about one dozen new countries (sometimes many more) in search of personal and economic freedom. My mission is simple: find the best places to live, start a business, and invest. I’m always on the go and exploring new places. No one place has a monopoly on freedom, opportunity, or happiness, and I make the world my oyster in search of the perfect balance. While on the go, I take the time to really understand what’s going on on the ground in each country in order to find the best places in the world to live, work, bank, invest, start a business, date, raise a family, and enjoy life. I value personal freedom above all else in life. Freedom to live how I want, free from bosses and their 9-to-5 work days and from greedy politicians that want to control me and steal my money.
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Now displaying: August, 2015
Aug 27, 2015

What does it really mean to be offshore and how much money are you losing by not going offshore? Andrew does the math for you and offers three tax scenarios for someone looking to save on their taxes legally. Remember, Andrew is not a lawyer or an accountant, so be sure to seek legal advise for your specific scenario over at http://nomadcapitalist.com/.

 

Chef Tim Tibbitts decided to open a fine dinning restaurant in the Bahamas, the first of its kind the island had ever seen. Tim talks on what that experience was like and if it's easier to open a restaurant business overseas compared to in Canada, where he's from. Tim also talks on the experience of getting his wife residency and touches on whether the Bahamas is 'too bureaucratic' on today's episode.

 

Key Takeaways:

Andrew's Editorial:

[2:00] What does it mean to be offshore?

[4:05] How much money are you losing by not going offshore?

[6:50] Andrew does the numbers for you.

[11:30] Remember, Andrew is not a lawyer.

[14:20] Not a US person and still want to leave your home country?

[17:40] Ireland's tax code is 40% over 34,000 euros.

[19:20] Don't want to leave the US, but still want to reduce your taxes?

[19:59] Andrew does a recap of the three tax scenarios.

[22:00] You can save a ton of money on taxes if you're willing to change your lifestyle a bit.

 

Interview:

[23:40] Andrew introduces Chef Tim Tibbitts.

[24:10] Why did Tim go from Canada to the Bahamas to open a fine dinning restaurant?

[26:15] Is it easier stepping up a restaurant business offshore?

[34:25] Does Tim recommend the Bahamas?

[36:30] Tim does a price comparison between the Bahamas and Canada.

[38:55] It's difficult for foreigners to come and have children in the Bahamas.

[40:25] What was the process for setting up Tim's wife's residency?

[42:30] Is the Bahamas bureaucratic?

 

The Lighting Round:

[45:40] One business Gourmet burger shop and/or wine store.

[46:15] One country Bahamas.

[46:45] One book - Don't Stop The Carnival by Herman Wouk

[47:45] One tool Prime Cost Wizard by RestaurantOwner.com

 

Listener Question:

[50:05] Can I exchange passports with someone else for money?

[53:15] Unfortunately the answer is no.

[54:45] Wouldn't it be great to exchange passports, though?

 

Mentioned In This Episode:

http://nomadcapitalist.com/

http://www.timtibbitts.com/

Don't Stop The Carnival by Herman Wouk

http://www.restaurantowner.com/

http://www.restaurantowner.com/public/department64.cfm

 

 

Aug 22, 2015

Andrew received a listener question that inspired him to write a Nomad Capitalist blog post. If you renounce your US citizenship, can you return to visit friends and family? The answer may surprise you. Andrew recommends that you understand the risks and whether or not they apply to you before making that decision. There are very few countries that have visa-free access to the United States and if you're planning to travel there regularly with a US passport, be prepared to experience some hassles.

 

Kisha Mays is the Founder of Just Fearless, a company that helps entrepreneurs build both national and global businesses. Kisha is also the author of From Failure to Fearless, which can be bought on Amazon. We find out how she got the entrepreneurial bug, why she decided to travel, and some tips on running a successful international business.

 

Key Takeaways:

Andrew's Editorial:

[2:15] Currencies are currently dropping.

[4:55] Purchasing property in countries where currencies are low can be very valuable.

[5:50] Email Andrew and let him know what you need help with.

[8:40] Please feel free to give Andrew feedback.

 

Interview:

[10:00] Andrew introduces Kisha Mays

[11:25] Why did Kisha decide to become an entrepreneur? 

[15:00] How did Kisha get into traveling with her business?

[18:20] Kisha talks why she went to Spain.

[20:35] How has Kisha diversified her business?

[21:25] What has Kisha's experience been with setting up her company in Hong Kong?

[22:50] Kisha recommends incorporating your company overseas and then operating in the US, if you want to.

[25:20] What kind of challenges has Kisha faced by having an international business?

[26:15] Kisha had a hard time starting her business in Thailand.

[27:30] What has made having an international business all worth while on a personal level?

 

The Lighting Round:

[30:20] One business – Tourist business.

[30:40] One country – Spain.

[31:10] One book – From Failure to Fearless by Kisha Mays

[31:35] One tool – Basecamp or Trello

 

Listener Question:

[33:15] If I renounce my US citizen, can I visit my family?

[35:40] There are 40 countries that let you go into the United States visa-free.

[37:55] What happens if you renounce your original citizenship once you have your second passport?

[39:50] The United States -might- grant visa-free access to 7-8 new countries.

[41:00] Understand if you renounce your US citizenships, you'll have the same visa restrictions as everyone else.

[42:30] There's no guarantee you can visit family or friends if you renounce your citizenship.

[44:00] Know the risks and understand if they matter to you or not.

[44:30] Feel free to contact us and let us know your story.

 

Mentioned In This Episode:

http://nomadcapitalist.com/http://nomadcapitalist.com/

Aug 12, 2015

The war on cash is trickling outside of the Western world and affecting places like the Caribbean, South American, and Asia. It is becoming more difficult to do a wire transfer from the United States to another country despite the money already being reported. If you own a significant amount of cash, then you should deeply consider moving it offshore to not one, but several different bank accounts overseas.

 

Kevin Chen is the co-founder of italki.com, an online language learning service where you can discover language teachers from all over the world. Andrew believes learning a new language could be an excellent step towards your flag planting strategy and talks to Kevin about doing business in Hong Kong and Shanghai.

 

Key Takeaways:

 

Andrew's Editorial:

[2:25] Do you love New York City? Well, you'd like Macao much better.

[2:45] Singapore has tighten the amount of cash you can bring in and out of the country.

[3:20] Andrew doesn't recommend putting your money in a briefcase and carrying it into a new country. It can be confiscated from you.  

[3:50] You could take roughly $30,000 Sing in and out of Singapore without it being taxed.

[5:05] The rules have now been changed to $20,000 Sing in cash.

[6:20] Carrying gold, cash, and other assets into Singapore is now not that attractive.

[6:25] Hong Kong and Switzerland have not changed their policies on cash.

[7:45] Accepting cash in the western world is very, very difficult.

 

[10:00] Hong Kong does not have a war on cash. 

[11:20] How do you get the money in/out of Hong Kong?

[14:35] Moving your money offshore and not keeping it in the US is what you should be doing.

[14:55] How do you move your money offshore?

[15:40] Wiring money, even reported money, is getting harder.

[15:50] Find a smaller boutique bank that's friendlier to other countries.

[16:45] Caribbean banks are having trouble getting money out.

[19:20] You need more than one offshore bank. Do not rely on just one bank account.

 

Interview:

[21:40] Learning a new language will help with your flag planting strategy.

[22:30] What was Kevin Chen's journey?

[25:10] Kevin believes there isn't a lot of personal freedom in the finance industry.

[26:30] What was Kevin's big 'ah-ha' moment?

[28:00] Why Shanghai?

[30:30] Chinese versus Filipino talent, is it better or worse?

[31:50] Why is Kevin's business based in Hong Kong when he lives in Shanghai?

[33:30] How could someone diversify in China?

[34:30] The cost of doing international business in China is raising.

[37:00] There is an entrepreneurial spirit in China.

[38:30] What's it like living in China?

 

The Lighting Round:

[39:25] One business – Connecting people to the Chinese world.

[40:15] One country – Taiwan.

[40:45] One book – Getting Things Done by David Allen

[41:20] One tool – Google apps. Gmail, Google docs, etc.

 

Listener Question:

[45:10] How do you get a second passport if you're born in a foreign country like Pakistan?

[46:15] Many second passport programs were developed specifically for foreigners and do not necessarily target just the US market.

[46:40] As long as you're not a criminal or a terrorist, you can get a second passport without a problem.

[47:20] Countries in Latin America are very open for second residency.

[48:45] Where you're born doesn't matter. What matters is where you live and your nationality.

[51:50] Europe will be an easier country to diversify in for someone of Middle Eastern descent than the Americas.

[53:15] Andrew would love to hear your stories. Feel free to email him.

 

Mentioned In This Episode:

http://nomadcapitalist.com/

The Best Offshore Banks Guide by Nomad Capitalist

https://www.italki.com/

Getting Things Done by David Allen

Aug 5, 2015

Singapore may seem like a great place to relocate to, but Andrew reminds the audience that it's not a tax haven. It's expensive to start a business in Singapore, especially when there are so many other options available. However, Singapore is an excellent wealth haven and a place to diversify your assets. Andrew does a comparison between Singapore/Malaysia and Singapore/Hong Kong.

 

Carol Merchasin makes her living off rental properties in Mexico and talks to Andrew about her journey from New York city to San Miguel, Mexico. Carol is the author of This is Mexico and she talks about some of the reasons why she moved to Mexico, the challenges, and much more on today's episode.

 

Key Takeaways:

Andrew's Editorial:

[2:00] Malaysia is a great country to live in.

[3:00] Andrew does a Singapore versus Malaysia comparison.

[8:20] What's the difference between Singapore and Hong Kong?

[9:35] Hong Kong is not as diverse as Singapore.

[10:50] If you're running a company in Singapore, expect to pay Singapore taxes.

[12:40] You need Singapore citizens to work for your company in Singapore.

[13:45] It's not recommended to start a company in Singapore unless you live there.

[15:15] Singapore is not a low tax country, but it is a wealth haven.

[19:00] It's not cheap to do business in Singapore.

[22:00] Feel free to contact us to get help setting up your offshore company.

 

Interview:

[23:55] How did Carol become an entrepreneur?

[26:15] Why did Carol start a business in Mexico?

[31:00] It's incredibly important to have the right lawyers, accountants, etc to make sure you're compliant with both US and Mexican law.

[33:10] It took seven trips to the IRS-equivalent offices before Carol could pay her taxes in Mexico.

[35:55] Why can't Carol do what she does in the United States?

[37:40] There's a huge expat community in San Miguel and there's a lot going on.

[38:10] What other challenges did Carol face by moving to Mexico?

[40:20] If Mexico is so great, why are Mexicans moving to the US?

[42:00] Mexicans are incredibly generous and family focused.

 

The Lighting Round:

[43:45] One business – Selling cheap food to the locals that they can then sell to foreigners.

[44:30] One country – Mexico.

[45:05] One book – Distant Neighbors by Alan Riding

[46:05] One tool – Facetime/Skype

[47:00] Carol would become a Mexican citizen.

[48:20] Mexico is based off of personal relationships.

 

Listener Question:

[50:30] We love answering your questions, please feel free to send them in.

[51:00] Can you get German citizenship through your German grandparents?

[52:45] Most countries consider your parents and not grandparents for citizenship by descent.

 

Mentioned In This Episode:

http://nomadcapitalist.com/2015/05/05/hong-kong-and-singapore-010/

This is Mexico by Carol Merchasin

We Aren't the World by Ethan Watters

Distant Neighbors by Alan Riding. 

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