As someone who grew up in the United States, Andrew struggles with the concept of what it means to be American. With new regulations, rules, and restrictions coming out, he is reminded again of what it means to be truly ‘home,’ which is this year’s Nomad Capitalist theme. In this week’s introduction, Andrew reminds the audience that it’s okay to let go of the country in which you grew up if it no longer serves you in a positive way.
[1:50] Are you traveling to the U.S. anytime soon? You might want to listen in to what’s in store for you. There are some new screening restrictions!
[3:20] Nomad Capitalist’s theme this year is the concept of home. Andrew shares a frustrating story he’s experienced with being ‘American.’
[4:00] If every other country in the world can get by with a certain set of standards, and if there’s one that can't, then there really isn’t much of an excuse for that outlier.
[6:45] Andrew is sad that the place he grew up in, the place where he comes from, has made things so difficult that he doesn’t even want to go back — not even to see his family!
[7:50] Andrew is in Portugal right now celebrating his birthday.
[12:45] For many of us, there are places in the world that do not serve us. However, it can be difficult to let go of the country where you grew up.
[14:15] As the year comes to an end, Andrew wants you to remember that concept of home and to remember the things that don’t serve you can be not a part of your home. And, that’s okay!
[16:30] How did the entrepreneurial journey start for Neil?
[18:05] Neil used to work as a chef for Gordon Ramsay. Gordon probably fired him about three times while he was working for him.
[23:10] No matter how successful we get, we never seem to be satisfied.
[25:45] When Neil decided to pack his bags and move to Australia, how did that adventure work out for him in the end?
[30:30] The 6 major English-speaking countries — U.S., Canada, UK, Ireland, Australia, and New Zealand — have the strictest policies when it comes to expatriation.
[36:40] Neil fell in love with France, until he realized how much money they wanted in taxes.
[41:55] What’s it like living in Portugal?
[45:10] Where does Neil find his talent?
[48:00] It’s important to ‘check-in’ with both your business and your personal life to make sure the things you’re striving towards/doing are still working for you and if they still make sense to you.
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Andrew admires Millennials. They seem to get it right compared to all the other generations out there. Why own a home, or even a car, when you can travel and live a more freedom-based lifestyle? Andrew recently came across a Bloomberg article about Porsche changing up their business model to entice more Millennials into buying their cars. Car manufacturers are struggling because Millennials aren’t interested in the challenges and complications of ownership.
[1:40] Porsche has a new subscription-based model out right now. Andrew reads an article from Bloomberg news about it.
[3:15] According to the article, the economy now has successful Millennials who have the financial power to own a high-end car.
[3:35] Andrew hasn’t owned a car for more than four years.
[5:20] The desire to own a car just isn’t there with the younger generation.
[7:40] Not owning a car is, frankly, fantastic. So much less stress.
[9:00] With the people Andrew works with, very few of them buy a car. Despite saving enough money in taxes to buy 10 luxury cars.
[10:20] Why do you want to be part of a system that forces you to own, forces you to pay high taxes, and gives you very little rewards in return?
[11:45] You can take advantage of the way the system (the law) is set up so you can go where you’re treated best.
[15:10] If Andrew ever wants to go back to the ‘ownership’ experience, he can… by renting a car for a day or for a month.
[16:00] Despite all the criticism Millennials receive, Andrew admires that they’re not interested in the status quo. They want a better quality life for themselves.
[18:15] Why are British people so darn likable?
[20:10] So many people in the UK have expatriated to other countries due to the bad economic situation that happened in 2008.
[21:20] What was Adrian’s journey into becoming a nomad?
[23:55] Lose your ego when you travel and be prepared to make a complete idiot out of yourself.
[26:20] When Adrian first went to Poland, it was 20 years ago and it was much, much different than it is today.
[28:25] What made Adrian decide to leave his home country?
[30:55] Andrew could never play the office politics very well and neither could Adrian. It’s one of the big reasons why Adrian became a nomad.
[32:05] After 20 years of traveling, what kinds of lessons has Adrian learned along the way?
[35:00] For many British citizens, Germany is quite the culture shock. How did Adrian manage so well in these ‘stricter’ countries?
[39:40] What made Adrian decide to settle down in one country?
[43:05] What’s the difference between the business mindset of the Czechs and the Polish?
[46:15] Doing business in Georgia with Georgians isn’t the easiest thing to do.
[49:10] Is Tbilisi the place to be for creative professionals?
[54:00] Is Adrian living in Georgia just on a tourist visa or how has he set that up for himself?
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Andrew recently received a listener question about having more than one home base and what the logistics were when it came to paying taxes. On today’s show, Andrew clears up any confusion listeners might have on the differences between tax resident, resident, and the country you’re currently living in. You can have more than one home base and still not pay any taxes in that country. Andrew explains how.
[1:25] Andrew reads a listener email, who disagrees with Andrew about living in more than one home base.
[4:20] Tourists don’t pay tax. In fact, tourists get treated better than citizens do.
[5:45] The world is becoming a more connected place, which is why it’s becoming more difficult to claim perpetual tourist and not pay taxes.
[8:30] How can you live somewhere without a visa?! The border agent was confused.
[10:45] As an example, if Andrew is a resident in Mexico, that doesn’t mean he needs to pay taxes. He can be a resident in Mexico, but also perpetual tourist living in other countries and he would have no tax obligations in Mexico.
[11:00] There’s a difference between tax residents and second residents and there’s a difference between where you spend time vs. where you’re a resident.
[14:15] Andrew believes choosing where you want to live in the world will become easier for U.S. citizens, only because other countries will be making it harder for their citizens.
[16:55] There are so many shades of grey in this system, which is why it’s so, so important to do all of this legally.
[17:10] FACTA and CRS are very important because they are changing the way this business works.
[17:55] Just because Andrew doesn’t agree with certain practices does not mean he believes in breaking the law. The law is the law and there are ways to work with it LEGALLY!
[18:50] How many home bases do you want? Let Andrew know!
[21:10] What made Tomas interested in the nomad lifestyle?
[30:00] How can we apply mindfulness to the nomad lifestyle?
[34:40] We create artificial busyness in our lives when all we really need to do is slow down and really consider what’s important to us.
[39:55] What’s Tomas’s number one favorite place to visit and relax?
[43:00] Tomas’s entire entrepreneurial/nomad lifestyle is based on being mindful and present with his needs and wants.
[44:20] Stop chasing things that do not serve you!
[46:55] Remember, the government makes the rules and there are legal ways to follow those rules and still get the benefits.
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