The new year is coming! This is the last podcast episode of the year. Andrew has a lot of things in the works right now, but 2018’s theme is going to be ‘commitment.’ Are you committed to going where you’re treated best, paying less in taxes, and living a freedom-based lifestyle? People who get by, by just doing the minimum, are going to have a hard time as new laws and governments get stricter. Be aware! Instead of doing the minimum, get committed and take the long but fulfilling path to freedom.
[2:50] Nomad Capitalist is growing up.
[4:45] Andrew doesn’t want to keep flying around for the sake of flying around anymore. There are some big changes coming your way.
[6:35] This year’s theme was home. Being a nomad doesn’t have to be about abandoning everything you care about.
[7:40] For U.S. Citizens living abroad, everything about your tax strategy has now been blown up with this new law.
[8:10] The entire game has changed. The answer for a majority of U.S. expats is that it’s no longer good to be a U.S. citizen.
[9:45] You’re not going to be able to get away with just traveling on a whim anymore. It’s coming to the point where you’ll need to prove you actually live somewhere. This applies to not just U.S. citizens.
[10:00] On the positive side, there are more and more countries out there that are developing.
[12:00] The theme for the new year here at Nomad Capitalist is ‘Commitment.’
[12:55] Andrew wants to work with people who are all in. This means entrepreneurs who make 6-7 figures a year.
[14:15] So many people who become a nomad just do the minimum, and it hurts them in the long run.
[19:10] Think about how can you be fully committed to getting a 2nd passport.
[20:10] Perhaps you don’t need to finish university, after all.
[23:00] Sam’s school wanted him to leave or they’d expel him. His only choice after that was to take an apprenticeship at an office.
[25:35] Why did Sam want to travel the world?
[32:25] Schools don’t teach you how to find a job.
[35:20] The school that kicked Sam out actually did him a huge favor.
[37:55] When Sam left the country, he went to Russia.
[42:40] Why did Sam pick Ho Chi Minh city to live in?
[48:20] What’s next for Sam?
[49:35] What advice does Sam have for those who want to live this lifestyle?
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On last week’s episode, Andrew discussed how it will potentially be harder for U.S. citizens overseas to live a tax-free lifestyle based on the new tax plans that have been proposed. With that being said, Americans are not the only people who will have to worry. The EU is also going to become stricter. As we round down for the year, why not make ‘getting a second passport’ a part of your new year's resolutions for 2018? You never know when you’re going to need that plan B.
[1:35] Lots of uncertainty right now for U.S. citizens living overseas.
[2:40] Andrew just picked up two new residency cards recently. He’ll be trying it out and seeing how it goes.
[4:05] A great new year's resolution for the upcoming year is to get your second citizenship!
[4:35] It’s going to become harder for EU citizens to pack their bags and go.
[5:25] Remember, the rules are getting stricter everywhere, not just the U.S..
[8:00] The new year is the perfect time to come up with your plan B when/if it comes time you are fed up with your home country.
[13:55] Why did Matt decide to become a nomad?
[17:50] When Matt went to Iceland for the first time. His mind was blown!
[20:35] Why are you addicting to the notifications? Stop it. Go explore the world.
[23:35] When Matt started Under 30 CEO, what did he learn about young CEOs?
[28:15] Matt realized that instead of blowing all his money on New York rent, he could take it and have meaningful experiences throughout the world. His money would last longer, too.
[32:45] Why did Matt decide to run a tour company? How did he get to this next step?
[36:45] Matt has offices in Austin, Texas and central America. Why did he decide to split the company up in this way?
[41:35] Right now, Matt’s company is an LLC in the U.S.. However, he is looking into maybe opening a company in Latin America.
[46:25] How does Matt design his tours? What can his customers expect?
[48:15] What’s the new ‘Iceland’ of the world?
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Andrew discusses how Americans might be affected by Trump’s new tax reform bill. By having an ‘America first policy,’ many American expats might find themselves in trouble. Nothing is set in stone yet, but what the tax bill is proposing should cause any American to become concerned. Andrew explains what you need to know if this bill were to pass ‘as is.’
[1:30] Andrew would like to touch on something that’s going to affect American Citizens; actually, it’s going to affect everyone around the world.
[2:15] How will the Trump tax reform impact U.S. expats (and also countries like Ireland, Australia, etc)?
[3:30] Based on what’s being proposed (which may change), you may be forced to pay a lot of tax if you live overseas.
[6:00] Remember, none of this is written in stone as of yet.
[6:10] Foreign income exclusion (what allows you to earn $100K tax-free) might be removed.
[7:00] America first policy is not good for those who want to live abroad.
[10:25] If you’re a high earner, you may have more incentive to abandon that U.S. passport.
[11:40] This year, Andrew has been focused on where he considers ‘home.’
[12:35] Andrew has heard the stories of what happened to Serbia from his friends, who are from there, and their personal counts will make you want to cry.
[14:20] There will always be options, and for so many people, the U.S. is not home.
[15:45] Not wanting to be American is just as much as about identity as it is about money. The way the government acts with its wars and finances, it shows they don’t care about you.
[17:00] Don’t feel defeated, just be prepared that changes will be made.
[19:55] Andrew believes it’s almost criminal that there’s no way you can live overseas without paying the mothership.
[22:00] From the U.S. to Chile, why did Nathan make the switch?
[23:55] How did Nathan find out about the 6-month startup program Chile was having?
[25:15] Why did Nathan want to leave his home country?
[26:35] Nathan’s business partner always wanted to study to abroad and it seemed like a natural fit for the two of them to go.
[28:00] What did Nathan like about Chile where it made him decide to come back more ‘full-time’?
[31:10] By leaving the country, Nathan was able to find out about some core issues within the team and he was able to fix it so that the business could still function on its own, making it a stronger business.
[34:20] Chile is considerably more expensive than say, Colombia or Ecuador.
[37:55] Why hasn’t Santiago, Chile progressed to a New York, Hong Kong, or Singapore level yet?
[40:25] Nathan discusses how Chile has changed for the better over the years.
[43:25] How do the Chilean people feel about immigration and foreigners coming into the country?
[47:00] What is Nathan’s company about and how does he help his clients?
[53:15] What’s happening in Venezuela is impacting the Chilean economy in a positive way.
[54:50] When it comes to free markets, where does Chile sit? It seems Colombia is faring better in this area.
[57:35] If your goal is to just make money, Nathan believes Asia has much better opportunities.
[59:15] What’s it like to date romantically in a country like Chile?
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