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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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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

 

 

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