Be very wary of the word 'free'. Free often means it lacks value and gives you a bad opinion over things with value that are worth the high-price tag. Andrew talks about how the island of Pitcairn is offering free land to those who want it, as long as they're willing to live there. Today's guest is Jiah Kim, an entrepreneur who went back to school to become a lawyer. She now uses her expertise to help serve others on an international basis. Listen in to find out more about her story.
Key Takeaways:
Andrew's Editorial:
[2:00] How is the world changing and how will you keep up with it?
[2:45] Why does nobody want 'free' land?
[7:50] If you want to move to Pitcairn, they've got some free land for you.
[11:40] Get away from 'free' things!
[12:40] Someone invited Andrew to an event and he explains why he didn't go.
[15:45] Free things reduce the true value of real, quality things.
[21:40] What's a really good investment worth? Well, it isn't free.
Interview:
[24:00] Why did Jiah decide to become an entrepreneur?
[25:55] Why did Jiah leave her entrepreneurship career to become a lawyer?
[28:10] Most people become a lawyer and then throw it away, but it seems Jiah did it differently. She adapted her skill sets to entrepreneurship.
[29:15] How does Jiah manage being a lawyer/entrepreneur at the same time?
[31:50] What was Jiah's 'ah-ha' moment to having an international business?
[35:45] What are Jiah's thoughts on Southeast Asia?
[38:20] In what ways has Jiah been diversifying herself?
[42:30] At what point is it considered that you've 'lived' in a country? Apartment in your name? A certain amount of friends?
[44:20] Jiah feels that when she travels often, she loses productivity.
[46:40] Jiah's biggest challenge to being a nomad is the lack of family support.
The Lighting Round:
[48:30] One business – Restaurant or water filters.
[49:45] One country – China or US.
[50:20] One book – Gone with the Wind by Margaret Mitchell.
[51:10] One tool – AreoPress.
Listener Question:
[55:10] How do you know when you need an asset protection trust?
[56:25] $500,000 is when you have to start thinking about it.
[56:30] But the real question is, why do you need a trust in the first place?
[57:10] By having a trust, what are you trying to accomplish?
[59:45] The better question to ask is, 'what are my threats'? And then solve those problems instead.
Mentioned in This Episode:
Gone with the Wind by Margaret Mitchell
Anything You Want by Derek Sivers
Andrew used to think that he knows best and shares a perfect example of how his mentality has changed over the years. Sometimes, you don't know best and you need others to take the lead so that you can get to where you want to be. This is why it's so important to surround yourself with professionals and experts you trust. However, with that being said, you also have to get off your butt and be willing to invest some of your time or resources to help others get you there.
Key Takeaways:
Andrew's Editorial:
[1:25] Sometimes the best thing to get done is nothing.
[2:10] Maybe some of this stuff isn't for you.
[4:30] Andrew shares a story about what happened to him in Hong Kong last week.
[10:05] Andrew doesn't want to feel good for an hour; he wants to feel good for the rest of his life!
[10:30] Andrew achieves success by trusting in the right people to get him there.
[10:50] Are you trying to be the expert when you actually aren't?
[13:55] You have to get off your butt and go take action.
[15:35] If you want to heal, you have to feel the pain.
[17:10] If you're not willing to invest your resources or time, then Andrew cannot help you.
[19:10] Why do people cheat? Andrew explains.
Interview:
[24:15] Why did Nick become an entrepreneur?
[26:30] What was Nick's big ‘ah-ha’ moment to start his business overseas?
[27:35] Why did Nick choose Asia?
[29:40] Nick talks about what Freedom Generation is.
[31:15] What countries have stood out to Nick for planting flags?
[32:40] What worked yesterday may not work today. Things change quickly.
[34:05] Some clients have concerns about people working overseas. They still don't understand the concept.
[35:00] How does Nick work around the time zone differences with his clients?
[36:00] Nick talks about hiring people online.
[38:25] What Nick would not be able to do if he was still in New York!
[40:50] What were some of the things Nick thought would go wrong, but didn't?
[43:10] What advice would Nick give to other New Yorkers?
The Lighting Round:
[44:25] One business – e-commerce or retail.
[45:15] One country – Vietnam or Cambodia.
[45:50] One book – The Personal MBA by Josh Kaufman and The 7 Day Startup by Dan Norris.
[46:40] One tool – Freedom.to
Listener Question:
[49:20] Where are the best countries with the highest real estate yields?
[51:15] You don't have to choose between cash flow and property. You can do both.
[55:10] Eastern Europe and West Asia offer lots of opportunity for yield if you know what you're doing.
[56:40] The best place for yield may be where you are currently.
[48:20] The real question is, where's your network?
[1:00:20] The real key to succeeding is to know what you're doing or have trusted experts to help you.
Mentioned in This Episode:
The Personal MBA by Josh Kaufman
The 7 Day Startup by Dan Norris
Andrew is a big supporter of writing things down. He talks about some of the key lessons he has learned from Tony Robbins over the years about taking action. He shares this knowledge so that you, too, can work towards something meaningful. Andrew asks an important question: “What are your ‘must’ items in life?” What do you want to achieve before you die?” Write them down now so that you do not get distracted by the shiny, but meaningless objects that pass you by.
Key Takeaways:
Andrew's Editorial:
[2:30] Andrew talks on how he wanted to create a different company culture for his business.
[4:15] You gotta have the right mindset when starting business offshore.
[5:10] Andrew and his team are setting aside time every day to learn how to be better at what they're already doing.
[8:10] How can we implement better service principles?
[8:40] Quick action steps: Learn, write down your takeaways, and build an action plan.
[8:55] What are your 'must' items in your life?
[9:10] Andrew explains the 80/20 rule.
[10:45] Write down the things you have to have & the things you want to accomplish.
[11:45] Stop looking at the next shiny object and look at your 'must have' item list instead.
[13:15] Create a life you're happy off!
[15:40] Ask yourself: What do I really want? Why do I want it? What do I need to do?
[21:50] Until you have your 'why', Andrew can't help you.
Interview:
[23:35] Andrew introduces Andy Galt.
[24:10] Why did Andy want to become an entrepreneur?
[25:25] What was Andy's big 'ah-ha' moment?
[26:50] Americans prefer to borrow, whereas the Chinese prefer to save to start their business.
[29:10] You can't really fix people in the Western world.
[31:25] Andy talks about running his web business in Georgia.
[32:50] Why did Andy pick Georgia?
[35:00] What are Andy's thoughts on Asia vs. Europe?
[37:15] What kind of flags has Andy planted?
[41:30] What has been Andy's greatest business success since leaving the US?
[44:20] Andy doesn't like hiring Americans.
[45:10] Are Americans really that lazy?
[46:05] What kind of challenges has Andy experienced overseas?
[48:30] It's a challenge finding love when you're a nomad.
[49:25] Why is Tinder a problem?
The Lightning Round:
[51:50] One business – Prepaid cellphone kiosk.
[52:35] One country – Croatia.
[52:50] One book – The Road to Serfdom by F.A. Hayek
[53:30] One tool – Evernote.
Listener Question:
[56:05] What is Andrew's number one criteria before moving to a country?
[59:00] Chile isn't the worst place to go, but it's not the best place either.
Mentioned in This Episode:
F.A. Hayek by The Road to Serfdom
The average person is often under the wrong impression that having an offshore bank account is only for criminals. Andrew explains that not only is it legal to have an offshore bank account, but you should have one in order to successfully diversify and plant flags all over the world. Andrew emphasizes the importance of aligning yourself with like-minded people that won't treat you like a criminal for planting new flags.
Andrew's Editorial:
[1:35] The mainstream media doesn't want you to have a second passport.
[2:05] Andrew has hosted his last Passport to Freedom event.
[2:35] The average person thinks if you have an offshore company you're a criminal.
[3:25] 40% of millennials wouldn't mind if the 1st amendment went away.
[6:00] Andrew shares a story about his friend losing weight.
[11:35] You have to motivate yourself to get things accomplished.
[16:00] If you invest $9 in yourself, you'll get $9 results.
[21:35] If you don't have wealth to protect, then come back when you're ready.
Interview:
[23:30] How did Nicholas get started in entrepreneurship?
[24:15] What motivated Nicholas to travel?
[25:15] By traveling frequently, Nicholas learned about a lot of cultural differences.
[25:55] Nicholas talks about his company.
[26:35] Why start a business in the UK?
[28:45] There's more developers in London, but they get paid less.
[30:45] Is it hard to setup a business in Germany without learning German?
[33:00] Nicholas says it's hard to find good talent in London.
[34:45] What kind of tax benefits/cuts are there for starting a business in London?
[37:10] Go through the extra steps and ensure your company is setup correctly.
[37:40] What other flags has Nicholas planted in the UK?
[37:55] Banking in the UK is difficult.
[40:45] Nicholas believes he wouldn't be able to start his current business in Germany.
[42:15] What kind of challenges has Nicholas faced?
[43:25] The world is really a small place.
The Lighting Round:
[46:05] One business – Catering.
[46:50] One country – US.
[47:35] One book – Zero to One by Blake Masters and Peter Thiel.
[48:35] One tool – Mindmeister and Tree House.
Listener Question:
[50:20] Can you get Malaysian citizenship after 12 years?
[51:25] Asia isn't always friendly for residency.
[52:10] Malaysian doesn't allow dual citizenship.
[53:25] Why do you really need a second passport?
[56:10] Keep your current passport and get something else.
Mentioned in This Episode:
Zero to One by Blake Masters and Peter Thiel
On last week's podcast, Andrew talked about practicing the law of abundance. He recently wrote a blog post titled “10 ways to use the Law of Abundance with Flag Theory”, hoping to help others live a life of abundance and not a life of scarcity. Today's guest is Kathleen Peddicord, the founder of Live and Invest Overseas. She shares her story with us and talks about why she moved from Paris to Panama City.
Key Takeaways:
Andrew's Editorial:
[2:00] How can you practice an abundance mindset in your life?
[6:00] Running from the Boogeyman is not going to solve your problems.
[10:00] Negativity is not the solution.
Interview:
[11:55] How did Kathleen's journey begin?
[16:15] What was the big 'ah-ha' moment for Kathleen?
[18:00] How long did it take Kathleen to start her business overseas?
[25:55] Panama vs Paris.
[28:45] Kathleen found Ireland frustrating.
[31:35] Starting a business today? Then go to Panama.
[36:25] Panama is influenced by the US.
[40:35] You need to accept a foreign country for what it is.
[42:25] How has moving helped Kathleen's marriage?
The Lightning Round:
[47:15] One business – book store.
[48:20] One country – France.
[49:30] One book – The War of Art by Steven Pressfield.
[50:40] One tool – Skype.
Listener Question:
[53:30] Andrew will be doing one-on-one consultations in February.
[53:55] Tony wants to pay less tax, but he can't leave the US. Is Puerto Rico an option?
[56:15] Andrew goes over Puerto Rico's residency requirements.
[58:40] You need a US tax lawyer.
[59:20] Andrew's advice? Go to another country and create a plan B for yourself.
[1:00:35] Where do you really want to be?
Mentioned in This Episode:
http://nomadcapitalist.com/2016/01/04/law-of-abundance-flag-theory/
http://www.kathleenpeddicord.com
http://www.liveandinvestoverseas.com/
The War of Art by Steven Pressfield
Andrew shares a story of a man who wanted to obtain a new citizenship in 2012, but due to inaction, he wasted three additional years before starting the process. This year, aspire to be someone of action and do not let the 'do it later' mentality get the best of you. Andrew also talks on the law of scarcity vs. the law of abundance and why you should almost always invest in yourself.
Key Takeaways:
Andrew's Editorial:
[1:40] Make a list of all the things you have been putting off.
[2:10] What haven't you accomplished yet?
[3:20] Don't let inaction hold you back.
[6:40] Take action quickly without over-analyzing.
[11:45] Do it now, not later.
[13:50] Invest in yourself.
[15:55] Andrew talks about the law of scarcity.
[19:50] By building a trustworthy network, you gain more valuable time for yourself.
[21:45] Practicing abundance is Andrew's New Year’s resolution.
Interview:
[24:15] Japan is not that expensive.
[25:15] Keith talks about the value of the Yen.
[26:40] How did Keith become an entrepreneur?
[28:00] What was Keith's 'ah-ha' moment?
[30:20] Why Japan?
[36:00] Keith talks Japan taxes.
[39:00] What was Keith able to achieve in Japan with his business?
[41:30] US vs. Japan banking?
[44:10] Keith talks about raising a family in Japan.
The Lighting Round:
[45:40] One business – Marketing.
[46:05] One country – A Scandinavian country.
[46:40] One book – No answer.
[46:55] One tool – Skype.
Listener Question:
[51:00] Remember to subscribe.
[51:10] How can someone do business in Somaliland when there are no international banks?
[52:15] Why Somaliland? Is it a right fit for you?
[55:35] Be cautious with the Somaliland market.
Mentioned in This Episode:
Andrew is excited to announce that Georgian citizens will soon be able to travel throughout the European Union without a visa. The law will be in effect at some point in 2016, so stay tuned for more information on Nomad Capitalist's website. Today's guest is Paige Donner, a startup entrepreneur based in Paris, France. She talks about starting her food and wine business and her experiences as a foreigner in France.
Key Takeaways:
Andrew's Editorial:
[1:35] Georgia is still the easiest place to open a bank account.
[2:55] Georgian passport holders can now travel visa-free throughout the EU.
[4:25] Singapore citizenship is difficult.
[7:45] Be careful who you listen to.
[9:40] Georgia is definitely an up and coming country.
[11:30] Andrew is looking for 4-5 people interested in planting more flags with him.
Interview:
[16:40] How did Paige become an entrepreneur?
[18:10] What was the transition like for Paige when she moved to Paris?
[23:20] Paige is filling a gap in the France market.
[25:35] Localize your business based on the region or city, don't try to cover the entire country.
[31:05] What kind of challenges did Paige encounter when starting a business in France?
[37:25] Is it difficult to become a French citizen?
The Lighting Round:
[39:15] One business – Food and wine
[39:55] One country – France
[40:20] One book – Moveable Feast by Ernest Hemingway
[41:30] One tool – Facetime
Listener Question:
[44:35] What's the process to finding good tenants and taking care of your property overseas?
[46:35] Invest in something you can handle.
[47:25] Good service providers are hard to find.
[48:50] Want to be successful? Have a strong network.
[50:55] By going to the Passport to Freedom event in Cancun, you will be exposed to a greater network of like-minded people.
[53:10] You can use Google, but it's not always the best way to go.
[55:35] Feel free to email Andrew with any questions you might have.
Mentioned in This Episode:
http://nomadcapitalist.com/2015/12/21/easiest-place-to-open-a-bank-account/
Moveable Feast by Ernest Hemingway
In Andrew's intro, he talks on taking a break from the nomad lifestyle and briefly touches on New Year's resolutions. Today's guest is Eric Highsmith, the director of Scottsdale Mint, a US based company that manufactures bullion. Eric discusses why you should diversify your investment strategy and how to safely transfer your gold to Singapore.
Key Takeaways:
Andrew's Editorial:
[3:00] Take a vacation.
[7:00] Tired of paying too much tax? Live somewhere else.
[8:40] Andrew didn't want to send 40-50% of his income to the IRS.
[9:30] You can save money!
[11:30] Take action now.
Interview:
[15:10] Why did Eric get into the gold market?
[21:10] Is gold a dead asset?
[25:20] How is Eric diversifying?
[27:30] Does he plan on branching out into other metals?
[29:40] How can you get your personal gold into Singapore?
[35:25] Biggest challenge of having a business? Partnering with the right people.
[39:15] Who you trust is very important for diversifying your money and portfolio.
The Lighting Round:
[40:50] One country – Singapore.
[41:35] One business – A bar.
[42:35] One book – Anything by Warren Buffett.
[43:10] One tool – Cellphone.
Listener Question:
[46:10] Subscribe to us on iTunes.
[46:25] Where to celebrate a Nomad New Year's Eve?
[48:15] Dubai, Abu Dhabi and other places in the Middle East.
[49:25] Check out European countries like Spain and Scotland.
[50:40] New to being a nomad? Go to Asia.
Mentioned in This Episode:
http://nomadcapitalist.com/
Sylvie McCracken is a former Hollywood celebrity assistant turned full time entrepreneur currently living in Abu Dhabi with her husband and 3 kids. She writes about treating and preventing health conditions with real food and natural remedies. Sylvie talks with Andrew about running her business overseas and why she moved to Abu Dhabi.
Key Takeaways:
Andrew's Editorial:
[1:20] The last Passport to Freedom event will be hosted from January 14th-16th.
[7:20] We're here to live the life of our dreams.
[12:00] At the Passport to Freedom event, Andrew will be talking about three residency programs.
[16:25] The speakers will be people who are doing exactly what you want to be doing.
[18:00] Why do you really need an offshore company?
[19:30] Don't do it just because someone else told you to.
Interview:
[21:55] How did Sylvia get started?
[23:30] Does traveling with a family make you more focused in your business?
[26:20] Why did Sylvie and her family leave the US?
[30:55] Why move to Abu Dhabi?
[31:45] Sylvie talks about Middle Eastern culture and common myths.
[35:30] How has Sylvia planted her flags?
[37:40] Was it difficult for Sylvia to get residency for the entire family?
[39:40] Sylvie believes the black market exchange could happen in North America.
[41:00] Biggest challenges? Efficiency.
[42:50] Is Abu Dhabi a first world place to live?
The Lighting Round:
[45:45] One business – Staffing company.
[47:15] One country – US/Argentina
[47:55] One book - The Big Leap.
[48:15] One tool - Trello
Listener Question:
[50:35] What's Andrew's favorite exotic food?
[53:15] You can get a second passport without living somewhere else full time.
[54:35] Nothing is holding you back.
[55:35] Don't copy the thought leader. Make decisions that are right for you.
Mentioned In This Episode:
The Big Leap by Hendricks Gay, PhD.
Andrew talks on how U.S real estate is often overpriced and doesn’t offer the best investment options money can buy. He believes that it's important to go where you're treated best and to not follow the herd. People looking to become a citizen of the world must network with like-minded people or else they'll be seen as crazy for not blowing their money on current trends. Today's guest is Angela Hood from ThisWay Global. Angela talks on what it's like as a U.S. citizen living and starting a business in London.
Key Takeaways:
Andrew's Editorial:
[2:00] What is the most important thing in a business? Sales.
[2:15] Andrew was watching Million Dollar Listing.
[4:05] Why are people paying so much money for real estate?
[7:45] People have short memories.
[10:00] Just because foreigners are buying U.S. Property, it doesn't mean they're right.
[12:40] Following the herd is a bad idea.
[13:20] Want to lower your taxes? Don't follow the herd.
[16:20] Nomad Capitalist can help you network with like-minded people.
[18:15] Email us your story and let's see if we can help you.
Interview:
[19:50] Andrew introduces Angela Hood. ThisWay Global
[20:45] Why did Angela decide to become an entrepreneur?
[22:40] Why did Angela leave the U.S.?
[24:50] It's harder to start businesses in the U.S.
[26:40] There's a lot of diversity in London.
[29:00] Americans miss out on a lot of opportunities by not traveling.
[29:30] What about the lack of privacy in the UK?
[30:30] Why did Angela choose to start a business in the UK?
[32:05] Angela recommends Czech Republic and Ireland for starting a business.
[33:30] Zero tax countries may not be the right place to go.
[33:50] How international is Angela's business?
[36:10] What is the greatest business success Angela has achieved?
[38:20] Pros and cons of getting funding?
[40:30] What is the tax situation like in the UK?
[44:35] Does Angela want British citizenship?
The Lighting Round:
[46:20] One country – U.S.
[46:40] One business – Food truck.
[47:35] One book - Tipping Point by Malcolm Gladwell
[48:25] One tool – Slack/Whatsapp.
Listener Question:
[51:25] How can you get a Thai passport?
[53:25] Asia is a bit inclusive.
[56:35] Getting residency in Thailand isn't cheap.
Mentioned In This Episode:
http://nomadcapitalist.com/http://nomadcapitalist.com/
Andrew does a quick comparison between Medellin, Colombia versus London, England. Andrew believes investing in Colombia is a great option right now. The people are incredibly optimistic about where the country is going and Colombian citizens are investing in their economy again. Today's guest is Mark Peters, who has relocated from New York to the UAE. Mark talks on some of the growing opportunities expats can find while living in Abu Dhabi.
Key Takeaways:
Andrew's Editorial:
[01:40] Andrew will be hosting a private event just for the Nomad audience.
[03:15] The Colombians are optimistic about their economy.
[05:50] Andrew felt safe in Colombia.
[08:15] Medellin vs. London?
[14:10] Andrew will be revealing his investment playbook at the Passport to Freedom event.
[14:35] London isn't optimistic.
Interview:
[19:55] How did Mark get started?
[24:25] Connect with other people to help take your investments to the next level.
[25:40] Why did Mark leave the US?
[28:10] It seems the Middle East and Africa are untouched by expat investments.
[29:30] Are people missing out by not considering places like Abu Dhabi?
[31:25] Should you look to the Middle East to set up a tech company?
[33:00] What's the weather like?
[34:05] Which flags is Mark currently planting?
[36:30] What's the banking like in the Middle East?
[38:40] What kind of challenges has Mark faced as a U.S. citizen?
[42:35] The UAE is already 80% expats and they are incredibly welcoming to foreigners.
The Lightning Round:
[45:55] One business – Disposing of furniture and renting apartments.
[47:15] One country - UAE
[48:30] One book – The Obstacle Is The Way by Ryan Holiday.
[48:55] One tool – Cam Card.
Listener Question:
[51:35] Do you qualify for a Hungarian citizenship?
[54:00] It's hard to actually get the documents you need, because they're on paper and archived somewhere.
[56:10] Prepare to spend a lot of time and money on this.
[57:55] It's not a cheap process, but it's a good passport to get.
Mentioned in This Episode:
https://twitter.com/amarkmanpeters
The Obstacle Is The Way by Ryan Holiday
While Andrew was visiting his lawyer in Panama, they had an interesting conversation on how there's a lot of investment coming not only from the US and Canada, but from Venezuela and other South American countries that are suffering economically. Due to less regulation in Panama, it is easy to do business and pay taxes without it restricting your business growth. If you spend 5% of your time trying to be in compliance with the law, what does your time really mean to you? Go where you're treated best.
Today's guest is Horst von Wendorff from Virtual Knowledge Workers. Horst runs a VA team in the Philippines and talks on some of the challenges he's faced while trying to do business there.
Key Takeaways:
Andrew's Editorial:
[2:10] Locate who you can trust. Bad lawyers are everywhere.
[5:25] Venezuelans, Colombians, and Argentinians are also investing in Panama.
[9:25] Interested in hiring a women?
[13:00] Countries with 'too many rules for your own good' are on the decline.
[15:45] If you need help, please email Hola@NomadCapitalist.com.
Interview:
[17:55] Andrew introduces Horst von Wendorff.
[18:30] Why did Horst become an entrepreneur?
[22:30] Was it scary to move to the Philippines?
[24:40] Did Horst ever have an ah-ha moment?
[27:40] What kind of flags has Horst planted?
[30:15] Horst talks Philippines tax.
[34:10] Banking was easy for Horst.
[35:05] Horst talks about the culture clash.
The Lighting Round:
[37:30] One business - time.
[38:20] One country – US.
[38:45] One book – Harvard Business Review.
[39:40] One tool – Smart phone, anything cloud-based, Office 360, cheap laptop, and TimeandDate.com.
Listener Question:
[43:40] Do you qualify for Russian citizenship through a family member?
[46:40] Andrew is unsure on the process.
[48:00] If you can get a Russian passport, take it.
Mentioned In This Episode:
Andrew Henderson talks on whether or not you should invest in the Iraqi Dinar and how you can diversify your US dollars. Andrew believes that if something appears too good to be true, then it probably is. He emphasizes the importance of doing your homework and to invest in what you have a good understanding of. Do not fall for get-rich-quick schemes, because those rarely come true. Today's guest is Nadine Hays Pisani. Nadine runs a bed and breakfast in Costa Rica and is the author of Happier Than A Billionaire. She talks on why she left her it all and moved to Costa Rica.
Key Takeaways:
Andrew's Editorial:
[1:30] Look out for the Passport to Freedom 2016 details in the newsletter.
[3:20] How can you diversify your US dollars?
[4:50] Should you buy Iraqi Dinar and Vietnamese Dong?
[10:40] Invest in what you know.
[13:45] Always do your homework.
[17:30] Easy schemes are what you have to be careful of.
[19:45] Take the emotion out of it and make a calculated decision on investment deals.
Interview:
[23:00] Why did Nadine become an entrepreneur?
[24:15] What was Nadine's ah-ha moment?
[26:55] The more you know, the more scared it can make you.
[30:20] Why Costa Rica?
[32:40] You can rent a house in Costa Rica for as low as $400.
[36:05] What other flags has Nadine planted around the world?
[39:45] You don't have to give up your US bank accounts and retirement funds to move aboard.
[44:00] Costa Ricans value their time.
The Lighting Round:
[46:05] One business – Reality show.
[46:40] One country – Italy.
[47:05] One book – No books.
[48:25] One tool – Skype
Listener Question:
[51:25] Can you open a Swiss bank account without a personal visit there?
[52:50] Most banks require you to be physically present.
[54:00] The door for Switzerland is closed unless you're rich.
[56:30] It is possible to open a bank without physically being there.
[57:10] Fast, easy, and cheap. Pick two out of the three.
[59:40] Check out the Nomad Capitalist book, The Best Offshore Banks.
Mentioned In This Episode:
http://www.happierthanabillionaire.com/
What does it mean to live in a low-cost country? Andrew cautions that low-cost economies do not necessarily mean it is your best option. Sometimes, you're better off by going where you can make the most money; where there's more opportunity. Traveling to a low-cost country also may not solve your core money problems. Andrew believes if you focus on the opportunities in a more expensive country and not the problems, you may be better off.
Ana Gusso is today's guest. Ana facilitates tours for Brazilians looking to travel to Australia and the Himalayan region. She talks on her experiences creating a business overseas and more.
Key Takeaways:
Andrew's Editorial:
[1:40] Andrew talks about the cost of living around the world.
[3:55] Why should listeners be careful of the 'low' cost of living?
[6:00] Andrew talks about the decline of the American standard of living.
[9:20] Moving overseas may not solve your underlining problems with money.
[13:25] Where can you make the most money?
[15:50] Consider spending a little bit more money to go off the beaten expat road.
[17:10] Focus on the opportunities.
Interview:
[19:55] Why did Ana start her business?
[24:55] What other locations did Ana look at before starting her business in Australia?
[27:25] What are the differences between selling to a development market versus selling to a tourist/poorer market?
[29:00] Differences in between Brazil tourists vs Australian tourists?
[32:45] Banking in Brazil was difficult compared to Australia.
[36:15] Ana talks about her dual-citizenship status.
[37:20] It's hard to become a Brazilian citizen.
[39:00] Ana talks about her travel experiences.
The Lighting Round:
[42:00] One business – A travel fair.
[42:35] One country – Not sure.
[43:00] One book – Rich dad, poor dad by Robert Kiyosaki
[43:50] One tool – Audible.
Listener Question:
[46:25] Does Andrew recommend banking in Panama?
[49:00] Panama banks are tied to FACTA.
[49:15] Andrew believes there are better banking options.
[50:40] Panama banks are a lot of hassle and they make things difficult.
Mentioned In This Episode:
http://nomadcapitalist.com/2015/10/05/the-decline-of-the-american-standard-of-living/
http://www.toptripviagens.com/
Rich dad, poor dad by Robert Kiyosaki
Should you move to Georgia and setup a business there? Andrew talks on his last trip to Georgia and how much he loves the government's efficiency in getting everything you need setup in one building. Andrew makes a valid point that entrepreneurs need to know what their time is worth. Is your time worth standing in lines and running around the country to get the needed paperwork or could you use that time to be making deals and making money? Georgia may be the place for entrepreneurs looking for a new start.
Key Takeaways:
Andrew's Editorial:
[2:35] Should you move to Georgia?
[5:20] Georgia's government is incredibly efficient.
[11:00] Georgia isn't no tax, but it certainty is low tax.
[14:00] Your time is valuable, which is why you should go where you're treated best.
[16:20] Entrepreneurs love banking in Georgia.
Interview:
[18:35] Andrew introduces Matt Newton.
[18:55] What does Matt think about Chile?
[21:00] Why did Matt become entrepreneur?
[24:10] Where has Matt traveled to?
[25:10] Is Chile pro-business?
[28:50] Will Matt be staying in Chile or become a perpetual traveler?
[30:30] What kind of flags has Matt planted?
[33:50] What kind of opportunities did Matt get in Chile that he couldn't get in Australia?
[35:15] Banking in the US was the hardest.
[37:10] Matt talks about the romantic side of things of being a perpetual traveler.
The Lighting Round:
[39:20] One business – Latin job boards.
[40:40] One country – Spain
[41:50] One book – The 7 Day Startup by Dan Norris.
[43:10] One tool – Minaal backpack.
Listener Question:
[45:35] What are the best citizenship by investment programs out there?
[49:45] You don't necessarily have to spend more money to get the best service.
[52:20] Visa free access to Europe may be a good option for you.
[52:55] Caribbean options can open you up to more borders without a visa.
[54:40] Nomad Capitalist can help you with this process.
Mentioned In This Episode:
The 7 Day Startup by Dan Norris
There are several countries in the European Union who will welcome entrepreneurs with open arms. Andrew talks on why you should maybe start a business in Europe in order to get into their residency programs and pay lower taxes. Ladan Jiracek is today's guest. He is the host of the Travel Wisdom Podcast and has been to over 100 countries. Ladan is currently residing in India with his girlfriend and talks on his experience living and starting a business there.
Key Takeaways:
Andrew's Editorial:
[1:25] If you're part of the Nomad Capitalist email list, you can get 80% off on Passport to Freedom.
[4:10] Should you get an European passport?
[6:25] How much do you have to invest to get an EU passport?
[9:00] You can apply to EU residency programs by starting a business.
[13:00] In some parts of Europe, tax procedures are easier than in the US.
[17:30] Andrew recommends at least looking at Europe.
[21:55] Where should you go? Where should you be in the next five years?
Interview:
[23:10] Andrew introduces Ladan Jiracek.
[27:20] It's never too late to start planting flags.
[30:25] It was only until a couple of years ago that Ladan thought about selling things abroad.
[32:10] Why India?
[34:00] Ladan is living off $400 a month. What does that get him?
[36:25] What business does Ladan plan to start in India?
[38:00] You have to go where you're treated best.
[41:00] What kind of flags is Ladan planting?
[43:25] What challenges has Ladan faced in India?
[45:40] Ladan talks on moving to India with his girlfriend.
The Lighting Round:
[47:40] One business – Accent services.
[48:10] One country – India
[49:15] One book – Money Master the Game by Tony Robbins
[50:35] One tool – Calendly.
Listener Question:
[53:10] What would you do if Bernie Sanders would be elected?
[54:35] Andrew will not be voting. He doesn't believe the expat vote matters.
[56:35] Can the country Georgia be the next Singapore?
[58:35] US expat tax will never go down, because it's corrupt.
[61:25] You can't vote for a safe haven.
Mentioned In This Episode:
http://nomadcapitalist.com/2014/11/21/39-countries-reduced-taxes-business-corporate/
https://travelwisdompodcast.com/
Money Master the Game by Tony Robbins
Andrew talks on the importance of planting digital flags and creating extra security measures to protect your business from possible domain seizures. The US believes all .com addresses are theirs and subjected to US law and taxes. The same can be applied to servers that are hosted on US soil. What should you do and what are the pros and cons if you were to host your website offshore? All of this and more on today's episode of The Nomad Capitalist Live.
Key Takeaways:
Andrew's Editorial:
[1:55] Where should you host your website and register your domain?
[4:05] If your servers are located in the US, you might be subjected to tax on your business.
[4:40] What are the pros and cons of hosting in the US?
[7:30] Pros and cons of hosting your website offshore?
[13:50] You never know when the IRS will audit you. A US server can get you into trouble.
[16:15] Where should you get your domain?
[18:55] Foreign domain names may not rank as highly in US/Canadian search engine results.
Interview:
[22:10] Andrew introduces Andrew Reich.
[23:15] How did Andrew R. get started in his entrepreneurial journey?
[27:40] Did Andrew R. ever have an 'ah-ha' moment?
[29:15] What's it like living in China?
[32:40] What kind of lessons has Andrew R. learned while running a business and being a traveler?
[36:20] What flags has Andrew R. planted?
[38:30] Setting up companies in Hong Kong versus US? Which is easier?
[43:20] Has Andrew. R experienced any problems setting up bank accounts?
The Lighting Round:
[48:20] One business – Consumer electronics.
[49:00] One country – US or Canada.
[49:35] One book – How to Win Friends and Influence People by Dale Carnegie.
[50:40] One tool – Basecamp.
Listener Question:
[52:10] Would Andrew recommend opening a bank account in Singapore?
[53:05] Andrew does not like HSBC.
[53:50] Opening a bank in Hong Kong is difficult.
[56:20] Western countries will put even more pressure on foreign banks to tighten up their polices.
[57:55] Andrew does recommend Singapore, but hurry before their policies change.
Mentioned In This Episode:
http://nomadcapitalist.com/2013/12/15/top-5-best-countries-host-website-data-privacy/
http://www.intouch-quality.com/
How to Win Friends and Influence People by Dale Carnegie
http://nomadcapitalist.com/shop/lp-offer-best-offshore-banks
What would the world look like for US citizens living abroad if Bernie Sanders is elected President? Andrew cites an article he read in Forbes on some of the tax damages US citizens might face and other consequences to their income if Bernie were to be elected. Andrew also let's the audience know that he will be selecting 5 people to help them develop a bulletproof action plan to better secure their financial future and plant multiple flags.
Ben Wolford is a freelance journalist and the Founder of Latterly, a digital magazine for international journalism. Ben Wolford talks on working as a freelance journalist in New York City, why he and his wife moved to Dominican Republic, and some of the challenges they've faced along the way.
Key Takeaways:
Andrew's Editorial:
[4:00] It's possible every tax break for expats may go away when a new President in 2017 comes into power.
[5:10] What's the tax risk if Bernie Sanders wins?
[14:05] What happens if you make half a million a year? What does that mean for your taxes?
[19:20] Andrew believes the US is going to remain in bad shape.
[20:05] Bernie Sanders wants to tax your entire income for social security.
[24:45] Andrew will be selecting 5 podcast listeners and helping them develop a bulletproof action plan. Please email Andrew (at) NomadCapitalist.com for more info.
Interview:
[26:55] Andrew introduces Ben Wolford
[27:20] Ben shares his story.
[30:10] When was Ben and his wife's 'ah-ha' moment?
[34:15] How has living abroad helped Ben's business?
[37:55] If Ben was in the US, he would not have an opportunity to start his business.
[39:45] What kind of flags has Ben been planting?
[41:30] Tax preparations for freelancers overseas is not easy.
[43:20] What kind of challenges has Ben and his wife faced?
The Lighting Round:
[46:25] One business – Food truck.
[47:00] One country – Italy
[47:22] One book – Homelands by Stephan Faris
[48:10] One tool – Google Docs
Listener Question:
[49:45] Nomad Capitalist doesn't want you to hide money or do things illegally.
[50:15] What does Andrew think about the South American citizenship programs?
[52:05] Be careful who you trust.
[55:05] Where can you get a passport in six months?
[56:15] Getting a high-end hook up is not going to help you.
[57:45] If you're a US citizen and have some wealth, Andrew can help you.
Mentioned In This Episode:
Andrew (at) NomadCapitalist.com
http://nomadcapitalist.com/2015/07/27/the-fastest-countries-in-the-world-to-become-a-citizen/
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:
Don't Stop The Carnival by Herman Wouk
http://www.restaurantowner.com/
http://www.restaurantowner.com/public/department64.cfm
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/
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
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.
The world is changing and it's changing fast. Do you have a backup plan for the growing entrepreneur economy? People from places like India are being forced to become entrepreneurs and are willing to work for low hourly fees. How can you keep up? Andrew announces his members-only workshop on how to grow an online business, build capital, and secure your future. Feel free to contact him for more information on the event.
Vincenzo Villamena runs an online tax business out of Colombia. He believes Colombia is the new nomad city in Latin America. He talks on how he made the switch from corporate life to moving to a completely different country. Medellin has become an excellent and safe city to live in and Vincenzo had no problem acquiring a visa within the first few weeks of living there.
Key Takeaways:
Andrew's Editorial:
[3:05] Before you go offshore, you need to have some sort of wealth or income.
[4:55] If you do not make a change to your income now, you will be thrown off the boat.
[7:00] In Taylor Pearson's book, The End of Jobs, Taylor says entrepreneurship is becoming the new normal.
[9:35] Andrew's mistake was not leaving the United States sooner when he had an established income.
[12:00] Do you have a plan when you aren't able to run your location-based business anymore?
[13:25] People in places like India are forced to become entrepreneurs.
[15:35] Don't listen to the politicians who say they can bring back 'more American jobs'. It's not possible.
[17:10] There will be a small members-only workshop hosted in Kuala Lumpur on Aug 27th..
[18:25] At the workshop, Andrew will teach you how to grow an online business.
[19:50] Email Andrew (at) NomadCapitalist.com for more info on the workshop.
[20:55] Not sure how to start? This workshop is for you.
[21:30] The ultimate safe heaven is knowing you're in control of your destiny.
Interview:
[23:00] Why did Vincenzo decide to become a tax entrepreneur?
[24:30] Vincenzo is glad he got the hands-on experience at a corporate company.
[26:20] Would working in the corporate world help your business?
[27:55] How did Vincenzo go from New York to starting his business in Colombia?
[33:00] Medellin is the new nomad city in Latin America.
[35:00] How is Vincenzo diversifying his business?
[38:00] Vincenzo was able to get his visa in a couple of weeks.
[40:55] There's Uber in Colombia.
The Lighting Round:
[42:30] One business – Something service-oriented targeting the expat community.
[43:05] One country – Italy.
[43:55] One book – The Four Hour Workweek by Tim Ferriss
[44:55] One tool – Solve360 and Asana
Listener Question:
[47:05] Rodrigo has a lawyer problem in Panama, what should he do?
[48:30] Lawyers can be slow to respond, especially in Latin America.
[49:55] Tips for finding a good lawyer in Latin America? Nomad Capitalist vets a lot of their lawyers. Contact Andrew or his team.
[51:35] Be patient. The government will be slow.
[51:55] Get help before you get started.
Mentioned In This Episode:
http://nomadcapitalist.com/
The End of Jobs - Taylor Pearson
https://onlinetaxman.com/
http://nomadcapitalist.com/2015/05/06/episode-006-offshoring-your-life-while-obtaining-a-mobile-but-rooted-lifestyle-with-gregory-v-diehl/
The Four Hour Workweek by Tim Ferriss
https://solve360.com/
https://asana.com/
Young couples have been asking Andrew about starting a family overseas and what the best options are for them. Andrew has written a comprehensive guide on 29 countries that will give citizenship by birth. He also talks on why having children in a foreign hospital will not only be cheaper, but the medical care will be just as good or better than what you will receive in the US. Michael Cobb is a successful business man and a global entrepreneur. He talks to Andrew on why he loves living in Nicaragua and why he believes Belize is a great option for offshore strategies.
Key Takeaways:
Andrew’s Editorial:
[2:00] How can we give our children the best opportunities?
[4:55] Have additional citizenships to pass on to your children.
[7:45] Medical tourism is a valid option and it can save you thousands of dollars.
[9:15] Why not have a baby overseas? Get great care for your child and save on medical bills.
[11:45] There are 30 countries that give citizenships by birth.
[15:40] It's possible to give 2-3-4 citizenships to your children.
[18:10] The Norman Guide to Foreign Real Estate is coming out this Friday.
Interview:
[21:15] How did Mike Cobb become a global entrepreneur?
[27:35] Is Belize a good option for investing and living?
[32:30] The quality of life in Nicaragua far exceeds the quality of life in the US.
[34:25] The things that cost more in Latin America are electronics, cars, and imported goods.
[35:40] How do you get your partner to move to a foreign country with you?
[37:30] Countries like Panama, Costa Rica, and Nicaragua are only two hours away from Miami.
[39:05] Mike recommends an English language jurisdiction for offshore accounts.
[44:25] Having a good mindset is key when traveling around the world.
Listener Question:
[45:45] Is Georgia a good place to be a resident?
[46:45] Georgia has made residency easy. You can spend 360 days in the country visa free.
[49:00] Andrew recommends Malaysia and Georgia as great places to be a resident.
[50:00] Georgia passport isn't great right now, but having a residency there is a good thing.
Mentioned In This Episode:
http://nomadcapitalist.com/2014/10/10/birth-tourism-countries-that-give-citizenship-by-birth/
There are two types of asset classes that are exempt from the IRS - precious metals and foreign real estate. There are great foreign real estate opportunities all across South America, Europe, and Asia where you can keep your life away from prying eyes. What makes foreign real estate so appealing is the ability to defer your capital gains tax as well as have a passive income.
Jeremy Levine, owner of La Escuela del Sol, talks Costa Rica and certain challenges with the locals. Costa Rica is an excellent place to live, but foreigners may find the laid back Costa Rican lifestyle challenging when it's time to get things done.
Key Takeaways:
Andrew’s Editorial:
[1:40] Let's talk foreign real estate.
[2:10] Look out for the new Nomad Guide on offshore real estate.
[2:40] When people move offshore they're looking for privacy.
[3:20] People also want currency diversification.
[3:45] There are only two types of asset classes that are exempt from reporting to the IRS.
[4:35] You can buy gold at Nomadgold.com.
[5:30] As long as your precious metals aren't stored in a bank, you don't have to report it.
[5:50] You also don't need to report foreign real estate.
[6:20] If you have a rental property, you do have to report the income.
[6:38] In the new Nomad Guide, it will explore 15 countries and the different foreign real estate options.
[6:55] Why should foreign real estate be of interest to you?
[8:25] It doesn't matter how low the taxes are when you're from a country that taxes worldwide income.
[11:18] US citizens have to pay taxes on their income no matter where they live.
[12:55] You can do a 1031 exchange on foreign real estate.
[14:10] Andrew believes there are some big problems in US real estate.
[15:10] Yields in Panama City can be as high as 10%.
[17:05] The Nomad Guide on foreign real estate will be out next week.
[17:20] Foreign real estate is an excellent way to have property kept from prying eyes, have passive income, and defer your capital gains tax.
[18:10] The jurisdiction you live in and the jurisdiction you're a citizen of is what you should consider.
[19:00] Many of the tax breaks you have at home are also applicable overseas.
[20:10] Lots of great real estate opportunities in Belize and further down south, Central and Eastern Europe, and some places in Asia.
Interview:
[22:30] Why did Jeremy move to Costa Rica?
[27:35] How did La Escuela Del Sol get started?
[29:40] How do you market fire dancing classes?
[32:25] Having good accountants is key to making sure you stay legal with the US and the country you live in.
[33:20] You get a $90,000 foreign income tax exclusion.
[34:10] You have 90 days to visit Costa Rica on a tourist visa.
[35:35] Jeremy had a friend who over stayed on his tourist visa and is now banned from the country.
[39:10] What kind of challenges is Jeremy currently facing?
[41:35] Follow your bliss. If you can work from anywhere, then why not work on a beach?
The Lightning Round:
[43:05] One business – Jeremy loves what he's currently doing.
[43:45] One country – Costa Rica.
[43:55] One book – Jeremy can't remember the name of the book.
[44:20] One tool – Microsoft Excel.
Listener Question:
[46:44] Alex asks about unreported offshore bank accounts.
[49:35] Remember, Andrew is not a tax professional.
[49:48] If you have unreported accounts, you need to get it in compliance. Talk to a tax lawyer.
[51:00] Ignorance to the law is no defense.
Mentioned In This Episode:
www.nomadgold.com/