As Andrew watches the Presidential Election one thing comes to mind: The system will not change. U.S. politicians want to make it seem like nomad business owners are traitors for hiring outside talent, but the reality is, the United States does not provide good enough incentives for so many business owners. It only makes sense to seek out better treatment elsewhere and hire overseas.
Key Takeaways:
Andrew's Editorial:
[2:15] Based on everything that’s going on in the United States right now, we’re not going to change the system.
[4:15] There are incentives to moving jobs overseas.
[5:50] When you hire U.S. people, you are subjected to U.S. tax, even if you don’t have a U.S. business.
[6:15] Let's not blame the corporations.
[6:30] Andrew and so many other nomads will not hire U.S. people living in the United States.
[8:00] Politicians want to make it seem like nomad business owners are traitors for hiring from outside the United States.
[9:00] With that said, U.S. citizens tend to be better trained.
[12:00] It’s a shame we have to hire talent outside of the United States, but that’s where we are treated best.
[14:55] Setting up an offshore company can be beneficial for U.S. citizens.
[15:25] You may not be able to get a Singapore bank account in the next three years.
Interview:
[19:00] Why did Neil decide to become an entrepreneur?
[21:45] When Neil made the leap to become self-employed, what was going through his mind?
[24:20] How did Neil make the transition from self-employed to entrepreneur?
[26:30] How do you really know when is the right time to start?
[28:50] If Neil could go back in time, he wouldn’t have gotten his PhD.
[30:25] How has Neil set up his business?
[32:20] What flags has Neil planted so far?
[33:20] Neil has had terrible banking trouble because he has an Indian passport.
[34:35] Why did Neil decide to outsource to Eastern Europe as opposed to Southeast Asia?
[38:20] If Neil was still in India or London today, what would he not be able to achieve?
[39:50] Neil talks about the relationships he’s developed in Finland.
The Lightning Round:
[42:00] One business – Omelette restaurant.
[42:40] One country – Indonesia.
[43:00] One book – Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime, by MJ DeMarco.
[43:20] One tool – Spotify.
Listener Question:
[46:25] Is Belize still a good place for a digital nomads to go offshore?
[47:25] Belize still has tax. It’s not a zero tax country.
[47:40] Andrew likes Belize.
[49:45] Unfortunately, if you’re from the West, you’re going to have a hard time doing it legally.
[51:25] Cayman Islands is another option, but they’re not cheap and they do not want cheap people.
[52:40] Countries all around the world don’t really trust Belize.
[53:35] Andrew would rather pay slightly more tax than deal with the headaches Belize offers.
[56:0] Remember, we want to be legal and Belize has a bad rep.
Mentioned in This Episode:
Email: Andrew@NomadCapitalist.com
Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime, by MJ DeMarco