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.
Key Takeaways:
Andrew’s Editorial:
[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!
Interview:
[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.
Mentioned in This Episode:
Email: Andrew@NomadCapitalist.com
Email: Hola@NomadCapitalist.com