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: