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.