If you value your wealth and freedom that a Western country affords be cautious of cheap and possibly illegal online offers of residencies and citizenships. There are legal ways to pay fewer taxes. If you have a business or are thinking about starting one, you are going to need solid planning and tax advice to ensure you are not wasting your money by paying taxes that are not required of you. In fact, in July plan to visit the Nomad Society’s private event or in August Andrew Henderson will be personally assisting offshore first timers, both in SE Asia. Visit Nomad Capitalist to find out more. If you are an expat don’t forget FBAR’s are due at the end of June.
Key Takeaways:
Andrew’s Editorial:
[2:05] How to pay taxes as a digital nomad
[3:38] 3 different types of tax systems
[4:46] Citizen based taxation - U.S. & Eritrea
[9:12] Residential based taxation - Most developed nations
[14:04] Territorial taxation - Emerging countries
[17:04] Reduce taxes and stay where you are at
[18:20] How do perpetual travelers pay tax?
Interview:
[22:20] Following in the family footsteps
[23:12] Existing money may decrease your drive
[24:20] It’s so expensive to live in New York
[25:53] No holidays working in social media businesses
[26:42] Automating your business allows for personal downtime
[27:43] When Erica landed in India
[29:12] Mumbai welcomes you if you just jump in
[30:52] English as a first language helps economically
[33:13] Kickbacks are commonplace when it comes to paperwork
[34:14] Get a local accountant and one in your home country
[36:49] Perfectly legal tax options if you live overseas
[37:32] Being based in India gives Erica street cred with international customers
[39:12] Being a foreigner has helped with local clients also
[40:47] Customer service challenges are typical
[42:13] Nomadic companionships
The Lightning Round:
[43:40] One business - Apartment brokering service
[44:32] One country - India
[44:52] One book - Meditation books
[45:46] One tool - Evernote
Listener Question:
[49:14] Ahmed asks “Why is it that the second passport process that you speak of is so much more expensive than what I see elsewhere online?”
[49:28] Blackmarket second passports, Graymarket second passports and other scams
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