While Andrew was visiting his lawyer in Panama, they had an interesting conversation on how there's a lot of investment coming not only from the US and Canada, but from Venezuela and other South American countries that are suffering economically. Due to less regulation in Panama, it is easy to do business and pay taxes without it restricting your business growth. If you spend 5% of your time trying to be in compliance with the law, what does your time really mean to you? Go where you're treated best.
Today's guest is Horst von Wendorff from Virtual Knowledge Workers. Horst runs a VA team in the Philippines and talks on some of the challenges he's faced while trying to do business there.
Key Takeaways:
Andrew's Editorial:
[2:10] Locate who you can trust. Bad lawyers are everywhere.
[5:25] Venezuelans, Colombians, and Argentinians are also investing in Panama.
[9:25] Interested in hiring a women?
[13:00] Countries with 'too many rules for your own good' are on the decline.
[15:45] If you need help, please email Hola@NomadCapitalist.com.
Interview:
[17:55] Andrew introduces Horst von Wendorff.
[18:30] Why did Horst become an entrepreneur?
[22:30] Was it scary to move to the Philippines?
[24:40] Did Horst ever have an ah-ha moment?
[27:40] What kind of flags has Horst planted?
[30:15] Horst talks Philippines tax.
[34:10] Banking was easy for Horst.
[35:05] Horst talks about the culture clash.
The Lighting Round:
[37:30] One business - time.
[38:20] One country – US.
[38:45] One book – Harvard Business Review.
[39:40] One tool – Smart phone, anything cloud-based, Office 360, cheap laptop, and TimeandDate.com.
Listener Question:
[43:40] Do you qualify for Russian citizenship through a family member?
[46:40] Andrew is unsure on the process.
[48:00] If you can get a Russian passport, take it.
Mentioned In This Episode: