Nomad Capitalist Audio Experience

The nomadic lifestyle is becoming more and more popular every day and it is inevitable that we will witness some changes in the time to come.

As people nowadays are earning a lot of money by working remotely or online they won't be satisfied anymore with living on a low budget in Thailand or Bali, just because everyone is doing the same.

That's why we believe that the digital nomad of the future will be an online entrepreneur that wants the best of everything - luxury, expensive prestigious things, etc.

A modern version of today's perpetual traveler who goes beyond the ordinary.

There are so many different types of tax all around the world - some less, some more obvious.

This video will help you get familiar with these 9 common types and hopefully motivate you to plan your tax reduction strategy more successfully.

00:57- Income Tax

1:27 -  Income Levy

1:52 -  Payroll Tax

2:28 -  Wealth Tax

2:53 -  Sales Tax

4:30 -  User Fees

4:58 -  Sin Taxes

6:33 -  Property Tax

7:32 -  Stamp Duty

Despite being the biggest and one of the most known banks in Hong Kong, HSBC bank may be one of the most problematic banks as well.

There are several issues that people run into while banking there.

First of all, because of the fact that Hong Kong is one of the biggest offshore havens in the world, HSBC started being suspicious and rejecting people who want to open an offshore bank account.

Furthermore, their employees are not so familiar with the individual cases, which makes the HSBC rather slow and inefficient.

Would you move to Tulsa in Oklahoma for a year and get paid $10K? There is a program, started recently, offering location independent US citizens to move to Tulsa and open their business there.

The only question is: Do you really want to move to Tulsa just because it's "free"?

You will still have to pay income tax, that's inevitable, and if you've already made a move to go to Oklahoma, you can go even further and live somewhere where you really want to be.

The important thing when planning your asset diversification is to think outside your home country and not store all of your wealth in the same place.

Always be ready for sudden changes and shocks and divide your money in entirely uncorrelated assets: have cash in lots of different currencies, hold some precious metals, cryptocurrency or stocks while choosing markets that are not co-dependent.

Also, investing in real estate around the world could be a good way to get second residencies or even citizenships, so always consider all possible options.

Have you ever heard of the lump-sum tax system?

It's a special kind of taxation, based on a fixed amount, rather than on the real circumstances.

What is interesting is that it is "reserved" for the ultra-rich people who don't want to go offshore to some distant countries in order to pay zero or really low tax, but rather wish to have more predictability regarding their tax payments.

The country that is the most famous for allowing this type of tax is Switzerland, which gives super-rich people a privilege to negotiate and fix the amount of their tax.

Travel bloggers and Instagram influencers are missing a big opportunity while traveling the world. Specifically, they're not looking for opportunities in the country they visit.

While countries like Iceland, Sri Lanka, and even Gambia have become go-to spots for the emerging jet set, few are aware of the banking, investment, and lifestyle opportunities there beyond a quick photo.

The world is constantly changing and one of the things you need to know is that bank secrecy is dead.

When it comes to the US citizens and Green Card holders, they already have FATCA - tax compliance act that requires all foreign banks to disclose and report US citizens' bank accounts.

However, there is another act called CRS (Common Reporting Standard) that is practically FATCA on a global level.

It is in force in more than 100 countries, including traditional "offshore havens", and it's making your accounts and your money completely transparent.

Banking in Armenia may just become the "next big thing".

It's a country very similar to Georgia when it comes to banking - they are both open to foreigners opening bank accounts and storing their wealth.

Also, they're not applying the CRS standards, which means you have more privacy, in addition to the high interest rates and the possibility to invest in their real estate market.

What is interesting about Armenia is that they allow you to bank in lots of different currencies - euros, US dollars, and even Russian rubles, which may be a twist you were looking for.

What is the "Nomad Tax Trap" and how can you avoid it?

With the growing trend of digital nomads and perpetual travelers all around the world, some of them believe that they are not obliged to pay tax in their home country, or any other for that matter, as they are always on the run.

However, governments and banks don't exactly like those people who claim that they "live nowhere" and they'll try to force you in many ways to pay your tax.

That's why it's important to know your base and your actual "tax home", so you can make a unique holistic offshore plan that will help you reduce your taxes.