Nomad Capitalist Audio Experience

Imagine if some really important country in the "world of second citizenships" suddenly decides to sell a certain number of passports for a lot of money.

Would people buy them? Would you buy, e.g. Swiss citizenship for ten million Swiss francs if it was for sale, in return for a strong passport and visa-free access to many important countries?

Having in mind that many developed countries do have financial issues, maybe this is not as impossible as it sounds.

In this video, we are going to share six different ways that will motivate you and help you save more of your money by going offshore.

There will be some obvious ones, like reducing taxes and costs of living.

On the other hand, there are also some more behavioral and human factors, such as reducing stress and compliance, increased revenue from feeling good or revenue from off-limits. These are maybe not so measurable, but that doesn't make them less important.

There have been a lot of stories and rumors about it lately and now it's here: the US Senator Elizabeth Warren has proposed a new wealth tax that would affect people with more than $50 million dollars on their bank accounts, regardless of how much they're earning and where's that money coming from.

What is interesting is that this proposal is going to turn the existing income tax system upside down and this is probably just the start, as the numbers and tax percentages are likely to go up over the years.

So this is the time when you should ask yourself: "Where is my country going?" And, if you don't like it anymore and you feel exposed and not secure enough there, you should maybe start making plans and strategies on how to go where you're treated best.

Are you familiar with the Blue Ocean Strategy?

It is a marketing theory based on market competition and it's a result of an experiment done with numerous companies.

The main point is - you shouldn't thrive for the "red ocean" and markets flooding with competitors but try to be the number one in your own industry, master of your own domain.

Be the pioneer and discover the "blue ocean". There is a whole wide open sea of opportunities waiting for you.

Before you start searching for the cheapest citizenship option, you should ask yourself: "What's my final goal? What are the benefits I want to gain from this?"

If you are just looking for a "safe haven", a place to retire and live peacefully, or a country where you want to work and study, the cheapest options are definitely citizenship by descent (through your parents and ancestors), as well as citizenship by naturalization.

However, if you are a six- and seven-figure entrepreneur and you want a second passport because of financial reasons, you know very well that "time is money".

In that case, citizenship by investment may be your best choice, as those processes in some countries are pretty straightforward, fast and can be cheap, too.

There are a few things you should know when opening an offshore bank account, even though today, according to their characteristics, they can be considered as "normal" bank accounts.

A lot of "regular" countries, also known as being "offshore havens", as well as their banks, usually accept foreigners.

What you need to remember is to always look professional when you go to the bank, to be prepared to tell details about yourself and your business, as well as the reasons why you want to open a bank account there.

Finally, apart from the traditional offshore bank account opening, where you have to be physically present, there are some other options, such as remote bank account opening and app-based banks.

But be careful, as they can be less reliable and efficient, as well as time-consuming.

At Nomad Capitalist, we like to say that there are three ways of setting off and leaving your home country - for tourism, traveling or living.

Whether you're still just a tourist or you decided to dive in and move your whole life to another place, it's important to have a certain routine, as it's really hard to run a multimillionaire business while dragging your suitcase all the time.

Another misconception about the Nomad Capitalist lifestyle is that being in a country or city completely different from your home doesn't necessarily mean that you have to do everything "local" - it's perfectly fine to live in the "Nomad Bubble" and keep that little piece of home all to yourself.

People love the idea of cheap, even six- and seven-figure entrepreneurs who are looking to open a company offshore in order to save their money on tax.

However, choosing the cheapest option, in this case, is not necessarily the best option because you may pay a high cost in the end for doing things cheaply and receive a low-quality service.

Therefore, it's important to take into consideration the reputation of the jurisdiction when opening an offshore company. Lower the jurisdiction - fewer and less reliable banking options.

Our advice is to invest more in your offshore company strategy and save time AND money in the long run.

Being a dual citizen and having more than one passport is still considered exotic in the eyes of many people. One of the things they are concerned about is how they are going to travel with more passports, which one to use and when.

However, there is nothing complicated about it, you just have to keep in mind certain things before you travel, e.g. if one of your passports is American or European, make sure you use it when you enter and exit these countries.

Long story short, make sure you understand the rules of a country you wish to visit and choose the most favorable option for yourself.

Are you familiar with Controlled Foreign Corporation (CFC) laws?

In most cases, they are an obstacle that stands in the way between your offshore company and legal tax reduction.

So if you think you can have an offshore company and remain living in your high-tax home country, like the US or Australia - you are wrong.

CFC law is exactly a tool governments are using to prevent that from happening and the only solution is to move your private life offshore, together with your business and wealth.