Nomad Capitalist Audio Experience

There are a lot of misconceptions about offshore companies and what they represent, mostly thanks to the image created by the media.

Therefore, many entrepreneurs are reluctant to open an offshore company, because they think it sounds scammy or weird.

The truth is, an offshore company is just a company based in another country and because of that it gives you more power and control over the things that are important to you: lower tax rates, more privacy, less paperwork, etc.

Like any other sandwich, even the "Global Citizen Sandwich" has three separate parts, representing three segments of this specific lifestyle.

At the top of the sandwich, there is a place where you keep your wealth - financial hubs like Singapore, Switzerland, Hong Kong, etc.

In the middle is a place where you live and where you enjoy full freedom and happiness.

Finally, there is a place at the bottom of the sandwich where you grow your money, where you invest. Those are mainly upcoming countries with underrated prices.

The most interesting part is - they are all mutually exclusive, so you can make a unique combination for your own "Global Citizen Sandwich".

Even though the idea of opening an offshore bank account from your living room may sound appealing, things are not as easy as they seem and they are becoming even harder.

Given that the bank employees don't see you in person, you will have to file a significant amount of documentation, which can take more time and effort than actually traveling to the place where you want to open the account.

It also has to do a lot with the banks' quality and level of the jurisdiction of the countries which are open to remote bank account opening, so think wisely.

One of the most commonly asked questions we receive here at Nomad Capitalist is: What is the fastest way to get the second passport and become a dual citizen?

There are four different ways to do it, depending on your needs - some more, some less quick:

- citizenship by investment, which may be the fastest option, in cases of St Kitts and Nevis or Vanuatu; - citizenship by descent, mostly connected with European countries and Canada, with UK and Ireland being the quickest options; - citizenship by naturalization, where the "best" countries, in this case, are Dominica, Peru, Armenia, etc. - citizenship by marriage, that could be tricky, but also worth considering.

The bottom line is - know your end goal and what you want to achieve by gaining that second citizenship and choose wisely.

How can you reduce your taxes on poker winnings? What are the best offshore strategies for poker players, depending on where you're from?

Jack Sinclair, a professional poker player from London, will give his side of the story and some advice coming from his own, or his colleagues' experience.

How do you make sure that you are legitimately a Bona Fide resident when qualifying for the US foreign income tax exclusion?

Some of the people who came to us were convinced that it is enough to spend only one day a year in Panama, for example, and all your US tax will go away.

However, it's not that easy, so make sure you understand the tax law and all the other laws that apply to you before going offshore.

Nowadays, the concept of being location independent, having more flexible working hours and not being tied to one office is becoming more and more appealing, as a lot of people are starting to follow this lifestyle.

Are you one of them? Do you want a nomadic lifestyle and to travel the world while working as a freelancer?

Or you want to have one, two or more bases where you live and work and from there travel to different places for vacation?

The most important thing is to know what YOU want and not just replicate other people's lives.

Everyone's path is different - follow your own.

Want to go offshore to reduce taxes, build personal freedom, and grow your wealth?

Creating a plan that manages your global business structure, offshore banking, second residence, tax residence, citizenship, and investments is complicated enough in the era of the "Nomad Tax Trap".

However, many people who come to us ask "How do I maintain my offshore structure once it's set up?"

While it's true that some parts of an offshore plan will need to be renewed or kept up to date, a properly created plan won't need constant changes.

We all love getting something for free, especially when it comes to potentially expensive things like plane tickets.

If you are a digital nomad or perpetual traveler, you probably have tons of airline and credit cards for collecting airline points.

Those cards represent a tie to your home country.

Be aware, if you are trying to make a tax reduction strategy for yourself, maybe you should think about getting rid of those cards, as they are just making the process harder.

One of the most interesting ways to obtain second passport is through your family and heritage, that is, through citizenship by descent.

And Armenia could be one of the countries with the easiest process of getting this type of citizenship.

You don't have to learn their language nor their constitution - all you have to do is prove that you have Armenian roots by gathering relevant documents, such as birth or baptismal certificate.