Nomad Capitalist Audio Experience

Should you worry if the EU were to split apart? What would that mean to the value of your EU passport? Andrew believes that if the EU were to break away completely, the good passports that are already good will still remain so. The British passport isn't going to become dirt just because they're no longer attached to the EU and the same applies to France, The Netherlands, etc. Andrew believes that you should continue to strive for a good EU passport and to keep doing things the right way.

Key Takeaways:

Andrew's Editorial:

[1:15] Andrew has set a personal goal to read 100 books in the 2nd half of 2016.

[3:40] Andrew writes in a gratitude journal every morning and night.

[4:15] One of Andrew's clients recently saved about $400,000 in taxes.

[6:40] What's going to be left of Europe in 5-10 years?

[9:45] Things are getting harder and harder.

[11:25] Remember, imperfect action is better than perfect inaction.

[13:15] Don't read the tea leaves. A lot of news articles aren't that relevant to you.

[13:45] Are you diversified? Yes? Then you don't need to worry.

[14:45] Make sure you're setup right to begin with.

[15:25] Focus on the end result that you want. Don't make things more complicated for you.

[17:15] Once you have a full strategy in place, you are going to feel a lot better.

Interview:

[21:05] Why did Yuri want to become an entrepreneur?

[24:35] You have more options when you learn a different language.

[30:15] Why did Yuri decide to go to China?

[32:10] How has Yuri planted flags in China?

[33:15] Accepting a foreign payment can take time in China.

[34:40] Is now a good time to find a job in China?

[36:00] Since China works on a global scale, they need skilled foreigners.

[36:25] What kind of benefits does China offer?

[37:15] It's quicker to climb the ladder than it is in Yuri's home country.

[37:40] Native English speakers have an advantage.

[39:10] No matter what you do, you can find your place in China.

[42:45] How easy is it to make friends in China?

The Lighting Round:

[44:20] One business – employment or social network.

[44:50] One country – China.

[45:40] One book – Think Like Chinese by Geoffrey Baker.

[46:00] One tool – Asana.

Listener Question:

[48:50] What's going to happen post-Brexit?

[49:50] If you have a good passport, it's probably going to remain a good passport.

[50:50] The British passport will not turn into a rag.

[52:00] Andrew still recommends working towards an EU passport. It's still worth it if you can afford it. 

[52:25] Even in the event of the EU falling apart, your post-EU passport will still have value.

Mentioned in This Episode:

www.nomadcapitalist.com/

Email Andrew: [email protected]

https://www.laowaicareer.com

Email Yuri: [email protected]

Blog: https://blog.laowaicareer.com

Call Yuri: +86 150 1053 2542

Why would a digital nomad want to open a business in Spain? It would be a disaster based on how things are going with the economy currently. Over half of Spain’s youth is unemployed and restaurants are closed down hours at a time. The Spanish people are not optimistic about their economy and there’s no outside forces that want to come in and fix it due to Spain’s horrible visa programs. Most of the talent has left Spain and the world is slowly discovering that Spain is creating a vicious cycle for itself.

Key Takeaways:

Andrew’s Editorial:

[2:15] Things you should be aware of in Spain.

[3:50] Nomad Capitalists may not like the direction in which Spain is going.

[5:00] Andrew is currently in Spain, just hanging out.

[5:25] Andrew believes the best hope for Spain is tourism and digital nomads.

[6:00] What’s the problem with Spain exactly? Andrew explains.

[9:05] Why would you come to Spain to run a company? It’s a disaster.

[12:45] Andrew loves Georgia, but he recognizes it’s a bit frontier. There’s no Starbucks, for example.

[13:55] When a country is going in the right direction, try finding an empty restaurant.

[14:15] Andrew believes Spain can turn around, if the government wanted to.

Interview:

[16:15] Let’s shake things up.

[16:50] Stephen flipped the script and gave up traveling to settle back in the U.S.

[17:30] Why did Stephen become an entrepreneur?

[19:05] Why did Stephen want to move overseas?
[22:35] Stephen grew up poor and one of his goals was financial freedom.

[24:30] What did Stephen learn in China?

[28:25] Did Stephen ever think that China would get ‘old’ for him?

[29:35] Why did Stephen go back to the U.S.?

[32:25] Stephen doesn’t feel like an American anymore.

[35:00] Most countries don’t want to do business with American citizens.

[36:15] Banking in the U.S. has been difficult for Stephen.

[38:35] If you’re going to leave the U.S., get an international friendly bank.

[39:30] The three things Americans obsess about is the weather, the traffic, and McDonalds.

[40:55] Why do you need an update on traffic?

[41:20] Does Stephen have problems dating someone from the same country now that he has traveled?

[44:00] It seems people outside of the U.S. are more fulfilling.

[47:25] What would you do if you knew you couldn’t fail and what would you do with the rest of your life?

[48:10] Invest in getting your mind and body right first.

The Lighting Round:

[48:35] One business - Marketing consulting.

[49:35] One country - Latvia. 

[50:15] One book - Awaken The Giant Within by Tony Robbins.

[51:45] One tool - Skype.

Listener Question:

[54:10] Sign up to the Nomad Capitalist email list to get all the latest updates.

[54:50] Why does Andrew not offer refunds on Nomad Capitalist products? 

[57:00] It’s not about selling more products.

[1:01:20] Thinking you can return the product makes you not want to use the product fully.

[1:02:05] Andrew has cut back on those books and products.

[1:03:10] People get the right results because it’s tailored to them and refunding products will just divert focus for the team.

[1:04:05] Quality over quantity is much more important for Andrew.

Mentioned in This Episode:

www.nomadcapitalist.com/

[email protected]

www.stephenhilgart.com/

Awaken The Giant Within by Tony Robbins

Andrew discusses the possibility of the government taking away your passport through some back door method that does not violate UN laws; Australia, Malaysia, and Turkey having the ability to suspend your passport for a number of years and the United States passing a law in 2015, giving them the same power. What happens when you're no longer able to leave your own country? When your passport is no longer valid? Andrew says that working on acquiring residency in a different country and/or a second passport should be done sooner rather than later.

Key Takeaways:

Andrew's Editorial:

[2:45] What happens when you can't leave the country?

[4:40] Andrew talks about a US law that was passed in 2015, which could potentially take US passports away.

[9:15] Andrew talks about Spain's unemployment problem.

[10:35] Even honest business men are having IRS problems.

[11:40] Malaysian citizens can have their passports taken by the government. Same with Turkey.

[12:35] Andrew does not recommend you get a Malaysian citizenship.

[15:45] It's always best to start the citizenship/residency clock sooner rather than later.

[17:55] Why are you getting a second passport? Ask yourself that question. Get clear on your ‘why’.

Interview:

[21:15] X is currently building a business in the Ukraine.

[21:30] Where is X from?

[23:15] Don't look back. Take advantage of the opportunities that are in front of you today.

[25:20] Why did X leave the US?

[27:15] Why did X pick the Ukraine as his home base?

[28:50] X wanted to go towards something he was not familiar with.

[31:30] X believes if you move around too much, it can have a negative impact on your children.

[32:55] What does X like about the Ukraine? Any surprises?

[34:50] Is it difficult to find English speakers? Yes.

[37:05] What kind of flags has X planted?

[39:00] What are Ukrainian banks like? They are currently terrible.

[42:00] X wouldn't have been able to start this type of business in the US.

[43:05] What kind of challenges has X experienced?

[44:20] X talks about the positives of being a nomad.

The Lighting Round:

[46:10] One business - Cosmetics.

[46:40] One country - Ukraine or Thailand.

[47:15] One book - The Go-Giver by Bob Burg and John David Mann.

[47:45] One tool - Asana.

Listener Question:

[49:25] Feel free to email Andrew any of your questions.

[49:45] How can you buy nutritional supplements in a frontier economy?

[51:10] There are limited options.

[53:00] It's better to send your items to a mail facility that can package them up and ship it to you.

[55:55] It's going to cost a little bit more, so is it worth your time?

[56:25] Andrew does not recommend Earth Class Mail.

Mentioned in This Episode:

www.nomadcapitalist.com/

[email protected]

www.essenceofemail.com/

www.asana.com/

The Go-Giver by Bob Burg and John David Mann

In today's quick intro, Andrew emphasizes the fact that 'off-the-shell' passports are no longer the go-to choice. That is because respective governments are noticing these people are potential tax evaders and are denying access to renounced citizens. Instead of finding the quickest and cheapest method, invest the time in securing your future and find a country you would actually like to live and be a productive citizen in, then acquire the passport.

Key Takeaways:

Andrew's Editorial:

[1:25] Spain is falling apart.

[1:50] Some countries in Europe have between 30-40% youth unemployment.

[2:50] Why won't Andrew buy property in Spain?

[4:20] If Andrew had to compare the US to Spain, he'd be more optimistic about the US.

[4:40] Can Spain even hit rock bottom?

[7:55] Andrew explains why you have to get your passport/legal documents done correctly and legally.

[10:10] Andrew is currently in the process of getting an economic citizenship and it wasn't cheap.

[11:05] The cheapest and fastest passport isn't always the greatest and Andrew doesn't recommend it.

[15:40] Will there come a day when the US looks at all the US-born people who have gotten off-the-shell passports?

[17:40] The EU is not looking to let a lot of people in right now.

[19:00] Planning on renouncing your citizenship or getting a second passport? You need strategy.

[24:00] Do things that will solve your problem. If you want to travel the world, then having a weak passport won't get you there.

Interview:

[25:45] Why did Milos want to be an entrepreneur?

[29:15] Rebellion is just a symptom of the entrepreneurial spirit that you have.

[30:45] Why did Milos leave New York for an education?

[34:25] What was the first thing Milos did to start his company in Poland?

[39:40] It was a difficult job to teach Polish staff the standards of customer service.

[43:35] Could Milos’s business work in Serbia?

[45:20] What are some of the pros and cons of Poland?

The Lighting Round:

[50:10] One business – Grocery store.

[51:20] One country – Panama.

[52:05] One book – Nietzsche.

[53:55] One tool – Evernote.

Listener Question:

[56:25] Why does Andrew recommend Cambodia and not Vietnam?

[58:10] People in China and Asia love buying real estate.

[59:35] Cambodia is a great place to invest.

[1:00:50] Time is not on your side.

Mentioned in This Episode:

www.nomadcapitalist.com/

Andrew currently loves Eastern Europe and talks about how to safely allocate your assets so that they work for you both on a short-term and long-term basis. Andrew recommends that entrepreneurs should first focus on creating a location-independent business that will give them the financial freedom that is needed to travel. Once you've established yourself there, focus on income-generating assets, and then focus a good 10-15% of your investment portfolio on long-term value investments like property.

Key Takeaways:

Andrew's Editorial:

[2:40] It's easy for folks to buy property in Eastern Europe.

[5:45] When you have the resources to invest, it's important to know how you're allocating those assets.

[6:40] The best way to allocate your resources? Have a location-independent business.

[9:00] Don't be held back by doing 'just one more' local deal in your country.

[10:50] If you have a million dollars, but no plan to keep generating more money, then you have to be more cautious with your investments.

[12:30] Income-generating assets should be a good part of your portfolio.

[17:40] Andrew talks on why he likes purchasing land.

[18:55] Andrew recommends to put 10-15% of your portfolio into something that has a long-term value.

[20:30] What's going on in Africa? Listen to today's guest to find out.

[21:35] Really take a hard look at your asset allocation.

Interview:

[25:00] Andrew welcomes Fabian.

[25:25] Why did Fabian become an entrepreneur?

[28:45] It was Fabian's dream to travel, so his business had to be location-independent.

[32:00] What is the coolest job in the world? Google had an answer for Fabian.

[34:00] What was Fabian's 'ah-ha' moment for creating a company that matched his lifestyle?

[35:40] What kind of flags can you plant in Africa?

[36:45] How does banking work in that side of the world?

[39:25] Fabian has learned four languages, thanks to traveling.

[41:15] Africa houses some of the friendliest people around the world. Fabian highly recommends you visit and see the culture for yourself.

The Lighting Round:

[41:55] One business – Don't know.

[42:55] One country – Chile.

[43:25] One book – Vagabonding by Rolf Potts.

[43:45] One tool – Calendly.

Listener Question:

[46:00] What does Andrew think about the hotel business in an emerging market?

[46:20] First of all, what is Andrew's definition of an emerging market?

[47:45] Andrew is not a fan of the hotel business in general.

[49:25] The hotel business is too expensive and it requires a lot of knowledge to successfully pull off.

[52:00] Start small. Perhaps a bed and breakfast-esque place first?

Mentioned in This Episode:

www.helpando.it/

Vagabonding by Rolf Potts

Andrew is excited to bring on Vít Jedlička, the President of the self-declared libertarian country Liberland. Vít is a politician, publicist, and an activist. During Andrew's intro, he expresses concerns about becoming a citizen of a country that is not yet recognized by the world. With that being said, he is pro-Liberland and loves what Vít is doing. Vít gives an update on the current political stance Liberland has with the rest of the world and so much more on today's episode.

Key Takeaways:

Andrew's Editorial:

[2:55] Andrew hosted one of the first mainstream conferences in the world to talk on Bitcoin.

[3:15] The Nomad Capitalist conference was also one of the first places to talk about Liberland.

[3:40] How do you plant flags in Liberland?

[4:10] Andrew doesn't have an answer for that question.

[5:20] How will Liberland be accepted by the rest of the world?

[6:50] Are you doing what's right for you?

[7:50] Want to bank in Hong Kong? That boat has sailed.

[9:15] What kind of recognition will Liberland have? Will it be the same as the Caribbean?

[11:35] Don't get Andrew wrong, he approves of Liberland.

Interview:

[16:35] Andrew and his team have been following Liberland for the past year.

[17:40] Why start your own country?

[20:25] What does Vít say to those who still believe a US President can turn the US around?

[23:15] Vít is happy when other countries are talking about Liberland.

[25:40] Vít has received more than 1,000 people from the United State apply for citizenship.

[27:40] What's the citizenship process for Liberland?

[29:25] What kind of investments/investors is Vít looking for?

[31:20] What's happening with the Liberland territory?

[32:40] You can plant any flag you want in Liberland.

[35:05] Vít points out that the Simpsons predicted Donald Trump would run for President almost 11 years ago.

Listener Question:

[37:30] How long should you be willing to wait for a second passport?

[38:20] How good of a passport do you want?

[38:55] What's the end scenario? Do you want to renounce your current one or just a backup plan?

[40:25] Perhaps waiting a bit longer for a quality passport is worth it.

[42:00] You can work on getting two passports at the same time.

Mentioned in This Episode:

www.nomadcapitalist.com/

[email protected]/

www.liberland.org

Liberland on Facebook

Andrew discusses some of the current Presidential candidates and where they stand on their expat policies. If so-and-so were to get elected, what would it mean to US citizens living abroad? Many of these candidates want to have a residency-based tax and not a citizenship-based tax. Andrew argues that voting for someone is just a passive insurance policy. Instead, you need to have an active insurance policy that will protect you from people who don't have your best interest.

Key Takeaways:

Andrew's Editorial:

[2:20] How will the new president affect the expats?

[3:35] New Zealand citizens are getting letters from their bank asking whether they are US citizens.

[4:20] A number of the republicans are against FACTA. 

[6:20] We still don't know what Trump's policies are on taxing expats.

[7:10] Ted Cruz, Bernie Sanders, and others are for a residency-based tax system.

[11:00] Will citizenship-based taxation ever come to an end?

[11:45] You have to seek an active insurance policy. Voting is very passive.

[15:55] An active strategy could just be having the right attorney and accountant.

[16:10] Bad professionals can do more harm than good.

[18:55] Where are your kids going to be born? Give them a backup option.

Interview:

[20:25] Andrew introduces Graham.

[22:00] What's the minimum you can do with the maximum amount of returns?

[23:30] “Follow your passion” is horrible advice.

[25:30] It used to cost a lot of money to start your business, now it's substantially much cheaper.

[28:35] The real juicy investments are the ones people won't even look at twice.

[30:15] What makes Graham want to help entrepreneurs?

[36:00] Graham loves meeting different people every time he travels/lives in a new location.

[38:25] What kind of flags has Graham planted?

[42:35] Start with the basics and open a multi-currency account.

[44:20] Don't chase cheap property. Invest in the best.

The Lighting Round:

[45:25] One business – AirBnB.

[46:25] One country – Japan.

[47:35] One book – Anything by Jim Rogers.

[48:40] One tool – Dropbox, Skype, ScheduleOnce.

Listener Question:

[52:05] Jeff asks, “What kind of cultural examples should I look for as I travel the world.”

[52:55] Lack of regulation can be very shocking from someone coming from a western world.

[55:20] There are a lot of benefits to Singapore, but here's the thing, Singapore also does not have free speech.

[56:40] You want to be able to accept certain cultural differences that won't affect you overall.

[56:55] What are you looking for?

[57:15] Eastern Europe has more freedom to run the business you want.

[59:10] The rest of the world has much more acceptance than in Western societies.

Mentioned in This Episode:

www.nomadcapitalist.com/

[email protected]/

www.upventures.io/

www.barefootjournal.com/

If you're wondering what it takes to become a Nomad

Key Takeaways:

Andrew's Editorial:

[1:10] How do you become a Nomad Capitalist?

[2:10] Your story is important. You have to put

[2:30] When people call Andrew, they always like to

[3:25] Traveling can be fun, but you have to know if

[6:25] So, what do you have to do to become a Nomad

[7:05] Always ask yourself 'why?'

[7:25] Don't ever lose sight of the why. If you don't

[9:35] Do what's comfortable for you. The answer is

[15:30] Get the right strategies in place and then go

[17:45] What does freedom mean to you?

Interview:

[19:40] Why did Olivier want to become an

[20:45] What were some of the things that pushed

[22:05] Olivier saw firsthand how broken his

[23:15] When was Olivier's big aha moment on becoming

[25:25] You sometimes have to let go of your old

[25:40] People stay in bad situations because they

[26:40] If you want comfort, this lifestyle may not

[27:40] If something is going to go wrong, there's a

[27:55] Have a plan B, but don't develop anxiety over

[28:15] Why did Olivier leave France and move to the

[32:05] Olivier talks about some of his favorite

[32:35] Let's talk banking, what has worked and what

[34:55] Olivier sees Thailand going down the wrong

[37:05] What kind of problems has Olivier run into so

[39:35] Hong Kong is becoming a mess in terms of

[41:25] The US bank told Andrew's mother to not bring

The Lighting Round:

[44:25] One business – something immigration related

[45:15] One country – Brazil.

[45:50] One book – Jonathan Livingston Seagull by

[46:45] One tool – Google drive.

Listener Question:

[49:05] What would make Andrew move if he was still

[49:30] Everyone says they're going to move to Canada

[50:20] If you love freedom so much, why not

[52:25] The system is the problem, not the person

Mentioned in This Episode:

www.nomadcapitalist.com/

[email protected]

www.1040abroad.com/

Jonathan Livingston Seagull by Richard Bach

Andrew discusses some of the pros and cons of owning agricultural land. If you're interested in purchasing agricultural land, then you must have a trusted lawyer by your side to make sure everything is in compliance with the law and that the deal you're about to go through is 100% legitimate. Too often you hear horror stories of people getting screwed over by bad apples. Andrew also recommends to look into agricultural land throughout Eastern Europe, as it is often far cheaper than agricultural land in Latin America and many other countries. 

Key Takeaways:

Andrew's Editorial:

[2:20] Jim Rogers believes sometime in this century farmers will go back to holding all the wealth.

[3:00] Andrew talks about The $10 Trillion Prize.

[4:40] On a large scale, cows take a lot of land compared to rice fields.

[4:45] This is why people talk about agricultural land being so valuable.

[5:20] The problem with agricultural land is that it's not only a long term investment, but also an expensive one.

[6:20] There are other compelling reasons to own agricultural land. 

[7:55] Andrew wants your feedback about the investment he is making.

[9:15] Being on the ground is often better than being online.

[9:55] Most people don't have $7.2 million to put into agricultural land.

[10:05] Andrew is acquiring a small cattle ranch in Eastern Europe because it's cheaper.

[11:15] If you can't get the top lawyer in town, then get the best lawyer you can and pay them!

[13:55] There aren't a lot of good metrics on what agricultural land is worth, which is why you need to have people you trust, like lawyers, by your side.

[20:15] Have a lawyer, have a lawyer, have a lawyer.

[23:05] There are places where you can get residency if you purchase agricultural land.

Interview:

[23:45] Andrew introduces Daniel.

[25:10] Daniel had both Swiss and US passports at birth.

[27:00] Daniel talks on why he decided to renounce his US citizenship.

[29:40] What was Daniel's big aha moment?

[30:15] The US policy on how they handle their US citizens living overseas is disturbing.

[30:40] Why Switzerland? 

[34:10] What did Daniel do after he renounced his US citizenship?

[34:40] Switzerland has no capital gains tax.

[34:50] What other flags has Daniel planted?

[35:50] Daniel's 11-year-old daughter is a US citizen and she is also running into some problems.

[40:25] Does Daniel go back to visit the US?

[42:25] Daniel feels like it's easier to go back to the US as a non-US citizen than as a citizen.

[43:50] What kind of problems has Daniel faced since he renounced his US citizenship?

The Lighting Round:

[48:50] One business – any type of business online.

[49:25] One country – Switzerland.

[50:15] One book – books on renouncing US citizenship. 

[50:55] One tool – The American Expatriates Facebook group.

Listener Question:

[53:30] How do you stay healthy while traveling?

[55:15] Andrew recommends apple cider vinegar.

[57:05] If you feel bad, stay in and just knock it out.

[58:40] There's usually a pretty simple solution to most things.

Mentioned in This Episode:

www.nomadcapitalist.com/

[email protected]/

The $10 Trillion Prize by Michael J. Silverstein

https://www.facebook.com/groups/AmericanExpatriates/

It's that time of year again where, guess what, you're paying high amounts of taxes. If everyone around you is getting excited about their refund check and you're not, you already know you're different. This year is the best time for reflection and to find out what you truly want. Don't wait another year to achieve the financial freedom you so desire and crave.

Key Takeaways:

Andrew's Editorial:

[1:45] It's that time of year again...to pay taxes.

[2:10] Why don't you blow your refund check on some brand new patio furniture?

[3:40] If you're listening to the show you already know you're different.

[3:50] No one is ever going to commend you for getting an offshore back account.

[4:15] There is a growing feeling that the western government is there to take care of the people and if you don't feel that way, you know you're different.

[8:00] Don't save. Rely on social security, because the politician said so.

[10:30] Focusing on why a politician is bad does not help solve the problem. You have to understand how the impact of so-and-so person being elected will affect you.

[11:25] Eastern Europe has some of the lowest tax rates in the world.

[15:20] If you live in the US full time, expect to pay.

[15:25] You're looking for a new way out? A new president isn't going to fix that.

[16:35] If you're uncomfortable with writing the IRS a big check every year, then you need to make a change.

[20:15] This is a good time of the year to reflect on where you really want to be financially.

Interview:

[22:05] Why did Ashley want to become a freelancer?

[23:20] Teaching English overseas is not everyone's dream job.

[23:30] What was Ashley's big ‘aha’ moment?

[27:05] Why did Ashley want to live in Mexico?

[28:10] Mexico City is one of the biggest cities for museums in the world.

[29:45] The food in Mexico just seems better, even the coke tastes better.

[33:35] Biggest challenge for Ashley has been getting her residency.

[35:00] Doing it yourself sometimes is a huge headache.

[38:25] What are some of the successes Ashley has achieved that she wouldn't have been able to accomplish back home?

The Lighting Round:

[41:25] One business – Recycling.

[42:10] One country – Mexico.

[43:25] One book – Poor Economics by Abhijit Banerjee and Esther Duflo.

[44:20] One tool – Google hangouts.

Listener Question:

[50:25] How can a Canadian citizen, who owns physical property in Canada, no longer become a resident of Canada?

[52:20] You have to move or sell your stuff in Canada.

[55:10] This is a complicated case.

Mentioned in This Episode:

www.nomadcapitalist.com/

[email protected]/

Poor Economics by Abhijit Banerjee and Esther Duflo