Nomad Capitalist Audio Experience

If you value your wealth and freedom that a Western country affords be cautious of cheap and possibly illegal online offers of residencies and citizenships. There are legal ways to pay fewer taxes. If you have a business or are thinking about starting one, you are going to need solid planning and tax advice to ensure you are not wasting your money by paying taxes that are not required of you. In fact, in July plan to visit the Nomad Society’s private event or in August Andrew Henderson will be personally assisting offshore first timers, both in SE Asia. Visit Nomad Capitalist to find out more. If you are an expat don’t forget FBAR’s are due at the end of June.

Key Takeaways:

Andrew’s Editorial:

[2:05] How to pay taxes as a digital nomad

[3:38] 3 different types of tax systems

[4:46] Citizen based taxation - U.S. & Eritrea

[9:12] Residential based taxation - Most developed nations

[14:04] Territorial taxation - Emerging countries

[17:04] Reduce taxes and stay where you are at

[18:20] How do perpetual travelers pay tax?

Interview:

[22:20] Following in the family footsteps

[23:12] Existing money may decrease your drive

[24:20] It’s so expensive to live in New York

[25:53] No holidays working in social media businesses

[26:42] Automating your business allows for personal downtime

[27:43] When Erica landed in India

[29:12] Mumbai welcomes you if you just jump in

[30:52] English as a first language helps economically

[33:13] Kickbacks are commonplace when it comes to paperwork

[34:14] Get a local accountant and one in your home country

[36:49] Perfectly legal tax options if you live overseas

[37:32] Being based in India gives Erica street cred with international customers

[39:12] Being a foreigner has helped with local clients also

[40:47] Customer service challenges are typical

[42:13] Nomadic companionships

The Lightning Round:

[43:40] One business - Apartment brokering service

[44:32] One country - India

[44:52] One book - Meditation books

[45:46] One tool - Evernote

Listener Question:

[49:14] Ahmed asks “Why is it that the second passport process that you speak of is so much more expensive than what I see elsewhere online?”

[49:28] Blackmarket second passports, Graymarket second passports and other scams

Mentions:

NomadCapitalist

EricaTaylorPR

Citizens of the world do not be afraid to jump outside of your home country. It’s as simple as buying a plane ticket and landing in a country with freedoms you didn’t expect to be available to you. It is a waste of your time to let other people’s politics consume you. Being a nomad is freedom, lack of expected regulations and 100% legal. Some may not understand the whats, whys and hows of what you are about to accomplish but they will soon see the benefits. You will feel confident in knowing that you are keeping more of your own money. And when a country or aspect of living no longer meets your needs you can simply move on. It’s a financial, not an emotional decision.

Key Takeaways:

Andrew’s Editorial:

[2:11] How to divorce yourself from your existing situation

[4:52] Your mindset must agree with your Internationalization

[5:54] Political systems are built on tax money bricks

[10:23] I pay attention so I can be the expert and you can forget about it

[10:50] We are not low information citizens

[11:46] The new book on foreign real estate

[12:17] Budapest, Hungary

[14:18] Break free and make qualified decisions with your money

[15:40] Diversify your life, not just your money

[16:28] Not everyone understands flag theory or location independent businesses

[17:40] By all means learn an additional language

[20:18] Let Andrew’s team do the dirty work and find the right safe havens

Interview:

[23:49] George questions the traditional path after reading a book

[25:11] An offer I couldn’t refuse led me to Vietnam

[26:25] We need to kill the college message

[27:25] The big a-ha moment

[28:37] It’s not really a financial risk to go to a new country

[29:46] Digital nomads can pick up and move when they get bored

[30:53] We live in a time of freedom and opportunity

[31:24] The people give Vietnam it’s allure

[33:13] You may not know what freedoms you are missing

[36:44] Southeast Asia has a low cost of living which was great for my new business

[38:00] New laws on collecting VAT

[38:58] Frustrations of life in a developing country

[42:30] So few tourists learn Vietnamese

[44:04] Western guys with local girls and not the other way around

The Lightning Round:

[45:01] One business - Software

[45:33] One country - Western Europe

[46:00] One book - The Education of Millionaires 

[46:41] One tool - A pen and paper

Listener Question:

[49:12] You always talk about European citizenship options for ancestry, why not Asia?

[49:46] Two ways to get citizenship 1.) By the soil

[51:17] We have been trained to identify people's birthplace by physical features

[52:20] Citizenship by descent

Mentions:

Nomadcapitalist.com

Headstock Software

FourHourWorkweek

TheEducationofMillionaires- Michael Ellsberg

You are faced with the huge task of saving for your future. Retirement plan options and mutual fund names are thrown around like mayflies and you are supposed to catch the best one out of the air. The restrictions put on these accounts are not for your benefit and you don’t have access to your cash. Andrew’s team can sift through the muck for you and help you to go where you are treated best. In the interview, Brendan finds friendlier people in Chiang Mai but he may still end up back in Australia. Finally in your questions, Marlo’s primary concerns related to  moving overseas are social security and healthcare. Currently in his 60’s, will he be able to get over the stigma that tv has taught him about offshore living and investing?

Key Takeaways:

Andrews Editorial:

[2:30] A plethora of retirement plans

[3:48] Is your money growing the way that it should be?

[4:49] Andrew is a true nomad

[6:11] Don’t let the match lure you in

[7:20] The offshore IRA

[7:48] Have access to your cash

[8:29] The government can change the rules when it suits them

[9:54] Territory restrictions can be costing you a fortune

[12:00] Quit funding your IRA

[13:00] Countries are broke it’s open season on your investment account

[14:45] The double penny example

Interview:

[17:39] The Didgeridoo Dojo

[20:10] There isn’t physical access to lessons

[21:25] Brendan’s backstory

[23:10] We went from services business to a product business

[24:02] Forum based marketing and SEO

[26:20] No A-ha moment led to Thailand

[28:20] Why Chiang Mai? Dynamite Circle

[30:00] The comfort of home

[31:40] The key is being outside of your home country

[32:20] The merchant bank situation

[33:16] The bank deposit tax

[34:30] Citi has the worst customer service

[35:01] Growing the business in Thailand has been easier than I thought

[36:45] Less tech savvy people make better clients

[38:51] Drop ship competition friction in Thailand

[42:40] Signing bigger deals must be done in person

[45:23] People are so friendly and open in Chiang Mai

The Lightning Round:

[47:40] One business - Catering to the Nomad Scene

[48:22] One country - Australia

[48:35] One book - Living the 80/20 Way

[49:19] One tool - Zendesk & Zapier

Listener Question:

[55:22] Marlo asks “We are concerned about Medicare and Social Security but we want to live overseas. What do you recommend?”

[55:50] Health care is not just a senior concern

[57:06] International Medical Tourism can provide quality care

[58:44] Take the whole family to where they are treated best

[59:51] M2H - Malaysia's My second home program

Mentions:

BarefootRadio

TheSearchEngineShop

DidgerydooDojo

PredoMediaGroup

DynamiteCircle

Eway

Politicians are nuts. They want all of your money, investments and transfers to be trackable. They want to find a way to take what you have. Gold confiscation, De Facto confiscation is a reality and possibly the wave of the future. You must diversify, whether it’s in gold, precious metals or real estate. And Andrew’s advice to a listener question, going to a company’s store is the best way to get a SIM card, just don’t forget your passport.  

Key Takeaways:

Andrew’s Editorial:

[1:46] Politicians can decide how the world works

[2:32] Residency in Spain

[4:32] Buying and storing gold offshore

[7:00] Governments are getting smarter

[8:02] A war on cash in Europe

[9:14] Gold, Silver or precious metals

[11:10] De Facto confiscation

[12:36] A fan of Singapore for gold storage

[13:18] Byzantium in the Cayman Islands

[16:30] Asian real estate markets

Interview: Expat Dad in Bangkok, Mike Darnell

[20:23] Mike’s journey

[22:16] Can I deal with the worst case scenario?

[23:44] The startup scene in Israel

[26:10] Mike’s big a-ha moment

[27:45] A company brought me to Thailand

[28:42] Social Commerce for entrepreneurs

[30:05] Thailand is a booming economy

[32:00] You need patience to get a Thai corp set up

[36:11] Tips for expat families

[37:10] A hurdle of cross cultural communication

The Lightning Round:

[39:16] One business - An Israeli omelette

[39:53] One country - Thailand

[40:13] One book - Thinking Fast and Slow

[40:48] One tool - Base CRM 

Listener Question:

[42:52] Wayan wants Andrew’s advice on SIM cards

[44:30] Your passport info just for a SIM card

[45:25] Go to the brick and mortar store

[46:35] A home base and a phone with 2 SIM card slots

Mentions:

Airbnb

The Nomad Guide to Offshore Gold

Bullion Star

Byzantium.ky

Vimi.co

Base CRM

The entrepreneur lifestyle is more than living in a gated community in a foreign country. Make a conscious decision to be different from the rest and know your top 3 business objectives. Don’t get scammed by doing business with the lowest cost provider in every situation. In this weeks interview, Reid Kirchenbauer shares the story of his strange attraction to finance from a young age and how the university girls in Thailand are attracted to finance majors. And in your questions answered, Darnell wants to know if Andrew has ever been scammed.  

Key Takeaways:

Andrew’s Editorial:

[2:02] All Digital Nomads love Budapest 

[5:14] Why you should be banking offshore

[7:14] A crisis investment

[8:03] Free money for diversifying currencies

[9:44] The propaganda of the U.S. media

[10:55] Real Estate for instant value

[13:45] A real Digital Nomad example

[20:38] International property scams

[23:19] Understanding your objectives and goals

Interview: Reid Kirchenbauer of InvestAsian.com

[27:37] Reid had a strange fascination with finance

[30:12] Making a conscious decision to be different

[31:10] The A-ha moment - the utility of universities

[34:49] Bangkok is a lifestyle choice

[36:20] $8,000 a year for a high end Thai university 

[37:30] Reid’s offshore business

[41:05] Banking in Thailand

[42:24] Problems with hiring offshore workers

[45:05] Hiring local people is more efficient

[47:15] Investment Residencies in Thailand

[50:37] Reid thinks Chiang Mai is a good investment

[53:08] Finding women who like finance in Thailand

The Lightning Round:

[54:00] One business - Importing caviar

[54:34] One country - Mainland China

[55:07] One book - The Next 100 Years

[55:48] One tool - A debit card 

Listener Question:

[59:57]   Darnell asks “Have you ever been a victim of scams in the offshore world?”

[1:00:41] Andrew trips but didn’t fall far

[1:01:29] Payments in the Latin world

[1:02:57] The law of abundance mindset

[1:03:48] Don’t go for the lowest cost provider

Mentions:

Nomadcapitalist.com

Investasian.com

Elance

odesk

Andrew discusses cut and dry residency programs then in the interview...An internet based business is easier to manage than a traditional brick and mortar shop as Bob Martin found out when trying to run internet cafe’s in the Philippines. He moved his strategy towards e-bay and started selling everything including shampoo. He now sells e-books to entrepreneurs and may need the services of the Nomad Capitalist, possibly the 7 week Boot Camp. 

Andrew's Editorial:

[3:34] The Philippines

[7:17] Malaysia

[9:17] Prince Court Medical Center

[10:10] MM2H program

[12:00] Panama

[16:40] Other residency options

[18:30] Dominica

[19:26] European residencies

[21:09] Programs on Nomadcapitalist.com

Interview: Bob Martin

[24:05] How Bob got to the Philippines

[25:22] Bob's big a-ha moment

[27:17] The big expat joke

[28:31] Why Davao stood out to Bob

[30:25] Managing a brick and mortar business from 100 miles away

[31:27] Shampoo as a possible overseas business idea?

[35:30] Shipping abroad, abroad

[36:56] E-books to entrepreneurs

[40:15] Does changing environments open up options?

[42:20] The offshore business set up 

[44:08] How the Foreign Earned Income Exemption can help

[45:03] Alleviate problems by learning the local language 

[46:40] The SRRV program - Philippine Situational Visa’s

The Lightning Round: 

[48:50] One business - uncertain 

[49:33] One country - Philippines

[50:20] One book - 49 ways to make a living in the Philippines

[51:00] One tool - Feedback 

Listener Question:

[54:10] Luis asks “What recommendations do you have on a list of the best non FATCA compliant banks?”

[54:20] Andrew is well versed in what he calls Financial Imperialism at its finest

[1:01:04] Follow Nomad Capitalist offshore strategies. You must block and tackle

[1:02:01] Offshore Boot camp, a 7 week course

Mentions:

Best Offshore Banks - Andrew Henderson

NomadGold.com

Liveinthephillipines.com

Paypal

Offshore Bootcamp 

The process of going offshore and becoming a Digital Nomad is not set in stone. Copying other entrepreneur’s formulas may not be a path to your perfect lifestyle . A meaningful personal relationship is obtainable while you are being 100% above board with your residencies, your monies and your offshore strategies. 

Key Takeaways: 

Andrews Editorial:

[2:00] Private Club Member shares a relationship article

[5:05] The personal side of things

[8:21] Travel Tips for Digital Nomads

[11:25] Don’t trap yourself with declarations

[14:17] Don’t fall for the nomad formula

[14:46] Andrew can help you with….

[15:36] Lifestyle Design 2.0

The Interview:

[19:00] The tedious and boring parts of the nomad life

[20:43] Gregory’s background

[21:58] Teaching English isn’t a high end service

[23:35] Where is there a need that is not being fulfilled?

[26:59] The guy in control of his life

[27:39] The big A-ha moment

[30:00] People copy digital nomads/entrepreneurs

[32:03] Market Fit

[33:50] Places Greg likes and dislikes

[36:04] If someone’s a jerk they must have a redeeming quality

[36:30] Greg’s offshore strategies

[39:20] International diversification

[41:03] Looking for a mobile, but rooted lifestyle

[42:50] 100% above board as a Digital Nomad

[47:13] Is Spain a good place?

[48:25] Forming a cultural bond with women

Lightning Round:

[52:25] One business - Business courses for locals

[53:20] One country - Ecuador

[53:48] One book - Flatland 

[54:44] One tool - Skype

Listener Questions:

[57:21] Jackson wants to go clubbing with Andrew

[59:31] Michaela asks about the Comoros Islands

[1:01:15] Residency options that lead to citizenship

[1:03:08] Dominica - Instant citizenship

[1:06:47] Citizenship by Investment in Comoros

Mentions:

Nomadcapitalist.com

Four Hour Workweek

MarketFit.net

Flatland Book

Andrew’s recent trip to the ballet signals him to discuss the importance of knowing which Western countries require you to “Be Naked” or transparent with your income while lawyers in IBC countries can hide behind a “tax free” costume. Lisa Vexler of Family Freedom Project talks about residency requirements in Costa Rica, her 9 year old entrepreneur and how her family used “The Four Hour Workweek” as a guide to finding freedom. 

Key Takeaways: 

Andrews Editorial

[4:13] The culture and art of Eastern Europe

[5:45] International Business Companies - IBC’s

[7:59] United States LLC’s

[10:16] Western tax requirements for offshore companies

[13:26] Become a citizen of a country with reporting requirements

[15:16] Tax strategies for Digital Nomads

[17:11] Neil Strauss’s experience

The Interview:

[22:00] The story behind the success

[26:03] The Costa Rica a-ha moment

[28:25] Why Tamarindo?

[30:10] Offshore strategies for Costa Rica

[32:16] Finding the expat expert 

[33:30] Costa Rica residency requirements

[36:20] Greatest business success

[37:19] Setting up a physical business in Costa Rica

[39:05] How did moving to Costa Rica strengthen your marriage

[40:24] A 9 year old’s Tico Surf business 

Lightning Round 

[41:48] One business - Coworking space

[42:09] One country - Costa Rica

[42:25] One book - Four Hour Workweek

[42:51] One tool - Remote mail reading service

Listener Question

[46:34] Doug wants to know “Which credit card has the maximum benefits?”

[48:31] American Express Platinum card pays for itself

[52:38] There’s a war for high end everything 

[53:58] Adopting a sense of abundance

Mentions:

Emergency: This Book Will Save Your Life - Neil Strauss

Family Freedom Project

Four Hour Workweek - Tim Ferriss 

Scan Mailboxes Solutions

The Roaring 2000’s - Harry S. Dent

Andrew explains what should be behind your decisions when choosing a second or third passport. Tim Beiko discusses how he can get you anything you want anywhere in the world, the drive behind his start up Envoyrs.com and the ease of starting his business and nomadic lifestyle in Singapore. And a listener question begets the questions “What are your goals?” and “How do you make it location independent?”

Key Takeaways:

Andrew’s Editorial 

[3:04] Real diversification through multiple passports

[11:15] Where are you willing to live for your second passport?

[12:40] Where are you from?

[14:16] What is your priority?

[17:46] Andrew’s team can point you in the right direction

The Guest Interview:

[25:02] History of Envoyrs.com

[27:25] Drive behind this venture

[28:38] Unsexy businesses

[31:27] Singapore accepted us

[33:12] The tax haven adjacent

[33:40] Envoyrs.com branching out

[35:02] A Singapore Private Limited Company 

[37:00] Formalities can be simple in Singapore

[37:45] International Accomplishments

[40:53] No offshore challenges

[42:03] Personal connections and angles

[43:07] Dating Robotics and long hours

The Lightning Round

[46:05] One business - Barber shop

[46:42] One country - Canada

[46:59] One book - Breakthrough Rapid Reading

[47:55} One tool - Expat Facebook Groups

Listener Question

[49:29] Madison asks “How do I live your lifestyle?”

[51:20] Andrew’s advice 

Mentions: 

Envoyrs.com 

Breakthrough Rapid Reading - Peter Kump

Nomadcapitalist.com

Peter Schiff 

Nomadlist.com

Levels.io

Motivation Manifesto - Brendan Burchard

Offshore merchant accounts can be difficult to obtain if you are not in the right jurisdiction. And during the interview, Daryl talks about International banking and how it can be easier when you stay close to the Americas. But when you head towards Asia there is a lot of misinformation about which banks will do business with you. And £10,000 may not sound like much but Daryl travelled for a year and started his successful, six figure PPC/Advertising business with just that. He is planting both business and personal flags. 

Key Takeaways:

Andrews Editorial

[1:43] Offshore merchant accounts

[6:12] The U.S. Government is shutting down banks 

[6:55] Set up your company in the right jurisdiction

[10:04] How dedicated are you to having an offshore company?

[12:05] Everything we talk about here is legal

[14:27] Integration versus paying low tax

Guest Interview: 

[19:05] When Brits travel 

[21:00] Daryl’s entrepreneurial journey

[23:00] Timeline from employee to employer

[23:51] What £10,000 gets you

[25:11] The cheesy A-ha moment

[26:06] Mini Tim Ferriss’s

[27:35] Slow travelling

[28:18] Kuala Lumpur

[29:36] Bangkok

[31:52] A million dollar year

[32:28] Daryl’s strategies for Big Flare

[33:30] Difficulties in International Banking

[35:49] Hiring strategies - Eastern Europe

[38:03] Daryl’s greatest business success

[39:16] Alternatives to Paypal 

[41:30] Personal flag planting - The Dreamgirl

[45:55] I’m a serious person

[46:55] The Lightning Round 

[49:09] Suggested Resources

Listener Question

[53:19] Michael asks for residency information resources

[54:45] The problems of having a criminal record 

Mentions: 

Bitcoin

Coinbase

Chase Payment Tech

Stripe

Bigflare.com

Four hour work week - Tim Ferriss

Paypal

Asana

Basecamp

Tropical MBA

Jamesclear.com