Tax structuring correctly for the digital nomad project is critical .. the aha moment is the wisdom re having business and residency, bank accounts etc. in the optimal jurisdictions for each purpose
It’s great that this clicked for you, having a tailored structure really is the key to freedom and efficiency. What’s the first step you’d want to take in rethinking your structure?
This is such an informative video. I did not know about USA's non-income tax. I am definitely excited to find out more about your course and how I can start living a tax-free, stress-free, boss-free life! It has never made sense to me that I am giving away 20% of my earnings every year, when I have done 100% of the work! And I am still lost as to where exactly my money is going, especially with the cost of living crisis in this country and people having to go to food banks etc.
Your perspective is so relatable, especially with the frustration of not knowing where your taxes go. What’s the biggest question you have about transitioning to a more efficient tax setup?
awesome video! The main take away: you guys are going to launch a course/coaching program regarding the Flag-theory! I've been waiting for this!!!! Let's gooooo
Thanks for the info. Diversification to receive benefits of residency, $0 tax and bank that is stable, that won't shut your account down or not be inaccessible if you leave the country to be a nomad. Provide a source of income to start this life to get out of the matrix and receive support to start this journey🤯. Loving the content. Can't wait for day 4!
It’s definitely a needed topic about taxation , I don’t believe if your a US citizen that there is any way to prevent paying taxes? Also what if you want to live in a specific country you feel called to and not one just for the tax laws?
Agreed. This doesn't seem to apply to US citizens. Yet we let everyone else gain tax free benefits. :( I would be curious too if there are any tax advantage options for US citizens.
Great point, and while US citizens do face unique challenges, there are strategies to optimize taxes while staying compliant. What country are you most drawn to, regardless of the tax rules?
It’s true that US citizens face unique challenges, still there are proper and legal strategies out there. Would you be open to exploring these kinds of options?
It's good to get people thinking about ways to limit income tax. Unfortunately, US citizens pay taxes regardless of where they choose to live. However, there are legal ways to limit the tax. If you live outside the US for a certain percentage of the year, the first $120K earned is exempt from tax. You can also claim a portion of foreign housing and foreign income tax as deductions. Be sure to have a tax pro check everything. The amounts and percentages can change!
That’s such a striking comparison, especially considering how much smaller the original tax was. Have you taken any steps in terms of optimizing taxes yet?
I had no idea flag theory was even a thing. This makes cutting taxes to zero sound way more doable than I thought. Which one of the 3 flags would you start with as a beginner?❔
I’m glad this sparked interest, and starting with one flag can make the whole process much easier. Are you currently considering any specific country for your first flag, or are you still exploring options?
I have always worried about the tax side of online side hustle in general. What are the best practices?! How could that work if my family traveled with me? What about moving costs? How do you guys go about that? What is your average cost of moving from country to country?
Great questions! Though, the answer is super unique and needs much more context of where you are coming from and how you want to plan your life. What is your current side hustle and how is that one going for you right now?
Thanks man, means we can soon use AI to do our videos and the effect would be the same :) Also seems like you are an expert in how to present yourself in front of camera - would love to see one of your videos (can you link me one) so maybe we can learn something there. Cheers man :)!
@Wealthy_Nomad But that's sad. That means you have to rely on AI instead of your own talents. AI is slowly taking over and content creators like you aren't even trying to fight it to stay relevant. That's sad.
Sounds like your course will be very helpful for anyone wanting to do this!
I’m glad you think so! Are there any specific challenges you’d hope the course would help you overcome?
Tax structuring correctly for the digital nomad project is critical .. the aha moment is the wisdom re having business and residency, bank accounts etc. in the optimal jurisdictions for each purpose
It’s great that this clicked for you, having a tailored structure really is the key to freedom and efficiency. What’s the first step you’d want to take in rethinking your structure?
This is such an informative video. I did not know about USA's non-income tax. I am definitely excited to find out more about your course and how I can start living a tax-free, stress-free, boss-free life! It has never made sense to me that I am giving away 20% of my earnings every year, when I have done 100% of the work! And I am still lost as to where exactly my money is going, especially with the cost of living crisis in this country and people having to go to food banks etc.
Your perspective is so relatable, especially with the frustration of not knowing where your taxes go. What’s the biggest question you have about transitioning to a more efficient tax setup?
awesome video! The main take away: you guys are going to launch a course/coaching program regarding the Flag-theory! I've been waiting for this!!!! Let's gooooo
Love the energy! We can’t wait to share more about the program. What’s one area of Flag Theory you’re most curious to dive into?
@@Wealthy_Nomad How to pay 0% taxes on the business. Personal income tax is just something I have accepted.
Thanks for the info. Diversification to receive benefits of residency, $0 tax and bank that is stable, that won't shut your account down or not be inaccessible if you leave the country to be a nomad. Provide a source of income to start this life to get out of the matrix and receive support to start this journey🤯. Loving the content. Can't wait for day 4!
Happy to hear this resonated with you! What part of the journey (residency, taxes, or banking) .. are you most eager to tackle first?
It’s definitely a needed topic about taxation , I don’t believe if your a US citizen that there is any way to prevent paying taxes? Also what if you want to live in a specific country you feel called to and not one just for the tax laws?
Agreed. This doesn't seem to apply to US citizens. Yet we let everyone else gain tax free benefits. :( I would be curious too if there are any tax advantage options for US citizens.
Great point, and while US citizens do face unique challenges, there are strategies to optimize taxes while staying compliant. What country are you most drawn to, regardless of the tax rules?
It’s true that US citizens face unique challenges, still there are proper and legal strategies out there. Would you be open to exploring these kinds of options?
It's good to get people thinking about ways to limit income tax. Unfortunately, US citizens pay taxes regardless of where they choose to live. However, there are legal ways to limit the tax. If you live outside the US for a certain percentage of the year, the first $120K earned is exempt from tax. You can also claim a portion of foreign housing and foreign income tax as deductions. Be sure to have a tax pro check everything. The amounts and percentages can change!
It’s great that you’re aware of these exemptions and deductions. Are you currently utilizing any of them, or planning to in the near future?
The Boston tea party was over a one percent tax if you calculate all the taxes we pay its over 50 percent
That’s such a striking comparison, especially considering how much smaller the original tax was. Have you taken any steps in terms of optimizing taxes yet?
Canada had that problem too when you travel you couldn’t access your funds at least I recall this when I travelled to Vancouver Island
I had no idea flag theory was even a thing. This makes cutting taxes to zero sound way more doable than I thought. Which one of the 3 flags would you start with as a beginner?❔
I’m glad this sparked interest, and starting with one flag can make the whole process much easier. Are you currently considering any specific country for your first flag, or are you still exploring options?
I have always worried about the tax side of online side hustle in general. What are the best practices?! How could that work if my family traveled with me? What about moving costs? How do you guys go about that? What is your average cost of moving from country to country?
Great questions! Though, the answer is super unique and needs much more context of where you are coming from and how you want to plan your life. What is your current side hustle and how is that one going for you right now?
Thanks 🙏 ❤y’all bless you all
Key take away - splitting up banking & taxes - business - personal - into different countries
Their head movement is like AI
Thanks man, means we can soon use AI to do our videos and the effect would be the same :) Also seems like you are an expert in how to present yourself in front of camera - would love to see one of your videos (can you link me one) so maybe we can learn something there. Cheers man :)!
@Wealthy_Nomad But that's sad. That means you have to rely on AI instead of your own talents. AI is slowly taking over and content creators like you aren't even trying to fight it to stay relevant. That's sad.
@Wealthy_Nomad Most people would rather support real content creators than support AI. Just saying.
Interesting, a tax-free iceberg 😂
Ain't sure if I got this right :)?