What questions do you have about becoming a Nomad Capitalist? Comment below with your suggestions or ideas for new topics you want us to discuss. Also, if you enjoyed this video, give it a thumbs up and click on the subscribe button.
Hey Andrew! I'd be interested to hear more about how "Controlled Foreign Corporation" rules work for U.S. residents with respect to offshoring income and tax obligations. Also, love the daily content. I'm getting a heck of an education from your channel!
Ok Andrew, I have to leave you a comment. I noticed that you did not mention Forex Trading which is what I do. I am perfecting my craft right now before going full time. Once I go full time, I was thinking that I could use global strategies in term of residence and where my company is based to reduce tax and to diversify flags. I am seriously thinking of renouncing my US citizenship as it is a bit of an anchor dragging me down. Keep the videos coming!!! :):)
💡Always a golden video Mr Henderson💡 Would like to see you address Non-US residents starting a business in the US. (E-commerce) With regards to having a merchant account and LLC in the US that is own by a offshore IBC. Client not a resident of where the IBC is located. Again great channel!👍🏼
One thought - you need to consider the new economic substance requirements that more and more IBC jurisdictions (eg Caymans, BVI, Nevis etc) are implementing to satisfy the OECD and others. These requirements will complicate things. Best of luck on your venture.
I'd love a few episodes specifically targeting Australians who would like to leverage nearby geographies (such as in ASEAN) that offer advantages for living / personal tax and for incorporation. For example I am interested to know whether incorporating in Labuan and living in Malaysia is worth considering...
just to add a comment as I am watching this: you are making an assumption that the offshore entity will be selling stuff. Somebody could want to offshore their business entity but not be selling anything. For example, I trade the foreign exchange market
Thanks for sharing your real world experience. You asked for a comments so: Do you consider the UAE offshore? Would the UAE be the most "respectable" of the 0% jurisdictions?
UAE has no tax residency laws, so it's hard to prove you are a tax resident unless you spend 75%+ of your time there. That may not sound like a problem but if you have a western passport and you want to open a bank account in Singapore, they are not gonna believe you when you say you pay tax in Dubai. It probably deserves more exposure as a 0% tax option, especially with how easy it is to relocate there. I just find nobody really wants to live there. If it was possible to trigger tax residency by spending x or xx days there a year and get a tax certificate from the UAE, I'd be a lot more positive about it.
@@catarinav7947 Thank you for sharing your insight. I did not know the UAE would be more difficult than other countries to prove personal tax residency. I will have need for a company and residence combo hopefully in next 12 months. I will be location independent and I was thinking of UAE. I would prefer to not be obligated to spend 75% plus of my time there for a personal tax residency cert. Would feel better with 183 days or less. Anyway I will do further research when nearer the time. Also look at other locations. Thanks again.
@@dwlof It's such a grey area, that it's hard to be sure what the actual requirements would be to get a legit tax certificate. If look at places like Jersey, they'll give you a tax certificate providing you have full-time accommodation and spent 1+ night a year in Jersey. I think if it were possible to spend a low amount of time (under 3 or 2 months) in Dubai and get tax residency, it would be very popular and get a lot of exposure.
@@CultureMediaAsia It's really hard to say, I guess there is no one answer. My first thought is that without a job offer, Qatar is very hard to get any kind of residency. It's not impossible but compared to the ease of Dubai it's probably the case that 99% of people who are down to Qatar/UAE are better off with the UAE. Another thing to Consider is Qatar is surrounded by enemies and in general, it's not really somewhere Western citizens would want to live. I can see the attraction of Dubai but at the end of the day, it's a poor mans Singapore. I'll take Singapore/KL/Thailand/Hong Kong over any of the middle eastern options anyday.
Thanks for the video. This is all going to be very helpful when I go all in on my e-com and short term rental businesses in the near future. Quick Question: would you do a video on paying people with cryptocurrencies? Crypto to fiat services have been building up last I checked and that seems like a good solution for getting your people paid with the least hassle or maybe even getting paid depending on what one's business is.
It is all that questions I ask it is very important and how I can get paid (costumer, service, electric, employee....) and pay taxes if I have some product in other countries from That platform
Question. What would to suggest for someone living in US (NY) for most part of the year and UK (London) 4/5 months. Wants an off shore company / trust? to hold his portfolio of stocks/bonds (US, Worldwide), portfolio is with a US financial institution and wants off-shore company/trust? to own the property in US (NY) and UK (London) for purposes of minimizing taxes and asset protection. Income is derived from portfolio (interest/dividend/trading) and real state in US and UK. Than you
What questions do you have about becoming a Nomad Capitalist?
Comment below with your suggestions or ideas for new topics you want us to discuss.
Also, if you enjoyed this video, give it a thumbs up and click on the subscribe button.
Hey Andrew! I'd be interested to hear more about how "Controlled Foreign Corporation" rules work for U.S. residents with respect to offshoring income and tax obligations.
Also, love the daily content. I'm getting a heck of an education from your channel!
I lot of things to take into consideration when determining how to best structure a company. Really well thought out and structured video!
Ok Andrew, I have to leave you a comment. I noticed that you did not mention Forex Trading which is what I do. I am perfecting my craft right now before going full time. Once I go full time, I was thinking that I could use global strategies in term of residence and where my company is based to reduce tax and to diversify flags. I am seriously thinking of renouncing my US citizenship as it is a bit of an anchor dragging me down. Keep the videos coming!!! :):)
This is the best video you’ve done yet!
Simply amazing - thank you 🙏
💡Always a golden video Mr Henderson💡
Would like to see you address Non-US residents starting a business in the US. (E-commerce)
With regards to having a merchant account and LLC in the US that is own by a offshore IBC. Client not a resident of where the IBC is located.
Again great channel!👍🏼
One thought - you need to consider the new economic substance requirements that more and more IBC jurisdictions (eg Caymans, BVI, Nevis etc) are implementing to satisfy the OECD and others. These requirements will complicate things. Best of luck on your venture.
Good point, Ross.
It's always very clear when you use a white board to facilitate your talk👍
if onshore is the way to go for you in the future it would be intersting which countries you consider for a structure leaned more towards "onshore"
Thank you Andrew for answering my question :)
A great list of issues for sure. Lots to consider here.
What about wise and emi accounts in UK and what about basing the company in Delaware?
I'd love a few episodes specifically targeting Australians who would like to leverage nearby geographies (such as in ASEAN) that offer advantages for living / personal tax and for incorporation. For example I am interested to know whether incorporating in Labuan and living in Malaysia is worth considering...
This!
just to add a comment as I am watching this: you are making an assumption that the offshore entity will be selling stuff. Somebody could want to offshore their business entity but not be selling anything. For example, I trade the foreign exchange market
Interested in the same
Thanks for sharing your real world experience.
You asked for a comments so: Do you consider the UAE offshore?
Would the UAE be the most "respectable" of the 0% jurisdictions?
UAE has no tax residency laws, so it's hard to prove you are a tax resident unless you spend 75%+ of your time there. That may not sound like a problem but if you have a western passport and you want to open a bank account in Singapore, they are not gonna believe you when you say you pay tax in Dubai.
It probably deserves more exposure as a 0% tax option, especially with how easy it is to relocate there. I just find nobody really wants to live there. If it was possible to trigger tax residency by spending x or xx days there a year and get a tax certificate from the UAE, I'd be a lot more positive about it.
@@catarinav7947 Thank you for sharing your insight.
I did not know the UAE would be more difficult than other countries to prove personal tax residency.
I will have need for a company and residence combo hopefully in next 12 months. I will be location independent and I was thinking of UAE. I would prefer to not be obligated to spend 75% plus of my time there for a personal tax residency cert. Would feel better with 183 days or less.
Anyway I will do further research when nearer the time.
Also look at other locations.
Thanks again.
@@dwlof It's such a grey area, that it's hard to be sure what the actual requirements would be to get a legit tax certificate. If look at places like Jersey, they'll give you a tax certificate providing you have full-time accommodation and spent 1+ night a year in Jersey.
I think if it were possible to spend a low amount of time (under 3 or 2 months) in Dubai and get tax residency, it would be very popular and get a lot of exposure.
One thought I had was which is better, UAE or Qatar?
@@CultureMediaAsia It's really hard to say, I guess there is no one answer. My first thought is that without a job offer, Qatar is very hard to get any kind of residency. It's not impossible but compared to the ease of Dubai it's probably the case that 99% of people who are down to Qatar/UAE are better off with the UAE.
Another thing to Consider is Qatar is surrounded by enemies and in general, it's not really somewhere Western citizens would want to live. I can see the attraction of Dubai but at the end of the day, it's a poor mans Singapore. I'll take Singapore/KL/Thailand/Hong Kong over any of the middle eastern options anyday.
Another keeper!
Thanks for the video. This is all going to be very helpful when I go all in on my e-com and short term rental businesses in the near future.
Quick Question: would you do a video on paying people with cryptocurrencies? Crypto to fiat services have been building up last I checked and that seems like a good solution for getting your people paid with the least hassle or maybe even getting paid depending on what one's business is.
It is all that questions I ask it is very important and how I can get paid (costumer, service, electric, employee....) and pay taxes if I have some product in other countries from That platform
Question. What would to suggest for someone living in US (NY) for most part of the year and
UK (London) 4/5 months. Wants an off shore company / trust? to hold his portfolio of stocks/bonds (US, Worldwide), portfolio is with a US financial institution and wants off-shore company/trust? to own the property in US (NY) and UK (London) for purposes of minimizing taxes and asset protection. Income is derived from portfolio (interest/dividend/trading) and real state in US and UK. Than you
Faraz70 We would suggest hiring an expert to address any highly specific needs. You can start here: www.nomadcapitalist.con/apply/
Doing what makes $ x 0 many zeros!