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.
I'm always curious to learn more about specific locations, particularly from someone who travels as much as you do. How about the top 2 or 3 cities in each region that you would recommend based on tax efficiency and quality of life?
Curious if you’ve ever explored the possibility of opening a bank abroad or even in the United States? I imagine fractional reserve lending could be a very lucrative business; have you ever considered the requirements to do this within the US but more specifically abroad?
US citizens can't escape FATCA or double taxation because we're obligated to file tax returns( above 104K/year you pay) in the country we work and reside and to the IRS too so-called CBT(citizen-based taxation).
Nomad Capitalist That exclusion is only if you work for a foreign company or entity. Working for a US company overseas and you pay US taxes. And if you own a business overseas, then you get hit hard by the IRS.
Just today I discovered in my dormant email account an email from my bank in Singapore alerting me to this . Also, my bank in Cambodia is giving me a hard time about not being resident, yet banking here. Six or so years ago my bank in Hong Kong closed my account. And over ten years before that my bank in Isle of Man effectively made it impossible to bank with them. I am not a gangster. I keep less than $1000 in each bank. I don't even earn interest typically. I do this more as a hobby and as a political act of personal sovereignty. I want to be free of government interference in two major areas: sex and money. I also want to gather information in order to publish how to guides to capitalist anarchists who have more money than I do. But for the last 10-15 years banking secrecy has indeed disappeared. The only solutions I see are going in two directions: complete transparency and honesty when dealing with any State (difficult if you move around) or complete rejection of the State and dealing only in cash and other non-trackable negotiables. And the equivalent in personal relationships.
Hi im from Estonia .I opened bank acc in Russia and nooobody was asking me for my tax residence and they just took the rusian adress of my rented appartment . Im wondering how bank is setting up y tax residence?? If i was not asked is that mean the bank assumed im Russian tax resident?? Do I need to be scared that CRS report will be send to my country?
Rad Kos you don’t have to be afraid. My relationship manager here in Dubai told me last week that no one has been reported since it came into force... he never had even one case.... they are not reporting it ...
The CRS does not give countries the power to freeze or take money from financial accounts held in their jurisdiction by residents of other countries. However, if a country has a tax treaty with the account holder's home country, the tax authorities of the two countries may be able to work together to collect unpaid taxes.
I am Ukrainian, but I moved to EU country because of current situation in my country. I am still working on Ukraine distantly. Does it mean that after 183 days being in this EU country I became it's tax resident, so that I need to pay taxes from my income from ukrainian work? Ukraine is joining CRS this year. Does it mean that according to CRS rules Ukraine will give up my financial information to EU country I am living in now and they will charge me? Or since I am citizen of Ukraine they will not expose my data...
CRS is what you get when you drink a few shots of my uncle's shine. Almost Popcorn Sutton level. Got 5 fights to a pint. Or in my case, 4 women in the back of my truck.
Unfortunately, Disagree with some gangsters in many countries. For example, Chinese, Egyptian,Arabs Gangs have their accounts in Switzerland & Europe banks without any transparency. And they are very safe in their countries. However, they are Money laundering gangs!!!! Thanks for your understanding.
I think not, but that doesn't solve the problem. They are likely to sign up eventually and then disclose after the fact that you held an account. That happened to me with a private bank in the Isle of Man. Secret today does not equal secret forever. Andrew is right. Disclose everything and organize your affairs on that basis. There are still plenty of legit ways to avoid tax, plus you'll sleep at night.
Tax dodging is very selfish and unethical thing to do. We are all reaping the benefits of living in civilized countries where we enjoy infrastructure, education and a legal framework to enable us to make money. Maybe you think you are smart by avoiding paying taxes. But you are just a disgusting free rider....someone who eats at the table and lets everybody else pick up the tab. If you don’t like the taxes, move or involve yourself in the political arena.
Nomad Capitalist its an interesting channel to see what is possible and how people act in order to minimize taxes. I have no idea at which table you are eating. But you know what I mean.
" If you don’t like the taxes, move" this pretty encapsulates what Andrew talks about, go where you're treated best. Our conjecture as nomad capitalists is that the world offers us choices, it IS smart to pragmatically evaluate countries based on our own unique wants, needs and desires. We pay taxes in countries that we believe are treating us well, at a rate that we believe to be fair. No one is out for a free ride, well no one smart anyway. We're out for a FAIR ride, which is a much different thing.
what if the government is wasting the money and is corrupt should you still hand over over 50% of your wealth to then ?As someone said below go up to mega rich and ask then to have over some of there billions trillions first then we talk
+DP ie - *"Tax dodging is very selfish and unethical thing to do"* No, it is taxation itself that is extortion ("protection money"). *"We are all reaping the benefits of ... education"* Primary schooling (state indoctrination) is mandatory, not a "gift". *"But you are just a disgusting free rider"* Why is it not the state that is just a disgusting extorting thug? *"If you don’t like the taxes, move"* One could say the same to you regarding any state of society you disagree with. *"or involve yourself in the political arena."* HAHAHA! Really? REALLY? As if that will get anyone anywhere. Let me guess, you actually VOTE at elections, right? And why not - you're clearly a very obedient slave to your masters. So obedient that you can't even recognize that you're a slave at all. People (individuals) are real. The state, however, is just an IDEA - a programming - in the minds of people - a CULT to be completely frank. No amount of theatrical governmental rituals, words on paper, buildings, or monuments etc. can bring actual legitimacy to the state. The United States is no more legitimate than Cuba, Iran, China, or North Korea. They just put on a more lavish show than most others.
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.
I'm always curious to learn more about specific locations, particularly from someone who travels as much as you do. How about the top 2 or 3 cities in each region that you would recommend based on tax efficiency and quality of life?
Curious if you’ve ever explored the possibility of opening a bank abroad or even in the United States?
I imagine fractional reserve lending could be a very lucrative business; have you ever considered the requirements to do this within the US but more specifically abroad?
Nomad Capitalist hello , can you tell me your email address
I've recommended your videos to another few people. Excellent quality.
Thank you! :)
You clearly put a lot of work into these, so they shouldn't be a secret. Thanks again.
that's why i say thank GOD for MONERO!!!
Great, great, job sharing all this information! Thank you for your work and effort.
Our pleasure!
US citizens can't escape FATCA or double taxation because we're obligated to file tax returns( above 104K/year you pay) in the country we work and reside and to the IRS too so-called CBT(citizen-based taxation).
AX Correct; that’s a separate video but also part of the equation. The US exclusion for 2019 is $105,900.
Nomad Capitalist
That exclusion is only if you work for a foreign company or entity. Working for a US company overseas and you pay US taxes. And if you own a business overseas, then you get hit hard by the IRS.
Just today I discovered in my dormant email account an email from my bank in Singapore alerting me to this . Also, my bank in Cambodia is giving me a hard time about not being resident, yet banking here. Six or so years ago my bank in Hong Kong closed my account. And over ten years before that my bank in Isle of Man effectively made it impossible to bank with them.
I am not a gangster. I keep less than $1000 in each bank. I don't even earn interest typically. I do this more as a hobby and as a political act of personal sovereignty. I want to be free of government interference in two major areas: sex and money. I also want to gather information in order to publish how to guides to capitalist anarchists who have more money than I do. But for the last 10-15 years banking secrecy has indeed disappeared.
The only solutions I see are going in two directions: complete transparency and honesty when dealing with any State (difficult if you move around) or complete rejection of the State and dealing only in cash and other non-trackable negotiables. And the equivalent in personal relationships.
The singularity of Western socialism ?
What do you think about privatized banking using the Infinite Banking Concept of Nelson Nash? This could be a way out of the FACTA - CRS problem.
In practice this CRS doesn’t work.... my relationship manager told me .... he never had a case, nor the whole bank...
fuck FATCA ............simple
I got one of these forms to fill out on my phone yesterday just asked name address am i a tax payer still wondering what its about
I imagine that you also know about CBC (Country By Country reporting) transparency of related companies across the world
Hi im from Estonia .I opened bank acc in Russia and nooobody was asking me for my tax residence and they just took the rusian adress of my rented appartment . Im wondering how bank is setting up y tax residence?? If i was not asked is that mean the bank assumed im Russian tax resident?? Do I need to be scared that CRS report will be send to my country?
Rad Kos you don’t have to be afraid. My relationship manager here in Dubai told me last week that no one has been reported since it came into force... he never had even one case.... they are not reporting it ...
I was way off, I thought he was talking about "Can't remember shit".
I don’t understand… I’m Italian, if I open a LLC in U.S. the bank does not send communications to Italy tax office?
Nonsense, CRS is from a 90s movie with Michael Douglas, Consumer Recreation Services..... The Game
Good movie.
Is this CRS agreement limited to reporting only or can my money be frozen/taken by another country in which I have unpaid taxes?
The CRS does not give countries the power to freeze or take money from financial accounts held in their jurisdiction by residents of other countries. However, if a country has a tax treaty with the account holder's home country, the tax authorities of the two countries may be able to work together to collect unpaid taxes.
Andrew, have you been to Liberland??
I am Ukrainian, but I moved to EU country because of current situation in my country. I am still working on Ukraine distantly. Does it mean that after 183 days being in this EU country I became it's tax resident, so that I need to pay taxes from my income from ukrainian work? Ukraine is joining CRS this year. Does it mean that according to CRS rules Ukraine will give up my financial information to EU country I am living in now and they will charge me? Or since I am citizen of Ukraine they will not expose my data...
Ukraine has not accepted the CRS system!
Is that only if u got an account abroad that you get reported
CRS is what you get when you drink a few shots of my uncle's shine. Almost Popcorn Sutton level. Got 5 fights to a pint. Or in my case, 4 women in the back of my truck.
Stick your money in a disaster-proof safe overseas.
Just got an email from SG with the CRS form to be send back. Same one from HK
Are you happy with CRS?
The solution is BITCOIN account
Another solution is renouncing USA citizenship and obtain a Swiss or Monaco passports .
#IAMNOMADCAPITALIST EXCELLENT VIDEO
Thank you, David!
Addie Locks
can't bitcoin solve all of these problems?
M. Ismail Illegal tax evasion is always an option if that suits you 😊
Can't it be legal the same way offshore tax reduction is?
@@Oakdieu You can still spend your bitcoin, when you order a coffe and paid by bitcoin, nobody ask your identity.
So why do I need a bank when I can keep my money in crypto?
Unfortunately, Disagree with some gangsters in many countries.
For example, Chinese, Egyptian,Arabs Gangs have their accounts in Switzerland & Europe banks without any transparency. And they are very safe in their countries. However, they are Money laundering gangs!!!!
Thanks for your understanding.
China became one of the member of CRS in 2018.
Us? Dominican Republic?
Does thailand is part of CRS?
@Sethu Shelembe yey!
@@gilmemm תודה גבר
Is Azerbaijan and Georgia part of the CRS?
I think not, but that doesn't solve the problem. They are likely to sign up eventually and then disclose after the fact that you held an account. That happened to me with a private bank in the Isle of Man. Secret today does not equal secret forever. Andrew is right. Disclose everything and organize your affairs on that basis. There are still plenty of legit ways to avoid tax, plus you'll sleep at night.
0000000000 000000000 Sleeping well at night is a good thing.
Kika And no, they’re not for now. That could change.
yup. now they are
Martinez Daniel Harris Frank Rodriguez Margaret
Yeah this sucks!
Bitcoin
Sounds like big Pimping. Lol
This channel should be illegal
eh
Why
Tax dodging is very selfish and unethical thing to do. We are all reaping the benefits of living in civilized countries where we enjoy infrastructure, education and a legal framework to enable us to make money. Maybe you think you are smart by avoiding paying taxes. But you are just a disgusting free rider....someone who eats at the table and lets everybody else pick up the tab. If you don’t like the taxes, move or involve yourself in the political arena.
DP ie Perhaps you’ve found the wrong channel. But out of curiosity, which table am I eating at?
Nomad Capitalist its an interesting channel to see what is possible and how people act in order to minimize taxes. I have no idea at which table you are eating. But you know what I mean.
" If you don’t like the taxes, move" this pretty encapsulates what Andrew talks about, go where you're treated best. Our conjecture as nomad capitalists is that the world offers us choices, it IS smart to pragmatically evaluate countries based on our own unique wants, needs and desires. We pay taxes in countries that we believe are treating us well, at a rate that we believe to be fair. No one is out for a free ride, well no one smart anyway. We're out for a FAIR ride, which is a much different thing.
what if the government is wasting the money and is corrupt should you still hand over over 50% of your wealth to then ?As someone said below go up to mega rich and ask then to have over some of there billions trillions first then we talk
+DP ie - *"Tax dodging is very selfish and unethical thing to do"*
No, it is taxation itself that is extortion ("protection money").
*"We are all reaping the benefits of ... education"*
Primary schooling (state indoctrination) is mandatory, not a "gift".
*"But you are just a disgusting free rider"*
Why is it not the state that is just a disgusting extorting thug?
*"If you don’t like the taxes, move"*
One could say the same to you regarding any state of society you disagree with.
*"or involve yourself in the political arena."*
HAHAHA! Really? REALLY? As if that will get anyone anywhere. Let me guess, you actually VOTE at elections, right? And why not - you're clearly a very obedient slave to your masters. So obedient that you can't even recognize that you're a slave at all.
People (individuals) are real. The state, however, is just an IDEA - a programming - in the minds of people - a CULT to be completely frank. No amount of theatrical governmental rituals, words on paper, buildings, or monuments etc. can bring actual legitimacy to the state. The United States is no more legitimate than Cuba, Iran, China, or North Korea. They just put on a more lavish show than most others.