Hello you savages. Get my free Reading List of 100 life-changing books here - chriswillx.com/books/ Here’s the timestamps: 00:00 What Nomad Capitalist Does 03:28 Overcoming Cultural Displacement 07:56 The Different Elements of Long-Term Travelling 11:11 Owning a Passport Vs Being a Nonresident 15:02 Is it Good Financially to Be a US Citizen? 29:06 How to Travel to Pay Less Tax 43:18 Owning a Business in Dubai 50:03 The Intense Paperwork of Travelling 57:26 Most Simple Places to Consider 1:05:25 Dealing With Education for Children 1:10:58 Travelling Abroad to Give Birth 1:14:58 Places Better for Tourism Than Residency 1:18:24 The Rise of Nomad Preppers 1:24:01 The Best Currency 1:31:25 Responding to the Passport Bro Meme 1:35:48 How to Get Started
Pi 3.14 π was first recorded by Moses in the Exodus Tabernacle blueprints near 1400 BC not 250 BC by Archimedes. 330-15-1=314 Calculation based on the description of the Tabernacle's curtains in Exodus 26:8-9, 12-13 with vs13 being the lynchpin. Here's a breakdown: Total Length of the Curtains: The Tabernacle had 11 curtains, each 30 cubits long. So, all the curtains together were 11 x 30 = 330 cubits long. Folding One Curtain: One of these 11 curtains was to be folded in half. When you fold a curtain that is 30 cubits long in half, it becomes 15 cubits long. Adjusting the Total Length: After folding one curtain in half, the total length of all curtains would be 330 cubits (from all 11 curtains) minus 15 cubits (from the folded curtain). So, the adjusted length is 330 - 15 = 315 cubits. Extra Length at Both Ends: The same folded curtain is supposed to have half a cubit of material hanging off at both ends of the Tabernacle. Since there are two ends, that adds up to 2 x 0.5 = 1 cubit. Final Calculation: To find the final length, subtract this extra 1 cubit from the adjusted length of 315 cubits. This gives 315 - 1 = 314 cubits. This was discovered by a Christian engineer from Wisconsin in 2015. Geometry π people will see this as dome shaped. However Josephus the Historian describes the traditional rectangle shaped Tabernacle. 2 different shapes. or (C-curtain L-length) 11Cx30L= 330CL, 1Cx30L= 30CL÷2= 15CL-330CL= 315CL, 315CL-.5CL-.5CL= 314CL Exodus 26:8-9, 12-13 or 330-15-1=314 Exodus 26:13 makes Pi 3.14
Thanks for sharing. Agreed on dating American girls; for me what keeps me here is family and guns. If guns and airlines are liberalized in Argentina it's gonna be a lot more attractive.
I've been living in Thailand for 2 years working remotely. You're kind of living on borrowed time to an extent unless you have the money for longer term visas but my life get 10x better when I made the move. Most people just think its an attraction to hedonism but if you're focused, you can be far more productive. I would highly recommend trying it out for 3 months (SE Asia in general is fantastic) and seeing how you fare. The worlds a different place now, don't listen to people saying you're running away from your problems because, in my experience at least, opportunities are more likely to run into you.
@@luisfilipe534 That depends on the person really. If he's working remotely that means he's bringing foreign money in and spending it in local businesses, AND he's not a tourist. It's really just drunk tourists that create problems.
I have been following Andrew the Nomad Capitalist for 9 years and he changed my life. Currently writing this comment from a cafe in Porto, Portugal with my Italian citizenship and passport application being processed in Italy and soon to return to my home in Albania after enjoying a month in beautiful Lisbon. Go where you are treated best folks. Modern Wisdom is my #1 pod and I was so pleasantly surprised to see Andrew’s face on this channel! As a side note Andrew’s services are excellent for high net worth individuals but his content is for EVERYONE. I am in no way affiliated with him but he has been a force for change in my life in changing my perspective. I did and am doing the work and you can to.
@DrewMcFederiesCEO You DO know that flying everywhere costs money, yes? Are you aware of how basic reality functions? "iF yOu rEaLlY wAnT iT" Nope, that's actually NOT how reality functions, wanting something does not re-write physical reality.
Andrew Henderson is amazing. I remember what he said: Go where you are treated best. Canada is horrible. Thanks to Vietnam, I have a better life for myself. I love Vietnam.
I just finished a tour of SE Asia and following Andrews advice, I got my annual check up done at the Medical Center he recommends in Kuala Lumpur and got my US Passport renewed (2 weeks) also in KL. Malaysia is fantastic! I loved Sarawak on the Island of Borneo and really could not say enough about how kind and friendly the people are in Malaysia (many speak good English). I would move there if the temperatures were just a tad cooler, that really is the only draw back for me. Thank you for the great interview!
@@neiloppa2620I love most things about Malaysia but I can't take the humidity and heat! I now look forward to spending more time in Bandung, Indonesia ;)
I started following NC years ago. Despite not being rich enough to afford his services, his content was highly informative. Helped me get my butt off the couch. Got myself a passport through descent and a residence permit through investment. Couldn’t be happier.
Love seeing Andrew on this podcast! Been following Nomad Capitalist for years and finally bit the bullet and started my journey. Moved to Mexico last year and just got my residency.
I've followed NC for a few years. One thing I always forget is that you probably need a lot of money to really get the benefit of his services and moving around the world to save on taxes.
That is not true. Anybody on an average salary can do the work to investigate a suitable visa in over 150 different countries to reside, find a job and change their life. You can research the accounting / tax rules, hire a local accountant in that country to provide guidance at a reasonable rate. I know nomads working online earning AUD$60K per annum who live great lives in low cost countries who do 95% of it themselves and pay $1K per annum on accounting / book keeping to ensure they are tax compliant. If your income is $500K-1M + then it is prudent to hire a higher level advisor like NC / Wealthy Expat / Henley Partners or Mikkel Thorup for bespoke advice.
I lived in Dubai for 15 years and had 2 kids there. I can guarantee the child will not learn a second language, everything is in English (but they will meet a lot of people from around the world that’s true). We tried traveling for 4 months across Australia and New Zealand with our school aged kids while homeschooling. Let me just say it is not for the faint hearted and not something that is easy to do. Many kids need routine and consistency and if you are constantly moving around it is very disruptive for them (exceptions are babies and small toddlers). He’s making the “bringing family with you” sound way easier than it is and I’m guessing he doesn’t have kids.
Absolutely about the kids, he is underselling their needs to a point of negligent advice imo... They do need structure, routine and discipline. Looking back on when I was a child my worst times were when life got upended through a move or my Dad getting deployed (military) so much so that even when I was college aged I still hadnt shook that and the constantly changing routine and moving really screwed with my mental health and amongst other things caused me to drop out. I suppose some children are more weak to it than others but as a whole children cant live like this. This nomadic thing is a childless adults game.
Son of a retired Navy Corpsman, here. I wholeheartedly disagree. It’s all in parenting. I am fine from the experience. I homeschooled my kids while living abroad and moving over several years. My kids are well adjusted. 2 college graduates, 2 in college.
"You don't get anything for your US taxes." Truer words were never spoken. I'm a resident of a high-tax state (CA) and pay about the same amount of my income in taxes as my relatives in Europe. But in Europe their taxes cover university education and healthcare which are two HUGE expense items for me. My taxes are paying benefits for other people, not me. It's that simple. It's a rip-off. Also, I drive on potholed roads and there are homeless people everywhere.
If you're on a tight budget, living in a city/country where you don't need a car instantly gives you back a big chunk to your income. Most developing countries have fantastic cheap public transit.
i think it is an expected collab. all these successful people in the USA and UK etc. slowly realize they can do alot better elsewhere, i think Nomad Capitalism is inevitable
I've dipped into this guy's videos a few times over the last few years and I've always wondered what all these businesses are that he constantly mentions but never says what they are.
First it was a pool cleaning company he founded in college in Phoenix.. Then Nomad Capitalist where a consult is 10k. He has good ideas but is a swindler truly.
Come to Buenos Aires, people. Beautiful city, extremely expat-friendly, something to do literally every single night, great food, good public transport (or Uber everywhere for less than $10), and you can overstay your travel visa for YEARS and just pay about $20 in fines.
I heard that what you mention is true, but I also heard it isn't safe, which is a bummer. No matter how nice or friendy the city or country, if it is not safe it is not worthi it. Especially when there are many safe places in the world that are also beautiful and friendly.
@@bionborys1648 The city is quite safe, especially the neighborhoods where expats stay in (Palermo, Belgrano, Recoleta). Those are very safe. Friends of mine who are from the UK and US say it's much safer than most cities in the world, women can walk around at night easily, etc.
I'm Argentinian too. You obviously want to take the same precautions as anywhere else and walk in popular streets with plenty of activity. I just wanted to point out that friends of mine feel safer in Buenos Aires (in those very specific areas) than they do in their own cities.@@baconwaright
@@micclayif you get a European Union passeport in addition to the US, then you Can live in any European Union country with no limit ! If you are Only Américain you Can stay max 90 Days, 3 months. Also it gives you options, if you don't liké life in the USA anymore, if you Want more Freedom, you may liké a Eastern European country more, liké Bulgaria, Serbia, Hungary. ...
Andrew has been a blessing in my life. I’m heading to the Nomad Capitalist conference this year in Kuala Lumpur. Looking so forward to it. Nigel Ferage, who is scheduled to be a speaker, is a hero of mine. So many more on the roster that I’ll hopefully get to meet. Great show Chris. I only recently discovered you. Keep going! Cheers
Interesting take about Canada. It’s a great passport to have but our taxes are very large. You can declare non residency and live abroad rather easily. I did it for 5 years. But most Canadians come home and moving a lot of wealth back is tricky.
Southern germans, bavarians, are way easy to befriend. Had a great time. All covos where over beer though but i had a convo with an old mechanic who spoke no english but through his buddy we where like old friends. First time i ever tried snuff.
So many points was brought up that i was thinking about for a while.I'm glad other people have noticed some of the mentioned things regarding what do we got for paying a third of our hard earned money? I live in NYC and it is very unsafe outside with all the crimes going on,roads are in horrible condition to drive on,parking is extremely difficult with the city running the alternate side parking scam 4 times a week,charging us tolls left and right and the list goes on and on.I'm preparing for a smooth exit from here because it makes no sense to be here any longer.
@@jmagicd9831 Not true. Sign up to Beach Commute (not my business but I am a customer). They send a list of jobs paying US$50-200K a year you can do remotely as a digital nomad. Mobility can happen once you have $5-10K in emergency funds and a good online job.
I thought that until I realised him paying isn't the issue as much as what he's getting for it. Nothing! No healthcare, bad schools, high crime rates and mass shootings
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
After watching for years I went to KL for 2 months to see what NC was raving about. It's is cool for upper class just like any place. When your in Thailand they have Soo much class they never show dislike based on appearance or nationality But a person of African descent in KL expect to be stared at micro-aggressed by Chinese people and India people. Religion is not a issue at all.
In terms of schooling there are already people who move with their kids - diplomats, corporate kids. I grew up like that. There are local international schools used to mobile pupils. Also there are British online schools that will teach kids online internationally. Kids can do the IB system or the A'Level system online.
I moved from Hawaii to Thailand way back in 1978 and I still love it. I think my life over here has been much more interesting than it would have been if I had not moved. I used to go visit my parents every year until they passed but don't go anymore. Don't enjoy having to file taxes in the US every year but it is manageable and I don't really want to change passports. This life is not for everyone but I think it is worth exploring to find out if it will work for you.
This one is an absolute treat. Reading Andrew Henderson's book Nomad Capitalist back in 2018 inspired me to figure out how to work online and travel the world. Literally changed my life.
@@NoRegertsHere started a software company with 2 friends. We have lived in Mexico, Spain, Rwanda, Thailand, Vietnam, Kenya and have visited over 30 countries. Now looking to settle down and implement the trifecta.
As a Canadian we are very lucky to be able to change where we pay tax very easily America’s have to renounce their citizenship to escape taxation. I plan to retire in Asia but I’m happy to keep my citizenship I’m hopeful my country will get its mind back.
Irish real estate is off the charts like many countries . The damp climate and rainy weather takes a lot to get accustomed to. The upside is a friendly people with good night life and cheap Ryan Air flights to all of Europe . Many European countries have better bang for your buck . So a place in Spain is good to escape Irish winters .
I moved to Switzerland to avoid paying 50% tax in my home country. Now effectively paying 20% and earning, after tax, more than 3x as much. However, I have a hard time socializing here. I wouldn’t say it’s because it’s Switzerland but it’s because I moved to a new place in general and I am not a student anymore. Finding friends in a completely new place seems so hard and frustrating. I am in my early 20’s and I just got out of university. Living in a town full of young people is just so much more fun than somewhere where most people are already 30+. Unfortunately, now my career is going so well that I’ll probably never be able to move again lol.
Join local sporting clubs to meet people. That's how to slowly meet people and learn Swiss German. Too many expats are lazy and don't respect the local Swiss culture. It's pretty basic. Aussie here and I live in Switzerland.
I have similar experience in Sweden, though I’m 45, married, so I don’t care that much about socialising, but virtually in three years here, no friends at all.
@@LucianoCallero I lived for 5 years in Japan, but I have no long-term friends. Turns out I ought to have joined clubs for my interests. But I know that if I didn't have good friends online, then I may have actually cared to make friends.
In my opinion, really helps children and teenagers to live overseas part of the time because it gives them more a global view and different customs and possible learning a different language and meeting new friends.
This was a great discussion, thank you. I watch Nomad Capitalist and I’ve been an expat for 20 years in my adult life and I spent most of my childhood in different countries around the world. It’s nice to be disconnected from the political nonsense back home.
Eduardo Saverin renounced his citizenship in '11(I believe). He was a co-founder of Facebook. He sold his shares with like 11 figure gain and paid no taxes. The exit tax occurred after that. He moved to Singapore.
As a Rwandan, I have mixed feelings about this. My parent's generation lived abroad in different countries (including western ones), but decided nevertheless to come back and fight for/rebuild the country. If they had decided to stay in better places, I wouldn't have grown up in a country that's a shining example to the continent. Perhaps some of these countries were only able to become great because people decided to stay and change it for the better.
Very good point. But people like these are not interested in matters of honor, family, legacy but money and convenience. It might work for some sociopaths, but thank God we're not all that. Stay/go where your heart is.
As a resident of two time zones 12 hours apart i identify with him, and want to know more about low cost company setup for tax reduction when a consultant.
I wouldn’t recommend moving to Puerto Rico just for the Act60 tax benefits. There’s a ton of controversy surrounding them, and they are getting very strict with the rules to be eligible to be on Act60. Local Puerto Ricans hate it because its causing gentrification to the island with Non-Puerto Rican Americans moving in with no relation to the island and with more buying power buying up entire neighborhoods, public areas, and historical sites then going on to turn them all into private resorts, vacation homes, and Airbnb businesses. Because of all this a movement called the GringoGoHome movement has been growing big time and there have been many protests throughout the island to have Act60 removed. Also, many financial gurus and economists have said that Puerto Ricos Act60 is very likely to be taken down in the near future because its actually doing more harm to both Puerto Rico and the US economies. Channels like the Wealthy Expat and Nomad Capitalist have talked about it multiple times and explain why it’s a no go, and there’s better and safer places to move than to a US territory to follow a bunch of strict rules just so you can get away with paying little taxes. Congress has been demanding the Puerto Rican government take down Act60 because it’s losing the US billions of tax dollars and many people who are on Act60 are using it as a tax loophole to cheat paying taxes on the island by pretending to live there. Already over 100 people have been caught and arrested, and many more are under investigation by the IRS. The only reason Act60 is still up is because the current corrupt governor Pedro Pierluisi and his party are using it as leverage to pressure congress to make the island the 51st state. And they are open about this plan, when congress ordered them to take it down, Pierluisi said he’ll only do it if they make the island a state first. This year is the elections on the island and their party has been losing a ton of support because of all the corruption being exposed, and all the other parties are forming an alliance against them. If their party loses the governorship and they don’t get the majority in both house legislatures, then definitely Act60 is dead. All in all, I’m not saying Puerto Rico sucks, I just don’t recommend moving your entire life there just because you want to pay less taxes, when there’s a ton of issues going on in the island.
Yes, Puerto Rico is corrupt. At first, the annual fee to be in the program was $50, then raised to $300, then to $5000, even in years you lose money, you still have to pay that fee. Newcomers also have to make an annual $5000 forced donation to a PR charity, so you would be paying an unavoidable $10,000 annually to stay in the program. It also costs $5000 more to as a one time fee to join the individual investor act program. The police are inefficient/incompetent and the laws are in favor of criminals in case you are a crime victim
I haven't heard about health, insurance, medical needs, death etc etc being in another country only for 4 months, here is where i kinda feel clarity needs to provided rather than just the passport/tax conversation
You would be wrong about that. Within the last month, Andrew had a video of his employees getting a physical in Malaysia that he paid for. He's talked about it more than once.
You pay for everything private, if you want it to be part of the country benefits you need to go to Europe. Is not as expensive as you might think specially if you are from the US
Except for quality of hospitals (very good in Malaysia, Singapore, thailand, etc), none of your concerns apply to wealthy people. He deals with millionaires.
Agreed. The whole conversation felt very superficial and hyper tax focused. There's more to life than that but I have a feeling that's not what he's selling...
Moving around the world to find the best for you seems to require that you think of people as fundamentally replaceable. I don't live in a great country, but I live around some great people that make it so worth it.
I have no objection to paying tax. I just want to see my taxes used to make a better society and that's simply not happening in the UK any more. I hope to sell up in the UK, keep my parents' flat here so they don't feel adrift. And move to a country with a better quality of life which will allow my parents to come and stay for as long as they like. I just want to reduce my cost of living and have a nicer life style. I work long hours but can never afford to stop working and retire if I stay in the UK.
I've been following both Chris and Andrew for years, and this was a podcast episode I never expected to happen. I'm looking forward to the conversation!
You may need a lot of money to utilize Andrew's company; however, Andrew still drops a ton of valuable knowledge via the Nomad Capitalist YT Channel. Great podcast.
Unfortunately in Europe, with the automatic exchange of information now, it's very difficult to pay little taxes if you have a European passport. My bank in country A told everyone to my tax office in country b (new country of residence) and you start immediately by belonging in the 35% brackets if it's interests or revenues from savings account received in country a. It seems as if it's hard to win these days. They know everything.
Must be 💩 Horror that someone you in love with and vulnerable to turn around one day and do such a thing.. be single guys until someone truly worth it 😅. I had been following your Chanel for a while now, and I congrats you for your courage and determination. You won.🥇 celebrate 🎉
I love this lifestyle, but having this lifestyle is very difficult for the kids. Taking them out of their schools, leaving their friends behind, and again having to make new friends in a new place is tough for kids. Homeschooling is ths other option, but mingling and mixing with other kids is how they develop their social skills. The better option if you make enough money would be just to have setups abroad but dont live there. Just travel for a few days once in a while to take care of things.
I am a 67 year old male from the states. I currently live in Albania and have for almost 3 years. I have tempoary residency on a business visa and will have to wait 4 more years until permenant visa. I have a small business out of the house I live in and will soon open a restaurant here. I currently draw a taxable pension form Oregon and my SS. I have setup my business as an LLC here and draw a salary from it so that I don't have to pay self employment taxes to the IRS. Unfortunately since I will be making a combined taxable income of over $ 25,000 I still have to pay some taxes on my SS. If they would raise the cap or eliminate the entire double tax, like in the Bill currently in congress now, then I would be tax free from the US unless I made over $ 120,000 overseas income.
wanted to travel in Europe and started looking at places to stay. I could only stay for 3 months at a time then would have to leave for 3 months. I came across Albania by accident and saw that they weren't in the EU and looked at there length of stay. I was surprised to find out that Americans can stay for a full year without having to leave. So I decided to use Albania as a base and actually fell in love with the place and decided to make it my permanent home.
If you're an Australian citizen and plan to exit the tax system as a non resident you pretty much have to sell all your real estate there, otherwise if you ever stay there for 6 weeks during a financial year or more from July , you'll fail the non resident test according to the new rules.
@@jack-d2e6i I won't go into my tax residency but I spoke to an Australian who recently became a non tax resident, he just answered that on his last Australian tax return, saying it's his last and he chose a country with a bilateral taxation agreement to be his new tax residency, the list is readily available online, that's by far the easiest option, that was on top of selling his last remaining property in Australia, apparently he had no issues with it.
I dont agree with Andrew about US banks are bad. I live in Switzerland . They dont have CDs offered and have no options to gain anything even if you have 6 figures in your account. US banks offer CDs with favorable rates and also lots of freebies if you open a savings account and points and cash offers. And if you have disputes on charges, fees - US banks will always assist and accommodate you and reverse fees etc.. I have 3 accounts in Switzerland and none of them offers anything and assist with any of latter I described !
I love Andrew and Nomad Capitalist. Not a HNW yet 😊 but I still find the content highly valuable and I’m actively looking for a second passport and where best I could either open a second office or move entirely. I do not like the direction the UK is heading
As far as the U.S. goes.....I struggle to comprehend renouncing one of - if not the most - valuable citizenships on this planet even with the taxes. I mean people literally die on boats to get here. It's a massive country with 50 states all that have varying degrees of geography, weather. taxes so you have massive amount of options in the future. You can't predict the future and renouncing citizenships from a country that is the world reserve currency that has the best geographical advantage out of any country to this day is crazy to me but you do you.
It headed for an EPIC collapse ... 34 Trllion dollards in Debt ... Even if they took all the rich peoples money, it wouldn't pay off the debt. The interest is 2.75 Billion per day .... and you get to pay it. There isn't enough tax revenue or GDP ... but they wont tell you on the news
People literally die on boats or by bullets to get to turkey and Pakistan (from Afghanistan) it just shows the need of the person not the benefits provided by the Country.
The US is an amazing country in the grand scheme of things in my opinion. Nomad Capitalist has valid points that make the US not ideal for a wealthy entrepreneur like himself but as an employee or freelancer, I think the tax all over the world is not a significant issue
I'd love to move to the USA if I could get sub-20% total tax burden and there were any safe cities there. And safety is not the biggest concern, I am more concerned about crazy leftists taking over cities. If I wanted crazy leftists, I'd return from Bulgaria to Norway. If I'm gonna end up in rural Ohio anyway, I may as well go home to Norway, because it's a similar place.
This was a fascinating conversation to listen to. I am not a cosmopolite and don't see myself becoming one, but I find it interesting to listen to people who travel a lot talk about their experiences. Most people want to settle down and put down roots, but it's weird that one would still have to pay taxes to their country if they leave, give up their citizenship and don't use the roads, schools or other benefits provided by the state. I don't see why you would owe the country you were born in anything then. You are slowly becoming one of my favourite interviewers and podcasters.
Morally you could argue you country paid and raised you trough school and made you an able taxpayer for another country to employ at zero cost. Mostly, exit tax is for rich countries. In poor countries there are barely any tax, and barely any services. Workers doesn't have money for exit tax anyway. This is to change the equation on moving to another country for tax reasons. They want force them to comit even more, so they hopefully decide to stay.
@@OddisProductions Then why is the USA and Eritrea the only countries in the world that have this policy? The child has no choice on where he is born so why if the adult that the child developed into decides to learn the country should he continue filing and paying income and other taxes to a country that he produces no income nor transacts any taxable events? At the end of the day, you will always pay some tax, although if you are not from the USA or Eritrea then you will determine the tax rate that you are exposed to as a result of becoming a tax resident in that country. Simple premise . . . Countries do not own their citizens . . . that would be the equivalency of economic slavery.
@@chickenfishhybrid44yes, he's not saying it because he's using that everytime is convenient to him. Which is fine, but stop complaining about taxes then.
lol. This wouldnt go well. much of what Nomad is trying to avoid and calling a destructive thing for society,,,, are things that Zeihan would be in favor of and try to protect.. Zeihan probably thinks its a great thing to give half of your money to the state.
Peter Zeihan thinks U.S. is the place to be and Nomad obviously runs a business where he makes most of his money from people leaving the U.S. It would be hilarious seeing them argue.
The problem is the rest of the world has been riding on the coattails of the US and other countries for peace and prosperity while not paying their fair share. The only people that profited is rich people like yourself who have the luxury of working anywhere in the world and take advantage of the world system and as soon as the country raise taxes to pay for their debt they jump ship and find another country that they can take advantage of.
Yeah first interview that Chris has done I've not enjoyed. Feels like two guys living a far more lavish lifestyle than me talking about how good it is.
I think there’s a lot of good stuff here when discussing tax minimization. Where it falls flat is in the bias against the USA. Let’s start with a fact, then my opinion. Fact: The USA has more millionaires than any other country in the world, by a huge amount. 25.5M people are millionaires there. Next closest is China with 6M despite having 3x the population. Now, let’s assume people with that kind of money can afford to travel or move. If everywhere else is better, why haven’t they moved? My opinion: The problems with the USA that a lot of people complain about don’t apply to people with a certain level of wealth. Private schools solve education. Politics favors the wealthy. Healthcare costs don’t matter with insurance and wealth. People fly here from Dubai for medical care if that tells you anything about what “cheap” in other countries gets you. Need a bandaid? Sure, Malaysia is probably great. Need a cutting edge procedure? Good luck. For entertainment and recreation, plus modern amenities and standards, the USA is pretty damn good, and when you’re wealthy that matters a lot more than where I can save a few more dollars on taxes which I then use to buy what? A bigger boat? A jet? Happiness is experiences and relationships, both of which can be great in the USA with wealth. I think it’s honestly a lot tougher of a question for the average person making mediocre money here. That’s why he has a strong following from people who aren’t rich enough to afford his services-the USA sucks for them. Not so much for the wealthy not so concerned with taxes.
Because it's the easiest way to accumulate wealth if you come from nothing (and found a way to generate good/large income) Also, a very crucial matter is having online income or very passive sources of income to be able to do that. Most of those you mention are owners of factories, CEO's, sports players, actors, musicians, landlords, etc.. they can't take their life elsewhere because they are tied to US soil. Not to mention those who already have generations of wealth behind them (that surely already have built very nice systems to reduce their tax amount and not like your average freelancer who is stabbed with at least 30-50% of what he earns).
True. I just wanna geo-max in terms of taxation to increase my annual savings from 20k to 40k USD while working my online job. If I had 10x the income I may stay put and pay high taxes because who cares anyway? I think I'd want over 500k USD a year before considering staying put though. And I think local politics may piss me off enough that I'd wanna move anyway. But, if I'm doing really excellent and have a huge house, family, etc., then moving would be a PITA.
I live in Germany 🇩🇪. YES it is an extremely difficult place to make friends. Been here 5 years and I deeply regret it.I wish I could turn back the hands of time. I would move to to Ireland.🇩🇪
Did you live in a large city or in a small town? It makes a real difference. Germans are more reserved and need time to open up. You will have higher chances to make friends in big cities where there are also more younger people
in germany it is also extremely difficult to even talk to a normal woman. I am not even talking about getting a date, a girlfriend or marrying. Already just exchanging a few sentenctes with a normal woman is difficult.
Hello you savages. Get my free Reading List of 100 life-changing books here - chriswillx.com/books/ Here’s the timestamps:
00:00 What Nomad Capitalist Does
03:28 Overcoming Cultural Displacement
07:56 The Different Elements of Long-Term Travelling
11:11 Owning a Passport Vs Being a Nonresident
15:02 Is it Good Financially to Be a US Citizen?
29:06 How to Travel to Pay Less Tax
43:18 Owning a Business in Dubai
50:03 The Intense Paperwork of Travelling
57:26 Most Simple Places to Consider
1:05:25 Dealing With Education for Children
1:10:58 Travelling Abroad to Give Birth
1:14:58 Places Better for Tourism Than Residency
1:18:24 The Rise of Nomad Preppers
1:24:01 The Best Currency
1:31:25 Responding to the Passport Bro Meme
1:35:48 How to Get Started
Pi 3.14 π was first recorded by Moses in the Exodus Tabernacle blueprints near 1400 BC not 250 BC by Archimedes. 330-15-1=314
Calculation based on the description of the Tabernacle's curtains in Exodus 26:8-9, 12-13 with vs13 being the lynchpin. Here's a breakdown:
Total Length of the Curtains: The Tabernacle had 11 curtains, each 30 cubits long. So, all the curtains together were 11 x 30 = 330 cubits long.
Folding One Curtain: One of these 11 curtains was to be folded in half. When you fold a curtain that is 30 cubits long in half, it becomes 15 cubits long.
Adjusting the Total Length: After folding one curtain in half, the total length of all curtains would be 330 cubits (from all 11 curtains) minus 15 cubits (from the folded curtain). So, the adjusted length is 330 - 15 = 315 cubits.
Extra Length at Both Ends: The same folded curtain is supposed to have half a cubit of material hanging off at both ends of the Tabernacle. Since there are two ends, that adds up to 2 x 0.5 = 1 cubit.
Final Calculation: To find the final length, subtract this extra 1 cubit from the adjusted length of 315 cubits. This gives 315 - 1 = 314 cubits.
This was discovered by a Christian engineer from Wisconsin in 2015. Geometry π people will see this as dome shaped. However Josephus the Historian describes the traditional rectangle shaped Tabernacle. 2 different shapes.
or
(C-curtain L-length) 11Cx30L= 330CL, 1Cx30L= 30CL÷2= 15CL-330CL= 315CL, 315CL-.5CL-.5CL= 314CL Exodus 26:8-9, 12-13
or
330-15-1=314
Exodus 26:13 makes Pi 3.14
Yo Chris, i ain’t doing any of this shit. 😂
Ĵ
L😅p
Andrew's my favorite guest you've had on so far Chris.
Thank you for the invitation and thoughtful discussion, Chris. It was a pleasure to talk about going where you're treated best.
It was fascinating. Great podcast!
Thanks for sharing. Agreed on dating American girls; for me what keeps me here is family and guns. If guns and airlines are liberalized in Argentina it's gonna be a lot more attractive.
Guns which I do not own, on account of having lost all of them in a tragic boating accident.
I just picked up your book. I definitely would like to know more. Thanks for the candid and very thought provoking conversation with Chris.
You have good content but idk what kinda experiences you’ve had in the USA…. I’ve had issues but not like big ones or anything like that…..
I've been living in Thailand for 2 years working remotely. You're kind of living on borrowed time to an extent unless you have the money for longer term visas but my life get 10x better when I made the move. Most people just think its an attraction to hedonism but if you're focused, you can be far more productive. I would highly recommend trying it out for 3 months (SE Asia in general is fantastic) and seeing how you fare. The worlds a different place now, don't listen to people saying you're running away from your problems because, in my experience at least, opportunities are more likely to run into you.
As who did you worked there if I can ask ?
You are not running away from you problems... You are just creating problems to locals...
@@luisfilipe534 That depends on the person really. If he's working remotely that means he's bringing foreign money in and spending it in local businesses, AND he's not a tourist. It's really just drunk tourists that create problems.
This is awesome. I'm planning to check it out in April. I work remotely, and could make the move, so it's worth looking at the lifestyle.
@@fallen546 really? Driving real estate prices Impossible for locals? It depends how many "nomads"...
I have been following Andrew the Nomad Capitalist for 9 years and he changed my life. Currently writing this comment from a cafe in Porto, Portugal with my Italian citizenship and passport application being processed in Italy and soon to return to my home in Albania after enjoying a month in beautiful Lisbon. Go where you are treated best folks.
Modern Wisdom is my #1 pod and I was so pleasantly surprised to see Andrew’s face on this channel!
As a side note Andrew’s services are excellent for high net worth individuals but his content is for EVERYONE. I am in no way affiliated with him but he has been a force for change in my life in changing my perspective. I did and am doing the work and you can to.
What do you do for a living?
It is so incredibly entitled to suggest that people just "go" where they are treated best as if it was an option.
And it only took you 9 years to pull the trigger
only with online work
@DrewMcFederiesCEO You DO know that flying everywhere costs money, yes? Are you aware of how basic reality functions? "iF yOu rEaLlY wAnT iT" Nope, that's actually NOT how reality functions, wanting something does not re-write physical reality.
Andrew Henderson is amazing. I remember what he said: Go where you are treated best. Canada is horrible. Thanks to Vietnam, I have a better life for myself. I love Vietnam.
I just finished a tour of SE Asia and following Andrews advice, I got my annual check up done at the Medical Center he recommends in Kuala Lumpur and got my US Passport renewed (2 weeks) also in KL. Malaysia is fantastic! I loved Sarawak on the Island of Borneo and really could not say enough about how kind and friendly the people are in Malaysia (many speak good English). I would move there if the temperatures were just a tad cooler, that really is the only draw back for me. Thank you for the great interview!
Why the medical check up? Any passport or citizenship related reason?
@@neiloppa2620I love most things about Malaysia but I can't take the humidity and heat! I now look forward to spending more time in Bandung, Indonesia ;)
I started following NC years ago. Despite not being rich enough to afford his services, his content was highly informative. Helped me get my butt off the couch. Got myself a passport through descent and a residence permit through investment. Couldn’t be happier.
Love seeing Andrew on this podcast! Been following Nomad Capitalist for years and finally bit the bullet and started my journey. Moved to Mexico last year and just got my residency.
Nice I been living in Mexico 🇲🇽 since 2020 since the pandemic now I’m in Colombia 🇨🇴
@@DJBenito304 You did the opposite of us! My partner was in Colombo first then Mexico lol
Were you from the US? Did you renounce us citizenship? I’m just beginning to think about something like this
@@DJBenito304 What are the pros and cons for each country?
@@AmandaAbella What did you like about Colombia that Mexico doesn't offer? Or vice versa?
I was born in America and live and have citizenship in Kyrgyzstan. It's great and do not miss the US.
rofl
Kyrgyzstan is very random place
You've got a very random name😂@@abdulrazakbendjema9778
this is a joke or a bot. Maybe both
I've followed NC for a few years. One thing I always forget is that you probably need a lot of money to really get the benefit of his services and moving around the world to save on taxes.
That is not true. Anybody on an average salary can do the work to investigate a suitable visa in over 150 different countries to reside, find a job and change their life. You can research the accounting / tax rules, hire a local accountant in that country to provide guidance at a reasonable rate. I know nomads working online earning AUD$60K per annum who live great lives in low cost countries who do 95% of it themselves and pay $1K per annum on accounting / book keeping to ensure they are tax compliant. If your income is $500K-1M + then it is prudent to hire a higher level advisor like NC / Wealthy Expat / Henley Partners or Mikkel Thorup for bespoke advice.
Can you do more with more money? Yes. With the right skillset you do not need nearly so much though.
I'll have a look at Mikkel Thorup! but yeah you're right. Thanks mate! @@ZaneConnor
@@ZaneConnorwhere can I find these jobs!?
Stop crying bro
I recently moved to Pyongyang and have been capitalizing on the tax exemptions and wonderful lifestyle.
😂
I lived in Dubai for 15 years and had 2 kids there. I can guarantee the child will not learn a second language, everything is in English (but they will meet a lot of people from around the world that’s true).
We tried traveling for 4 months across Australia and New Zealand with our school aged kids while homeschooling. Let me just say it is not for the faint hearted and not something that is easy to do. Many kids need routine and consistency and if you are constantly moving around it is very disruptive for them (exceptions are babies and small toddlers). He’s making the “bringing family with you” sound way easier than it is and I’m guessing he doesn’t have kids.
Absolutely about the kids, he is underselling their needs to a point of negligent advice imo... They do need structure, routine and discipline. Looking back on when I was a child my worst times were when life got upended through a move or my Dad getting deployed (military) so much so that even when I was college aged I still hadnt shook that and the constantly changing routine and moving really screwed with my mental health and amongst other things caused me to drop out. I suppose some children are more weak to it than others but as a whole children cant live like this. This nomadic thing is a childless adults game.
Son of a retired Navy Corpsman, here. I wholeheartedly disagree. It’s all in parenting. I am fine from the experience. I homeschooled my kids while living abroad and moving over several years. My kids are well adjusted. 2 college graduates, 2 in college.
"You don't get anything for your US taxes." Truer words were never spoken. I'm a resident of a high-tax state (CA) and pay about the same amount of my income in taxes as my relatives in Europe. But in Europe their taxes cover university education and healthcare which are two HUGE expense items for me. My taxes are paying benefits for other people, not me. It's that simple. It's a rip-off. Also, I drive on potholed roads and there are homeless people everywhere.
Your taxes go to the military
@@djzrobzombie2813 Actually not so much. Social welfare spending (Social Security, Medicare/Medicaid) chew up most of it.
@@Nordic_Sky yes same here
How else are crooked politicians supposed to launder money in pointless wars if they don't tax the cattle aggressively 🤷
If you're on a tight budget, living in a city/country where you don't need a car instantly gives you back a big chunk to your income. Most developing countries have fantastic cheap public transit.
The collab we didn't expect .. happy to see you both in here it's gonna be interesting
i think it is an expected collab. all these successful people in the USA and UK etc. slowly realize they can do alot better elsewhere, i think Nomad Capitalism is inevitable
@@xsw882do alot better elsewhere assuming their job/income is still high because it's based in the US, UK or similar.
I've dipped into this guy's videos a few times over the last few years and I've always wondered what all these businesses are that he constantly mentions but never says what they are.
Those of his clients? I have no insider knowledge, but here are some examples: e-commerce and SAAS.
He mentions that he invests in real estate ventures in quite a few places.
First it was a pool cleaning company he founded in college in Phoenix.. Then Nomad Capitalist where a consult is 10k. He has good ideas but is a swindler truly.
From what I read, it’s mostly a scam.
It sounds like good information, but make sure to check locally.
Come to Buenos Aires, people. Beautiful city, extremely expat-friendly, something to do literally every single night, great food, good public transport (or Uber everywhere for less than $10), and you can overstay your travel visa for YEARS and just pay about $20 in fines.
I heard that what you mention is true, but I also heard it isn't safe, which is a bummer. No matter how nice or friendy the city or country, if it is not safe it is not worthi it. Especially when there are many safe places in the world that are also beautiful and friendly.
@@bionborys1648 The city is quite safe, especially the neighborhoods where expats stay in (Palermo, Belgrano, Recoleta). Those are very safe. Friends of mine who are from the UK and US say it's much safer than most cities in the world, women can walk around at night easily, etc.
@@beldilorenzo1 yeah, as an argentinean, I would not be walking alone through Palermo at night... Yes Buenos Aires is safe, but dont be stupid.
I'm Argentinian too. You obviously want to take the same precautions as anywhere else and walk in popular streets with plenty of activity. I just wanted to point out that friends of mine feel safer in Buenos Aires (in those very specific areas) than they do in their own cities.@@baconwaright
Wouldn't it just be better to become a citizen at that point? It's only 2-3 years anyways
Andrew inspired me to get my Irish citizenship several years back, and now I have that beautiful red EU passport.
How'd you do it
It’s not beautiful.
@@micclaywoman
@@micclayif you get a European Union passeport in addition to the US, then you Can live in any European Union country with no limit ! If you are Only Américain you Can stay max 90 Days, 3 months. Also it gives you options, if you don't liké life in the USA anymore, if you Want more Freedom, you may liké a Eastern European country more, liké Bulgaria, Serbia, Hungary. ...
Andrew has been a blessing in my life. I’m heading to the Nomad Capitalist conference this year in Kuala Lumpur. Looking so forward to it. Nigel Ferage, who is scheduled to be a speaker, is a hero of mine. So many more on the roster that I’ll hopefully get to meet.
Great show Chris. I only recently discovered you. Keep going! Cheers
Interesting take about Canada. It’s a great passport to have but our taxes are very large. You can declare non residency and live abroad rather easily. I did it for 5 years. But most Canadians come home and moving a lot of wealth back is tricky.
I seek no value in Canada above living here in America. Sunny and warm today.
I'm a massive fan of Andrew!!
I follow him closely
I'm hoping to have these problems soon
Southern germans, bavarians, are way easy to befriend. Had a great time. All covos where over beer though but i had a convo with an old mechanic who spoke no english but through his buddy we where like old friends. First time i ever tried snuff.
So many points was brought up that i was thinking about for a while.I'm glad other people have noticed some of the mentioned things regarding what do we got for paying a third of our hard earned money? I live in NYC and it is very unsafe outside with all the crimes going on,roads are in horrible condition to drive on,parking is extremely difficult with the city running the alternate side parking scam 4 times a week,charging us tolls left and right and the list goes on and on.I'm preparing for a smooth exit from here because it makes no sense to be here any longer.
Me watching this making less than six figures with an effective tax rate of 25% listening to these dudes talk about 8% being too much 🤨.
@@ywueeee I get that, but I still need to build up some wealth to give myself that mobility first
True but he’s probably still paying more tax into the system with his 2% than your 25%.
@@jmagicd9831 Not true. Sign up to Beach Commute (not my business but I am a customer). They send a list of jobs paying US$50-200K a year you can do remotely as a digital nomad. Mobility can happen once you have $5-10K in emergency funds and a good online job.
25% is theft
I thought that until I realised him paying isn't the issue as much as what he's getting for it. Nothing! No healthcare, bad schools, high crime rates and mass shootings
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
Life is like that.
After watching for years I went to KL for 2 months to see what NC was raving about. It's is cool for upper class just like any place. When your in Thailand they have Soo much class they never show dislike based on appearance or nationality But a person of African descent in KL expect to be stared at micro-aggressed by Chinese people and India people. Religion is not a issue at all.
In terms of schooling there are already people who move with their kids - diplomats, corporate kids. I grew up like that. There are local international schools used to mobile pupils. Also there are British online schools that will teach kids online internationally. Kids can do the IB system or the A'Level system online.
I moved from Hawaii to Thailand way back in 1978 and I still love it. I think my life over here has been much more interesting than it would have been if I had not moved. I used to go visit my parents every year until they passed but don't go anymore. Don't enjoy having to file taxes in the US every year but it is manageable and I don't really want to change passports. This life is not for everyone but I think it is worth exploring to find out if it will work for you.
So great you had Andrew on! I left the US 3 years ago and have listened to his stuff since then.
Don’t know what he does for a living but he’s a very sharp and knowledgeable guy.
This one is an absolute treat. Reading Andrew Henderson's book Nomad Capitalist back in 2018 inspired me to figure out how to work online and travel the world. Literally changed my life.
What did you end up doing and living?
@@NoRegertsHerestarted a software company with two close friends.
@@NoRegertsHere started a software company with 2 friends. We have lived in Mexico, Spain, Rwanda, Thailand, Vietnam, Kenya and have visited over 30 countries. Now looking to settle down and implement the trifecta.
As a Canadian we are very lucky to be able to change where we pay tax very easily America’s have to renounce their citizenship to escape taxation. I plan to retire in Asia but I’m happy to keep my citizenship I’m hopeful my country will get its mind back.
I moved to China in 2014, best decision I ever made. 🍵
Thank you for having Andrew on; the most interesting guest i have seen here.
This was a GREAT surprise of a guest
Right around tax season too. hhhhmmm
Irish real estate is off the charts like many countries . The damp climate and rainy weather takes a lot to get accustomed to. The upside is a friendly people with good night life and cheap Ryan Air flights to all of Europe . Many European countries have better bang for your buck . So a place in Spain is good to escape Irish winters .
I moved to Switzerland to avoid paying 50% tax in my home country. Now effectively paying 20% and earning, after tax, more than 3x as much. However, I have a hard time socializing here. I wouldn’t say it’s because it’s Switzerland but it’s because I moved to a new place in general and I am not a student anymore. Finding friends in a completely new place seems so hard and frustrating. I am in my early 20’s and I just got out of university. Living in a town full of young people is just so much more fun than somewhere where most people are already 30+. Unfortunately, now my career is going so well that I’ll probably never be able to move again lol.
save money and get out of there
Switzerland can be cold as far as the people. If you're a dude it's twice as cold.
Join local sporting clubs to meet people. That's how to slowly meet people and learn Swiss German. Too many expats are lazy and don't respect the local Swiss culture. It's pretty basic. Aussie here and I live in Switzerland.
I have similar experience in Sweden, though I’m 45, married, so I don’t care that much about socialising, but virtually in three years here, no friends at all.
@@LucianoCallero I lived for 5 years in Japan, but I have no long-term friends. Turns out I ought to have joined clubs for my interests. But I know that if I didn't have good friends online, then I may have actually cared to make friends.
In my opinion, really helps children and teenagers to live overseas part of the time because it gives them more a global view and different customs and possible learning a different language and meeting new friends.
the 1st thing he said about puerto rico being not efficient is 1000% true. i love puerto rico so much but man living there would be frustrating
Hahaha dude these guys are scams, average person should not be moving to any place, laws keep changing, passports of other counties suck etc etc
This was a great discussion, thank you. I watch Nomad Capitalist and I’ve been an expat for 20 years in my adult life and I spent most of my childhood in different countries around the world. It’s nice to be disconnected from the political nonsense back home.
Homeschooling and traveling the world is awesome!!!
"Go where you're treated best" is such a wise statement. It's crazy that it's an even remotely controversial idea😄
Eduardo Saverin renounced his citizenship in '11(I believe). He was a co-founder of Facebook. He sold his shares with like 11 figure gain and paid no taxes. The exit tax occurred after that. He moved to Singapore.
As a Rwandan, I have mixed feelings about this.
My parent's generation lived abroad in different countries (including western ones), but decided nevertheless to come back and fight for/rebuild the country.
If they had decided to stay in better places, I wouldn't have grown up in a country that's a shining example to the continent.
Perhaps some of these countries were only able to become great because people decided to stay and change it for the better.
Very good point. But people like these are not interested in matters of honor, family, legacy but money and convenience. It might work for some sociopaths, but thank God we're not all that. Stay/go where your heart is.
As a resident of two time zones 12 hours apart i identify with him, and want to know more about low cost company setup for tax reduction when a consultant.
😭the first thing he said my parents don’t understand and expect me to stay in the same place my whole life! The world is so big!!
I wouldn’t recommend moving to Puerto Rico just for the Act60 tax benefits. There’s a ton of controversy surrounding them, and they are getting very strict with the rules to be eligible to be on Act60. Local Puerto Ricans hate it because its causing gentrification to the island with Non-Puerto Rican Americans moving in with no relation to the island and with more buying power buying up entire neighborhoods, public areas, and historical sites then going on to turn them all into private resorts, vacation homes, and Airbnb businesses. Because of all this a movement called the GringoGoHome movement has been growing big time and there have been many protests throughout the island to have Act60 removed. Also, many financial gurus and economists have said that Puerto Ricos Act60 is very likely to be taken down in the near future because its actually doing more harm to both Puerto Rico and the US economies. Channels like the Wealthy Expat and Nomad Capitalist have talked about it multiple times and explain why it’s a no go, and there’s better and safer places to move than to a US territory to follow a bunch of strict rules just so you can get away with paying little taxes.
Congress has been demanding the Puerto Rican government take down Act60 because it’s losing the US billions of tax dollars and many people who are on Act60 are using it as a tax loophole to cheat paying taxes on the island by pretending to live there. Already over 100 people have been caught and arrested, and many more are under investigation by the IRS.
The only reason Act60 is still up is because the current corrupt governor Pedro Pierluisi and his party are using it as leverage to pressure congress to make the island the 51st state. And they are open about this plan, when congress ordered them to take it down, Pierluisi said he’ll only do it if they make the island a state first. This year is the elections on the island and their party has been losing a ton of support because of all the corruption being exposed, and all the other parties are forming an alliance against them. If their party loses the governorship and they don’t get the majority in both house legislatures, then definitely Act60 is dead.
All in all, I’m not saying Puerto Rico sucks, I just don’t recommend moving your entire life there just because you want to pay less taxes, when there’s a ton of issues going on in the island.
Yes, Puerto Rico is corrupt. At first, the annual fee to be in the program was $50, then raised to $300, then to $5000, even in years you lose money, you still have to pay that fee. Newcomers also have to make an annual $5000 forced donation to a PR charity, so you would be paying an unavoidable $10,000 annually to stay in the program. It also costs $5000 more to as a one time fee to join the individual investor act program. The police are inefficient/incompetent and the laws are in favor of criminals in case you are a crime victim
I did not expect this collaboration! Which is awesome as I follow both of you.
I haven't heard about health, insurance, medical needs, death etc etc being in another country only for 4 months, here is where i kinda feel clarity needs to provided rather than just the passport/tax conversation
You would be wrong about that. Within the last month, Andrew had a video of his employees getting a physical in Malaysia that he paid for. He's talked about it more than once.
You pay for everything private, if you want it to be part of the country benefits you need to go to Europe.
Is not as expensive as you might think specially if you are from the US
Except for quality of hospitals (very good in Malaysia, Singapore, thailand, etc), none of your concerns apply to wealthy people. He deals with millionaires.
Yeah just passport/tax fluff… no real stuff.
Agreed. The whole conversation felt very superficial and hyper tax focused. There's more to life than that but I have a feeling that's not what he's selling...
Yes please !! Let’s go where things are best for us
Moving around the world to find the best for you seems to require that you think of people as fundamentally replaceable. I don't live in a great country, but I live around some great people that make it so worth it.
Yep. It's a totally and utterly parasitical mindset.
your living your life solely for others? thats sad. you basically dont exist to yourself then. you only exist around them?
I have no objection to paying tax. I just want to see my taxes used to make a better society and that's simply not happening in the UK any more. I hope to sell up in the UK, keep my parents' flat here so they don't feel adrift. And move to a country with a better quality of life which will allow my parents to come and stay for as long as they like. I just want to reduce my cost of living and have a nicer life style. I work long hours but can never afford to stop working and retire if I stay in the UK.
I've been following both Chris and Andrew for years, and this was a podcast episode I never expected to happen. I'm looking forward to the conversation!
Me too it was a big surprise
You may need a lot of money to utilize Andrew's company; however, Andrew still drops a ton of valuable knowledge via the Nomad Capitalist YT Channel. Great podcast.
Unfortunately in Europe, with the automatic exchange of information now, it's very difficult to pay little taxes if you have a European passport. My bank in country A told everyone to my tax office in country b (new country of residence) and you start immediately by belonging in the 35% brackets if it's interests or revenues from savings account received in country a. It seems as if it's hard to win these days. They know everything.
Great interview. Follow both of you for a few years.
Wow, I’ve been watching Andrew for years. Great to see this collaboration
Amazing conversation! Thank you both so much for this!
Must be 💩 Horror that someone you in love with and vulnerable to turn around one day and do such a thing.. be single guys until someone truly worth it 😅. I had been following your Chanel for a while now, and I congrats you for your courage and determination. You won.🥇 celebrate 🎉
I’ve been following Andrew Nomad since 2019!!
Me too!! He's great I love, hearing an American(or former one) telling it like it is
same
Me too, I started to follow Nomad Capitalist since December 2019, he just started to post videos on a daily basis exactly at that time.
I love this lifestyle, but having this lifestyle is very difficult for the kids. Taking them out of their schools, leaving their friends behind, and again having to make new friends in a new place is tough for kids. Homeschooling is ths other option, but mingling and mixing with other kids is how they develop their social skills. The better option if you make enough money would be just to have setups abroad but dont live there. Just travel for a few days once in a while to take care of things.
at 40k usd annual income it’s a comfortable middle class lifestyle in lower cost countries like sth east asia
at 100k usd it’s great so be aware
Great interview with Andrew.
I am a 67 year old male from the states. I currently live in Albania and have for almost 3 years. I have tempoary residency on a business visa and will have to wait 4 more years until permenant visa. I have a small business out of the house I live in and will soon open a restaurant here. I currently draw a taxable pension form Oregon and my SS. I have setup my business as an LLC here and draw a salary from it so that I don't have to pay self employment taxes to the IRS. Unfortunately since I will be making a combined taxable income of over $ 25,000 I still have to pay some taxes on my SS. If they would raise the cap or eliminate the entire double tax, like in the Bill currently in congress now, then I would be tax free from the US unless I made over $ 120,000 overseas income.
I traveled all over Albania. Truly a bit of a hidden gem. Why did you chose there?
wanted to travel in Europe and started looking at places to stay. I could only stay for 3 months at a time then would have to leave for 3 months. I came across Albania by accident and saw that they weren't in the EU and looked at there length of stay. I was surprised to find out that Americans can stay for a full year without having to leave. So I decided to use Albania as a base and actually fell in love with the place and decided to make it my permanent home.
@@PLHogan ah yes, epic! What's your thoughts on the place wanting to be in the EU? Obviously a bad idea. Can you easily buy property there?
Nice glad you got this guy
If you're an Australian citizen and plan to exit the tax system as a non resident you pretty much have to sell all your real estate there, otherwise if you ever stay there for 6 weeks during a financial year or more from July , you'll fail the non resident test according to the new rules.
Hi, may I ask, did you make the move (to exit Australia tax system)? If so what are the biggest hurdles? Do you travel back to Australia at all?
@@jack-d2e6i I won't go into my tax residency but I spoke to an Australian who recently became a non tax resident, he just answered that on his last Australian tax return, saying it's his last and he chose a country with a bilateral taxation agreement to be his new tax residency, the list is readily available online, that's by far the easiest option, that was on top of selling his last remaining property in Australia, apparently he had no issues with it.
@@scottfree993 thank you for the info
He's 100% on the money for family application, took my aunt, uncle, and cousin over 15 years for their application to get processed
I dont agree with Andrew about US banks are bad. I live in Switzerland . They dont have CDs offered and have no options to gain anything even if you have 6 figures in your account. US banks offer CDs with favorable rates and also lots of freebies if you open a savings account and points and cash offers. And if you have disputes on charges, fees - US banks will always assist and accommodate you and reverse fees etc.. I have 3 accounts in Switzerland and none of them offers anything and assist with any of latter I described !
these are good for single people to wander about as & when they like
I love Andrew and Nomad Capitalist. Not a HNW yet 😊 but I still find the content highly valuable and I’m actively looking for a second passport and where best I could either open a second office or move entirely. I do not like the direction the UK is heading
wow, wonderful interview ! So wise!
Was born Across that lake from Columbus in Toronto. . . and came into the US on an O-1B status. Great subject
Not columbus but Cleveland
Diversifications among bank accounts, financial planners, lawyers, accountants, and the likes, there's the idea!
This was a surprise to see Mr Henderson. 🙂
As far as the U.S. goes.....I struggle to comprehend renouncing one of - if not the most - valuable citizenships on this planet even with the taxes.
I mean people literally die on boats to get here. It's a massive country with 50 states all that have varying degrees of geography, weather. taxes so you have massive amount of options in the future.
You can't predict the future and renouncing citizenships from a country that is the world reserve currency that has the best geographical advantage out of any country to this day is crazy to me but you do you.
It headed for an EPIC collapse ... 34 Trllion dollards in Debt ... Even if they took all the rich peoples money, it wouldn't pay off the debt. The interest is 2.75 Billion per day .... and you get to pay it. There isn't enough tax revenue or GDP ... but they wont tell you on the news
People literally die on boats or by bullets to get to turkey and Pakistan (from Afghanistan) it just shows the need of the person not the benefits provided by the Country.
The US is an amazing country in the grand scheme of things in my opinion. Nomad Capitalist has valid points that make the US not ideal for a wealthy entrepreneur like himself but as an employee or freelancer, I think the tax all over the world is not a significant issue
The US right now is not the US 30 years ago.The American dream is a dream nowadays
I'd love to move to the USA if I could get sub-20% total tax burden and there were any safe cities there. And safety is not the biggest concern, I am more concerned about crazy leftists taking over cities. If I wanted crazy leftists, I'd return from Bulgaria to Norway.
If I'm gonna end up in rural Ohio anyway, I may as well go home to Norway, because it's a similar place.
This was a fascinating conversation to listen to. I am not a cosmopolite and don't see myself becoming one, but I find it interesting to listen to people who travel a lot talk about their experiences. Most people want to settle down and put down roots, but it's weird that one would still have to pay taxes to their country if they leave, give up their citizenship and don't use the roads, schools or other benefits provided by the state. I don't see why you would owe the country you were born in anything then.
You are slowly becoming one of my favourite interviewers and podcasters.
Morally you could argue you country paid and raised you trough school and made you an able taxpayer for another country to employ at zero cost. Mostly, exit tax is for rich countries. In poor countries there are barely any tax, and barely any services. Workers doesn't have money for exit tax anyway. This is to change the equation on moving to another country for tax reasons. They want force them to comit even more, so they hopefully decide to stay.
@@OddisProductions Then why is the USA and Eritrea the only countries in the world that have this policy? The child has no choice on where he is born so why if the adult that the child developed into decides to learn the country should he continue filing and paying income and other taxes to a country that he produces no income nor transacts any taxable events? At the end of the day, you will always pay some tax, although if you are not from the USA or Eritrea then you will determine the tax rate that you are exposed to as a result of becoming a tax resident in that country. Simple premise . . . Countries do not own their citizens . . . that would be the equivalency of economic slavery.
Once you renounce your citizenship you don't have to pay taxes.
@@chickenfishhybrid44yes, he's not saying it because he's using that everytime is convenient to him. Which is fine, but stop complaining about taxes then.
Andrew and Tucker Carlson will make a good conversation. I will pay to watch.
I am sitting in my studio office in California and as soon as you said California was the worst place I had to laugh so hard😂, because it’s so true!
Try living in New York ... not a joy either
Very eye opening, useful information as always Chris. Thank you!
would be interesting to hear about switzerland!
Best NC video to date. How did I miss this 6 mos ago
hell yeah great to see this guy on here.
The most useful, interesting podcast in years. Thank you Chris
Passport bros for life 🇲🇽 🌎
🇬🇧✈️🌎🇪🇨🍺
Great pod!🔥
5 years ago, Andrew's book changed my life perspective forever
What book was that?
It would be fun if he had Peter Zeihan On with Nomad Cap.
I wonder what kind of conversations they would have?
lol. This wouldnt go well. much of what Nomad is trying to avoid and calling a destructive thing for society,,,, are things that Zeihan would be in favor of and try to protect.. Zeihan probably thinks its a great thing to give half of your money to the state.
Peter Zeihan thinks U.S. is the place to be and Nomad obviously runs a business where he makes most of his money from people leaving the U.S.
It would be hilarious seeing them argue.
@@lordrichardson4447zeihan is the state. He doesn't think, he tells.
@@83442handlethey wouldn't argue. Their morals are very relative, so they would tiptoe around each other and serious Q&A
Croatia allows unlimited generations back for citizenship by descent.
Why don't you link the channels to the people you interview in the description?
Great podcast, really interesting dude .! Living the dream
The problem is the rest of the world has been riding on the coattails of the US and other countries for peace and prosperity while not paying their fair share. The only people that profited is rich people like yourself who have the luxury of working anywhere in the world and take advantage of the world system and as soon as the country raise taxes to pay for their debt they jump ship and find another country that they can take advantage of.
Yeah first interview that Chris has done I've not enjoyed. Feels like two guys living a far more lavish lifestyle than me talking about how good it is.
I think there’s a lot of good stuff here when discussing tax minimization. Where it falls flat is in the bias against the USA.
Let’s start with a fact, then my opinion. Fact: The USA has more millionaires than any other country in the world, by a huge amount. 25.5M people are millionaires there. Next closest is China with 6M despite having 3x the population. Now, let’s assume people with that kind of money can afford to travel or move. If everywhere else is better, why haven’t they moved?
My opinion: The problems with the USA that a lot of people complain about don’t apply to people with a certain level of wealth. Private schools solve education. Politics favors the wealthy. Healthcare costs don’t matter with insurance and wealth. People fly here from Dubai for medical care if that tells you anything about what “cheap” in other countries gets you. Need a bandaid? Sure, Malaysia is probably great. Need a cutting edge procedure? Good luck.
For entertainment and recreation, plus modern amenities and standards, the USA is pretty damn good, and when you’re wealthy that matters a lot more than where I can save a few more dollars on taxes which I then use to buy what? A bigger boat? A jet? Happiness is experiences and relationships, both of which can be great in the USA with wealth. I think it’s honestly a lot tougher of a question for the average person making mediocre money here. That’s why he has a strong following from people who aren’t rich enough to afford his services-the USA sucks for them. Not so much for the wealthy not so concerned with taxes.
Because it's the easiest way to accumulate wealth if you come from nothing (and found a way to generate good/large income)
Also, a very crucial matter is having online income or very passive sources of income to be able to do that.
Most of those you mention are owners of factories, CEO's, sports players, actors, musicians, landlords, etc.. they can't take their life elsewhere because they are tied to US soil. Not to mention those who already have generations of wealth behind them (that surely already have built very nice systems to reduce their tax amount and not like your average freelancer who is stabbed with at least 30-50% of what he earns).
True. I just wanna geo-max in terms of taxation to increase my annual savings from 20k to 40k USD while working my online job. If I had 10x the income I may stay put and pay high taxes because who cares anyway?
I think I'd want over 500k USD a year before considering staying put though. And I think local politics may piss me off enough that I'd wanna move anyway. But, if I'm doing really excellent and have a huge house, family, etc., then moving would be a PITA.
One of my favorite guests you've had ...
Life changing episode
Cleveland boys in the building
I live in Germany 🇩🇪. YES it is an extremely difficult place to make friends. Been here 5 years and I deeply regret it.I wish I could turn back the hands of time. I would move to to Ireland.🇩🇪
Been there for 6 years, left in 2021 when they started to lose their marbles with covid..
Did you live in a large city or in a small town? It makes a real difference. Germans are more reserved and need time to open up. You will have higher chances to make friends in big cities where there are also more younger people
in germany it is also extremely difficult to even talk to a normal woman. I am not even talking about getting a date, a girlfriend or marrying. Already just exchanging a few sentenctes with a normal woman is difficult.
So why not move?
@@ywueeee I think Ireland might be easy in the countryside, people are super nice, obviously boring but...
Been watching Nomad Capitalist for a while now, so this is a very unexpected crossover.
People always seem kind when you don't understand their language or political history
People on the street walking past smiling and saying good morning, "Huh Can't fool me, I know your political history🤓" 😂
@@M414-q6o ha ha, it seems like some people make assumptions when it’s not always true.
Well done Andrew 👏