Why You Should Have Money Before Going Offshore
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- เผยแพร่เมื่อ 28 มิ.ย. 2024
- nomadcapitalist.com/
While the lifestyle benefits of digital nomadism are great regardless of your income level, setting up offshore companies and banking structures that actually work isn’t suitable for everyone.
Andrew Henderson and the Nomad Capitalist team are the world's most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best".
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Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.
Our growing team of researchers, strategies, and implementers add to our ever-growing knowledge base of the best options available. In addition, we've spent years studying the behavior of hundreds of clients in order to help people get the results they want faster and with less effort.
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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
Reading some of the comments, I am comforted to know I’m not the only 5-figure dreamer who indulges in a bit of mental escapism by watching, and thoroughly enjoying, your videos!
I'm here too! Making a long range plan to retire in the next 15 years to another country. Retirement will be unsustainable in the US after the Boomers. (Gen X here) and an assignment to poverty. I certainly intend to go where treated best!
Bizhelpguru.com If Biden wins this 2020 election, you’ll need to shave that 15 year time in to 15 months.
I first went offshore when I had less than $2,000 in the bank. It's possible, and it's helped me build even more! It's smart to have to some money before heading offshore, but I'm proof it doesn't take a lot of money to get started.
How??
What country
Nomad Undercover Do you think Greece is a good country to live in tax wise?
I traveled to Bhutan and was there for 7days 5 years ago .I highly recommend it for the value . I spent under $ 3000 USD for the entire trip and that included the flight form Seattle to Bangkok round trip , 2 nights in Bangkok before trip to Bhutan and 2 nights on return .The week in Bhutan included three good meals a day a very nice hotel in some exotic locations each night and an awesome road and walking tour of a beautiful ancient country and one of the best trips I have ever been on .
If you're trying to get a passport that requires on the ground residency in a country with a lower cost of living than your home, you might as well go while you're poor
“...Even your OWN countries passport. Go travel”. Hahaha seriously. Most of the US Americans don’t even have a passport and are too scared to travel
And yet they keep shouting that USA is the best country in the universe.
I’ve watched Dozens of your videos and will continue.
I am delighted to see that you’ve made a video for my income level.
Keep up the good work. 👍🏻
Thank you Rick!
Andrew would love to see some videos about the passive income residency programs available in some countries. Portugal D7 Spain and Austria also have one I believe.
you should make a playlist for us broke folks
A great video topic here, and very useful and "red pilled" for people to comprehend. One friend of mine I told a friend of mine in Chicago is that if you need to sell a car to have the money to leave USA, you don't have enough money to relocate. One other question is whether or not the person has cash flow while living abroad as this is another important aspect someone has to consider.
This is really good advice - wish I'd watched this a few years ago. There a reason why most people you meet living abroad are pensioners. The next largest group are people who are independently wealthy: typically they got lucky with property/inheritance
I think I change my mind of going offshore. I'm staying where I am. I prefer the easy way out. I go with the flow.
Thank you for answering that question, it makes sense. The information I gain about countries here will be very helpful for my offshore retirement plan.
Great to hear!
You don't need ANY money to go offshore! Just leave to a cheaper decent country. You don't need thousand of dollars!
What countries can you recommend?
Indeed, if you spend 3000$ living how, and you end up spending 1000$ somewhere else, its a 2000$ each month, and thats before we think of taxes and bureaucracy.
@@exelsiominecraftandmore1487 Probably the easiest for most people is Georgia, its tax and foreign friendly, got good banks, with no 100k$+ demands, and they give you a 1 year visa with the right to work on the airport. So spending 300.000 lari on a permanent residency isn't neccesary, atleast as a first step.
Well u need more than that just to buy a home in the country u move to
@@exelsiominecraftandmore1487 no tax countries (like Bahamas, Cayman Islands, UAE, etc) territorial tax countries (Panama, Georgia, Malaysia, etc), low tax countries (Macedonia, Romania, Bulgaria, Montenegro, etc) or tax exempt countries. In no income tax countries u don't pay income tax at all, in territorial tax countries u don't pay income tax on foreign income, on low tax counties ud pay around 10% and in tax exempt countries it really depends. For example in Portugal if you're a foreign, u can get residence through the golden visa program and if u qualify for the tax exemption, u won't have to pay income tax (not sure wether it's just on foreign income or all income) for 10 years, but it really depends on the country, not all exemptions work the same
Things have changed! I worked as a volunteer (similar to Peace Corps) in Malaysia for two years and had to have a bank account. It was no trouble to get a simple account with the local branch of one of the world's leading banks.
Banks have always wanted to work with people and corporations that have money. Fact of life. Thanks for the video, Andrew.
Always better to have money!
Thank you for the video. I'm broke so I guess I stay put in Brooklyn for now. Damn!!!!!
Right now the travel industry is in chaos, when it goes back to normal you can travel, you can live abroad, it's so simple.
Use the Foreign Earned Income Exemption and live in another country (for income up to around $100k ) . It would be nice if they had unlimited amount for that.
This is exactly what I was thinking. Easy fix to personal poverty as long as you can work remotely for a US-based company and get the *Exclusion.
And yes, $108,700 as of 2021.
That’s a specific solution though, and this video seems to address a wider audience. Plus, foreign earned income exclusion won’t get you from 5 figures to 6.
@@johnpratt7439 i was thinking probably can do the 3 month in usa as a none tax residence then you live offshore the rest of the year so you aren't taxed.. just my opinion
what is there to offshore if you have nothing?
@@nomadundercover3018 if you have that, then you have something other than nothing, right? an offshoring club might be an idea where people just starting out could pool small amounts.
Anyone live in Vietnam as a nomad?
@Nomad Capitalist - Losing money, whether big or small is easy. It's just that big money, will have a big backup. Small money will not have that kind of backups.
if your business is rental income in Mexico, paying taxes in USA , Is there a way to lower your taxes by simply having a bank account in another country? Because I cannot move my rental properties, unless I sell them completely ..
Depends where your current home country is and external factors. If your business is already place independent and running stable and viable and you are not an US tax resident you can move your place of living and reduce taxes when you live in a high tax country like e.g. Germany even with a not super big 5 figure income. You just need to do a little research on your own and be smart: What would Andrew Henderson do right now in my position ;)
Boy has "Canada" left the game in almost all of it's strengths the last few years.
In Aus 70k a year pays 14k tax. If it costs 5k to set up an off shore trust with lawyers and 1-2k ongoing fee per year then it is profitable within 6 months of setting it up. Even for someone making 50k a year it is profitable to set one up.
If you're still earning your wage in Australia, they're gonna come after you (viciously)
How would that work? How can you live overseas and work locally? Presumably you are an employee.
@@oldestmember2892 setting up off shore trust and get paid into that i assume i havnt done it yet but i intend to
@@momentumstocks3493 that's real wisdom. Pay your taxes. Sleep at night.Render unto Caesar the things that are Caesar's, and unto God the things that are God's
Its very possible i bought a condo overseas before i actually moved there i rent it out when im not there . I have a bank account there and have a resident there also . I spend most of my time in the west because my business is still in the west . Believe me im not rich i also have a passport from desent in another part of the world . Dont have to be rich jus have to put things in place before u leave the west
Singapore is a great example i wanted to move there in college about 8 years ago, now it's almost impossible with at least a good amount of money. I still want o go there but it's not easy.
Vince M well, you can work in a us company and then transfer to Singapore office
@@NotShowingOff That's what I'm trying to do now...fumy thing is my company has offices all over Asia EXCEPT Singapore
What's so good about Singapore? It's hot, restrictive and boring. If things hits the fan, you're stuck in a totalitarian society.
Even Hong Kong does not ask for that kind of money. That's asinine. Even at HSBC, you can open an account there with an average balance of HK$10,000.00
@@oldestmember2892 Better than most places, I like the heat and business network.
I had $4000 and 6 kids when I went offshore. Not easy, but can be done.
Best thing you can do if you make less than $500k a year is lifestyle changes and hiring a good accountant.
You have people who are only reserving SSI. for there income. Like me, I wish I could transfer my SSI. from the US too other countries or even keep my SSI. while I am visiting other countries/ extended my visa! Never was in another country yet
Id like to know how and where an American small business should open a business that is tax and business friendly. Even if i live abroad and my business is overseas as an American, im required to pay taxes in America as well as country of incorporation.. very bad deal, do i hire american tax lawyer as well as one where i do business, and Also.. do i pay state tax on foreign income. Lastly, do i report too U.S government for real estate bought overseas, and income on that, other foreign assets.
Brilliant perspective.
Thanks, Amir!
What you think about, E-residency?
To open a bank account in Armenia its possible and Armenia residence permit, extendable, grants you the right to visa free travel with unrestricted stay in the country.
I have excactly the same IKEA lamp 😂😂
I love your taste, Andrew! 🤩😍
Great content as always 👍🏻👍🏻
Awesome! Thank you!
Become a Lawyer, Accountant or become a Broker for a Lawyer or Accountant and you can make 6 or 7 figure income - very simple!
🤣🤣🤣
You're missing the registered trademark logos in the intro of this video.
If I could do it again, I would have left Canada sooner. Learn a new age trade in university. Study business for the knowledge but not for the degree. Move to shanghai China, start teaching English, ($4000 USD per month). Tutor on the side, $40-$50/h. Conservatively you’re making $6000 a month. Rent a shared apartment for $400. Breakfast cost: $0.50. Lunch provided at school. Dinner as cheap as $2, but western meals without drinks for $15. Live on the cheap. Network your ass off, get to know other expats and Chinese entrepreneurs alike. Develop your business idea, make it location independent . You’ll be saving easily $4k a month while you bootstrap your business.
Andrew is from Arizona?🤔just like Joe
I'm surprised by how many people are suspicious of you Nomad Capitalist.
The cost of living is largely tied to the cost of housing, life's largest expense. Real estate investors, not very different than sitting president Trump, have made their fortunes on the backs of people that need shelter. The cost of living in major metropolitan areas is cost prohibitive for the rank and file W-2 wage slave. Real estate speculation has created unsustainable competition for housing, originally designed for families, now EXPLOITED into a rental business. How the hell can a shelter consumer that doesn't profit from having a roof over their head COMPETE with a rental or flipping business that can pay cash and distort the market SO MUCH, leaving so much homeless carnage. This is why people are leaving. This is the political class greatest failure, allowing real estate speculation, especially in light of nimbyism, in light of the obsene fees charged by the local municipality, California I'm looking at you, to build in the first place. In the last one hundred years, housing has become more expensive, with hardly any innovation in construction methods to drive down cost. 3D printed housing can create infinite housing. Solar can provide infinite power, atmospheric water generators can provide infinite water, we can litterally build off-grid, and wireless communications can connect us globally. Trump's latest tax cuts for the real estate industry really shows how indoctrinated and backwards our leadership has become. Overpriced cellulose housing leveraged by a corrupt banking cartel feeding off the carcass of the American dream of home ownership is a fucking joke and a testament to the lack of leadership the United States. This is why BRIC countries will rise. This is why people are leaving overcrowded ghetto metros for freedom. Your welcome.
You do not need a million dollars to go offshore. If you have a business or investment making $250,000 to $500,000 per year minimum after taxes - you can go offshore!