How To Travel The World & Pay No Tax - Nomad Capitalist

Andrew Henderson is the founder of Nomad Capitalist, a global citizenship expert and financial consultant known for helping people with offshore strategies.
Should you stay in the country you were born in? Is that the best, happiest place for you to be? What if there was a different option? Well, that's Andrew's entire philosophy - to go where you're treated best.
Expect to learn the best travel hacks you need to know to save on taxes, what it means to have dual citizenship, why America ranks so low as best places from a tax and financial perspective, What you should if you don’t want to renounce your citizenship but do want to pay less taxes, the best visas to get that aren’t the easiest to acquire, the worst places to have as your home-base and much more...
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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
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Get my free Reading List of 100 life-changing books here - chriswillx.com/books/
Try my productivity energy drink Neutonic here - neutonic.com/modernwisdom
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Get in touch in the comments below or head to...
Instagram: / chriswillx
Twitter: / chriswillx
Email: chriswillx.com/contact/

[@ChrisWillx]

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

[@Exodus26.13Pi]

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

[@user-mu7vv7gb9f]

Yo Chris, i ain’t doing any of this shit. 😂

[@NikolasJelic]

Ĵ

[@doreenstevens3926]

L😅p

[@madvillainy6845]

Andrew's my favorite guest you've had on so far Chris.

[@nomadcapitalist]

Thank you for the invitation and thoughtful discussion, Chris. It was a pleasure to talk about going where you're treated best.

[@westunit777]

It was fascinating. Great podcast!

[@microcolonel]

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.

[@microcolonel]

Guns which I do not own, on account of having lost all of them in a tragic boating accident.

[@blairhickman3614]

I just picked up your book. I definitely would like to know more. Thanks for the candid and very thought provoking conversation with Chris.

[@podcastparlour1332]

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.

[@danielfindeisen]

As who did you worked there if I can ask ?

[@luisfilipe534]

You are not running away from you problems... You are just creating problems to locals...

[@fallen546]

@@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.

[@fallen546]

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.

[@luisfilipe534]

@@fallen546 really? Driving real estate prices Impossible for locals? It depends how many "nomads"...

[@GrantLaCorte]

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.

[@brainchildguru]

What do you do for a living?

[@kylemccormack1785]

It is so incredibly entitled to suggest that people just "go" where they are treated best as if it was an option.

[@JohnHarthomstowCEO]

@@kylemccormack1785 It's an option if you really want it. Unless you have a bad passport like India or China.

[@Lucas-wv6wf]

And it only took you 9 years to pull the trigger

[@spiff1]

only with online work

[@OneGlass]

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.

[@AmandaAbella]

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.

[@DJBenito304]

Nice I been living in Mexico 🇲🇽 since 2020 since the pandemic now I’m in Colombia 🇨🇴

[@AmandaAbella]

@@DJBenito304 You did the opposite of us! My partner was in Colombo first then Mexico lol

[@RichardDunbar]

Were you from the US? Did you renounce us citizenship? I’m just beginning to think about something like this

[@Expat_Digital_Nomad_advisor]

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.

[@friendly__drone9352]

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.

[@ZaneConnor]

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.

[@conanmagruder]

Can you do more with more money? Yes. With the right skillset you do not need nearly so much though.

[@friendly__drone9352]

I'll have a look at Mikkel Thorup! but yeah you're right. Thanks mate! @@ZaneConnor

[@Ben-hb1dg]

@@ZaneConnorwhere can I find these jobs!?

[@pablorages1241]

It's BS ... it's an elitist globalist view ... you need to already be wealthy

[@jmagicd9831]

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 🤨.

[@wagmi614]

yeah you can change that easily, it is about learning that you don't have to always live life like that and there are many different and the world is a huge place

[@jmagicd9831]

@@wagmi614 I get that, but I still need to build up some wealth to give myself that mobility first

[@wagmi614]

@@jmagicd9831 as he mentioned in the video and by popular knowledge you could move to any of the countries he mentioned, get a remote job from a US company and if it's more than 2K a month, become a resident and pay no taxes, if your job requires your presence then unfortunately it won't work

[@ianmills5210]

True but he’s probably still paying more tax into the system with his 2% than your 25%.

[@ZaneConnor]

@@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.

[@Nordic_Sky]

"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.

[@djzrobzombie2813]

Your taxes go to the military

[@Nordic_Sky]

@@djzrobzombie2813 Actually not so much. Social welfare spending (Social Security, Medicare/Medicaid) chew up most of it.

[@enjoystraveling]

@@Nordic_Sky yes same here

[@WA-en4qs]

I was born in America and live and have citizenship in Kyrgyzstan. It's great and do not miss the US.

[@METALLOVER364]

rofl

[@abdulrazakbendjema9778]

Kyrgyzstan is very random place

[@veaccara]

You've got a very random name😂​@@abdulrazakbendjema9778

[@Analog_nomad01]

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!

[@mohamedaminegouiaa6030]

The collab we didn't expect .. happy to see you both in here it's gonna be interesting

[@xsw882]

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

[@chickenfishhybrid44]

​@@xsw882do alot better elsewhere assuming their job/income is still high because it's based in the US, UK or similar.

[@jamess2483]

Andrew inspired me to get my Irish citizenship several years back, and now I have that beautiful red EU passport.

[@HoneyKrisp69]

How'd you do it

[@Happyheretic2308]

It’s not beautiful.

[@micclay]

Why is rhat better than US?

[@djzrobzombie2813]

​@@micclaywoman

[@delavan9141]

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.

[@wayfaringhalfling]

He is right about Australia. It's getting more and more expensive, and the wages have little growth. Effectively, Australia's good work/life balance is nearly dead, since the majority of people have to work more and more to maintain their living.

[@user-hb1zs9do4o]

Haven't gotten that far into the podcast yet but totally agree with the sentiment. It'll only get worse as the population grows as well

[@Susanrogers-pt9mf6hx1w]

Totally agree - I was locked out from Oz during covid I’m now back and feel it’s becoming a police state and crazy expensive.

[@Crewboy17]

​@@Susanrogers-pt9mf6hx1w Would love to hear more. Moved back to the States during covid and considering taking another job in Oz.

[@Nico-kt4st]

That's why I'm leaving Melbourne and headed to Asia. Victoria is screwed and still full of mask wearing npc's. It's going to get much worse.

[@pauljones9150]

Canada has the same issue. Crazy expensive, unless you're rich. Real Estate is a joke here

[@delavan9141]

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.

[@zeppelin0110]

Those of his clients? I have no insider knowledge, but here are some examples: e-commerce and SAAS.

[@rockymntain]

He mentions that he invests in real estate ventures in quite a few places.

[@JiuJitsuWrestlingStriking]

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.

[@Thejerzway]

Great video! Always looking and helping people to find new ways...using the appropriate strategies.

[@DSDJ1986]

Enlightening. Thank you both.

[@Starlight88131]

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.

[@sergeantbigmac]

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.

[@fs5775]

Very clear this guy doesn't have kids. He's so self-obsessed that there's not space enough in his Malaysian mansion for his ego plus anyone else.

[@skittlesgarage]

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.

[@137dylan]

I did not expect this collaboration! Which is awesome as I follow both of you.

[@kmilton1593]

Thank you for having Andrew on; the most interesting guest i have seen here.

[@GodzKim]

Yes please !! Let’s go where things are best for us

[@mattanderson6672]

I'm a massive fan of Andrew!! I follow him closely I'm hoping to have these problems soon

[@marcus79nyc]

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.

[@dueldr]

Wow, I’ve been watching Andrew for years. Great to see this collaboration

[@americancrusader5748]

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.

[@joshtaylor475]

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.

[@GUITARTIME2024]

I seek no value in Canada above living here in America. Sunny and warm today.

[@kikibutterfly1137]

Thank you for this extensive interview. An incredible amount of information👌

[@marcdoutherd3424]

So interesting. Would definitely like to see more content like this.

[@lindam7584]

Great interview. Follow both of you for a few years.

[@jaredwarner2451]

So great you had Andrew on! I left the US 3 years ago and have listened to his stuff since then.

I’ve been following Andrew Nomad since 2019!!

[@jasonwhite8537]

Me too!! He's great I love, hearing an American(or former one) telling it like it is

[@lawrencelord9777]

same

[@tommy0814]

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.

[@dvntlife]

This was a GREAT surprise of a guest

[@jeffislearning]

Right around tax season too. hhhhmmm

[@derekketcher9154]

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

[@dropshipincanada]

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

[@PryZmFiXion]

Thank you so much for this! Bobbers on the sea we shall be we shall be

[@Cha4k]

It is very sad that we in the west have so little of a connection to our homelands and culture anymore that we see no reason to stay and try better it. I'm the same though, I left NZ because of how far left policies have destabilized it and altered the culture, I feel no connection anymore, I have no pride in it. Its just some place now. Living in Japan it feels very different, Japanese people are all in it for their fellow Japanese (Despite current efforts to undermine it) Its so sad that we dont have that.

[@user-hb1zs9do4o]

NZ is on a steady decline and has been for at least a decade

[@chickenfishhybrid44]

Yep, this global citizen shit is pure cringe.

[@_schonwald]

See ya bro. You’ll feel like an outsider in Japan soon enough

[@Admiral_Jezza]

​@@_schonwaldtbf you're an outsider everywhere in the West too, so you might as well pick the best place in other aspects

[@paddyanglais91]

​@@_schonwaldin London I feel like an outsider everyday and I could be murdered if I look at someone the wrong way. Japan is infinitely better.

[@faithoverfear6263]

Homeschooling and traveling the world is awesome!!!

[@Susanrogers-pt9mf6hx1w]

The most useful, interesting podcast in years. Thank you Chris

[@toirmetalshaping]

Was born Across that lake from Columbus in Toronto. . . and came into the US on an O-1B status. Great subject

[@joegriffith1954]

Not columbus but Cleveland

[@shahzadkheros]

I was waiting for this podcast. Really informative!

[@ghostytxyz]

hell yeah great to see this guy on here.

[@dave24-7]

Great interview with Andrew.

[@geekerella7296]

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.

[@frankiesmart1113]

Well done Andrew 👏

[@ChristineMeier963]

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

[@aarohivijh]

Life is like that.

[@Spacesamurai22]

Great topic love to hear more.

[@kevingruenofficial]

Nice glad you got this guy

[@enjoystraveling]

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.

[@geoffreyturner8473]

Great pod!🔥

[@FilipWinter]

Thank you for pioneering world citizenship! 👏Way to go on a personal level. The next step would be to change the world order to serve humanity rather than capital.

[@BookOfOrion]

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!

[@ishaklika5352]

Me too it was a big surprise

[@gerardo.saavedra]

Life changing episode

[@lilyb2617]

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

[@beldilorenzo1]

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.

[@bionborys1648]

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.

[@beldilorenzo1]

@@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.

[@baconwaright]

@@beldilorenzo1 yeah, as an argentinean, I would not be walking alone through Palermo at night... Yes Buenos Aires is safe, but dont be stupid.

[@beldilorenzo1]

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

[@LinguistRevolutioner]

Wouldn't it just be better to become a citizen at that point? It's only 2-3 years anyways

[@RealActualNews]

this guy is going places

[@chrisdoe6890]

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 .

[@basicsurfer08]

these are good for single people to wander about as & when they like

[@trent1615]

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.

[@rossmoore1155]

This was a great podcast.

[@barlow2377]

Love it!

[@KostendtO]

Cleveland boys in the building

[@aarohivijh]

Don’t know what he does for a living but he’s a very sharp and knowledgeable guy.

[@michellekilmer4777]

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!

[@pjuliano9000]

Try living in New York ... not a joy either

[@mattthrasher9133]

I recently moved to Pyongyang and have been capitalizing on the tax exemptions and wonderful lifestyle.

[@antonditt1661]

I like his mind set!👍👍👍

[@JonathanWrightSA]

I would love to explore the international living experience. Unfortunately/fortunately (depending how you look at it), I am very emotionally invested in the civil society aspect of my country and run a non-profit company part time. To live overseas would basically kill a real shot to change a big regulatory regime in my country in the next few years. I also live faaaar from anywhere being bottom of Africa, so travelling is horribly expensive and the rand is not so great 😅

[@Booboonancy]

I think being invested in your society is commendable and should make for a very rewarding life. Good for you and depending on how your life evolves, it may still be possible to do the IL thing one day.

[@ZARQPOINTO]

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.

[@jlm3744]

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.

[@MaMa-zu8ov]

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

[@villagefarang]

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.

[@EnglishTutors123]

@fallen546 which area or apartment building is good in Vietnam that we can reside? Did you renounce your US citizenship? How about double tax in Vietnam? I’m considering moving to Vietnam, so I would greatly appreciate your input. Thank you!

[@dtpbarbr87]

looking at this like a tradeer everyone is fomoing into america while the smart money goes out looking for gems

[@arisejeff]

😭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!!

[@Xzxzkanal]

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.

[@NarekMesropyan]

save money and get out of there

[@GUITARTIME2024]

Switzerland can be cold as far as the people. If you're a dude it's twice as cold.

[@ZaneConnor]

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.

[@LucianoCallero]

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.

[@fjorddenierbear4832]

@@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.

[@MyLatinLife]

Epic!

[@krimke881]

oooo. I want in on this!

[@tedrick4713]

Good stuff.

[@scottfree993]

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.

[@lettruthprevail9820]

He is right about California

[@thunderwing2124]

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.

[@porcudracului]

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.

[@jasongold708]

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.

[@moregold]

OUTSTANDING! Chris, this is my all time favorite episode. Well done. Maybe a future episode on Passport Bros?

[@PimpRogers]

Puerto Rican by birth and have lived in NY since the age of 7 so my opinion s a bit biased. If youve spent a considerable amount of time in Miami living in PR is very similar. about 80% of population is bilingual. So managing is easier. only negatives is that food can be expensive in the touristy areas and the lights go out every few weeks. But most of my family and friends have solar panels so its not bad.

[@vlcthefish]

Great weather but I could never do Puerto Rico even with lower taxes. None of the benefits of the U.S. with the terrible stability of the infrastructure...your 1 hurricane away from collapse down there.

[@naserdeen8210]

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 🎉

[@harbinger6562]

I'm with You on that neither 1 can be trusted to represent the whole of a Country 🤔❤️

[@othellosson1621]

I have the same idea of a lightweight company structure and lifestyle.

[@tuckerbugeater]

People always seem kind when you don't understand their language or political history

[@user-zj6hn4nb1m]

People on the street walking past smiling and saying good morning, "Huh Can't fool me, I know your political history🤓" 😂

[@enjoystraveling]

@@user-zj6hn4nb1m ha ha, it seems like some people make assumptions when it’s not always true.

[@PatrickFletcher]

One of my favorite guests you've had ...

[@ddavidd0192]

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.

[@bennyl7224]

What did you end up doing and living?

[@ddavidd0192]

@@bennyl7224started a software company with two close friends.

[@ddavidd0192]

@@bennyl7224 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.

[@renald_croes]

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

[@mikearchangel7998]

Yeah I don't you'd expect to hear any sort from a "nomad capitalist"

[@jasongold708]

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.

[@javi___]

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

[@GUITARTIME2024]

Except for quality of hospitals (very good in Malaysia, Singapore, thailand, etc), none of your concerns apply to wealthy people. He deals with millionaires.

[@Antandthegrasshopper]

Yeah just passport/tax fluff… no real stuff.

[@benjaminvadodelbosque2471]

Well, Puerto Rico banks now offer "preferente" accounts, for those who will pay an extra $30USD per month, or who keep a balance of $25,000. Those accounts don't wait in the line. Folks who have a preferente account don't need to worry about spending all day, at the bank. However, Andrew's comment about dating is a really grave issue. Anywhere else in Latin America, you can find great gals, who can travel at your side to anywhere else in Latin Americe... except Puerto Rico

[@tfebster]

Croatia allows unlimited generations back for citizenship by descent.

[@SachaNoordin]

Props up to Malaysia

[@jakeh2049]

As a Canadian it sounds like the problem with Andrew’s value proposition is that by the time you can afford to hire him, it will be way late in the game because at that point you have a huge disposition burden. Similarly to Chris’s friend I’ve been accumulating some assets, trying to grow my wealth so I can get to a point where it makes sense and where I could afford Andrew’s service.. Would love to be able to diversify and have a plan b but now sounds like I wouldn’t be able to afford the disposition anyway.

[@serialmigrant]

Canadian non resident here who works with a lot of other Canadians who maintain their residency (dual tax residents) on our jobs abroad. 1. You don't need to build your wealth to afford to hire NC. U need a good cross border accountant. 2. U also need to be committed to live abroad. Find a place you want to live and educate your self on their tax system, get an immigration lawyer and/or local accountants. This seems easy but this deters my collègues already as it's a hassle . 3. You have to not mind managing the paperwork DIY or the professionals. Really you are saying you want NC to do this work for you... The issue is that it's getting harder and harder to get residencies in other countries based on assets or passive income. And Canada is making it more and more annoying to become a non resident. The bar keeps getting raised. It's like trying to save for a down payment but interests keep getting raised.. i'd just suck it up, do the work, make the move and fix it as you go. Or else by the time u get enough wealth, maybe Canada would have implemented citizenship based taxation....

[@kippsguitar6539]

If you are smart you can build a lot of wealth why would you need to hire anyone? Ive been an ex pat for 30 years, nothing complicated at all, just be vigilant with tax issues before you go via a tax consultant, piece of cake 🍰

[@cumoreview442]

All Australians could return during Covid, that just had to isolate. It was tourists and temporary visa holders that couldn’t enter.

[@scottfree993]

That's if you could get a flight to Australia, there was a 6-12 month waiting list for most countries, that's if you could get a flight that wasn't cancelled, I had a flight booked from Philippines and was still waiting for my flight 2 years later

[@animestarlord9021]

The thing I learned on travel, the hard way, All it takes is one customs guy to not like you and then your record is trashed on what they think you were up to. So in my case I think my travel days are over even though they were just beginning. Once I get all my records, if they are the way I think they're I will just toss my passport in the trash can because my travel will be over. So I'm stuck in Washington DC till my final days.

[@petewilliam4295]

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

[@MattFromAmerica]

Why don't you link the channels to the people you interview in the description?

[@3VaughanBoys]

Love Nomad Capitalist. Great guest!

[@georgec2894]

So what about countries with exit taxes? Of course you can still eventually reap similar rewards, but the trade-off is far different to the examples shared here.