What are your highlights from this video? Do you have some other suggestions on how to save more money? Comment below and if you liked this video, give it a thumbs up and click on the subscribe button.
Is it possible to avoid paying taxes in our hometown if we have a line of credit from a private bank? It's called HELOC. Do we have to pay taxes overseas for the amount of money the bank is are available to lend? I am Colombian and I am currently applying to get my family's citizenship here in Spain in Murcia. What if I retire and I move back to Cali-Colombia to reduce the cost of living... Would I have double taxation?
We would like you to get deeper into the tax avoidance. You can always make videos from different western countries tax systems, these CPA examples would help and how we can avoid double taxation. We also like to know your opinion; In you opinion... what's the best bank account to move abroad? or how many accounts should we have to get this straight?
I first came to your channel wanting to learn how to Expat, what to watch out for and what to expect. I wanted to go to school in Europe France, earn that masters in a Engineering field and get that second citizenship, still do. But now after this video, I think I wanna take it to the next level and become a entrepreneur as a contract Engineer with real estate as a side project. Thank you!
@@nomadcapitalist hey I have a question. Think I have a business in canada, but since the tax rates, I directly wire the income from the business to a country( let's take Switzerland) with low tax rate. Since I DIRECTLY WIRE THE INCOME TO A OVERSEAS ACCOUNT, do I only have to pay the taxes in Switzerland or do I need to still pay taxes in canada
With reference to the comment "44% out the door and not realizing your full potential". Im definitely one of those people unfortunately, I live in Australia and most of the time I feel as though I'm giving what I earn directly to the Government. Between income tax, company tax, GST , land tax and other taxes I'm amazed I have 2 cents to rub together.
Best video yet. I reckon anyone watching this that actions these steps will, even by virtue of the positive psychological impact, be waaay better off. I’m at the start of my nomadic planning - but already find as a freelancer the positive impact of my sales calls / interviews from overseas give me far more success!! Love this
it's all about perspective. I like the statement about being happy with a 3% annual raise. If I could get a 50% tax cut (I mean raise) in one year, that's worth A LOT!
Adding intangible items to the list; 1) Price of staying away from family and friends??? 2) spending special occasions by yourself without loved ones??? 3) different belief system i.e. not celebrating Christmas and or easter in a country with muslim values. 4) not speaking the local tongue therefore not being able to clear communicate yourself in a medical appointment in an emergency as an exemple where you couldnt get a doctor that could speak in English. Whenever we try to put a dollar amount on intangible items it might change quite dramatically from people to people... Having myself leaved in 4 different countries i truly believe one shouldn’t just put money above all things as most do. We only have a shot at this life. Some individuals can always lean towards what the “heart” wants to see in my humble opinion. The only two certainties in life is death and paying taxes :)
I don't presume to know how someone should handle their life; I merely help people put the pieces together and make informed decisions. That said, I have a fiancee with me, just spent three weeks with my parents, have a friend and colleague visiting me this week, am meeting a 15-year-long friend next month, and have good friends in cities around the globe. Not to mention, I enjoy my time alone. You can choose to find the negatives in this, and if that's the case then you probably something else. To say, however, that one will be miserable this way is ill-informed.
1) They just move from Western Europe to Southern Europe. With all savings, they can make as many as trips thay want. 2) Even the loved ones will like to spend their vacation in different countries. Addiitionally, they will make many local and expat friends. In the mean time, they are really odccupied couple in their business. 3) I don't know any European country do not celebrate Christmas. There are muslim minority and majority in several balkan countries but there is no overwhelming case. Additioanally, the muslims in balkan are very tolerate. 4) English becomes very dominant language in Europe. There won't be a problem in communication. They may easily hire a translator to help them. What Mr. Henderson is to establish the structural change to double the income without any additional cost. I will add the seventh option for the income increase due to the passive income raise with lower tax rate (i.e. interest, rents,...)
Andrew Henderson i didn’t think that i said or meant that otherwise i wouldn’t be leaving in my 4th country :) On the tangible items though, if one owns a house and decides to keep it and rent it out, he or she will pay income taxes on that property as well that could be used to offset on the country of residence. Ive see many entrepreneurs throughout the years selling the dream of leaving overseas without showing the drawbacks of it. Not sure if it is the case on this channel yet because I’ve just recently subscribed to it. Just having lost my mom last year made me reevaluate my values and what i have missed out on over the years on a personal level. I also don’t claim to say that i have done or seen everything because life values are different for each person regardless of their financial status. I learn a lot with your videos. Keep up the good work!
@@theandrewhenderson Great comment and thoughts. It really, truly depends on the person. Example, I've lived away from my parents/siblings for well over 10 years, and though I hate that I don't get to see them as much, I've learned to be content with it, as I would never move back there (see taxes, quality of life issues, and overall stress levels there). My spouse, on the other hand, couldn't imagine living away long term from her family, and is something we are discussing right now when it comes to moving overseas. As always, I love your content and tune in every day or so when something new comes out, keep it up!
Sick of the classic residency and work as a professional or employee, I started putting together an ecommerce business and learning how to make it profitable. The goal is to have business systems to delegate time consuming tasks and become location independant to benefit from what you talk about. I read the same kind of talk years ago from an investor (The International Man as I recall) and it blew me away. Thanks for your content, there are good chance we will meet within a few years. Take care.
@@momentumstocks3493 Going great, still starting and learning a lot. I agree, it is crowded but 95% of those guys do not take it seriously, are not doing it well, making it 95% less crowded than it seems... Just as stocks, it is not a matter of money but a matter of research.
Yes. 44% capital gains has me second guessing increasing stocks and crypto as well as short term real estate. The stress and legal system as well as general culture of the US is holding me back in some business and personal matters too. 5 year plan to nomading it.
Another great video!! Thank you! Yup, there’s not much incentive to work harder in the west anymore. For many, it’s best to stay low income to take advantage of all the free stuff.
I really appreciate how you understand the human element. So much of this industry are fully left-brained analytical types, who see the world through that view. Who think that it's the nuts & bolts that matter most when it comes to people changing their lives. I know who I'll be seeking out when I need services like this.
I live in the upper northwest US. I wake up at 6am, arrive at work between 7:30 - 8:00 and work until 5:30-6:00. I then go the gym with my 3 kids and usually get home at 8 to 8:30. I then spend time eating dinner, putting kids to bed, and handling basic house hold management and get to bed by 11:30 to 12am The work I do is very stressful and demanding and I get paid $50k for it. On top of this all of the food is corn enriched garbage, the winters are bitter cold (I though -7F felt warm last week) the summers are hot and humid without the benefits of a beach, and the people by and large are vapid and uncultured in their manners, dress, and interests. I also don't have any health insurance because it would cost half my income between the premium and deductible. There are 4 things that are important for health are lower stress, sleep, quality food, and exercise. In my case I can only have one of these.
I can agree on the matter of high taxes, I already moved to a country where it’s not worth to work extra when there’s already such high taxes, and they get also higher with income. But I see some downsides of living in another country with lower taxes. First of all, the quality of life is generally lower in those countries, which means worse education and health care, more beaurocracy and these are stress factors already. With the security one gets in a higher developed country I can easily go on vacation whenever I want. And as someone said earlier, it’s not all about the money. Doing such a big change in your life requires to put a lot of things in balance, not just the money.
Good video, but the BIG area not discussed is the compliance cost which in Western developed countries goes way beyond accounting. It impacts and restricts us in so many ways, it limits opportunities and constipates progress and business advancement. In the end we end up jumping at shadows trying to make moves between all the regulations and our default thinking is - it is too hard, which when combined with the tax scenario you outlined and high upfront costs to start something, it has sapped the energy and life out of our economies. Doesn't bode well for the future of US Aus UK EU and others on that path.
This all sounds amazing and I’m a huge fan of your videos, but for those of us who make a good chunk of change and cannot leave the States because of kids, or whatever, I’d like to see videos on how you can help people in this precarious situation.
Rick, depending on how old your kids are, don't be too put off by the idea of leaving. They can benefit in many other ways by living an expat life, depending on where you go to. I spent a few years as an expat in the Middle East when my son was younger and he is a better person for it. However as kids get older I believe it is good for them to have stability and grounding and make long term friends which is why I moved to Australia for my sons high school years. I am now waiting for him to finish University and then I am free again to move. I am busy putting strategies in place for when that happens in 2 years time.
People ask...Where do you want to be in 5 years ? I want to be where the " Future Value of $1.00 " after 5 years is substantial....staggering...as compared to a country that stunts it's growth.
Hello, Andrew. I would like to know if there is any way to contact you and get to you personally. Long time watcher here, appreciate all the things you share. Thank you !
The notepad doesn't work. Some of your viewers are watching on a phone or a netbook. Swapping between full-screen finance page and your shot with you and the pad would have worked.
Hey Andrew. For someone who's still very much in the continuous travel stage in my life I don't plan on settling down anytime soon. I do save the majority of my income but have been shy about investing it for the reasons you mentioned in this video. Are there some early international first investment places I could be putting my money while I'm in this travelling stage of my life that could set me up for a an international move in the future? Right now I've been thinking about settling in South East Asia in the future. I know any investments in the US are going to be heavily taxed, but just leaving money sitting in the bank isn't going me a whole lot of good either.
@@Thira333 translation please? Or state facts, not opinions. Some of us are actually interested in the possibilities and subtleties of moving to Puerto Rico
What are your highlights from this video?
Do you have some other suggestions on how to save more money?
Comment below and if you liked this video, give it a thumbs up and click on the subscribe button.
Is it possible to avoid paying taxes in our hometown if we have a line of credit from a private bank? It's called HELOC. Do we have to pay taxes overseas for the amount of money the bank is are available to lend? I am Colombian and I am currently applying to get my family's citizenship here in Spain in Murcia. What if I retire and I move back to Cali-Colombia to reduce the cost of living... Would I have double taxation?
We would like you to get deeper into the tax avoidance. You can always make videos from different western countries tax systems, these CPA examples would help and how we can avoid double taxation. We also like to know your opinion; In you opinion... what's the best bank account to move abroad? or how many accounts should we have to get this straight?
I first came to your channel wanting to learn how to Expat, what to watch out for and what to expect. I wanted to go to school in Europe France, earn that masters in a Engineering field and get that second citizenship, still do. But now after this video, I think I wanna take it to the next level and become a entrepreneur as a contract Engineer with real estate as a side project. Thank you!
Glad to be a source of inspiration.
@@nomadcapitalist hey I have a question.
Think I have a business in canada, but since the tax rates, I directly wire the income from the business to a country( let's take Switzerland) with low tax rate. Since I DIRECTLY WIRE THE INCOME TO A OVERSEAS
ACCOUNT, do I only have to pay the taxes in Switzerland or do I need to still pay taxes in canada
So true .. holding back due to taxes fear .
With reference to the comment "44% out the door and not realizing your full potential". Im definitely one of those people unfortunately, I live in Australia and most of the time I feel as though I'm giving what I earn directly to the Government. Between income tax, company tax, GST , land tax and other taxes I'm amazed I have 2 cents to rub together.
Good point about putting a value on the "intangible" benefits like being happier and consequently more productive.
Best video yet. I reckon anyone watching this that actions these steps will, even by virtue of the positive psychological impact, be waaay better off. I’m at the start of my nomadic planning - but already find as a freelancer the positive impact of my sales calls / interviews from overseas give me far more success!! Love this
it's all about perspective. I like the statement about being happy with a 3% annual raise. If I could get a 50% tax cut (I mean raise) in one year, that's worth A LOT!
Thomas St. Yeng The “minor details” are often the most powerful. 😃
Adding intangible items to the list;
1) Price of staying away from family and friends???
2) spending special occasions by yourself without loved ones???
3) different belief system i.e. not celebrating Christmas and or easter in a country with muslim values.
4) not speaking the local tongue therefore not being able to clear communicate yourself in a medical appointment in an emergency as an exemple where you couldnt get a doctor that could speak in English.
Whenever we try to put a dollar amount on intangible items it might change quite dramatically from people to people...
Having myself leaved in 4 different countries i truly believe one shouldn’t just put money above all things as most do. We only have a shot at this life. Some individuals can always lean towards what the “heart” wants to see in my humble opinion. The only two certainties in life is death and paying taxes :)
I don't presume to know how someone should handle their life; I merely help people put the pieces together and make informed decisions. That said, I have a fiancee with me, just spent three weeks with my parents, have a friend and colleague visiting me this week, am meeting a 15-year-long friend next month, and have good friends in cities around the globe. Not to mention, I enjoy my time alone. You can choose to find the negatives in this, and if that's the case then you probably something else. To say, however, that one will be miserable this way is ill-informed.
1) They just move from Western Europe to Southern Europe. With all savings, they can make as many as trips thay want. 2) Even the loved ones will like to spend their vacation in different countries. Addiitionally, they will make many local and expat friends. In the mean time, they are really odccupied couple in their business. 3) I don't know any European country do not celebrate Christmas. There are muslim minority and majority in several balkan countries but there is no overwhelming case. Additioanally, the muslims in balkan are very tolerate. 4) English becomes very dominant language in Europe. There won't be a problem in communication. They may easily hire a translator to help them.
What Mr. Henderson is to establish the structural change to double the income without any additional cost. I will add the seventh option for the income increase due to the passive income raise with lower tax rate (i.e. interest, rents,...)
Andrew Henderson i didn’t think that i said or meant that otherwise i wouldn’t be leaving in my 4th country :)
On the tangible items though, if one owns a house and decides to keep it and rent it out, he or she will pay income taxes on that property as well that could be used to offset on the country of residence. Ive see many entrepreneurs throughout the years selling the dream of leaving overseas without showing the drawbacks of it. Not sure if it is the case on this channel yet because I’ve just recently subscribed to it. Just having lost my mom last year made me reevaluate my values and what i have missed out on over the years on a personal level. I also don’t claim to say that i have done or seen everything because life values are different for each person regardless of their financial status. I learn a lot with your videos. Keep up the good work!
@@theandrewhenderson Great comment and thoughts. It really, truly depends on the person. Example, I've lived away from my parents/siblings for well over 10 years, and though I hate that I don't get to see them as much, I've learned to be content with it, as I would never move back there (see taxes, quality of life issues, and overall stress levels there). My spouse, on the other hand, couldn't imagine living away long term from her family, and is something we are discussing right now when it comes to moving overseas.
As always, I love your content and tune in every day or so when something new comes out, keep it up!
Sick of the classic residency and work as a professional or employee, I started putting together an ecommerce business and learning how to make it profitable. The goal is to have business systems to delegate time consuming tasks and become location independant to benefit from what you talk about. I read the same kind of talk years ago from an investor (The International Man as I recall) and it blew me away. Thanks for your content, there are good chance we will meet within a few years. Take care.
@@momentumstocks3493 Going great, still starting and learning a lot. I agree, it is crowded but 95% of those guys do not take it seriously, are not doing it well, making it 95% less crowded than it seems... Just as stocks, it is not a matter of money but a matter of research.
Yes. 44% capital gains has me second guessing increasing stocks and crypto as well as short term real estate. The stress and legal system as well as general culture of the US is holding me back in some business and personal matters too. 5 year plan to nomading it.
WOW. This was inspirational. Andrew; you are a true hero.
Never Troll Thanks 🙏
Another great video!! Thank you! Yup, there’s not much incentive to work harder in the west anymore. For many, it’s best to stay low income to take advantage of all the free stuff.
I really appreciate how you understand the human element. So much of this industry are fully left-brained analytical types, who see the world through that view. Who think that it's the nuts & bolts that matter most when it comes to people changing their lives.
I know who I'll be seeking out when I need services like this.
The Ocean's Wonders Totally agrees. Thanks for the kind words.
I live in the upper northwest US. I wake up at 6am, arrive at work between 7:30 - 8:00 and work until 5:30-6:00. I then go the gym with my 3 kids and usually get home at 8 to 8:30. I then spend time eating dinner, putting kids to bed, and handling basic house hold management and get to bed by 11:30 to 12am
The work I do is very stressful and demanding and I get paid $50k for it.
On top of this all of the food is corn enriched garbage, the winters are bitter cold (I though -7F felt warm last week) the summers are hot and humid without the benefits of a beach, and the people by and large are vapid and uncultured in their manners, dress, and interests.
I also don't have any health insurance because it would cost half my income between the premium and deductible.
There are 4 things that are important for health are lower stress, sleep, quality food, and exercise. In my case I can only have one of these.
Making conscious decisions to improve life is key. Mega props for hitting the gym consistently.
I can agree on the matter of high taxes, I already moved to a country where it’s not worth to work extra when there’s already such high taxes, and they get also higher with income. But I see some downsides of living in another country with lower taxes. First of all, the quality of life is generally lower in those countries, which means worse education and health care, more beaurocracy and these are stress factors already. With the security one gets in a higher developed country I can easily go on vacation whenever I want. And as someone said earlier, it’s not all about the money. Doing such a big change in your life requires to put a lot of things in balance, not just the money.
Good video, but the BIG area not discussed is the compliance cost which in Western developed countries goes way beyond accounting. It impacts and restricts us in so many ways, it limits opportunities and constipates progress and business advancement. In the end we end up jumping at shadows trying to make moves between all the regulations and our default thinking is - it is too hard, which when combined with the tax scenario you outlined and high upfront costs to start something, it has sapped the energy and life out of our economies. Doesn't bode well for the future of US Aus UK EU and others on that path.
This all sounds amazing and I’m a huge fan of your videos, but for those of us who make a good chunk of change and cannot leave the States because of kids, or whatever, I’d like to see videos on how you can help people in this precarious situation.
Rick, depending on how old your kids are, don't be too put off by the idea of leaving. They can benefit in many other ways by living an expat life, depending on where you go to. I spent a few years as an expat in the Middle East when my son was younger and he is a better person for it. However as kids get older I believe it is good for them to have stability and grounding and make long term friends which is why I moved to Australia for my sons high school years. I am now waiting for him to finish University and then I am free again to move. I am busy putting strategies in place for when that happens in 2 years time.
It sounds like you have a great plan. I have a 12 year old I share custody of, so leaving is out of the question right now.
Wow what a great look! Very stylish! Like a CNN news tv host! Or James Bond...:)
@Brent J. Cooper six
CNN is Fakenews.....not a good choice
The James Bond of Offshore Investing!
Thank you 🙏🏻
People ask...Where do you want to be in 5 years ?
I want to be where the " Future Value
of $1.00 " after 5 years is substantial....staggering...as compared to a country that stunts
it's growth.
Great video Nomad, would be great if u could do an in-depth video of cryptocurrency taxes and crypto friendly countries.
thank you for this useful information
People definitely choose to work less because the tax code makes the extra effort not worth it
Save money on Taxes alone is BIG SAVINGS for Investing Offshore!
Hello, Andrew. I would like to know if there is any way to contact you and get to you personally. Long time watcher here, appreciate all the things you share. Thank you !
Boutayeb Aymane Boutayeb, we meet and work with people who hire us. Here’s how you can do that: www.nomadcapitalist.com/apply/
The notepad doesn't work. Some of your viewers are watching on a phone or a netbook. Swapping between full-screen finance page and your shot with you and the pad would have worked.
I'm leaving so much money on the table that I had to get a larger table !
how come there is no light in the houses in the back ?
Can one open a foreign bank account online from the United States?
I feel like your stressed before moving overseas as u basically gotta work twice as much to get the same results and that can be stressful
That's what am talking about!
10/10 . excellent channel
Thanks Fabian!
I am holding myself back.
Hey Andrew. For someone who's still very much in the continuous travel stage in my life I don't plan on settling down anytime soon. I do save the majority of my income but have been shy about investing it for the reasons you mentioned in this video. Are there some early international first investment places I could be putting my money while I'm in this travelling stage of my life that could set me up for a an international move in the future? Right now I've been thinking about settling in South East Asia in the future. I know any investments in the US are going to be heavily taxed, but just leaving money sitting in the bank isn't going me a whole lot of good either.
How TRUE!!! fear!
Were you in Turkey or Dubai? It sounded like they were praying in the background.
Kuala Lumpur
Where was this recorded? Curious as to what the background sound is. Sounds like Arabic recital.
Muhammed Mitha Malaysia
What is this mystery low tax Southern European country? Malta?
Puerto Rico is free from "Capital Gains Tax" & "Federal Income Tax".
@@Thira333 Speak proper English next time you decide to talk to me
@@darwingibson8579 lol
@@Thira333 translation please? Or state facts, not opinions. Some of us are actually interested in the possibilities and subtleties of moving to Puerto Rico
@@darwingibson8579 - LOL! hahaha
Cash . Savez your Monet at Home