Andrew discusses some of the current Presidential candidates and where they stand on their expat policies. If so-and-so were to get elected, what would it mean to US citizens living abroad? Many of these candidates want to have a residency-based tax and not a citizenship-based tax. Andrew argues that voting for someone is just a passive insurance policy. Instead, you need to have an active insurance policy that will protect you from people who don’t have your best interest.
Key Takeaways:
Andrew’s Editorial:
[2:20] How will the new president affect the expats?
[3:35] New Zealand citizens are getting letters from their bank asking whether they are US citizens.
[4:20] A number of the republicans are against FACTA.
[6:20] We still don’t know what Trump’s policies are on taxing expats.
[7:10] Ted Cruz, Bernie Sanders, and others are for a residency-based tax system.
[11:00] Will citizenship-based taxation ever come to an end?
[11:45] You have to seek an active insurance policy. Voting is very passive.
[15:55] An active strategy could just be having the right attorney and accountant.
[16:10] Bad professionals can do more harm than good.
[18:55] Where are your kids going to be born? Give them a backup option.
Interview:
[20:25] Andrew introduces Graham.
[22:00] What’s the minimum you can do with the maximum amount of returns?
[23:30] “Follow your passion” is horrible advice.
[25:30] It used to cost a lot of money to start your business, now it’s substantially much cheaper.
[28:35] The real juicy investments are the ones people won’t even look at twice.
[30:15] What makes Graham want to help entrepreneurs?
[36:00] Graham loves meeting different people every time he travels/lives in a new location.
[38:25] What kind of flags has Graham planted?
[42:35] Start with the basics and open a multi-currency account.
[44:20] Don’t chase cheap property. Invest in the best.
The Lighting Round:
[45:25] One business – AirBnB.
[46:25] One country – Japan.
[47:35] One book – Anything by Jim Rogers.
[48:40] One tool – Dropbox, Skype, ScheduleOnce.
Listener Question:
[52:05] Jeff asks, “What kind of cultural examples should I look for as I travel the world.”
[52:55] Lack of regulation can be very shocking from someone coming from a western world.
[55:20] There are a lot of benefits to Singapore, but here’s the thing, Singapore also does not have free speech.
[56:40] You want to be able to accept certain cultural differences that won’t affect you overall.
[56:55] What are you looking for?
[57:15] Eastern Europe has more freedom to run the business you want.
[59:10] The rest of the world has much more acceptance than in Western societies.
Mentioned in This Episode:
http://www.upventures.io/
