If you value your wealth and freedom that a Western country affords be cautious of cheap and possibly illegal online offers of residencies and citizenships. There are legal ways to pay fewer taxes. If you have a business or are thinking about starting one, you are going to need solid planning and tax advice to ensure you are not wasting your money by paying taxes that are not required of you. In fact, in July plan to visit the Nomad Society’s private event or in August Andrew Henderson will be personally assisting offshore first timers, both in SE Asia. Visit Nomad Capitalist to find out more. If you are an expat don’t forget FBAR’s are due at the end of June.
Key Takeaways:
Andrew’s Editorial:
2:05 How to pay taxes as a digital nomad
3:38 3 different types of tax systems
4:46 Citizen based taxation – U.S. & Eritrea
9:12 Residential based taxation – Most developed nations
14:04 Territorial taxation – Emerging countries
17:04 Reduce taxes and stay where you are at
18:20 How do perpetual travelers pay tax?
Interview:
22:20 Following in the family footsteps
23:12 Existing money may decrease your drive
24:20 It’s so expensive to live in New York
25:53 No holidays working in social media businesses
26:42 Automating your business allows for personal downtime
27:43 When Erica landed in India
29:12 Mumbai welcomes you if you just jump in
30:52 English as a first language helps economically
33:13 Kickbacks are commonplace when it comes to paperwork
34:14 Get a local accountant and one in your home country
36:49 Perfectly legal tax options if you live overseas
37:32 Being based in India gives Erica street cred with international customers
39:12 Being a foreigner has helped with local clients also
40:47 Customer service challenges are typical
42:13 Nomadic companionships
The Lightning Round:
43:40 One business – Apartment brokering service
44:32 One country – India
44:52 One book – Meditation books
45:46 One tool – Evernote
Listener Question:
49:14 Ahmed asks “Why is it that the second passport process that you speak of is so much more expensive than what I see elsewhere online?”
49:28 Blackmarket second passports, Graymarket second passports and other scams
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