The war on cash is trickling outside of the Western world and affecting places like the Caribbean, South American, and Asia. It is becoming more difficult to do a wire transfer from the United States to another country despite the money already being reported. If you own a significant amount of cash, then you should deeply consider moving it offshore to not one, but several different bank accounts overseas.
Kevin Chen is the co-founder of italki.com, an online language learning service where you can discover language teachers from all over the world. Andrew believes learning a new language could be an excellent step towards your flag planting strategy and talks to Kevin about doing business in Hong Kong and Shanghai.
Key Takeaways:
Andrew’s Editorial:2:25 Do you love New York City? Well, you’d like Macao much better.
2:45 Singapore has tighten the amount of cash you can bring in and out of the country.
3:20 Andrew doesn’t recommend putting your money in a briefcase and carrying it into a new country. It can be confiscated from you.
3:50 You could take roughly $30,000 Sing in and out of Singapore without it being taxed.
5:05 The rules have now been changed to $20,000 Sing in cash.
6:20 Carrying gold, cash, and other assets into Singapore is now not that attractive.
6:25 Hong Kong and Switzerland have not changed their policies on cash.
7:45 Accepting cash in the western world is very, very difficult.
10:00 Hong Kong does not have a war on cash.
11:20 How do you get the money in/out of Hong Kong?
14:35 Moving your money offshore and not keeping it in the US is what you should be doing.
14:55 How do you move your money offshore?
15:40 Wiring money, even reported money, is getting harder.
15:50 Find a smaller boutique bank that’s friendlier to other countries.
16:45 Caribbean banks are having trouble getting money out.
19:20 You need more than one offshore bank. Do not rely on just one bank account.
Interview:21:40 Learning a new language will help with your flag planting strategy.
22:30 What was Kevin Chen’s journey?
25:10 Kevin believes there isn’t a lot of personal freedom in the finance industry.
26:30 What was Kevin’s big ‘ah-ha’ moment?
28:00 Why Shanghai?
30:30 Chinese versus Filipino talent, is it better or worse?
31:50 Why is Kevin’s business based in Hong Kong when he lives in Shanghai?
33:30 How could someone diversify in China?
34:30 The cost of doing international business in China is raising.
37:00 There is an entrepreneurial spirit in China.
38:30 What’s it like living in China?
The Lighting Round:39:25 One business – Connecting people to the Chinese world.
40:15 One country – Taiwan.
40:45 One book – Getting Things Done by David Allen
41:20 One tool – Google apps. Gmail, Google docs, etc.
Listener Question:45:10 How do you get a second passport if you’re born in a foreign country like Pakistan?
46:15 Many second passport programs were developed specifically for foreigners and do not necessarily target just the US market.
46:40 As long as you’re not a criminal or a terrorist, you can get a second passport without a problem.
47:20 Countries in Latin America are very open for second residency.
48:45 Where you’re born doesn’t matter. What matters is where you live and your nationality.
51:50 Europe will be an easier country to diversify in for someone of Middle Eastern descent than the Americas.
53:15 Andrew would love to hear your stories. Feel free to email him.
Mentioned In This Episode:
The Best Offshore Banks Guide by Nomad Capitalist
Getting Things Done by David Allen
