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.
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