Andrew Henderson

Andrew Henderson

Founder of Nomad Capitalist and the world’s most sought-after expert on global citizenship.

ABOUT THE COMPANY

What we’re all about

MEET OUR TEAM

Meet our 50+ global colleagues

CONTACT US

We’re here to serve you

FAQS

Your questions answered

TESTIMONIALS

Read our testimonials

NEWSLETTER

Get free email updates

Nomad Capitalist team on the phone with a client

ACTION PLAN

Our flagship service  for entrepreneurs and investors

Andrew Henderson

PRIVATE CLIENT

Work exclusively with Mr. Andrew Henderson

Andrew Henderson with a client

PRIVATE CLIENT ELITE

Our most immersive and bespoke experience

ALL SERVICES

Click here to see all our products and services

THE WORLD’S #1 OFFSHORE CONFERENCE

Learn from our R&D playbook and meet like-minded people at our annual event.

NOMAD CAPITALIST THE BOOK

Andrew Henderson wrote the #1 best-selling book that redefines life as a diversified,
global citizen in the 21st century… and how you can join the movement.

Episode 18 – Kevin Chen, Moving Cash Offshore, Obtaining a Second Passport

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:

https://nomadcapitalist.com/

The Best Offshore Banks Guide by Nomad Capitalist

https://www.italki.com/

Getting Things Done by David Allen

READ THIS NEXT…

You can find more videos, talks, and other content related to Podcasts topic on our YouTube channel.

Get our best ideas and latest updates to your inbox

We'll send our best articles, videos, and exclusive content right to your inbox. It's free.

[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]