Andrew Henderson

Andrew Henderson

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


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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, 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


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