What does it really mean to be offshore and how much money are you losing by not going offshore? Andrew does the math for you and offers three tax scenarios for someone looking to save on their taxes legally. Remember, Andrew is not a lawyer or an accountant, so be sure to seek legal advise for your specific scenario over at https://nomadcapitalist.com/.
Chef Tim Tibbitts decided to open a fine dinning restaurant in the Bahamas, the first of its kind the island had ever seen. Tim talks on what that experience was like and if it’s easier to open a restaurant business overseas compared to in Canada, where he’s from. Tim also talks on the experience of getting his wife residency and touches on whether the Bahamas is ‘too bureaucratic’ on today’s episode.
[2:00] What does it mean to be offshore?
[4:05] How much money are you losing by not going offshore?
[6:50] Andrew does the numbers for you.
[11:30] Remember, Andrew is not a lawyer.
[14:20] Not a US person and still want to leave your home country?
[17:40] Ireland’s tax code is 40% over 34,000 euros.
[19:20] Don’t want to leave the US, but still want to reduce your taxes?
[19:59] Andrew does a recap of the three tax scenarios.
[22:00] You can save a ton of money on taxes if you’re willing to change your lifestyle a bit.
[23:40] Andrew introduces Chef Tim Tibbitts.
[24:10] Why did Tim go from Canada to the Bahamas to open a fine dinning restaurant?
[26:15] Is it easier stepping up a restaurant business offshore?
[34:25] Does Tim recommend the Bahamas?
[36:30] Tim does a price comparison between the Bahamas and Canada.
[38:55] It’s difficult for foreigners to come and have children in the Bahamas.
[40:25] What was the process for setting up Tim’s wife’s residency?
[42:30] Is the Bahamas bureaucratic?
The Lighting Round:
[45:40] One business – Gourmet burger shop and/or wine store.
[46:15] One country – Bahamas.
[46:45] One book – Don’t Stop The Carnival by Herman Wouk
[47:45] One tool – Prime Cost Wizard by RestaurantOwner.com
[50:05] Can I exchange passports with someone else for money?
[53:15] Unfortunately the answer is no.
[54:45] Wouldn’t it be great to exchange passports, though?
Mentioned In This Episode:
Don’t Stop The Carnival by Herman Wouk