How To Be Nomad Capitalist And Go Where You're Treated Best with Andrew Henderson

How do you make business problems disappear? Wrap them in bacon. For business owners, marketing execs, and anyone trying to grow your business, pump your profits and make more while doing less. Welcome to Bacon Wrapped Business with Brad Costanzo. Sizzling hot business advice guaranteed to make you fat profits. Every week, our chefs will serve you proven recipes for ramping up your revenue. Now, here's your host, Brad Costanzo.

Today, I've got a continuation of multiple episodes I've done recently which are highly selfish in nature because I bring on guests that I have authentic curiosity about their expertise, what they do and how they're doing it. Because chances are it'll affect my life, that of my clients or some of the businesses that I own or run in one way, shape or form or another. And today is absolutely no exception. I've invited Andrew Henderson on the podcast today, and he is the founder of nomadcapitalist.com where he helps individuals, entrepreneurs, business people, retired folks, really, anybody who wants to understand how they can escape just living and working in this country they grew up in and find ways to expand their horizons, protect their wealth, grow quicker. And really, he helps dispel a lot of the myths around expatriating, whether that is just deciding to live somewhere else or going to the extreme other end of just full citizenship, renunciation, and becoming a citizen of other countries or the world. And I've always had a very big fascination in this. I just finished reading his book Nomad Capitalist, available on Amazon. There'll be a link to the show notes, and I've been really excited to dive into this as such. One of the things I want to cover with Andrew here in just a moment is I do want to cover some of the basics and dispel some of the myths. And then I'm going to ask some questions that may apply to me, and I invite you all to eavesdrop in on a conversation that I wanted to have anyway. So, Andrew, welcome to bacon wrap business.

Great to be with you, Brett.

It's great to. Yeah, great to have you. So tell. I want to start off instead of telling, like, tell me about your backstory. Tell me about this. Tell me about your life right now. Like, explain what Andrew Henderson's life as a Nomad Capitalist is like. Where do you live? How long are you there? You know, kind of give us a window into your world.

Well, I've spent years, 13 years, you know, studying, researching, and implementing my own personal nomad lifestyle. It formed the basis of what now is Nomad Capitalist. I am the original nomad. Capitalist. And I started writing about this stuff many years ago, and people have come to me over the years, and now we have a business doing it. But my life is very diversified. Financially, I feel much more free than where I was growing up in the United States, where I owned businesses in the United States. I keep practically all of my money. I'm not giving half of it to fund wars or to be wasted by bureaucrats. I get to live in different homes with residences and citizenship. So I'm welcome in multiple countries. I have homes right now in six places around the world, and I just spend my time in those places. What I've really created, I think, is a life of travel, but not travel in the way that people think about travel. I'm here in my home in Bogota, Colombia, and spent a couple months here. We're having a conference with Robert Kiyosaki and the former president of Georgia and others up in Mexico in a couple months. So I'll bounce up to Mexico. That will be in a hotel, and then I'll head off somewhere else to work with my team around the world. I run a company with about 33 employees. Maybe I'll be in Europe in the summer. And so it's travel without traveling. It is. You go to homes, you walk in, everything's ready to go. And so it's an experience that I think for the kind of entrepreneurs that we're talking to, is a great thing to have where you have all the benefits of travel. You have the tax savings, you have the benefit. You can have Colombian food now, and two months from now it's Mexican, and four months from now it's Asian. And you get to experience the best of all worlds. And I think I've been able to cherry pick as well as financially the best places to bank, have friends all the way down the line.

Fantastic. Now, how long have you been doing this for? Because you grew up in. Was it is Ohio, right? Like maybe Cleveland?

I want to say, yeah, well, as you know, if you're from the United States, I grew up in Cleveland, Ohio. And the only acceptable response to that is I'm sorry to hear that.

I grew up in St. Louis, so there's not a huge difference. It's pretty much the same.

Same St. Louis. Well, there's some nice parts of St. Louis. I had my car stolen in St. Louis once, so that's. That's a problem. But no, I grew up in Cleveland, Ohio, by the way. Tried that joke on other people when I was traveling. Oh, where are you from? I meet someone In Ireland, they're like, we're from Detroit. I'm like, oh. And they didn't find it amusing like a Cleveland or what? So lesson learned. But yeah, I grew up in Cleveland, Ohio. I got a great permission slip from my father. Go where you're treated best. Those are my five magic words. And he basically told me, you don't have to stay here if you don't like it. And so in my early 20s, I was in business, relatively new in business, having dropped out of college. And I started traveling one place after another. And I spent a lot more time back then looking into things in advance. But it was a little bit of travel then. It was a lot of travel then. It was most of the time travel. Then it was full time on the road, dragging a suitcase. And now it is been slowly for the last six or seven years creating this lifestyle of multiple bases and, you know, going deeper. I've been to over 100 countries, but now going deeper to try and understand, you know, how do you become a citizen in the harder to become a citizen countries? How do you invest in countries that, where there are opportunities, but they're harder to find? And so that's what I've been doing.

Fantastic. Now there is sometimes there's misconceptions and there's a. I'm sure you deal with them all the time. I mean, half of you career is probably like busting myths around this concept. So I know for, I think you mentioned in your book that you actually renounced U.S. citizenship, is that correct?

I did renounce. We're going to be coming out with a new book, but I didn't mention the book, but I did renounce US citizenship. So it was a little over three years ago now that I actually gave up, walked into the U.S. embassy, gave up my U.S. citizenship.

Okay, and now did you already have one or multiple citizenships already established elsewhere?

Obviously I did have multiple citizenships. Yeah. You really, I think, should. I mean, I know people who are stateless. I know one or two people who are stateless. And that's a tough life, especially for someone who wants to be traveling all around. I mean, I understand the kind of libertarian idea of being owned by nobody, but to me, you know, there's a difference between being a citizen of the US no matter where you live, they're taxing you, they're regulating you. Now you can move overseas as an American and dramatically reduce your taxes, but you're still filing returns, you're still telling them where your foreign bank accounts are. You're still Subject to all the restrictions and a lot of investments don't want to deal with you. So that's a different experience than being a citizen. I've got multiple, I don't talk about all of them, but one of the ones I have talked about is St. Lucia. It's a Caribbean island. You make a donation to the country, about 180,000 people. Money goes to build low income housing, upgrade the tourism industry. They actually make use of the money, unlike the government in the US and you become a citizen in a matter of months. And it's a whole different experience being a citizen of a tiny Caribbean island that doesn't want to nor could it really go and chase you around the world for every shekel. It's a whole different experience. And so I've been accumulating multiple passports and it's kind of turned into, I'm kind of like a walking R and D lab at this point.

Imagine like everybody sees those spy craft movies where somebody pulls out a whole bunch of passports. I'm sure there, there's been a few moments of feeling like that as well. The. And I know you help your clients navigate this when they want to do it, but giving up citizenship is not the only way to do it. Right. Like you mentioned, you can, you can simply. I guess an expatriate is not necessarily somebody who's renowned, such as somebody who's living overseas. Maybe you're living in Mexico, maybe you're living in Colombia. Is that, is that the correct use of the term an expat?

Yeah, I suppose that expat, you could say an expat is someone who lives overseas. I mean, there's so many words, right? I mean, what's the difference between expat and immigrants? So I mean, I like to say, listen, I want to be a nomad capitalist. I want to go where I'm treated better. And that may mean, again, I'm not going to live in one place. It may mean I'm going to do winters in Dubai and I'm going to do summers somewhere in the Mediterranean and I'm going to work that out for maximum tax benefits, lifestyle benefits, et cetera. So, yeah, now I know that one.

Of the big benefits of renouncing is, and you touched on several of those, but for a lot of people who don't really know and they haven't really explored what it might be like to live in a foreign country, it's US and Eritrea are the only countries in the world who, who just do citizenship based taxation. So even if you're overseas, obviously there's. And you can touch on the foreign. What is it? Foreign earned income tax. What is the.

Yeah, so there's a couple of different countries. And by the way, the list is growing. There are two countries, the US and Eritrea, which they call the North Korea of Africa. So the US is in very good company. Eritrea imposes a 2% diaspora tax on people who live overseas. So if you're one of the taxi drivers in San Diego, that's Eritrean, you're supposed to send 2% of your income back. If you want to renew your passport, something like that, the US goes full hog. You have to basically pay as if you're living in the country. So I've got a friend, he's a multimillion dollar salary earner. He's not a business guy, he's a salary earner, big corporate bigwig, multimillion dollar salary. At this point he gets the foreign earned income exclusion. He's earning income overseas. He takes the first this year, $108,700 tax free, and then the rest he pays as if he were living in the U.S. now he happens to be living in a tax free country, so he doesn't pay them, but he does pay the US and so it's a huge disadvantage. Now I happen to think that more countries are going to do that. We just saw recently, the UAE is going to start offering dual citizenship to some people who live there. What are they going to do if you don't live there and you have their citizenship through this program, they're going to assess a tax on you. China starting to tax people in Hong Kong. Colombia has taxed its citizens who live in Panama at some point. And I see countries like South Africa and others looking at doing this. I see people in Canada in the legislature saying, why are people allowed to be Canadian citizens? And they're not footing the bill. And you're really, what you're seeing in the Western world is you're seeing a shift from pay for the roads and the schools and the bridges, which is what they tell us in their little political pep rallies to pay for the privilege of being one of us. So as of right now, if you're not American, or I suppose for all the Eritreans in your audience, if you're not that also, you can simply leave your country, you can become a non tax resident and you can go and establish your tax home somewhere else, you're going to go and establish your physical home somewhere else and you can come back to your country for a certain amount of time every year, depending on the country. There's many different criteria and it's not nearly as easy as many people make it out to be. People think about the 183 day rule. They say if you're an Australian, you spend 182, you're fine. Not true anymore. They've got a lot of different tests to suck you into their tax net in many countries. But you can leave your country. If you're an American, you're going to keep filing the forms, you're going to keep paying something, maybe dramatically less, but you're going to keep paying something. Or if you're an American, you can move to Puerto Rico. And they've got a pretty good tax deal, down about 4% and then no capital gains tax.

So for now, many different Democrats decide they want to make Puerto Rico a state.

Well, and that's what I've said, by the way. I do help people move to Puerto Rico, I think, because I am the guy who gave up my citizenship, you know, partially largely for personal reasons. I just never really felt, you know, for me it wasn't tough to leave the country. I would have left if the tax rate in the US was zero. I just didn't want to live there. I didn't like the identity. I got so sick of all the nonsense that when America first came, I'm a pretty conservative guy. But when America, when I heard America first, I said, that doesn't sound like a thing that wants Americans living outside of the country. I said, I'm out. Yeah. So anyway, you know, the point is you can move overseas even if you're an American, you can dramatically reduce your taxes, but there are rules that you have to follow to do that. I think if you're making, you know, six, seven, eight figures, it's well worth it.

Right. What about after you renounce visiting again, getting visitor visas, et cetera, to coming back, visiting family, etc. How much of a hassle is it typically if that if you renounce?

It's a sensitive topic. I think that it's all based on your passport. Right. So if you've got, you know, I've helped people get citizenship by descent, you have a parent, a grandparent, a great grandparent who's from Italy or from, you know, Estonia, we did recently, Latvia, many of them in Europe, Mexico, etc. So if you're, you know, if you're British, for example, just helped a guy get that a while ago. Pretty easy. As long as you're not a criminal. Generally, if you haven't been to any of the forbidden countries like Iran, you can generally just come back as a normal tourist. Otherwise you're subject to going in and applying for a visa or applying for some kind of residence permit, depending on your passport, country. And so it's kind of up to their determination. I just did an interview the other day with Roger Vere, who is Bitcoin Jesus, and he renounced and he talks about St. Kitts passport and he talked about how he was denied but eventually it worked out and so he just had to be persistent.

So I guess that is one of the things you have to be a little bit cognizant of. And I would imagine if they see that you're. Is this what you were talking about, like depending on your other passport? So if you get, let's say I got a British citizenship because my parents are from Britain or something of that nature, it's a lot easier to justify. Well, why did you do this? As opposed to. If they see that I just went for somebody to somewhere to save on taxes, they can see it. I don't know.

I mean, I mean, so Roger talks about St. Kitts. I mean, it's a tax free country. I imagine that they, they, they figure, you know, I mean, they make their assumptions and that's.

They know what.

Well, I mean, by the way you look at me and quite frankly, I wanted to do it long before I had a, you know, I mean, back when I had not a lot of money.

Yeah. It wasn't just to save money. Yeah.

When I go in and I say I don't feel American, you know, I'm telling the truth now, they don't want to believe that because they get BS'd all day by everybody else who wants a tourist visa. I'm not saying I said that's what I said when I renounced. You know, that's fine. They can think what they want. And so, you know, for me, going back was never a huge priority. It just wasn't. And I think that, you know, I'm sure I'm not in their Christmas card list because, because I put in the book. Because I talk about it. Well, yeah, I would like to not, not talk about it.

Yeah. And you're a public figure. Exactly. About this specific topic. So for folks who are, which I would imagine are the majority, just my guests who start to explore this path, like, well, I don't want to necessarily renounce yet, but I would like to live in other countries and I would like to structure my business and my life so that I can save taxes. Obviously you mentioned the foreign earned income tax exclusion. Uh, and that's, you know, where if you, what is it? Is it 30 days? As long as you're in the US for 30 days or less, your first, what is it? 108,000 is federally tax free.

Yeah. There's a lot of different little moving parts to it. So it's $108,700. It basically goes up a little bit every year with inflation.

Yeah.

And so you can basically, by the way, you can also take the standard deduction. So you know, let's call it ten grand a month. Basically, if you don't have any other income, you have to set it, you have to set yourself up. Now, you know, are you going to set up a business? If you're not setting up a business, then you're not going to get out of self employment tax, you know, Medicare, Social Security. If you do set up a business, then there's certain criteria you need to meet that you're actually running a business, not just a one man show, not what they call a profession. Right. So there's a lot of different caveats and then there's two ways you can qualify for the test. One is basically you can start at any time of the year that you want and you're out of the, you're in a foreign country or countries for 330 out of 365 days. So let's leave, you know, today, sometime in February and then we're going to start our 365 days between now and the same time next year. So you have to be on dry land or in the territorial waters of an acceptable country. So Cuba doesn't count. I think North Korea doesn't count. Antarctica doesn't count. So if you're planning on going to those places, you're going to have a problem. I had a guy who worked on yachts many years ago and I said, you're not, you're not going to qualify because you're not in a foreign country or country for 330 days. You're in international waters. And so that's one way it's a lot easier to qualify if you don't need to come back to the U.S. the other test is you've really got to put together a life for an entire year in another country that you call home. And so it depends. You know, I work with a lot of successful people now. They're like, I don't want to move around, I just want to run my big business and live in one Place like Dubai or Malaysia or whatever. But if you want more flexibility, then you will get less time in the.

U.S. that makes sense. Now a lot of the listeners to this show and myself included are much more digital based entrepreneurs. Like for instance, I've got some, several E commerce businesses and I do consulting, et cetera. Let's hypothetically say I was to move to another country. And I mean, I don't. We could, we could pick one at random, right? I mean, hell, I'm in San Diego. Let's just say I moved to Mexico.

Right.

It's next door. And you actually mentioned Mexico's actually got a good, is a good option.

I like Mexico.

Yeah. So what would be an example? And I know this depends on a lot of different things, but just so that my listeners and myself can kind of see what would be an example of a way to legally and whatnot reduce taxes and structure the business so that obviously you've got the foreign exclusion that you just talked about. But are there some other ways that allow you like setting up a certain corporation down there without bringing the money back? Can you give some examples that might be illustrate.

Well, you mentioned bringing the money back and that's a common issue. People think, oh, if I set up my company, as long as I don't take any money out of it. Well, that's not really how it works. I look at it, I have what I call the tax friendly quadrant. So on one side of the quadrant there's you as a person, on the other side of the quadrant there is the business. Okay. And then you look at where you and where the business are leaving, which in your case you probably, you know, you're living in the US you probably have a US business. And then where are each of you arriving? You have to satisfy all four boxes of the quadrant or else it's not going to work. So can I set up a company in Belize, keep living in San Diego and enjoy. Belize's no tax rate on foreign business. No, because the US has things like controlled foreign corporation rules. They'll deem you as having a permanent establishment. You'll be engaged in the U.S. business. Right. So they've found ways that, you know, it's not that easy. Right. So you need to physically move. So where are you going to move now? Let's say you move in Mexico. It's not the most tax friendly country. There are some ways to make it work, but I probably don't want you spending the whole year there for too long. Right.

Well, and feel free to pick a different country that is more tax friendly.

Yeah. Let's look at something in Central America, for example, a country like a Panama. And so you're going to live there and you have the flexibility. Now can I set up a Panama company? Yeah, that's one way to get my residence. However, you know, I want to pick from the buffet. If I use my Panama company, that may cause me some issues living in Panama. So what I want to do is take advantage of Panama's taxation to where money that I'm making from somewhere else, it's not going to be taxed. Right. So it's a different system than the U.S. it's a different system than most Western countries. Right. Because even if you're a British citizen and you live in the uk, you are taxed on your worldwide income. You're just not taxed if you leave the uk, Right. You have the ability to leave and say, see you later, leave me alone, I'm going to Dubai. And so Panama, countries like that, territorial tax countries or tax free countries or countries with tax exemptions for foreigners or non dom or there's many different programs, lump sum, you can go and basically then put the business somewhere else. So Panama is where you want to live. Great. It's a tax friendly place. But maybe there's a better company for business that gives you better access to bank accounts. It could be nearby in the Cayman Islands, it could be in the bvi, it could be in Hong Kong, it could be in the uae, it could be at any number of places. There's no one solution for everybody. But you want to have the business be in one place, you want to have you be in one place. And by the way, if you have an E commerce business, we have to make sure there's not any kind of value that we need to sell out of the company where you're at. Right. Because if you've got a huge business with lots of assets, your country may not like you just saying, hey, I'm moving the whole thing to Panama. They may say, well, you need to sell it to yourself. And so depends on the business. But there's a lot of things that when you're leaving, when your company's leaving, where you're arriving and then where your business is arriving, and those could be three or four different places.

Okay, so then if I were in Panama, I had a business there selling in the US right? Like all the revenue was coming from, well, let's just say 80% of the revenue is coming from US citizens, but the business is based down there. And I'm living there. The income that comes in, let's just say that the business does million dollars in net income, right? Obviously I've got a salary, et cetera. But then if I left the money in the business and did not bring it back, spend it in the United States, but whether I traveled the world or whether I did other things of that nature, am I still paying us? Especially if it's kind of, I don't know if the C Corp idea still works in Panama or whatnot, but. But if the money's left in the company, am I still paying us taxes on a lot of the net income there?

Well, they changed it a couple of years ago. America first, actually. Right. And so everyone was talking about how they got a great tax cut. And I tell people like I wasn't for the tax cut. And they said, well what, you a communist? I said no, because not only did it impose a one time tax on a lot of our clients who had what's called retained earnings in their foreign companies, they went back 31 years in time and they said, okay, how much money have you been accumulating? Because if you took it out, you would have paid a lot of tax. So you just left it in there and deferred the tax. You know what, deferral's over. We're going back 31 years and taking basically one out of every $6 you've made for the last 31 years.

Really? I had no clue.

Nope. Well, nobody talked. There was one article, I think in the Wall street journal in mid-2018 talking about how people who were in high tax countries, because this was not just targeting tax havens, they thought it was targeting Apple and Starbucks and all that. And it did. But you know, they were in such a rush to have a big win. We want to have a big win with tax that they pushed through this bill where if you're just an average Joe with a company in Australia, you're already paying a boatload of taxes, but now you had to take money out of your Australian or British company, I think was one of the examples. And you have to not only get screwed on the side of the country that you're living in, but then you've got to send a bunch to the U.S. so it's like the U.S. tax system has never played nicely with a lot of other systems. You've got people living in countries that are their alleged allies, Canada, the uk, Australia. And it's often a big mess. Which is why I say it's much easier just to go to A tax free jurisdiction if you're an American, because then all you have to deal with is the US and there's not this squabble going on. But what it also did was it said, okay, you can take your salary tax free, you can take out that roughly 10 grand a month. And as long as you're working for a foreign corporation, you're not paying payroll. So you can structure it to where that first nine or ten grand a month is genuinely zero. But above that, we're going to make you have a more complicated structure. And if you don't, you're just going to pay full board income tax rates. And if you do, we'll lower it down to the low double digits. And now Biden is saying, well, let's lower it, right? So whenever you get rid of zero, it never just stops at zero, it never just stops at the next thing. You know what I mean? It's like the US for so long had no income tax. You know what? You know, we got to pay some bills. Listen, we're going to have a 3% income tax. Just relax. It's only 3% now. It's like 43%. And then you've got state and then you've got payroll and you got this salt. And so, you know, I think it's going to be now, Joe Biden wants to increase taxes on everyone. So I guess whether you're on shore, offshore, your taxes are probably going up. And if Elizabeth Warren has her way, you're going to be paying a wealth tax. Oh yeah, but you can get it down. You can get the taxes down to a relatively low number. And so what I tell people is if you're in California, you're in San Diego, you're probably paying 50 cents on the dollar. At a certain breakpoint, you go to Florida, maybe you get it down to 43 cents in the dollar. Is that really a big difference? I talk about if you're going to move because people tell me all day, how am I going to take. I'm going to clutch my kids, my children and take them out of their school. How will they ever make any new friends again? Where will I ever find to go to breakfast on Saturday mornings? I want to get my friends and they're like, oh, but I'll go to Miami and they save 7 cents on the dollar. Listen, push the pedal to the metal. Move to Puerto Rico, move to Panama, move to wherever you're already moving. You might as well move. Yeah, right. I see everyone's going to Tennessee and Texas. Okay, that's fine. I don't know. It's fine.

Yeah, you save a little bit. But like, like what you're saying, if you're going to uproot yourself, move, have everything new, maybe push it a little bit further and see what you can.

It is a mental barrier. And that's what I talk about in the book. You know, people sometimes read the book and they're like, well, I don't have my exact solution. Well, I mean, that's why it takes me over a month and we charge a lot of money to make someone an exact solution. Because there's a lot of things to go into. As you're starting to hear, we're just kind of scratching the surface here. But you know, the book to me is about sharing experiences where, you know, I learned to open up my mind. Because in reality, you know what, there's parts of the US where you could move from one high tax state to a low tax state and you'd be further away from your home and your family than you would if you moved to Panama or Costa Rica or who knows where else. Right. Ireland. Right. So what's the difference? The difference is in your mind, you think they don't speak English. Well, people speak English a lot of places. Right. You think that it's not safe. I'm in places that people say aren't safe all the time. I mean, you know, and I feel a lot more safe, quite frankly. So that's what I think is really the issue.

Right. You know, I had, it was a few months back where I had one of those moments of, I guess it was a little epiphany where I do well, my wife and I do well, but we're not wealthy by at least my standards, and we not to just walk away and say, screw the world. Right? Like, we're not. At that point, however, I was sitting around just thinking, like, all right, what will it take to get that number? Like what will happen? Blah, blah, blah. And then I realized that because my wife and I are willing and able to, to eventually move overseas and do this, I'd be willing and able to live in a country that has a third of the cost of living. And it just kind of dawned on me. Did I just triple my net worth? If I'm willing and able to go live somewhere that has three times less living expenses, that means that the wealth we have will go three times further. And I was kind of one of those moments of like, wow, that actually opens a lot of doors.

Yeah. I mean, listen, could I afford to Live in London or San Diego or whatever. Sure. I think though that when you go out in the world, I like it here in Bogota. Do I want to spend my entire life here? No, but you meet nice people, you have a great time. Yeah, sure. And so it's a lot less expensive. You get to see other experiences. And for me, all the things that are in San Diego, San Diego, California, the United States, these are what I call legacy brands. And I was on Fox Business, I said legacy brands. And you know, they're so pumped up, it's like, you know, should I buy the Louis Vuitton shoes or should I buy the regular shoes? On the sixth floor of the mall you can buy the Louis Vuitton shoes. I like to buy some nice shoes. But understand, I mean the quality of the thousand dollar shoes versus the $50 shoes, you're largely paying for the brand. I mean, and that's fine if you like fashion and you want to look good or that's what your wearing, whatever, no judgment. But the shoes aren't 20, they don't last 20 times longer.

They're not 20 times better. Yeah, it is funny speaking about San Diego, it was, I, I laughed when I, I just pulled it up on the kindle like page 38. You have an example specifically using San Diego in there where it was like, I let people love San Diego, but.

Because the beach and the girls.

Yeah, exactly.

And the restaurants, oh, listen, there's girls in bikinis everywhere.

Yeah, I thought it was pretty funny though that you use San Diego. And I was just laughing when I, when I was reading through that. The, one of the things I want to jump over to because we've got a limited amount of time. The, I think around the end of the book, you mentioned it other places, but as I was reviewing it for this, you mentioned that one of the first steps is just open an offshore bank account. Right, I think you mentioned that. And I also know that because of fact and all this other crazy stuff, opening foreign bank accounts is not only increasingly difficult, depending where you go, but then it just introduces a new degree of reporting which isn't that big of a deal necessarily, as long as you're doing everything above board. But can you cover real quickly from audience why they should potentially go open up an offshore bank account now? And maybe what is the rationale behind that and what is kind of the easiest way to just begin that experience?

Well, I think I first thought about that I was listening to the radio host in the U.S. dave Ramsey, who's got the baby steps to being financially free to say, what's the first thing someone can do? Opening a bank account is relatively straightforward. Now, as you mentioned, I think it's becoming more difficult. I think the American thing is somewhat blown over. It's becoming more difficult for a lot of people. Now you have countries that, if you don't have a connection there, if you're not a resident or a citizen of the country, they're increasingly apprehensive about banking with you. Heck, I. I was in one of my citizenship countries about a year ago, and some of the banks there didn't want to deal with me because they're just not used to retail banking. So I think why it works is because it's a first step to get you dipping a toe in the water, as it were. So the kind of places that are going to be easier for you to go to and that you're probably going to be willing to financially commit to, Georgia, Armenia, Ecuador, countries like that, where you can walk in as a tourist, open a bank account, put in 100 bucks, put in 500 bucks, 1,000, whatever you want to do. You can literally take the money from the atm. You don't. It's not like in Switzerland, you have to wire in a million dollars. You can literally take the money from the atm. And so not only, you know, in many cases are these banks going to require you to go there. I don't often recommend these offshore banks in some island that's like 20 years ago. I want real countries to bank in. Now, we've created some remote processes, like through power of attorney for our clients, but that's not what I mean. I mean, a country that has a regular banking sector for locals and they just happen to accept you. Now you're going to go and you're going to see this country. I mentioned three countries. You probably never thought of going there. Some of them probably freak you out. You're going to go there, you're going to see how beautiful it is, how nice the people are, how good the food is. You're going to see it's not that much different. Sure, there are plenty of differences, but in the grand scheme of things, life goes on there the same way it goes on where you live. And so then you're going to go home and you're going to log on to your online banking, which, by the way, for some of these places is better than you'll see in the US and then you're going to see your $500 is still there, and then you're going to Go to the ATM and you're going to take out some money and there it is. And you're going to feel like, wow, this isn't so much different. So you've seen a new place probably that's off the radar and you've done a process and you've started the process of feeling comfortable. Nice.

I love it. I want to respect your time here because I think we've got about seven minutes left here, unless I'm mistaken. But let's talk about more the way the kind of clients you work with, you put out a ton of great information on your YouTube videos and your book, et cetera. But tell me more about who you work with. What are the, you know, if somebody's listening to this, like this sounds pretty interesting. I mean, you know, you're, I don't think you're like the discount provider of, you know, personal one on one service. But, you know, who are you really looking to work with? When should somebody contact you?

We work with seven and eight figure entrepreneurs. So, you know, if you're making 700 grand a year, you're probably a seven figure entrepreneur. That's what your business is worth. You might have a net worth of that, whatever. So seven and eight figure entrepreneurs, up to people who, you know before, people who've sold companies for hundreds of millions. We have, you know, a couple people who are on the list of the billionaires list and very proud of that. But you know, we work with all kinds of entrepreneurs who can, as you said, be remote, who are willing to do that. And I think what I specialize in, having learned this, I'm a consumer of this as well. I'm still getting residences, passports, bank accounts. This is what I enjoy doing, this is what I geek out on. And I'm continually learning and understanding what really happens. And what have I learned? It's really not that easy. You call one of these companies that sells you the St. Lucia citizenship, maybe they have their own lawyers in four different islands and they'll show you a picture of four islands. Which one do you want? Well, I had a guy who came to me and he wanted to do that and he and his wife wanted to renounce citizenship. Except his wife really didn't. And I said, well, you both don't need to renounce. Here's how we can fit up the taxes. And by the way, your mother was from this country, so we can go and get you that passport instead and it'll cost you next to nothing. And so I think it's a holistic approach. Where it's not just, how do I get a St. Lucia passport that is like a shiny object? It is your finances, it's your taxes, it's your residence and citizenship, it's your lifestyle, it's your investments. They can all work against each other, which is what happens when you have nine different lawyers who only know Panama, who only know Malta, who only know St. Lucia. What we do is make it work holistically. So if all you want to do is move to Mexico, I'm not your guy. But if you're paying half a million dollars a year in tax and you want to figure out a great place to live, how to buy real estate there, how to structure things, which passport to get to protect yourself and not be sold something, then we do that. We charge a premium fee for the mass market. I think there's plenty of people who are serving the nine and ten figure people we've worked with. They've paid a lot more than they paid us. But in terms of people that you find on the Internet, we're among the more expensive. But that's who we're looking to work for. People who want a holistic solution. They want the I's dotted, the T's crossed. They want to work with us. And I think the other thing I also understand is I had a gentleman I was talking to the other day. He's crying on our call when we're talking about where he wants to move. And I've been there, and I had another person where the wife was crying on the call. And it's like, we get into that. It's almost like a therapy session. Because of the human side to this. If you could move to Belarus for 1% tax or Thailand for 2% tax, a lot of accountants would say, well, why would you pay 2% when you. But I'm talking to people who are crying. I'm talking to people who. They're single guys and they're like, I want to go where the hot chicks are. And we've got to factor in all those human elements. For me, it's like, that's what it's about.

Yeah, yeah, exactly. That makes sense. One of the last things I want to ask you here, I've seen you post up on Twitter about this a decent amount, and a lot of people right now have a lot of crypto profits. And what advice do you have to people who are sitting on 6, 7 figures of crypto profits right now who are open to. To this. Who are open to this entire concept?

Yeah, same thing. I would Tell an entrepreneur, number one, don't wait until it's too late. Whether you're trying to expatriate and give up citizenship, which if you're a crypto guy and you don't want to live in Puerto Rico as an American, it's pretty much one of the easiest options. Don't call me when you have $1.98 million and $2 million is the threshold. I had a gentleman today. I paid $800,000 in taxes last month, and I was thinking of calling you three months ago, but things just got. I would say the same thing to anyone in business or to someone who's investing in crypto. I would also say have a good plan B. We just saw South Korea, country that has some decent tax advantages for expats, impose new taxes on crypto. We're seeing countries imposing new regulations. We're seeing countries put on your tax return, you've got to sign under penalty of perjury.

Do you have US is doing that this year?

They are. And so people think, I'll just hide my crypto. You know what I've learned doing this? I'm not invincible. They're smarter than you are. They've got a whole army of people. This is what they do is come out. You think the government is inefficient and stupid. No, no, they just don't care. But when it comes to their pound of flesh, they very much care.

Yeah, they're inefficient and stupid.

Down like a dog.

Yeah, they're inefficient and stupid when it's something you want, not when it's something they want.

Correct, Correct. And so people think Spain is an inefficient country. Believe me, that tax agency, they'll be on you like white on rice. But I would say get a second passport. Even if you're not going to renounce, more countries are going to impose regulations, whether it's wealth tax, whether it's on crypto, whether it's whatever. I would be ready to get at a dodge, and I would be getting at a dodge, but I certainly would have a go kit of things that I can abandon ship if time gets bad, because anything unregulated that threatens the system to me is a great risk. And so from the tax perspective, I'd be getting out and I'd be pocketing the savings because, you know, what's the saying? Better to be a couple years too early than a day too late. That's my advice.

Yeah, that's fantastic advice. So, Andrew, if people Want to go down the rabbit hole with you on a personal level. NomadCapitalist.com is that the best place to go to schedule a call or what's the.

I'm going to go back to my TV days. This is the book Nomad Capitalist for those who are watching. It's a green book called Nomad Capitalist. It's on Amazon. I think a lot of people who have watched worked with me, who've been very successful started with the book Stories. It's anecdotes, it's what you can do, it's what you can't do. It gives you ideas. Once you read that, we've got over 1100 videos on YouTube. NomadCapitalist 2000 blog posts on NomadCapitalist.com also on NomadCapitalist.com, you can click the link and if you want to work with this, I'm only one man with a team of 33 people. So it's, it's a limited number. We screen people. We want to know that you're the best person that we can help. And so we ask you some questions and then one of our Yovanas, we'll get in touch with you.

And you have multiple Yovanas.

We had peak was four Yoavanas. Now we're down to three yovanas. So you'll speak to one of them. We got another one in there for diversity, but you know, that's great.

You mentioned a conference in Mexico. What's the story on that?

Yeah, I just decided we moved it because of the whole situation. But I decided a while back it had been a number of years since I'd have a live conference. We had some with Peter Schiff and Jim Rickards and others, but we've been a lot bigger now. And because there are people who don't have the income necessarily to start with this yet, I said let's give people to get a chance to dip their toe in. Let's give people who aren't quite there yet a chance to come and learn. So it's going to be about 300 people in Playa del Carmen this May 2021. We have the former president of Georgia, Robert Kiyosaki from Rich Dad, Poor Dad. I'm bringing in bunch of my senior team members to teach what they do every day. I'll be there. It's just a great opportunity to meet with people. So it's kind of an entry level opportunity for folks who maybe aren't quite there yet.

Nice if people want to register for that. Is it open registration tickets right now or.

No, it is. Yeah. NomadCapitalist.com live okay, perfect.

I'll make sure I put that in the show notes. Well, I know I believe you have a hard stop right now. So Andrew, I really want to thank you for taking the time to come on the show. It's been a pleasure to meet you and to fill in some of the knowledge gaps that you know that I've personally got. As I said, this is something that I can foresee myself and my wife doing before too terribly long. And you never know, I may be coming back to you and being one of those paying clients as opposed to just picking your brain on the podcast.

Always happy to help. Great to be with you and you're a great host.

Thank you for all my listeners. If this has been interesting in the least, I highly recommend picking up the book Nomad Capitalist, which you'll be able to find in a link in the show notes and you can devour that. Reach out to Andrew if you're ready to make a move. And reach out to me if you've got any questions. If you've got a business and you kind of like hit a plateau, you're stuck, you don't know where to turn. Want a second opinion? I am happy to field any questions. You can always email me at askbradaconrappedbusiness.com and Andrew, once more, thanks a lot. I look forward to following you on the Twitter machine and happy to help. All right, buddy, take care. And to everybody else, hit subscribe and I'll see you on the next episode.