As a naturalized us citizen from China, totally agree with Andrew. And it’s has already begun from California. I believe everyone needs a plan b. Most people have no idea about the evil socialism.
I would like to offer a personal thank you to Mr. Andrew Henderson and Nomad Capitalist for all the encouragement. I just got my Friendly Nations Visa today in Panama and I have a company here now. I can now live and work in a tax friendly environment with beautiful scenery and friendly people. I am not an evil capitalist here and I speak fluent Spanish, so I already feel at home. I am not done with my nomad capitalist plan, but I already feel great with a Plan B. Thanks again!
Ideally we care about the poor and figure out ways to prevent poverty without letting the situation devolve into communist revolution. Which, you're right, is a threat when things get bad enough. But it doesn't solve poverty either. It just destroys wealth without building a workable system in it's place.
Great topic here and do like the perspective you point out to consider long-term implication of a political decision. Politics on an individual level don't matter long-term. Focus on the big picture and how you formulate decisions based on that broader perspective of the political climate.
Australia taxes you when you live overseas "As an Australian resident, you are taxed on your worldwide income. You must also declare foreign income that is exempt from Australian tax as we may take it into account to work out the amount of tax you have to pay on your assessable income." ATO
According to what I read from this Australian Tax Office web page (www.ato.gov.au/Individuals/International-tax-for-individuals/), Australian citizens resident overseas ("foreign residents") are not taxed on their income earned outside Australia, only that earned within Australia. As far as I know, the United States and the small North African country of Eritrea are the only nations in the world that levy income tax by citizenship alone, taxing their citizens no matter where they live or where their income is earned.
I lived there last year. Becoming a permanent resident and citizen is cheap in Panama. You’ll pay more in attorney fees than the state charges. They use the US dollar and have the same electric outlets, which is convenient. The country will likely always be safe, because so many countries have a vested interest in Panama remaining a stable country, so they can use the canal. It is, however, an expensive place to live. Everything cost 20% more than in the US due to tariffs, and your electric bill will be 3-4x what you pay in the US. Rents are a little cheaper than the most expensive cities in the US, but not cheaper than say Phoenix. It’s all high rises in the city, and you will incessantly hear traffic echoing up from the streets when you are home. There are no suburbs. It’s the city and rural towns far from the city. Excellent restaurants everywhere, but no decent Thai or Indian restaurants anywhere in the country. If you live in one of the smaller towns, you cannot safely drink from the tap. What turned me off to the country is they implemented a draconian lockdown that lasted almost all year. To me, that means they are in lockstep with the global communist agenda. I am searching for a place that didn’t lock down or only did it briefly.
Depends what you mean by "transferable". If you're referring to transfer upon death, one option would be to use a custodial service (such as Fidelity digital assets). The problem with that option is that you'll then be at the whims of the politicians.... with their various tax schemes. Alternatively, you could trust your heirs with the password to your wallet.
Ive given serious thought to the French Foreign Legion. After serving 5 years,.France awards citizenship, I think. Its difficult to gather all the info. Can you shed some lite on that.
his audience prefers to flee france than go there. LOL From what I've read the weather is like you said, but you have to enlist it in France, I think the contracts are annual, renewable, and during that period you need to fulfill the duties of a French soldier (from time to time this includes if get into African conflicts) receiving peanuts for work.
Can't count on voting out the bums in 2022 and 2024 either. They tried that in California with the number of signatures collected to recall their governor who survived all that.
You are right, Andrew, in recommending nomads look beyond a single election to any trend through multiple elections. I have been watching presidential and Congressional election cycles for years in the US, and being a social democrat at heart in the Continental European sense, I've regretfully concluded that as long as what I call the Confederate mindset remains so ingrained in the US, the country will continue to be stuck in political gridlock and not give its citizens the best treatment in the world, as you say, in comparison to other advanced nations. So, I've already emigrated out of the US to the Philippines for the time being to "shelter in place" and wait out COVID in a nation that has it under fairly good control. Once, COVID is over, my Philippine wife and I will travel and consider where to live next. Second citizenship for us will be of significant importance, as my wife's Philippine passport is really limited on visa-free travel under normal circumstances, and I might want to opt out of my US citizenship at some point. But, given the COVID Pandemic seems likely to persist and restrict global freedom of travel and migration for another year or more, we have time to research further. In looking at taxes though, even the so-called "socialist" countries of Europe (mistakenly derided as that mostly by Americans) in fact typically have the same or lower income taxes than in the US. Norway has a top corporate income tax rate of just 22% (25% for some financial businesses), and a top personal income tax rate of just 22%. Where Norway really taxes folks though is their 25% Value-Added (national sales) Tax, that is levied at that rate regardless of a consumer's income. As I age though, quality of life, country and community is trumping concerns over taxes. I continue to take the prudent "baby steps" as you recommend in this video, and will continue to watch you for insights and tips. Oh, and I much prefer the theme and intro you've been using in these 2020 videos much more than what you used in 2019 or in 2021. I realize your 2020 intro might be a bit long, but the music is really catchy. Maybe trim the first bar or so, but do consider keeping that theme. It to me just energizes and sets up the viewer to pay attention and learn better than your earlier or 2021 themes do.
So I am about to make a turkish investment in a few months but II noticed the passports show "place of birth" wont that cause issues when traveling if they customs agents see you're traveling with one passport but you were born somewhere else?
According to what Andrew Henderson has said on many occasions, that isn't true. He has said that it IS indeed possible for an Australian citizen to escape the Australian tax system... but it requires severing EVERY LAST VESTIGE of financial and legal ties to the country (not even "a surfboard in your mother's basement", as he put it).
Yes it’s possible but it’s hard. They look at your links to the country. 30 years ago it was simply a declaration to the ato that you are a non citizen for tax purposes, ahh how I miss the 80’s
@@ChanaElisheva If only they were Fascist, then no one would be leaving - no what we have is exactly the opposite a Globalist Communist Distopian Oligarchy or as some have very eloquently put "GloboHomo" that puts its own citizens last and uses their suffering as fuel
Extremes are dangerous, what Venezuela and China is extreme left authoritarian but also the other end extreme right, fascism is dangerous also. The best is safety nets for everyone and also opportunities for people to prosper and be wealthy without being over taxed and abused.
YES they should be gone. Would you pay for alcohol and drugs for someone? SAME deal if someone does not take care of their health. Should not be on anyone else. Only a few generations got SS I will NEVER have it, nor anyone else my age. This was a long time coming over 70 yrs really. Marxists took the institutions and no one did ANYTHING about it. Now my age (under 30) and younger are actually thinking that socialism/communism are good ideas. Instead all anyone did was whine about the young, meanwhile they were demoralized (indoctrinated). No dream, no hope, debt, failing dead currency (zombie dollar), no future. Which adds to the demoralization and black pilling of our generations. I was lucky to not end up like them. Mindless collective drones. (the left/ cult)
Any idea as for which assets are non-reportable as a Spanish citizen? Taxes are going to get mad high here with our social-communist government and a public debt of 128% our GDP.
"... citizenship by INVESTMENT program such as those in the Carribean where you can DONATE money and get a passport in a matter of months ...." A donation is not an investment. Did you mean the requirement is to do both--- pay the government a non-refundable fee AND make an investment in an asset within the country?
in most of his examples the government gives the interested party a choice between a "donation" or a higher value investment. It seems to me that historically this type of naturalization started with investments, hence the name, and only afterwards did it authorize the donation.
The term US citizen is a corporation that works for the u.s. corporation which has nothing to do with America or the constitutional republic. You are all not corporations you are not US citizens your strawman is you are the agent for that Corporation which is responsible for paying taxes. But you are the living Soul according to Black's Law Dictionary you're the one that retains the rights cuz you were born on the soil of America you are a state citizen estate National and American National. People got to wake up please wake up and look things up. If you had a passport that said you are a State national which is harder to get cuz they don't want to lose their slaves they know we're waking up.
What are we running away from here? Life? Taxes? Slavery? There's a saying that goes like this, "You can run but you can't hide"! God sees everything. Oh and p.s. You can't live like a King unless you know what it's like to live like a Pauper. Do you know the difference? Perhaps the King now prefers to live like a Pauper, I mean after all the bible says "The Meek shall inherit the Earth". hEart. Oh pls. I don't have to buy a passport with my Millions to prove I am somebody. Even the homeless person is somebody!!
have you considered its left to the poor people pay for everything tax wise, lm not a socialist but youve gotta look at the big picture, also whats the point in being rich if the planet is on fire ,
Agreed, everyone hates paying tax but if noone pays it then the country collapses (countless examples). There are high tax paying countries which are considered socialist that have some of the highest metrics for standards of living in the world. And yes there are high paying countries who waste it on ridiculous things and squander it, and are corrupt. Yes it sucks to pay sacks of cash for it but if the govt is responsible, transparent and accountable and there is a good relationship between citizen and state then paying tax is how the world goes round. I'd rather not have to pay for my dinner too but there you go, it is a necessary thing so long as I am not ripped off and intimidated and screwed over it I accept it's what is needed. There is no free lunch.
Remoaners: Can Dual Citizenship Save you from Socialism? Breixteers: That's the whole point to leave socialism run by the European Union. Thick people at their finest.
I'm not sure why people talk about socialism and compare with whatever cluster F is presented as socialism in the US? You should probably learn more about developed countries like Swede and Norway when talking about it, and not US that doesn't even have proper medical care.
They would rather be personally bankrupted getting an education and going into hospital when they age than have these things paid for through higher taxation. Doesn’t make sense in more socially stable countries but there you are
The program does not stop no matter who wins the American election.
However, when Trump wins, we will have another year or two to get our shit together and then leave...
@@cudjoechick1097 Maybe and hopefully:)
@@cudjoechick1097 Exactly my frame of mind, too.
As a naturalized us citizen from China, totally agree with Andrew. And it’s has already begun from California. I believe everyone needs a plan b. Most people have no idea about the evil socialism.
Relying on a consistent viewpoint on taxation in a democratic society is gambling
Totally agreed and this is a GREAT video. Every American should already start putting a Plan B in place to at least be prepared for what's coming.
I will never live in a country that has wealth tax or inheritance tax.. you cannot tax immobile money.. its worst kind of tax..
I would like to offer a personal thank you to Mr. Andrew Henderson and Nomad Capitalist for all the encouragement. I just got my Friendly Nations Visa today in Panama and I have a company here now. I can now live and work in a tax friendly environment with beautiful scenery and friendly people. I am not an evil capitalist here and I speak fluent Spanish, so I already feel at home. I am not done with my nomad capitalist plan, but I already feel great with a Plan B. Thanks again!
we are in US and we have been thinking about it for a while. Now it’s about action time. Will contact you soon Andrew. Thank you
Last time I was this early Brexit wasn't a thing.
Last time I was this early the British still had an empire
Great and timely video. I was just discussing this possible reality with my wife. Thanks much.
I put up with the IRS BS for years after Obama brought in FATCA but, when I learned they wanted nearly half my retirement, I had to make a decision.
what do you mean by 1/2? to expatriate?
Andrew pls do a video on medical care for nomad capitalists.
SOCIALISM IS ALL OVER THE PLACE. We must find a place with the "softest socialism" to RELOCATE
As long as the number of poor people outnumber rich people you will ALWAYS have socialism on some level.
No escaping it bro.
Ideally we care about the poor and figure out ways to prevent poverty without letting the situation devolve into communist revolution. Which, you're right, is a threat when things get bad enough. But it doesn't solve poverty either. It just destroys wealth without building a workable system in it's place.
Not in a free market. Dont mistake the west for a free market tho
The taxes CAN indeed be "escaped" from. It's just a question of what sacrifices one is willing to make in order to do that.
Great topic here and do like the perspective you point out to consider long-term implication of a political decision. Politics on an individual level don't matter long-term. Focus on the big picture and how you formulate decisions based on that broader perspective of the political climate.
Australia taxes you when you live overseas "As an Australian resident, you are taxed on your worldwide income. You must also declare foreign income that is exempt from Australian tax as we may take it into account to work out the amount of tax you have to pay on your assessable income." ATO
According to what I read from this Australian Tax Office web page (www.ato.gov.au/Individuals/International-tax-for-individuals/), Australian citizens resident overseas ("foreign residents") are not taxed on their income earned outside Australia, only that earned within Australia. As far as I know, the United States and the small North African country of Eritrea are the only nations in the world that levy income tax by citizenship alone, taxing their citizens no matter where they live or where their income is earned.
PS. Thinking about Panama's friendly nations visa and possibility of Panamanian citizenship in the future as an option.
I lived there last year. Becoming a permanent resident and citizen is cheap in Panama. You’ll pay more in attorney fees than the state charges. They use the US dollar and have the same electric outlets, which is convenient. The country will likely always be safe, because so many countries have a vested interest in Panama remaining a stable country, so they can use the canal. It is, however, an expensive place to live. Everything cost 20% more than in the US due to tariffs, and your electric bill will be 3-4x what you pay in the US. Rents are a little cheaper than the most expensive cities in the US, but not cheaper than say Phoenix. It’s all high rises in the city, and you will incessantly hear traffic echoing up from the streets when you are home. There are no suburbs. It’s the city and rural towns far from the city. Excellent restaurants everywhere, but no decent Thai or Indian restaurants anywhere in the country. If you live in one of the smaller towns, you cannot safely drink from the tap. What turned me off to the country is they implemented a draconian lockdown that lasted almost all year. To me, that means they are in lockstep with the global communist agenda. I am searching for a place that didn’t lock down or only did it briefly.
Any ideas on using crypto as a transferable form of wealth?
Depends what you mean by "transferable". If you're referring to transfer upon death, one option would be to use a custodial service (such as Fidelity digital assets). The problem with that option is that you'll then be at the whims of the politicians.... with their various tax schemes. Alternatively, you could trust your heirs with the password to your wallet.
@@dlukton there's a third option, smart contracts - these will most likely replace trusts in the next 20 years.
thanks Andrew ...
time involved renouncing the US citizenship ?
I remem he mentioned a few years
@@chanelc0 thank you !
Ive given serious thought to the French Foreign Legion. After serving 5 years,.France awards citizenship, I think. Its difficult to gather all the info. Can you shed some lite on that.
his audience prefers to flee france than go there.
LOL
From what I've read the weather is like you said, but you have to enlist it in France, I think the contracts are annual, renewable, and during that period you need to fulfill the duties of a French soldier (from time to time this includes if get into African conflicts) receiving peanuts for work.
Can't count on voting out the bums in 2022 and 2024 either. They tried that in California with the number of signatures collected to recall their governor who survived all that.
hello i want to see all your video how long it will take😌😌🤔
Hi Andrew, wanted to ask is it possible for me trade stocks in US but as citizen of different country. I am physically in USA
You are right, Andrew, in recommending nomads look beyond a single election to any trend through multiple elections. I have been watching presidential and Congressional election cycles for years in the US, and being a social democrat at heart in the Continental European sense, I've regretfully concluded that as long as what I call the Confederate mindset remains so ingrained in the US, the country will continue to be stuck in political gridlock and not give its citizens the best treatment in the world, as you say, in comparison to other advanced nations.
So, I've already emigrated out of the US to the Philippines for the time being to "shelter in place" and wait out COVID in a nation that has it under fairly good control. Once, COVID is over, my Philippine wife and I will travel and consider where to live next. Second citizenship for us will be of significant importance, as my wife's Philippine passport is really limited on visa-free travel under normal circumstances, and I might want to opt out of my US citizenship at some point. But, given the COVID Pandemic seems likely to persist and restrict global freedom of travel and migration for another year or more, we have time to research further.
In looking at taxes though, even the so-called "socialist" countries of Europe (mistakenly derided as that mostly by Americans) in fact typically have the same or lower income taxes than in the US. Norway has a top corporate income tax rate of just 22% (25% for some financial businesses), and a top personal income tax rate of just 22%. Where Norway really taxes folks though is their 25% Value-Added (national sales) Tax, that is levied at that rate regardless of a consumer's income. As I age though, quality of life, country and community is trumping concerns over taxes.
I continue to take the prudent "baby steps" as you recommend in this video, and will continue to watch you for insights and tips.
Oh, and I much prefer the theme and intro you've been using in these 2020 videos much more than what you used in 2019 or in 2021. I realize your 2020 intro might be a bit long, but the music is really catchy. Maybe trim the first bar or so, but do consider keeping that theme. It to me just energizes and sets up the viewer to pay attention and learn better than your earlier or 2021 themes do.
From 5-6 figures , now he talks about 7-8 figures
next year 12-13 figures etc etc
Inflation
@@acz88 hyperinflation
Heyy I hope you’re doing well, what do you think about living in Poland ?
Slightly high tax rates. Hard to have a business. Good quality of living. Hard to get a citizenship, but it's possible. (proof ➡️my channel)
So I am about to make a turkish investment in a few months but II noticed the passports show "place of birth" wont that cause issues when traveling if they customs agents see you're traveling with one passport but you were born somewhere else?
What about countries like Argentina where you can't renounce your citizenship?
@AndrewHenderson - 👍video as always! Wedding Ring on right hand??? Mrs. H cool with that?
That’s customary in Eastern Europe. Maybe other countries, too.
@@michaelrhodes73 customary mainly in Germany and Russia, not in the other EE countries
@@sidoniewinterpasternak9938 Ukraine, I know bc my friend and his wife are from there.
Australian ctizens have to pay tax wherever they are working in the world back in Australia, didnt realise this until I looked it up, mega bummer.
According to what Andrew Henderson has said on many occasions, that isn't true. He has said that it IS indeed possible for an Australian citizen to escape the Australian tax system... but it requires severing EVERY LAST VESTIGE of financial and legal ties to the country (not even "a surfboard in your mother's basement", as he put it).
Yes it’s possible but it’s hard. They look at your links to the country. 30 years ago it was simply a declaration to the ato that you are a non citizen for tax purposes, ahh how I miss the 80’s
@@ChanaElisheva If only they were Fascist, then no one would be leaving - no what we have is exactly the opposite a Globalist Communist Distopian Oligarchy or as some have very eloquently put "GloboHomo" that puts its own citizens last and uses their suffering as fuel
I mean it depends on the type of socialism. Norwegian socialism seems alright to a certain degree, Venezuelan socialism seems hellish and corrupt.
Extremes are dangerous, what Venezuela and China is extreme left authoritarian but also the other end extreme right, fascism is dangerous also. The best is safety nets for everyone and also opportunities for people to prosper and be wealthy without being over taxed and abused.
Ludicrous Platypus norway isnt socialist.Americans...they think having a state that provides you a good healthcare and such is socialism...
Thailand, Thailand, Thailand, and more Thailand :)
if your second citizenship is a slightly different name...what happens?
just a thought..
should we do away in the US with Medicare and Social Security? Both programs of "socialism".
YES they should be gone. Would you pay for alcohol and drugs for someone? SAME deal if someone does not take care of their health. Should not be on anyone else. Only a few generations got SS I will NEVER have it, nor anyone else my age. This was a long time coming over 70 yrs really. Marxists took the institutions and no one did ANYTHING about it. Now my age (under 30) and younger are actually thinking that socialism/communism are good ideas. Instead all anyone did was whine about the young, meanwhile they were demoralized (indoctrinated). No dream, no hope, debt, failing dead currency (zombie dollar), no future. Which adds to the demoralization and black pilling of our generations. I was lucky to not end up like them. Mindless collective drones. (the left/ cult)
Awesome robe you got there
California's wealth tax/exit tax never made it to the assembly floor. We are safe for a while.
Any idea as for which assets are non-reportable as a Spanish citizen? Taxes are going to get mad high here with our social-communist government and a public debt of 128% our GDP.
Alexis jajajajajja i grab a chair and sit over here to listen the answer.
How can I reach you out ,am clent
Thank you very much 👍
Let's play a game in your videos "find the nomad capitalist book" :)
It has saved many many people, so YES.
This actually isnt anything new
RUclips recommending me this now HAHAHAHA!
I'm just seeing now
"... citizenship by INVESTMENT program such as those in the Carribean where you can DONATE money and get a passport in a matter of months ...." A donation is not an investment. Did you mean the requirement is to do both--- pay the government a non-refundable fee AND make an investment in an asset within the country?
in most of his examples the government gives the interested party a choice between a "donation" or a higher value investment. It seems to me that historically this type of naturalization started with investments, hence the name, and only afterwards did it authorize the donation.
The term US citizen is a corporation that works for the u.s. corporation which has nothing to do with America or the constitutional republic. You are all not corporations you are not US citizens your strawman is you are the agent for that Corporation which is responsible for paying taxes. But you are the living Soul according to Black's Law Dictionary you're the one that retains the rights cuz you were born on the soil of America you are a state citizen estate National and American National. People got to wake up please wake up and look things up. If you had a passport that said you are a State national which is harder to get cuz they don't want to lose their slaves they know we're waking up.
If this year is bad just imagine what GOD has in store for us
What are we running away from here? Life? Taxes? Slavery? There's a saying that goes like this, "You can run but you can't hide"! God sees everything. Oh and p.s. You can't live like a King unless you know what it's like to live like a Pauper. Do you know the difference? Perhaps the King now prefers to live like a Pauper, I mean after all the bible says "The Meek shall inherit the Earth". hEart. Oh pls. I don't have to buy a passport with my Millions to prove I am somebody. Even the homeless person is somebody!!
Eye agree!
Notification squad 🔥
You suggested life in belarus a year ago. It is as socialist as it coukd be. Lije all over the place?
have you considered its left to the poor people pay for everything tax wise, lm not a socialist but youve gotta look at the big picture, also whats the point in being rich if the planet is on fire ,
Agreed, everyone hates paying tax but if noone pays it then the country collapses (countless examples). There are high tax paying countries which are considered socialist that have some of the highest metrics for standards of living in the world. And yes there are high paying countries who waste it on ridiculous things and squander it, and are corrupt. Yes it sucks to pay sacks of cash for it but if the govt is responsible, transparent and accountable and there is a good relationship between citizen and state then paying tax is how the world goes round. I'd rather not have to pay for my dinner too but there you go, it is a necessary thing so long as I am not ripped off and intimidated and screwed over it I accept it's what is needed. There is no free lunch.
Akshually Andrew, it's not socialism, it's democratic socialism.
Just like the former East Germany. Note they shot people who dared to cross into the West.
"Democratic socialism" is just a way of "sugar-coating" the reality of socialism.... because it "sells" better to the voters.
@@dlukton everything democratic is sugar coated for the voter, the reality of everything is 'sold better' and then the people decide
11:35 Wealth*, Money is government issue by definition.
Socialism? We're as capitalistic as ever.
Remoaners: Can Dual Citizenship Save you from Socialism?
Breixteers: That's the whole point to leave socialism run by the European Union.
Thick people at their finest.
Where's the promised Singapore on Thames? Why they don't lower corporation tax, still at 19%? In Ireland is 12%.
I'm not sure why people talk about socialism and compare with whatever cluster F is presented as socialism in the US? You should probably learn more about developed countries like Swede and Norway when talking about it, and not US that doesn't even have proper medical care.
They would rather be personally bankrupted getting an education and going into hospital when they age than have these things paid for through higher taxation. Doesn’t make sense in more socially stable countries but there you are