Why wait? Do your genealogy now. Most citizenships aren't available past your grandparents. Things get much more complicated if you have step parents or trace to somewhere like Poland that has faded in and out of existence.
@@nathanjenkins8731 Good point about CBD, although some of these can be tougher to establish as ties can be broken at one point. Like in Germany, just being born to German grand parents has many nuisances.
@@angelatorres9142 True. And the International Court of Human Rights ruled that the German constitution didn't apply during the 1940s so you might be able to use British, US, or Russian laws during that time. But again look on Wikipedia for whatever country you have ancestors for plus "nationality law". This usually gives you a decent starting place and many countries publish their laws online so you can translate with Google Translate. And there is always talented worker visas such as for teachers.
I think now we are getting real here when Andrew brings out a whiteboard...and I like it! 😀 Let talk business! edit: ...10k for the shlepping is no too bad PS: Could somebody adjust Andrew's collar and tie? perhaps a neat pocket square...just looks better
Great job Andrew. I would love to see more white board videos like this where you talk about real cases. You have been a great inspiration for me. I am currently naturalized in Mexico and going to get my passport next month.
Hi, did you get naturalized by decent or by permanent residency? I have permanent residency. What was the process like to get naturalized in Mexico. What country are you from?
May you please do one for Canada?🙏 I heard that Canadians are taxed by residency and not citizenship, that you could be a Dubai resident and not pay Canadian taxes? I’m not sure about this tho, is it accurate?
I moved to Spain in 2019 just got my passport after two years of legal residence . I came from California with a non lucrative visa and have a Latin American passport. Wait the time and strike no such thing as instant gratification ! Now I can do business in the EU while keeping my business in the US 💥
As far as I can tell, you’re going to owe the US for your business being there, and also owe Spain based on your worldwide income. (Anything earned above 60k in Spain would be considered the highest tax bracket. So you pay the US and then pay Spain the difference between what you would owe in the US and the higher tax bracket in Spain.) Theoretically you’re not supposed to work in Spain or anywhere for that matter on a non-lucrative visa. However, I don’t think Spain would give you too much trouble on that since the Spanish tax authority would love to get the revenue. Am I missing something?
@@goldvideo I’m a citizen , now I can work or start a business . With the money I save by living here as opposed to California it more than offsets any tax !
Andrew, I’m up for expatriating. However my adult daughter I’m sure, will not leave Texas with a crowbar. If I expatriate, can I still visit her and/or potential(?) grandchildren? Thanks!
Its sad that americans are even looking at moving out of the country like this. I am as well. Because their tax laws are rediculous. Cost of living is getting more and more rediculous. Its just sad that this is the case. America has fallen far from where we once were and its not hit the bottom yet.
I was wondering if something was wrong since a video wasn't posted yesterday! I'm curious about your thoughts of El Salvador now that they dont have property tax, personal income tax, and capital gains tax. Is it a country worth revisiting?
what is the _exit tax_ bill for such numbers ? unfortunately the guy in example cannot escape that, but if he grows the business any further while under US tax regime, such exit tax grows too. unless he can outperform the exit tax with business growth he should leave yesterday iMHO.
Nomad capitalist. I thought Slovakia has a language requirement in order to become a citizen? That is why I backed out of it ,but let me know if there is a loop whole. Thank you
As it pertains to African Americans, since we are originally from Africa, is it easier to go that route for a passport? I did African Ancestry, and my blood goes back to Nigeria. Do you need more than that?
Italy has some tax programs to look into. - 70/90% income exclusion - 7% flat tax for pensioners - benefit lasts 5 years - may be extended for another 5 w/property
@@nomadcapitalist True. This reminds me. There may be demand for a downmarket tax efficiency channel for well off, but not wealthy disaffected adventure seekers. I would start one myself if I were more charming.
@@nomadcapitalist wouldn’t part of his net worth be based on the “fair market value” of his company? That would usually be the highest of the company’s assets or even a 5-10x earnings multiple 😬 so that could be capital gains on 10-20M At least that’s how it works in Canada. I’m in the process of moving to the Caribbean… largely thanks to your amazing and frequent content! So thanks for that. I look forward to doing business with you in the future! Go where you’re treated best!!!
White board for the win. Now a little transparency EVER with your consulting fees. Some of us out here making millions but just want to “see” what it would look like...but not pay $200k. Is it like $25k or $50k or $200k?
As with any service involving an "architect" and "general contractor", it depends whether you want the marble countertops or the formica. A good architect helps you make the right choice for your desired outcomes, and a good general contractor makes it all work together beautifully.
While waiting for CBD, he still has to pay US tax which adds 1.4M to that bucket even if he moves. You still owe taxes to US while living/earning abroad. It is still however the best option long term plus he can get his family on that same citizenship.
He can reduce the tax to the $200K shown if he moved overseas. You are subject to US taxes, but you can still reduce them. That is also why CBI is worthwhile in his particular case, and it's worth getting both financially.
I'm listening to your audio book. I gotta say, I can't stand the narrator. He has such a corporate-speak, news anchor style cadence. I wish that you were the narrator
This video is very straightforward, and shows how knowledgeable Andrew is.
“I went to public school, I think that’s correct!” You’re a savage Andrew! 🔥🤣💀
Can’t get enough of this channel. Excited for the day I submit my application to NC. For now every day videos help me narrow down my goals.
Fantastic idea for a new series. Thanks for all your hard work and information. When I hit 7-figures, I'll be in contact.
Yes, these new series will certainly earn Andrew more subscribers as this is a great format!
Why wait? Do your genealogy now. Most citizenships aren't available past your grandparents. Things get much more complicated if you have step parents or trace to somewhere like Poland that has faded in and out of existence.
@@nathanjenkins8731 Good point about CBD, although some of these can be tougher to establish as ties can be broken at one point. Like in Germany, just being born to German grand parents has many nuisances.
@@angelatorres9142 True. And the International Court of Human Rights ruled that the German constitution didn't apply during the 1940s so you might be able to use British, US, or Russian laws during that time. But again look on Wikipedia for whatever country you have ancestors for plus "nationality law". This usually gives you a decent starting place and many countries publish their laws online so you can translate with Google Translate. And there is always talented worker visas such as for teachers.
We'll be here.
More formats like these would be fantastic. Thank you for this episode!
I think now we are getting real here when Andrew brings out a whiteboard...and I like it! 😀
Let talk business!
edit: ...10k for the shlepping is no too bad
PS: Could somebody adjust Andrew's collar and tie? perhaps a neat pocket square...just looks better
Class is in session. Professor Henderson is now teaching his trifecta method in Citizenships 101
Well done, video! Excellent example and easy to follow on the whiteboard.
George Gammon style white board presentation! LOOKS FANTASTIC!
One of the best Nomad Capitalist videos yet.
Great job Andrew. I would love to see more white board videos like this where you talk about real cases.
You have been a great inspiration for me. I am currently naturalized in Mexico and going to get my passport next month.
Hi, did you get naturalized by decent or by permanent residency? I have permanent residency. What was the process like to get naturalized in Mexico. What country are you from?
Think my parents best gift was a second citizenship and property outside the US. And to think I almost rejected it 😅
Amazing, would love more real cases on the channel
Working my way to 7 figures to eventually work with you guys 🙌
Looking forward to it.
Nailed! Great explanation!!!
Great suit, sir!
May you please do one for Canada?🙏 I heard that Canadians are taxed by residency and not citizenship, that you could be a Dubai resident and not pay Canadian taxes? I’m not sure about this tho, is it accurate?
wow, very nice strategy! That's awesome
This is what we're here for!
Wowzer 😮. Thanks for the share 🙏🏼👍🏽👌🏽
I moved to Spain in 2019 just got my passport after two years of legal residence . I came from California with a non lucrative visa and have a Latin American passport. Wait the time and strike no such thing as instant gratification ! Now I can do business in the EU while keeping my business in the US 💥
Might I ask what kind of business it is? I’m interested in a similar approach
Genius!
As far as I can tell, you’re going to owe the US for your business being there, and also owe Spain based on your worldwide income. (Anything earned above 60k in Spain would be considered the highest tax bracket. So you pay the US and then pay Spain the difference between what you would owe in the US and the higher tax bracket in Spain.) Theoretically you’re not supposed to work in Spain or anywhere for that matter on a non-lucrative visa. However, I don’t think Spain would give you too much trouble on that since the Spanish tax authority would love to get the revenue. Am I missing something?
@@goldvideo I’m a citizen , now I can work or start a business . With the money I save by living here as opposed to California it more than offsets any tax !
@@tipr8739 construction
Andrew, I’m up for expatriating. However my adult daughter I’m sure, will not leave Texas with a crowbar. If I expatriate, can I still visit her and/or potential(?) grandchildren?
Thanks!
Its sad that americans are even looking at moving out of the country like this. I am as well. Because their tax laws are rediculous. Cost of living is getting more and more rediculous. Its just sad that this is the case. America has fallen far from where we once were and its not hit the bottom yet.
Thank you
so i am a hong kong citizen, thinking moving to uk or australia, not worth it after watching your video?
Thanks Andrew!!
So much value
Hi Andrew ,
So what’s the shortest time one can give up US citizenship for tax purpose?
Depends on which embassy you use.
"Know your audience."
I want to go out and stay with my friends so I require a Tesla Based third Citizenship plan so kindly suggest how to move out
I was wondering if something was wrong since a video wasn't posted yesterday!
I'm curious about your thoughts of El Salvador now that they dont have property tax, personal income tax, and capital gains tax. Is it a country worth revisiting?
Interesting, didn't know this about El Salvador. @NearShoreLiving covers the Latin America quite extensively and the nuisances.
I'm not looking at the calendar, but there was an Armenian holiday around this date.
@@nathanjenkins8731 I thought Andrew's currently in Ireland?
@@angelatorres9142 Maybe he is, but he was stepping back and it may not have been legal for the office in Armenia to do a video.
Nice jacket.
what is the _exit tax_ bill for such numbers ? unfortunately the guy in example cannot escape that, but if he grows the business any further while under US tax regime, such exit tax grows too. unless he can outperform the exit tax with business growth he should leave yesterday iMHO.
Nomad Capitalist University
🧑🎓🧑🎓🧑🎓
Nomad capitalist. I thought Slovakia has a language requirement in order to become a citizen? That is why I backed out of it ,but let me know if there is a loop whole.
Thank you
Not for descent cases.
My great grandmother was born there. Currently working on Irish citizenship. Very straightforward. Can I go ahead and get both?
@@nomadcapitalist can I get both Slovak and Irish citizenship if I am eligible. So I can have triple citizenship.
How do I speak with you about estate planning and LLC I have
Hello David, please write us here: help@nomadcapitalist.com and our team will be happy to help you.
As it pertains to African Americans, since we are originally from Africa, is it easier to go that route for a passport? I did African Ancestry, and my blood goes back to Nigeria. Do you need more than that?
Ghana has the right of abode but I heard it was hard to get.
Thanks for removing the background music. Mahalo from Hawaii
Love to know the options one might have if you do not want to renounce US citizenship but would still like to lower the individual tax burden.
Excellent advice thank you
Thank you.
@@nomadcapitalist can you relay to Andrew to fix his collar & tie situation. Would be the chef's kiss 👨🍳👌
Italy has some tax programs to look into.
- 70/90% income exclusion
- 7% flat tax for pensioners
- benefit lasts 5 years
- may be extended for another 5 w/property
Those are options, but usually not for high-six or seven-figure earners.
@@nomadcapitalist True. This reminds me. There may be demand for a downmarket tax efficiency channel for well off, but not wealthy disaffected adventure seekers. I would start one myself if I were more charming.
@@thedalillama There are such channels here. The problem is they are limited because they just copy everything we do.
Don’t forget the exit/departure tax! In his case, that may be a multi-million dollar check to the government
True. That said not everyone who earns $2 million per year has a $2 million net worth.
@@nomadcapitalist wouldn’t part of his net worth be based on the “fair market value” of his company? That would usually be the highest of the company’s assets or even a 5-10x earnings multiple 😬 so that could be capital gains on 10-20M
At least that’s how it works in Canada. I’m in the process of moving to the Caribbean… largely thanks to your amazing and frequent content! So thanks for that.
I look forward to doing business with you in the future!
Go where you’re treated best!!!
@@tradeiumOfficial Possibly, but always hard to value and can come with illiquidity discounts. *Not tax advice
but the most important question is : HOW HE S GONNA MANAGE HIS BUSINESS IF HE S OUTSIDE THE US WHERE HIS BUSINESS RESIDES!
zoom
Unless you're serving brick-and-mortar customers, many businesses are now manageable remotely. Which is the case for many digital entrepreneurs.
2:22 How do you migrate your company out of the USA and keep making $2,000,000 profit?
White board for the win. Now a little transparency EVER with your consulting fees. Some of us out here making millions but just want to “see” what it would look like...but not pay $200k. Is it like $25k or $50k or $200k?
As I know it depends on what service you need from them
As with any service involving an "architect" and "general contractor", it depends whether you want the marble countertops or the formica. A good architect helps you make the right choice for your desired outcomes, and a good general contractor makes it all work together beautifully.
Don't forget that our boy in gonna have to pay the USA an exit tax though
While waiting for CBD, he still has to pay US tax which adds 1.4M to that bucket even if he moves. You still owe taxes to US while living/earning abroad. It is still however the best option long term plus he can get his family on that same citizenship.
He can reduce the tax to the $200K shown if he moved overseas. You are subject to US taxes, but you can still reduce them. That is also why CBI is worthwhile in his particular case, and it's worth getting both financially.
How to save $280,000
Step 1: Make $280k
Step 2: ?
Step 3: profit
We don't have some course to teach people how to make money. We'll just be there once they do.
He can move to Puerto Rico and avoid income taxes without renouncing his citizenship
Many people don't want to do that.
Shame this is only for the rich man's game
🆒❗
Good info, but hard to pay attention to a guy who's wearing a tacky suit that's two sizes too small.
I'm listening to your audio book. I gotta say, I can't stand the narrator. He has such a corporate-speak, news anchor style cadence. I wish that you were the narrator