30 Reasons to NOT Move Abroad (Q&A)

we asked our audience what is holding you back from moving overseas you answered and today i'm gonna reply [Music] this matters because we preach here at nomad capitalist go where you're treated best and no doubt you can have a plan b with a second passport and a back-up plan that's in your back pocket robert kiyosaki told us at nomed capitalist live where can you get in three days when times get tough when they come for your money when they come for your freedom that's the minimum is the plan b for me the best way to go where you're treated best is to move overseas where you can choose your tax rate choose how much freedom you want more freedom lower taxes you can work towards a second passport there's more opportunities in business and everything but so many people always tell me i get a reason i got kids i got this i'm going to go through all your reasons and tell you why i think they can be overcome specifically it's your first time here my name is andrew henderson i'm the founder of nomad capitalists we're a boutique consulting firm that helps seven and eight-figure entrepreneurs and investors who want to legally reduce their taxes protect their assets and have a backup dual citizenship overseas to go where they're treated best we also host the biggest and best offshore conference called nomad capitalist live and so let's just start with number one i can't afford it okay here's the bottom line if you live in a western country the us canada australia germany new zealand whatever life is going to be a lot more affordable somewhere else now the first thing that you want to do for your backup plan if you have these ideas hey this may have been the place for me forever you could be putting the things in place with that you can move because if you have a remote income if you can take your job with you if you can take your business with you if you can keep managing your business maybe you keep people at the business physically while you go and manage from some other country the way many people did during the pandemic if you have that in place then the issue of affordability really isn't a big issue because if it costs you five grand a month to live in canada you can live in mexico or malaysia or montenegro or a whole lot of other places for half a third a quarter if you really want to cut i mean it's going to be a lot cheaper so all you need then is plane tickets and you simply make your income portable how do you do that for some people it's a matter of simply saving up money and you could live off of those savings while you figure out the new business that you want to start online the new venture that you want to do or occasionally even a new job that you'll get in another country i don't understand the i can't afford it you buy plane tickets you take your income with you if you're not ready to do that then you need to get that part ready so that you can be a nomad capitalist here's number two uh i have little kids there are little kids everywhere there are schools everywhere there are opportunities everywhere and quite frankly i think that if you're going to have kids expose them to different languages different cultures different opportunities look at kevin o'leary for example from shark tank lived in different countries all over the world gave him great skills gave him great influence that most people in the u.s or canada where he's from and lives wouldn't have that's an advantage not a disadvantage kids will figure it out you can find opportunities for them whether that's international schools homeschooling whatever little kids or big kids for that matter i never really understood that one number three family and friends this is obviously a big one you have friends that you deal with you have family that you want to see what i've often found people do is if they want to move overseas here's the thing you've got to do what's best for you i think so many people are sticking around because someone is shaming them into doing it i got the best permission slip when i was a kid when i was 12 years old my father said you you got to go where you're treated best we will take care of ourselves you go where you're treated best i meet family from time to time i've inspired some people that i know to actually move overseas buy second homes overseas and so now i can go and spend time in them if i want to but i have various people meet me you know throughout the course of the year now if you meet your family literally every day obviously it's going to be a bigger adjustment i'm talking extended family that's going to be a bigger adjustment than someone who like a lot of us would go you know once a month they'd make the drive up and see parents grandparents would have you for dinner that can be arranged you can fly people in to see you i've had friends who've flown 15 hours to come and see me for a birthday party last year for my birthday had people fly in from all over the place for a great dinner party and obviously i've met friends all around the world that have added great context and great value to my life because if you have friends you can find them wherever it is that you may go and i think i've also maintained a lot of friendships in the united states where we continue to talk friendships that you know in the united states people move around all the time i wasn't living the same city as they were anyway so i think family and friends can be dealt with another great reason there is nowhere else to go obviously this is a very defeatist approach is a lifetime entrepreneur i don't get this there's nowhere to go the world is over oh woe is me what do i do i can't get into that um there's 252 countries and autonomous territories in the world uh lots of places to go there's a map on social media recently that showed uh you know the here's the international community when people get together the us gets together with europe and the international community is strongly condemning this it's the u.s canada europe japan and like australia right and like every other country is missing on this map those are the countries that are missing on that map that you are also missing on your map there's nowhere else to go because you're in the united states saying i want more freedom and you're you're looking at australia you need to be looking at places in eastern europe central america elsewhere right there's a million places to go i mean there's just endless places to go next is i'm starting a business so is that business online is that business remote if i'm starting a brand new business today uh again i'm either gonna make it so i can take it with me anywhere which is the easiest way to go because then i can sell to anybody right what we do here at nomad capitalist is you know the united states has really seen a lot of demand in recent years for second passports we've always had demand from americans who want to lower their taxes if some fluke happens and joe biden lowers u.s tax rates to three percent and you know everything becomes amazing in the u.s i'm probably not going to have a lot of business from the u.s but there will be somewhere else where they're going in the opposite direction and so i can pivot if your business is only in one country that's a problem so if you're starting a business and you're starting it in one country where you already have reservations about where you're watching nomad capitalist maybe you don't want to tether your business to that country now if you already have the business in that country fine figure out who can run it you go where you're treated best you let the business be there you're still going to pay some tax but you can you can work some things out but if you're starting a business why would you start a business tethered to a country that you don't entirely trust which is why you're watching me and then not give yourself an escape plan i just don't understand that make the business something that's not only portable but it's international next one is i share children with my ex 50 50. this is a pretty challenging one in all honesty now you know i've seen this where hey sometimes the x is cool and hey they come down to puerto rico for three months a year or they come down to costa rica for three months a year we had a situation where a guy convinced his ex-wife to move with him she also wanted a movie listen i'll pay the costs you know let me make it nice and easy on her and she'd like to move down too right because she also has some kind of remote job so maybe just because you you know you could do what he's doing and you have to go together but you could you could co-parent within the same country maybe you could make some concessions to to pick the same place uh maybe there's a situation where you can you know have your children for a certain period of time i mean these are logistics to be figured out it certainly makes it more difficult and obviously some x's are more vindictive than others but there's perhaps something you can work out at least part time and here's what i will say dip a toe in that's better than doing nothing so even if you could just go somewhere for three months it's like hey you keep the kids for the summer um if that's the arrangement that you have that's at least going to get you closer to where when those kids are adults you'll be a lot closer to going where you're treated best than you were if you just never would have taken a step uh next is netflix makes people think the world is dangerous well uh it does listen i've gotten out there and i can tell you uh most of the times i've gotten food poisoning most of the times i've had a a crime in my life uh we're in the united states where i'm from uh the only time i've had a real issue outside of the united states is uh in managua nicaragua had a gun in my face um but you know what you shouldn't be in monaco nicaragua i learned the hard way there's nothing in central america's capital cities outside of uh panama city and mexico city if you consider that uh part of central america so listen you're not going to change your perception by sitting at home watching netflix if you want to keep that perception that's great don't go where you're treated best but if you want to come on out and i think you'll be perfectly fine next option owning guns there are some countries that allow gun ownership no doubt that is something that is rather uniquely american and in a handful of other countries however there are some places that i spend time where you can own guns there may be a few more restrictions or regulations i would also argue that you know the united states is hardly one of the safest countries in the world why don't you move to a country where you don't have to protect yourself as much listen if you want to have guns fine find a place that has guns but why don't you move to a place um where you don't have those same concerns why don't you move to a place where you're not constantly thinking that the government isn't going to become tyrannical and you're going to need to like i don't know what you're going to do like if the u.s becomes tyrannical i mean i think we've seen in the last couple years people really frustrated with the government uh you know i'll leave it at that uh next one is bad weather in other states in the united states well that's why you don't move to other states you just just take your pick of the litter you just move to an entirely new country and you can give a whole potpourri of weather options to choose from next stop next reason for not going overseas these are the reasons that people don't move abroad difficult to get a visa for an indian so for those of our viewers who are not from western countries it can be more difficult i will say this though countries in europe for example there's a number of visas if you're willing to move there and pay taxes you can get residence permits there they're generally pretty non-discriminatory if you can show that you have income if you can show that you have some wealth you know there are countries in asia that i know indians are very welcome malaysia for example singapore if you're if you're very successful asia more for wealth latin america more for income certainly you might get stuck in some of the bureaucratic wheels somewhere if they see an indian passport there may be some central american countries where they just kind of you know make you jump through more hoops but you know as much as i do think there may be some more hoop jumping again in the more developed countries if you're willing to pay something if you want to pay some taxes they don't necessarily high taxes there's plenty of tax incentive programs in europe you can get a residence permit uh language barrier is the next one so if you are an english speaker plenty of english-speaking countries to go to if your goal is tax incentives you've got the uk you've got ireland you've got malta you've got cyprus if you're going to go down just a little bit on the english-speaking rungs you have the malaysias and the singapores of the world if you're willing to go down just a little bit more you've got places like serbia where english is very widely spoken all these countries can potentially have tax incentives by the way make it an adventure learn a new language learn spanish lots of countries speak spanish including some with tax incentives or very favorable tax policies obviously not everyone's here to save tax by the way and so you've got even more options if that's if that's not on the on the menu uh plenty of countries in northern europe from the netherlands parts of scandinavia i mean english is widely spoken there i was in sweden some of the best english i've ever ever seen but of course you've got native english speaking countries that you can go to as well so that's not an excuse next is staying in my country to use my tax refunds to get finance you know to get my tax returns to get financing to buy property and repeat until you have a massive portfolio yeah here's what i see people doing right they come to me and they're like holy cow australia is falling apart it's going to the dogs i'm like all right well what are you doing about it i'm buying as much rental property as i can possibly imagine right so you don't trust the government they're they're out to get you and take your money yeah but i'm stocking up so i mean yes you can probably get better financing in your own country or the united states than probably anywhere else on earth that certainly makes the property values more volatile at times because you have so much financing that sometimes you happen to have a crash um but if you don't trust your country why are you stocking up on property there first of all i've never seen anyone in australia whose portfolio couldn't be outperformed by investing overseas or really for that matter by investing in the stock market i mean the kind of yields that you get in australia are generally pretty low and you're just kind of betting on the come that property prices will just go up forever and i've seen too many people who buy property in their home country and then they ended up buying it wrong uh and and it didn't work out so you know the idea that you're going to stay in the country that you don't trust and keep buying up stuff by paying taxes by the way i mean let's just say you make you know a million dollars a year if you're paying 400 000 in taxes you know maybe you could go somewhere where you could get a lot lower financing but throw that extra 400 grand into the pot i mean cash talks right and so why are we focused on getting deeper and deeper into debt and building an empire and leverage when we could go somewhere else take the highly taxed income or capital gains or or passive income or whatever it is and put that into our portfolio i think eventually you'd come out better and you know what you'd come up better is if you have concerns about your country you'd come up better by having more peace of mind i think that's valuable which is why when a lot of people who feel uncomfortable in their country move overseas they end up making more money and they end up making more organic decisions where they stop doing things for tax deductions stop doing things for financing next is i've got a job that will give me a pension later so i don't know how big the pension is but same thing uh you know can you go overseas can you do some kind of similar job can you be a consultant can you take the money you have saved and be an investor and can you outperform that future pension by the way depending on the pension is that pension going to be around is that pension going to be there for you how is it going to be distributed it's going to be on their terms i mean there's so many questions about that but you know depending on how old you are maybe better taking what you have taking your business taking your job in this case overseas and again with all the the lesser cost of living the lesser taxes um the lesser taxes on your wealth could you come up with more maybe afraid of loneliness is an issue and that's a good interesting one lots of communities around the world because you know what a lot of people who want to make friends in places all over the world so obviously if you're afraid of loneliness you probably want to go to a city you want to go to a city where there's some expats you don't want to go to turkmenistan you don't want to go to the middle of the jungle in ecuador you want to go somewhere where there are other people like yourself and so you can figure out what doesn't make you feel lonely if it's lots of english speakers great if it's great dating opportunities that works for some people um you know what is it that makes you lonely what is it that solves that loneliness find a place that does that and uh you know again if you're not lonely now great a lot of people i think in their own countries are somewhat lonely and so i mean going overseas won't necessarily solve the loneliness but i think perhaps it gives you a motivation to go out and meet new people because you're in this kind of new place and you have kind of a new lease on life and you want to use that next issue is racism and islamophobia i don't know if that's the person is racist or or what but uh listen don't go to a muslim country i can say that there are muslim countries that are very strict and there are some that aren't very strict where people are like listen you do you and will do us and we respect you doing what you want to do and you have countries malaysia istanbul and turkey lots of countries like that pets i have pets there's pets everywhere too you know you can you can ship your pet in many cases you can take them in the airplane cabin with you if you want the extra expense of just having a totally seamless experience you can fly private depending on how far you're going take the pet in with you otherwise maybe the pet goes under the seat if you're flying in united the pet goes in the overhead storage component um you know maybe the pet has to be shipped but you know the pet's going to get there and the pets on an adventure with you and you know to me to say i'm going to pay a boatload of money in taxes i'm going to suffer a reduction in my freedom i'm going to be in a country that i want to because my pet can't take a 12-hour flight heck there are some places you could drive to i mean if you're in parts of the united states you can drive into mexico people do that i mean so i think the pets issue can be overcome the same way the kids usually can be overcome fear of starting over if you have wealth if you have income that you can take with you you're not starting over if you have a family you're not starting over i don't know you're really starting over but going overseas i mean i think some people want to start over they want to go out and meet new people they want to go out and find a better relationship they want to go out and again have that new lease on life but you don't have to if you don't want to i've got a mortgage if you're if you're in a country where property prices are hot right now you can sell your house in some places in like three days and you can pay off that mortgage and you can do so before some people who think the you know the property market's going to tank in the coming years because it's so hot so if you've got a mortgage and you're one of those highly leveraged countries where everyone's got a big mortgage i'm sure you can probably sell your property and walk away with some equity while you can uncertainty abroad is another reason pretty straightforward i can tell you what sometimes the uncertainty is fun and sometimes as the uncertainty wears off as in any kind of relationship it becomes less interesting and so i would embrace the uncertainty and enjoy the uncertainty because i think that's an interesting part of the development that will help you and it's an adventure but certainly uh the uncertainty becomes a certain relatively quickly especially if you're going to find one place to start you know i think that that you'll create certainty pretty quickly you can make friends to help you do that i think it all works exit tax is a reason why i can't move overseas there's an exit tax this is where you have unrealized capital gains maybe it's the value of a business maybe it is uh you know cryptocurrency where you you bought in for 10 grand and now it's a million they're going to tax you not in every country but in many when you leave here's my position if you believe your assets are going down in value then maybe you hang out by the way in some countries you can actually move back in the future and unwind that uh if you provide them with proper security when you're leaving and so maybe you can play it both ways uh do it legally of course but if you think your assets are going up in value here's the deal you might as well get out and bite the bullet while you can pay some level of exit tax before your assets double or triple or 100x or whatever it is again uh and i think people sit around like like are you rooting for your assets to go down in value are you rooting for your business to become less valuable get some proper tax planning figure out how you can legally reduce that amount to whatever extent possible if at all and just get out potentially take your lumps there's ways you can structure an exit tax depending on the country to where you might have a decent amount of time to pay it all right so if you could pay it let's say a year from now hey maybe that gives you more flexibility so obviously there's many different situations with the exit tax but for most people the exit tax is only going to get bigger why not get out and put that money to work for you because once you get out everything from there and up you can choose your tax rate medical coverage for retired folks um was interesting was at a hospital recently uh where they've done i don't know if it's the most in the country or the most in the world they've done the most kidney transplants of any private hospital prince court hospital in malaysia and the quality of care the cost of care dramatically cheaper than anything you'd find in the western world i mean what people are paying just for a medicare supplement in the united states you could get great health insurance or even pay out of pocket for a lot of stuff in other countries and again you look at these reports i mean you'll find some of these different surgeries or procedures that you need the best hotel best hospitals are in countries you would never expect where they have top quality doctors i mean certain kinds of like heart and knee surgeries some of the best hospitals are in india for example i mean really top quality care for 10 cents in the dollar so medical coverage you can get medical coverage in your country you can get global coverage you can get travel insurance you can still go back home in some cases and get health insurance depending on the country so lots of different options but it's a lot more affordable overseas and i think the care the quality of care is excellent in school well you can begin school in other countries you can drop out of school you can go start a business go go do your thing i i've always said uh you know there's probably some value to someone who's going to go to university at least taken a year or two off taking a gap year and going exploring emerging in frontier countries and finding the the low low-hanging fruit of opportunities for business and investment if you go places that other people aren't willing to go you can create amazing businesses and i i've worked with folks who've gone to some far-flung countries and created amazing businesses that are like so simple back home but so needed in those countries and so if you're in school if nothing else you'll eventually finish school and then you can go spouse doesn't want to move yeah this is definitely one that gets in the way uh at no medical is live last year one of our team members was was recounting a story of someone and they said you know maybe this guy just needs a new girlfriend and so obviously if you're married it's a harder thing to do and you probably don't want to do that um but i again i look at like you know if you want to go where you're treated best if you like the idea of living somewhere else you've got to find a way to make that happen in your life i found that a lot of spouses they'll say all right fine we'll go to spain and if you can get them to spain then maybe you can get them to go next door to portugal and then you've got something to work with so maybe you don't have as many options if your spouse doesn't want to move but i mean there's a number of different ways you can play that i'm assuming that you want to stay with your spouse i would figure out where have you been in vacations sometimes there we've been to mexico on vacation why not move to mexico they just assumed again oh we can only move to the uk or australia hey you can move to mexico why not do that right uh someone next says i want to stay and fight all right well good luck to you uh i'm disabled and i'm a dependent um so for disabilities obviously very it's a very unfortunate situation um i will tell you this i've worked with a number of folks in that situation where they feel more cared for again at a lower cost but just forget the cost they feel more cared for in other countries where they can get better income in-home care and they feel like they really have a higher quality of care in other countries for their disability um obviously there are some countries in the world where disabilities uh aren't aren't as well respected which is unfortunate but you know there's again 252 sovereign countries and territories out there you can find places probably that have better care for disabilities and and perhaps you know even one case that came up was the philippines guy felt amazing with the quality of care and just how much people really took care of him there so i think there's always opportunities for that next objection to going where you're treated best only the west is safe which if you look at actually um look at a map of europe some of the countries in eastern europe that we talk about serbia for example actually have lower rates of many of the most common crimes than western europe i mean one of the most crime-ridden places that i was in in europe in recent years was barcelona i've had numerous clients of ours who have had or have been with other friends who've had the watches stolen right off their wrists in barcelona it doesn't happen in georgia it doesn't happen in you know belgrade certainly doesn't happen in dubai they don't tolerate that there certainly there are places that are less safe but i don't know if the west is as safe as you think it is and i think there are countries that are much safer now that may bring up the next objection i don't want to go to dubai okay listen we can have constant objections but if your objection is only the west is safe i think statistically you would be wrong i don't want to abandon my properties i don't know what abandon means but number one if you have properties these homes are these investment properties if they're investment properties hire someone to manage them let them continue to be managed if they're homes depending on where where you're coming from you could potentially go back and spend some time there it's not always the best for a tax plan um but you could also sell the properties want to develop properties overseas why not do as i've done and have have homes in different parts around the world that can help you get residents help you get citizenship help you get out of dodge more comfortably i think having homes you can own you can decorate there's a sense of ownership especially if you're bringing the aforementioned spouse they're probably going to like that more where you can kind of create a new life somewhere rather than staying in hotels or airbnbs own some or even a rental property long-term rental owned some homes don't abandon your properties turn them into new properties somewhere else with potentially more growth and income potential children's education again there are schools everywhere uh and the last objection i'm too young to move um so if you're 12 years old you probably don't want to move overseas i do know a story of someone who was 15 or 16 and left the u.s and just off he goes i think he called his parents from argentina i don't know exactly how that works i i don't recommend that but uh you know if you're 18 and above or if you're of legal age wherever you are you can go where you're treated best to cost the plane ticket certainly there are some countries that have been cracking down on tourists they want to see a return ticket so the kind of digital nomad thing with that plus the pandemic has been a little bit harder but it's still doable um too young to move you're not too young to move and by the way you're not too old to move either we've had people who are like 80 years old throughout the years who go overseas um and and they love it and sometimes more than anybody else so the reality is when there's a will there's a way if you want to go where you're treated best i believe that you can overcome all these objections i've done it it's my entrepreneurial background i'd like to focus on reasons why i can't and i think that no matter what your reason is you can go overseas

Channel: Nomad Capitalist

Views: 30,053

Keywords: nomad capitalist, go where you're treated best, second passport, dual citizenship, second citizenship, Why People Don’t Move Abroad, why people don’t move abroad, life abroad, moving to another country, moving to a new country, cost of life in usa, cost of living in canada, fear to move in another country, how to overcome fear, Staying in Australia, fear, moving another country, best places to move to start a new life, leaving the usa, travel, living in another country

Id: saYUwxR-caw

Length: 28min 21sec (1701 seconds)

Published: Sun Apr 24 2022