Five Overrated Countries for Nomads

one of the challenges in any growing movement such as nomadism such as nomad capitalism for people who are getting in and who aren't exactly sure where to start is i think that we are tempted to follow other people who may be proclaiming certain countries as the place to be and that's fine we've promoted a number of countries in particular here at nomad capitalist over the years not as panaceas but as things to in places to look at for particular flags on your map but today i'm going to share with you five different countries that i believe have gotten a little bit too much attention relative to the value they offer where the juice may not quite be worth the squeeze hi i'm andrew henderson here at nomad capitalist myself my team and our network help seven and eight figure entrepreneurs legally go where they're treated best you can learn more at nomadcapitalist.com and today i'm going to share five countries that i believe are a little bit overrated now to be clear that does not mean that i think these countries are bad it does not mean that i think these countries cannot serve a purpose it does not mean that i am angry at you if you happen to disagree with me on one of these countries that you've chosen to live in or incorporate it or anything like that we're not talking about countries that i think are overrated such as the united states or many other western countries the so-called brand name countries which i think do get a lot of attention we're talking in the sphere of the nomad capitalist world people who are going overseas they want alternative places to incorporate their business for lower taxes they want places to live that offer better value than london or sydney or new york and so these are five countries that from my experience i think don't quite measure up simply because they've gotten a lot of attention and so we'll start with an easy target of ours here at nomad capitalist and that is spain every once in a while someone comes to me and says you know andrew i love what you talk about i want to go overseas i want to lower my taxes i'm tired of living in the u.s for example but my wife or my children or my mother-in-law or whomever they'll only go if we go to spain because they know spain now i think a lot of people have used spain as a brand name but it gets sucked into the nomad capitalist sphere because spain has a golden visa they have a uh temporary tax exemption for new residents which is terrible by the way it's not like a zero tax exemption it's just a a minor reduction that comes with a lot of potential challenges in my opinion but spain gets a lot of attention and so i think there's a certain romance around spain where tourism meets nomadism and people bring their touristic instincts in with them it's a very common thing and i'm not trying to to blame anyone uh when i first met mrs h she wanted to go to paris and so i said all right we'll go to paris we'll go for your birthday and when i asked you know where you want to go next time she rattled off some places and i said we're going to work it and we're going to get into some really great places that are off the beaten track and now she happens to love the places that are off the beaten track we're not going to rome or athens or barcelona or these places and we have a great time going to lesser known places i think spain gets so hyped by people in the nomed community i also think a lot of people look at it and they say well as long as i'm spending fewer than 183 days in spain i can avoid the crazy income tax i can avoid the wealth tax not so fast spain as with many european countries has a number of provisions where you may be sucked in as a tax resident even spending less time particularly if you own a home or you have other connections there so difficult from a tax perspective we've talked about how they're outright coming and confiscating property in some part of the country i think just overrated even the golden visa program not a great one for citizenship not an efficient place to get citizenship certainly there are opportunities for some people there but in my opinion way overrated now the second country that's also in europe that i think some folks might disagree on and if you disagree leave a comment below if you agree leave a comment below i want to hear from you i believe that estonia has been somewhat overrated not because i don't love what they've done in digitalizing their government making everything flat and easy and efficient i love that but it's gotten so much publicity and it's become a place where for example people go and incorporate their companies just because in my opinion some of those people are kind of hopping on the bandwagon and so they go to estonia they incorporate a company through some sleek sexy kind of sas you know or online service provider that makes it easy and no doubt there are companies uh that have made it easier to set up a company in estonia than perhaps in the uae for example or in other you know tax-friendly jurisdictions but estonia is not the most tax-friendly jurisdiction it's not the most regulation-friendly jurisdiction it may work for some people but i think that their introduction of e-residence which has been called a residence permit it's been called e-citizenship it's none of those things it's basically just a way to track you online that you can open up a company you can deal with a government but so what you can't even really open a bank account anymore right and so what could have been a great uh you know country to deal with particularly in 2020 with all the lack of travel i think even long before 2020 just wasn't working quite as well as planned i mean estonia had a similar issue in one regard to what hong kong has had where you know reasonable place to set up a company uh not that reasonable by and large a set of bank accounts we certainly have a couple banks that we work with from time to time but uh you know the the banks in estonia proved to be more difficult than the government which made it difficult the e-residence was over-hyped and nothing wrong with estonia i think that however it's gotten a bit of this brand name in the nomed circle that i would potentially avoid another country that's been talked about particularly for americans and canadians to move to is chile and chile suffers from what i've prognosticated before it could be what i call the visa waiver program effect where the moment a country gets visa-free travel to the united states they jump the shark in a way i have not done an extensive study on this but as i look at all the countries that get this visa free travel to the us it seems that they they have a certain number of regulations which get in the way of freedom which is what allows them to have the visa free travel in the first place they become wealthy enough for they start having to find new problems like how do we tax people more chile hasn't gone down all the wrong roads but i do feel like it hasn't done all the right things and i feel like it's been a place that's been so widely talked about for people who perhaps want a soft landing into latin america or you know out of the us out of canada and nothing wrong with that again i i'm saying i particularly find it to be a bit over-hyped uh you go and walk around santiago and i know many people will say well that's not where you want to spend your time you want to be the beach et cetera the last time i was in is in chile i wanted to go back to the beach and we couldn't because there were protests that were blocking the highway and people were firing tear gas into where we were walking by so you know even though it has the the boringness of a toronto or a vancouver to me um you know it has that high higher cost for me it's not the soft landing that you'd want and it's so far away and they've done some great things they've done startup chile that encouraged entrepreneurs to come they've done a lot of things to get their name out there and i have a great respect for that but i think that now as some of the publicity starts to fade away i think it's a little bit less interesting to me not saying it's off i do occasionally talk to people about chile but i think if you're going there solely because you want to follow other people that's probably not going to work as well as you might think now another country we've talked about which i know a lot of people will disagree with me with and i want to hear you in the comments is i feel that thailand has become overrated now when i talk to people who you know have 100 million dollars they're often not talking much about timeline in fact i'm often suggesting uh hey you know you're looking for some back pocket residence permits you know here's one in thailand put some money in the bank you know keep an option open in southeast asia pretty low cost no must no fuss certainly a lot of people who are younger who are starting out have gone to thailand and i've been saying for years i think that malaysia kuala lumpur penang all kinds of places around malaysia offer a bit higher level of sophistication potentially i think in the city's lower cost of living a lot of things that people just don't talk that much about malaysia i think a lot of people wouldn't be talking about malaysia if we hadn't started talking about it many many years ago and so for me you know bangkok you know i'm friends with reed and investigation he lives in bangkok he loves it we disagree on that that's okay uh it feels uh overcrowded to me i like big cities um less so perhaps as i get older but it just feels like a little bit too much to me um you know the the residence permits uh not a bad option but you know right now in 2020 the government has been so particular about who gets back in so a lot of countries but i think thailand has led the way um and it's been frustrating uh and so you know for me lots of people talking about it lots of talk out there and i fear that some people choose it just because they follow that and so it's become certainly a brand name in the nomad world and i think again some people who are just getting started go and do things that from a tax perspective i'm helping someone right now get out of a a hundred thousand dollar tax bill uh because people think that thailand is so easy uh there are no rules in reality there are rules when it comes to tax there are rules when it comes to immigration they become more difficult in recent years and i think the the hype uh sometimes slows people down in realizing that the last country the fifth country that i believe has been over hyped is particularly targeted retirees and that is the country of belize now you know if you're in your 20s or 30s you probably haven't heard a lot about belize you have heard me talk about for a couple years that belize companies have no longer been a very viable option for moving your business offshore even though they have very few requirements that's exactly why they've become increasingly undesirable when doing business globally but if you are in your 40s your 50s your 60s perhaps you've seen content about retiring perhaps you have been to a conference i know we have no med capitalist live coming up in 2021 it's our first live conference in years and i used to do live conferences with peter schiff and jim rickards and others and i would you know always be talking to these guys who'd be calling me from the conference circuit we want to come and pitch belize and there is so much misinformation out there and i think so many properties certainly belize i guess could be a good investment to meet such a tiny uh economy i have you know talked about economies like cambodia like georgia which are not particularly big economies um but for investing in real estate i i see that most of the stuff is targeted at retirees and so you know what happens if there's a problem with retirees getting their income what happens if you have a new generation of people who don't have as much wealth and uh they can't you know retire what's the what's the market for that property in belize which i think is often overpriced i talked someone about a year ago out of buying a one million dollar condo at a name brand hotel i don't remember if it was on the beach or like not even on the beach but a million dollar condo in belize uh to me was just excessive and they had heard about it from one of these guys who goes around to conferences and and promotes it and so if you are in that 40s or 50s or 60s or 70s bracket i have nothing wrong with belize but i think that the banking sector has been a little bit over hyped it is still i suppose easy enough to get a bank account there but you know how are you moving your money uh you know the real estate that is often pitched to people i think you should take a look at and so if you're following the herd that's what these countries are it is if you are following the herd now if you've done your independent research if you have you know talked to people who offer an unbiased opinion i'm unbiased about any of these countries you want to go and live in thailand that's fine spain i'm going to talk you out of because of the the tax issues largely but i don't hate in these countries but i just think you need to be really careful uh whose advice you're following you want to look at all the different options and you don't want to go into one particular option simply because you are following the herd how can nomad accomplice help you four ways number one subscribe to our channel and click the notification bell to make sure you get our new video every day number two get a copy of nomad capitalist the book you'll learn a lot of my personal experiences over a dozen years of studying this stuff as well as exactly some of the strategies that you can use to build your nomad capitalist plan number three if you're not sure where to start but you want to come and learn from my team and i you want to come and mingle 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Channel: Nomad Capitalist

Views: 85,866

Rating: 4.9084196 out of 5

Keywords: nomad capitalist, go where you're treated best, life in spain, moving to spain, spain golden visa, spain taxes, moving to estonia, life in estonia, estonia taxation, moving to chile from us, moving to chile, life in chile, life in thailand, moving to thailand from us, life in thailand 2020, life in kuala lumpur, life in malaysia, moving to malaysia, life in bangkok, high tax countries, moving to belize, life in belize, investing in real estate, nomadic lifestyle

Id: TkC7JP2houY

Length: 12min 59sec (779 seconds)

Published: Wed Jan 13 2021