If I Could Only Live in One Tax-Free Country…

these days there are many different ways and many different countries in which you can legally reduce your tax bill down to as low as zero but some people prefer the clear-cut old-school no-holds-barred tax-free countries where you don't pay tax on income or capital gains or wealth there are only about a dozen of those and today i'm going to walk you through some of the options and tell you if i could only choose one to live it and i had to stay there i'm going to share with you which one country that would be [Music] hi i'm andrew henderson here at nomad capitalist i've spent over a dozen years curating a network of global experts building a team of over 30 people all to help you the seven and eight figure entrepreneur legally go where you're treated best and today we're going to have a little fun little hypothetical exercise where we talk about if i can only choose one tax free country in the world to live in and i had to stay in that country for as long as i wanted the tax benefits what would that one country be fortunately it does not work like that you don't have to spend every day of your life in a country but i'm going to share with you my thought process now as we've talked about here in over a thousand videos there are numerous options where you can pay zero tax even in countries that don't have zero tax right you can go to a territorial tax country you can get tax exemptions there are numerous different ways that you can structure your personal tax situation regardless of what the company or the country offers overall and so i think that the idea of the tax-free country it's nice i like having a tax-free country either as a back pocket residence permit or a back pocket citizenship we've talked about bahrain the uae bahamas etc you buy real estate you start a company you get the access to go there for tax-free in general i think the tax-free country itself has lost some of its luster precisely because you can get so many good deals in so many other countries but all that said uh let's go through some of the countries that could be my choice if i was stuck in one tax-free country for as long as i wanted to reduce my taxes uh not for the rest of my life perhaps but for as long as i wanted to reduce my taxes and i'm running a business for the most part you've got monaco you've got brunei you've got the gulf countries and you've got some islands okay and so that's largely what you're looking at okay we're not going to talk about pitcairn islands or something like that but we're going to talk about the most common places uh brunei difficult to get into tiny not right want to live i think most people would would agree um monaco if you're stuck within that country i know people say oh just go to france i'll go to italy if you're stuck within that country i think 1.1 square kilometers gets old pretty quickly i don't care how many 41 euro hamburgers you like to have you know every once in a while you just want to kick back a little i would not go to monaco and so that leaves for me a distinction of you know do i want to live in gulf states or do i don't want to live in iowans i know that there are some people out there who would say you know be sean connery go to the bahamas you know go to bermuda i know folks who live in vanuatu and love it um antigua saint kitts and nevis you know countries where you can acquire their citizenship and you don't even have to bother with residents i think that for me personally cayman islands not technically a country but for our purposes um you know for me i think lifestyle is important i think this is what people at a high level realize you know so much of what's out there from lawyers and accountants is about how you reduce your tax as much as possible but most people would rather pay a little bit more to have a life that they like i'm not a beach guy i'm not a sit maybe i wish i could be quite frankly but i'm not and if i'm on antigua for the rest of my life if i'm if i'm going to you know spending my days in fig tree and jolly harbor i mean god bless antigua i love antigua i don't want to be stuck there every day of my life i would get some serious cabin fever and that goes for any of these islands i think then a water is nice i also just think that sometimes for people psychologically i ask people this question sometimes even if you're stuck in that one country being so far away from everything does feel it just has a it takes a toll on you in some of these places so the caribbean may be better than venewatu for that uh i so i i'm down to the gulf countries and i think among the gulf countries um many of the gulf countries are tax-free i've been to pretty much all of them um i think that you know the the easiest choice to make would be to go to to the uae and i think that's the choice that i would make i've talked about bahrain as one of the more liberal places in the gulf uh people certainly go there i've got a gentleman from saudi arabia you know goes to bahrain and kicks back uh i think that and i know people will disagree with me some people will i i think that you're seeing the policies of that part of the world being liberalized i also think that certainly some of the concerns that people have are valid um you know if i were gay i probably wouldn't make that choice and i know people who are gay and they're friends of mine and you know occasionally they they run a little bit of trouble and so everyone can have a different choice but for me you know i think that some of the stuff that would affect me of you can't go and protest against the government you know to for me being a nomad capitalist is about going to somewhere where you just are happy with the life and you don't want to go out and protest right you're leaving the old life behind to a certain extent you know you're leaving this thing where you go out and vote every four years and you shout and you get upset with the politicians and hey i don't want that anymore i just want to enjoy my life and so that doesn't concern me so much um and anything you can most things you can say about a country in the gulf i think you can say about many of the countries like the united states you can say some of those things no i'm happy to have you leave a comment below in fact i'd like to hear what your favorite tax-free country is so leave a comment below and if you think i'm wrong let me know that too but the uae for me you know we've talked about family and friends family and friends who can come anywhere i like the fact that the uae in particular to me feels relatively non-judgmental now again if i were from pakistan i wouldn't make the same choice but being that i am who i am it's relatively non-judgmental and if my family and friends want to come with their u.s passports or their european passports and visit me they're going to be able to do that and it's a relatively open visa policy if my family wants to come my parents want to come and live with me at some point and they want to be grandparents they can buy a property they can start a business they can make an investment they can get residents and now they're there also so i think that openness to family and friends is there but you know when i said enjoying your life to me that's a that's a pillar of nomad capitalist is where can you go and just be happy and i think that paying lower taxes means for me again you know i'm more free to to give away money and and not feel financially strapped so i like to do that that feels nice i'm saving more money for my future i feel comfortable i feel more comfortable now in life and in business than i ever have and more calm and more peace partially because i'm able to save more money rather than constantly writing checks and being a slave to the government i feel like i'm able to grow my business and and spend money and make money and not have to worry about the data in the calendar or how i'm going to pull some some work around because i'm just not worried about the tax bill so all those things contribute to happiness but so do things like consumer conveniences and so let's be honest you know i think a lot of us we want to go to nice restaurants we don't want to eat the same food every day we want to have sometimes you want to go to mcdonald's some days you want to go to a michelin star restaurant you know some days you want to get a museum other days you you know want to drive out into the desert or take a you know vacation to the seaside or you know swim in the pool or whatever and i think that in a place like dubai or in abu dhabi you have the option to do that you've got some certainly nature that you wouldn't find in many other parts of the world i'm very interested actually later this year to go to the uae and spend some more time seeing the smaller you know parts i've been to a couple of cities but you know seeing the wide open spaces seeing some of the resorts that are out in the desert and it's very interesting seeing some of the smaller ports on the uh the eastern coast and so i think that well it's not the ideal diversification that you might find in a country like a mexico or a malaysia or even the u.s something like that um from a tax-free country perspective you have i think a lot of places to go in the uae you're not in a tiny little country where there's basically only one city essentially it's an island like a qatar or a bahrain or something like that and you have so many consumer conveniences you want to go and buy a shirt you want to go and see a play you want to go to the opera you have you know things happening and so for me you know i think it helps me to to feel good to look out my window and see hustle and bustle and be able to to move it out of it as i want and so i think that for a lot of successful people the benefit is having access to all those things but also having a great culture where when you order a car pretty much shows up on time and the driver is nice and the car smells nice and there's a guy on um on our twitter recently when i asked what's the most important thing in a place to live he said people around you in everyday situations who are genuinely nice and i said this guy knows what he's talking about because it's easy to think everyone's going to be the same way they are in your country but it's not always that way and i like in a place like the uae of people from all over the world number one if you're just really bad at your job you're not going to be having you're not going to have that job very long and people are motivated to keep the job and everyone there's this dynamism i have uh i've worked with folks who live in the uae and they said there's such a youth and a dynamism and a in a growth here that you wouldn't find with people who were just all from there but everyone comes from somewhere for the most part and so there's this this dynamism that uh that exists and that means that people are good at what they do uh and they're pleasant and you have a nice experience and you're not having people throwing coins at you when you buy something in a supermarket um and so i think that you know from a day-to-day perspective just having people you can have pleasant encounters with pleasant interactions with i love malaysia i love the people in malaysia but you know i also have some of the people who live in in dubai who work in dubai some of them also work in malaysia i love talking to the people from from bangladesh and from iran i mean some of the nicest people and it's just nice to go out for a coffee and have a nice conversation to me um you know besides family friends just niceness in your daily life and being able to to talk to people in and you know bring a smile to people's faces and also you know you smile it's so nice and i think that you know in that part of the world i think you can create that you can create a luxury lifestyle you know you can have whatever it is that you want uh if you want the you know the beautiful mercedes to take you to the airport with the guy in the in the suit you can very easily get that it's everywhere right and in a lot of places in the world you don't have that if you want to be surrounded people who are successful who are running companies who are working in great positions you can do that too i don't think you would have all that um perhaps in brunei but you're not really part of that local culture i don't think you're going to have all that for sure on an island and so for me that's why if i had to choose one tax friendly country i would choose the united arab emirates i would not necessarily become a citizen of the uae they've talked about you know making that program available to certain people but that's where i would choose to be so i'd like to hear from you obviously there are only so many tax-free countries there are plenty of countries that you can make tax-free i think that's the point that i want to get across i do not live in dubai i have a couple of flags in dubai and in the uae but i do not live there i may spend more time there in the future but there are plenty of ways without living in a tax-free country to legally and drastically reduce your taxes but if you wanted to you know totally exempt yourself from income and capital gains and wealth tax you have a lesser number of places to go and that's the one i would choose how can nomad accomplish 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 with like-minded people learn more about our live conference nomad capitalist live it's coming up soon and number four if you want some help right now because you've got a burning issue you need something solved you want to lower your taxes get a second passport or build the nomad capitalist lifestyle of your dreams go to nomadcapless.com and click on become a client

Channel: Nomad Capitalist

Views: 142,880

Rating: 4.8828292 out of 5

Keywords: nomad capitalist, go where you're treated best, tax friendly countries, bahrain, low tax countries, monaco, monaco tax haven, antigua and barbuda, caribbean countries, life in uae, moving to emirates, tax free countries, emirates, life in dubai, zero tax countries, dubai taxes, living in dubai, living in emirates, life in emirates, diversification explained, diversification strategy, Dubai, move to dubai, pay zero taxes legally, zero tax, taxes, dubai lifestyle, living dubai

Id: h0beB9oKY9Q

Length: 13min 42sec (822 seconds)

Published: Fri Feb 12 2021