Six New Expat Hot Spots

more and more people especially americans and canadians and australians who are tired of the anti-freedom and high tax policies their governments have thrust on them in recent years are moving overseas and bloomberg has recently put together a list of some of the six hottest spots for expats to go i'm going to share them with you and tell you my thoughts [Music] and i have to say i am so happy actually because for once we see one of these lists of places to go that i actually happen to largely agree with we've talked for years about how best cities for expats vienna high tax hard to make friends rainy vienna go to vietnam vacation beautiful place to go on vacation you love it nobody loves the austrian people more than i do but would you live there if you're a seven or eight figure entrepreneur if you're a high value investor maybe you would but i think you can probably find better places if you're gonna go to all the trouble of moving so finally bloomberg came up with a list this is basically places that that are the hot places to go and so as someone who spends uh a good part of my year living in asia uh one thing i notice in asia is people are always talking at shops about oh this is the best seller as if you want to smell like everyone else look like everyone else drive like everyone else whatever and so these are basically the best sellers of um places where westerners are going right now and so i'm going to walk you through them if it's your first time here i'm andrew henderson founder of nomad capitalist we are a boutique consulting firm that helps seven and eight-figure entrepreneurs and investors legally go where you're treated best including moving to places hotspot or not to reduce your taxes diversify and protect your assets get a second residence even get a second citizenship so that you're in control not just one government and so the article from bloomberg talks about is uh you're seeing more and more digital nomad visas as they say from curacao to cape verde uh but what i'm looking for is places where you can get longer term immigration nothing wrong with getting a digital nomad visa hack nothing wrong with just having a tourist visa and visiting a place and getting a taste for it if i'm gonna choose to live in one place either full time or if i'm gonna follow what i call my trifecta method where i live in three different places four months a year and i enjoy different parts of the world i want some kind of longer-term immigration right i don't want to rely on necessarily a digital nomad visa that's generally not going to lead to citizenship may or may not solve my tax problems so what i'm looking for as a as an entrepreneur or if i'm an investor is flexible immigration uh you know good taxes i'm also going to obviously look for good quality of life nice people etc but let's go through the list number one oh it's number one i'm so happy uh kuala lumpur uh long overshared by singapore as a destination for expat workers the malaysian capital is becoming increasingly attractive to global businesses because of its large english-speaking workforce easy flight connections around the region and relative affordability in 2021 the city ranked first in a worldwide survey of some 12 000 expats by internations you're welcome we've already been telling you about it for almost a decade and i think that it's finally great that kuala lumpur is getting it's due my main hub in asia uh and a place where yeah english is widely spoken people are so nice like when you travel around if you're used to living in you know killeen texas your entire life and god bless there's nothing wrong with that but if you're going to be moving you're going to realize there's some places that people just aren't as nice and so people who are oh they're so nice right and that is a nice thing speak english okay you might speak another language but are you going to become so fluent in that language that there's not going to be times when you want to speak your native language and so if you speak english you're watching this after all then i think kuala lumpur is a great place and with singapore being a relatively difficult place to get into what i've said is the juice is not worth the squeeze do your banking there do your investing there they're great for that living there i think it's probably not worth it and by the way i've had multi nine figure entrepreneurs that i've worked with come to that same conclusion with me just not worth it and so you've got you've got multicultural you've got southeast asian chinese middle eastern indian people here oh a lot lots of love for kuala lumpur uh we have entire episodes on the mm-2h program it is more expensive now there's a sarawak m2h program uh you can form your company in lava one and get in there's numerous ways to get into malaysia and i believe they are as open uh as ever it is a foreigner friendly culture asia no doubt wants higher value expats and they're moving more and more towards that so this is not you know bring your thousand dollar pension and get residents um it never was and now it's less so but if you uh have some income and if you have some wealth i think kuala lumpur is a great place and yet it's also not like over the top like a like a hong kong which i i have loved or a shanghai or other places where a p someone was a job uh would be in asia it's it's enough laid back but has enough consumer conveniences that it's not at all a backwater number two very popular place especially for americans is lisbon uh one of the oldest cities in europe lisbon has reinvented itself as a hipster destination hosting events such as the annual web summit offering a mix of culture nightlife and warm weather with an easy reach of some of europe's most spectacular beaches no doubt great beaches been going there for many years much more affordable than people would think and so i have a lot of folks that are from the us and canada who want to run their businesses or do their investments do their trading on u.s time zones and they look at the caribbean for example they look at central america i i often point a lot of them towards two countries ireland and portugal which are about as far west in europe as you're going to get and so the time zone isn't really that much different right i mean if you're in los angeles and you move to the caribbean you know that's not that much different from moving to you know from from new york or ohio or florida to portugal and so you've got high affordability you've got good weather you've got great beaches it's not quite as well connected i don't think as there's a lot of places in europe but that's just because i think it's a more affordable place you know their airline is not really as robust as lufthansa or swiss or you know british or any other airlines but you've got you can stay there and you can get self-sufficient visa you can get the golden visa which they're starting now to kind of get back into the swing of things and start processing those again uh if you're in crypto they have been pushing towards uh making taxes more difficult but otherwise they have what i've called the swiss cheese of tax exemptions where you can run a business there there's a good amount of tax planning but you can pay single digits to live in portugal if you set up your business correctly if you have a job you're going to pay more but if you've got a business you can go through some some more involved tax planning we've done it with our various attorneys and accountants around europe and you can do that by the way people don't realize that just talk to a friend of mine the other day who lives in portugal didn't realize you could pay single digits with the right planning so you can do that through the nhr program for the next 10 years and you can get residents and you can work towards citizenship living there uh depending on which place you know as little as seven days a year or at least about half the time and so lisbon getting a lot of love again a lot of americans going there it is uh it has been crazy and before that a lot of um bitcoin and crypto folks went going there because of their uh laid-back stance on uh taxation of that number three is dubai property prices have basically doubled not quite the last year but you know 15 16 months the property that i was staying in uh june of 2021 has basically doubled in price now and you're seeing that in places like puerto rico for americans when joe biden get elected went crazy you're seeing that in dubai people are looking for tax havens that are not totally um you know out of control like places like australia they're looking for places if you are australian it's there's not a lot of places that are close to home asia has been closed for a good chunk of the pandemic it started to reopen and so asia might come out of the board but you know dubai was was close enough obviously for europeans it's close enough if you don't want to relocate within europe if you want kind of that quality of life that standard of living with zero tax and not not the tax planning you would get no place like lisbon dubai is the place the desert state bloomberg says it's been challenging hong kong and singapore for expat traffic for more than a decade now the combination the pandemic and the war in europe has made the emirate even more popular and so i happen to agree housing is more affordable than you would find in singapore or hong kong hong kong is going hard enough to get into obviously it has been a place that's been difficult for anyone to get into for a couple years now and so you're not really going to get citizenship in the uae but you're never going to get citizenship in hong kong in most cases uh and you're really not gonna get citizenship in singapore anymore so if you're looking for a place that's one of the global hubs dubai is is right up there it's probably the easiest to get into as well you start a company you buy property you get in they're rolling out more and more ways to get residents you're not going to have in all likelihood for most people watching this or you're not going to want the security of citizenship there but you keep your citizenship whatever citizenship that may be and you can live there and by the way i think that they're going to be just as is is open to if you're an american and you want to get a second passport the caribbean or somewhere else i don't think they're going to judge you for that right and so it's it's very open bring your skills bring your business bring your money and dubai has a great quality building at a lower price point not cheap i don't think it's cheap as lisbon not as cheap as kuala lumpur quite frankly i think kuala lumpur offers better english lower prices and i would probably i would say i prefer it but to each their own so if you want that closer proximity to europe and that time zone if you want the total tax-free policies whereas malaysia is is is largely tax-free uh then dubai is it here's one from left field number four bangalore uh as known in india as bengaluru uh lots of expats uh becoming one of the fastest growing tech hubs home to thousands of startup and software firms fueled with money from global tech companies and blue chip foreign investors such as sequoia capital and goldman sachs most people here wouldn't move to india i've been to india i think delhi quite frankly is much like a washington tc a very well manicured place the capital is always well taken care of in a country that size not a place that is easy enough to move to i think a place that i've talked about i'm bullish on as an investor whether it's just in equity funds the currencies at a low now i think there's some opportunities are you going to go there no residents citizenship taxes none of those are really viable definitely a place i think it should be on your radar and people will tell me more than any other country i wouldn't go to india go to india right go to delhi go to do the touristy stuff in agra and jaipur and rajasthan and all that check out the capitol go to mumbai the financial capital spend a couple of weeks there i think that you will get a different perspective some of the best food in the world too probably at a place you're moving number five mexico city this has been all over the news americans and others are flooding in mexico city you have some of the folks who live there upset now that digital nomads are moving in but mexico has been one of the easiest places to get a residence permit in terms of qualifying the bureaucracy is there and latin american bureaucracy is always more intense than uh you would find in asia generally and so you can get a residence permit though by just having an income if you buy property you can also get residents as well uh and so unlike some of these places you can actually work towards citizenship and a pretty darn good citizenship at that if you're willing to actually put in the time the taxes aren't as good there's different tax strategies you can use in mexico but if you're living there full-time it's not going to be as advantageous but the ability to go down and spend time in mexico city it is getting harder to enter as a tourist by the way so that's why the residence is not a bad idea one of the most vibrant cities in the world um you've got great world-class restaurants but quite frankly i think they're overshadowed by the taco trucks on rio cena you go to those taco trucks next to the british embassy if you see if you're if i'm in mexico city you will see me there eating whatever it is now 15 peso tacos maybe it's up to 20 pesos now uh they're always nice they're fast it's delicious you see everybody from the office buildings and all the banks going and eating there it is fantastic that's that's why anytime you see me when i'm when i'm a little bit uh bigger it's probably because i just spent a month in mexico hitting those taco trucks because even though they have the number 12 restaurant in the world it i'll take the taco trucks any day great food vibrant cultural obviously close to the u.s close to canada great time zone not as tax friendly long-term but definitely a great place to go here's another one you may not hear much about and you don't hear much about it from us because it's not really a a tax-friendly place but it's rio de janeiro in brazil and so i think if i hear from people about where they feel unsafe brazil is probably the top three i wouldn't go to brazil to the safety they say i think it's an interesting place i wouldn't be on is bullish on it um because i'm not as bullish on latin america as an investment as i am in uh asia but i think there's certainly interesting opportunities you've seen their currency get beaten up if you are going to have a family you can give birth in brazil and get citizenship for the child work towards it for yourself with a year or two of paying some tax but i think it's definitely a place to go and check out probably fits in better in a trifecta but you know brazil is interesting because like mexico um you have endless areas to explore i mean there are you can fly hours and hours and hours from rio de janeiro and you're still in brazil and so i think that you know two countries like that would be interesting to explore and see is there a smaller place you'd like to live and the benefit of latin america is if you do live there even though you may have a tax bill that's not exactly going to be cheap you can actually work towards citizenships and like mexico brazil has a really world class citizenship one person said there's a european soul here it's a brazilian paris and so rio de janeiro basically they say steeped in glamour for much of the 20th century the former capital of the portuguese empire boasts an iconic backdrop of tree-covered mountains surrounding one of the most spectacular natural harbors in the world often overshadowed by financial hub sao paulo which i don't think anyone's rushing to live in but the laid-back vibe of world famous beaches of rio continue to hold and lower for foreigners so uh for the places that aren't as tax friendly i might throw it in a trifecta so i'm in bogota but you could easily substitute a substitute mexico city or rio de janeiro for your um you're four months in latin america trifecta doesn't have to cover all parts of the world but a lot of folks like to do latin america europe and then asia and to do four months in each um you could modify the terrific to do six months and somewhere in asia to secure your tax status and then do three months than others i might do that in the case of latin america i tend to get bored there a bit more easily but mexico city and rio i think great cities to live in finally some love for kuala lumpur dubai and lisbon have been going off the charts and so the question is when are you going to make your move right people are going to these places do you want to go to the most popular places maybe maybe not but use this as a guidepost maybe you go to kuala lumpur and you decide you like the water and you want to be in penang maybe you go to kuala lumpur you say hey you know what bangkok i like the vibe there but get started because taxes in your country are only going to go up cost of living right now inflation is crazy you can save money you can save taxes you can potentially work towards citizenship in these places you're going to get a new perspective on life as millions of people are right now with the freedom to live overseas you should be next

Channel: Nomad Capitalist

Views: 235,662

Keywords: nomad capitalist, go where you're treated best, living abroad, second passport, dual passport, Six New Expat Hotspots, expat, cost of living, expats, living in mexico, retire in mexico, digital nomad, living in malaysia, living in brasil, best cities, where to move, top 10, bloomberg, top 10 list, most amazing top 10, amazing top 10, expats in mexico, These Six Cities Are Emerging as New Expat Hot Spots, news, the best cities, cities, andrew henderson, best cities to live in

Id: 8LKssNhPOU0

Length: 14min 48sec (888 seconds)

Published: Fri Sep 23 2022