What I Would Do as a New Crypto Millionaire

here at nomad campus we've been hearing from a lot of people who are making a lot of money investing in trading bitcoin other cryptocurrencies and some people are becoming wealthy from these investments for the very first time today i'm going to walk you through the steps that i would take and the thoughts that i would think about if i were a newly minted crypto millionaire [Music] hi i'm andrew henderson i'm the author of this book and the founder of nomad accomplice where we help seven and eight-figure entrepreneurs and investors legally go where you're treated best you can learn more at nomadcampuls.com and so my overall perspective having talked to a lot of folks uh in the crypto space um interviewing influencers here on our channel and getting the feedback that any crypto friendly country is basically a crypto neutral country it's hard to tell which direction every country is going to go so if i'm in the bitcoin the cryptocurrency space i want to hedge my bets and i want to make sure that i'm in the best place that i can be for me this is the ultimate example something that's new something that is perhaps maligned by the political class something that has not been entirely regulated or adjudicated yet that to me is the ultimate reason if i'm in that asset class to go where i'm treated best and so i'm going to give you two tips today on the human side and then a number of tips on the strategic side that i would be thinking about if i were newly wealthy as someone who had invested in in cryptocurrency and so the first thing is uh you know i think i want to make sure i have my mindset right and i want to make sure i'm doing this because i enjoy it i believe in it um here's the reality no one cares that you have five million dollars ten million dollars a hundred million dollars it's not going to really change and especially once you get into the world it's not going to influence anyone really any differently so i would make sure that i'm doing something that i believe in uh that i enjoy um everyone i talk to feels that way but certainly there must be people out there who are basically riding the train uh who are cashing in and if that's you you know i would i would make sure i'm finding something that i truly believe in that that i can have a sense of confidence about myself and beyond just the money that i'm making the second thing is since i am looking to build a hedge as a crypto uh investor i would ask myself some serious questions about what my goals are and you'd be amazed how many times i talk to folks and they're really not entirely sure where they want to be now i understand that having a five-year plan 10-year plan those things can change and so you don't want to plan it your entire life necessarily or be rigid in that but i would want to know you know if i'm single do i want a date who do i want to date what kind of people am i interested in dating am i interested in getting married or not am i going to have kids do i have kids if i'm already married or if i'm in a relationship do i have kids how does that impact my plans are they young are they old am i going to put them in school you know what are my thoughts on that um where do i want to live in the future do i like the country that i live in now you know for for someone like myself even if the u.s tax rate was zero i would not want to to live there but for many people the reason they leave the united states and other countries like it is purely because of the high taxation and so is an idea of you're going to make as much money as possible there's a point when you're going to sell if so when do you think that's going to be again it's a moving target but you know what is your long-term game plan are you going to hold for life uh and again how does that dictate you know the fact that if the laws in the place like the u.s are going to be become more rigid are you comfortable leaving the u.s for potentially the rest of your life or is this something where you're going to go out for five years save a whack of cash come back those are all things that i would ask myself now what would i do strategically if i'm in crypto and i see the values and the crazy increases that we've seen in the last 12 to 15 months the first thing i would do is i would get myself situated in a low tax country now that may require me to pay an exit tax to do that or it may require me to at least lock in the value of my assets at the the amount when i leave and pay a tax later on those assets but i would get out i would suck up whatever the tax is knowing is something that you do that the values are going to go higher you're going to continue to make more money and i would get myself to a tax friendly country or even a zero tax country so if an american that might be puerto rico why because i'm looking for the path of least resistance i personally did not choose to go to puerto rico because i've spent years traveling all over the world and largely avoiding traveling to a lot of places in the united states however if you are not entirely comfortable moving someone moving somewhere far away take the path of least resistance if you live in the eu maybe you move to a lower tax eu country maybe you move to a place like portugal um you know maybe you moved to to a place like germany or austria temporarily not thinking that those places might be the be all end all forever um but doing something that's comfortable because if it's not going to be comfortable you're not going to do it right and so i've talked to a number of people recently who they live in california and their goal was to move to nevada or to florida and the idea of moving to nevada or florida which was much more where they also have no friends they have no infrastructure there that seemed much more comfortable than the idea of moving to puerto rico moving to singapore um and so i think that making those steps now i would skip over the step entirely of just leaving california or just leaving you know your local community to save just a tiny little bit of tax i'm looking to make the the easiest move that saves me the biggest amount of tax so whatever it is that you're comfortable with that's what i would do and again um if i'm going to move to puerto rico for example i'm going to figure out all right how much crypto do i have when i move to puerto rico that's going to continue to be taxable if i'm leaving a country like canada or australia or other western countries i may be subject to an exit tax i'm going to pay that with with glee i'm going to take some assets off the table i'm going to pay the tax which may not be due you know the day you leave in most cases and you may have some time to pay that so it's not like you know you leave and the next day you get a bill necessarily but i would gladly pay that tax if i thought hey i've got five million now but i think i can continue to trade and go to 20 million and i'll tell you what this is something that's hard to understand entirely until you've done it but i can tell you myself and multiple other people i've worked with have come to me and said you know what somewhere where the taxes are zero percent or five percent or something like that it's motivated me to be a lot more ambitious in the case of trading i have traders not just crypto but day traders etc who say i'm much more aggressive i'm getting a lot more done i'm working harder i'm making a lot more money and i'm keeping a lot more of the money i already have because now i feel good that i'm not giving half of it away so don't discount that when you move yourself you're going to feel a lot better it can be tough pill to swallow in terms of maybe paying a tax to get out depending on what you have doesn't apply to everybody by the way but also you know making that move so keep it as simple as possible the second thing i would recommend on the strategic side is i would start exploring people say oh you can't go anywhere in the world today there are places that are open absolutely and they're the kind of places that maybe you want to explore more if i'm a crypto investor i don't want to go and spend my time in canada or in australia or you know any of these other legacy brand countries i want to go to places where they're open for business and i can go and i can explore and because you're in a business or you have income that comes from the cloud you're not tied to one location even perhaps less so than someone running an online business i would be exploring so i would set up my tax home somewhere if i'm an american again i could be in puerto rico if i'm not an american then i'm going to look for some other place where i can maybe get a tax home with a lesser physical presence without having to spend six months a year there even if i do choose a place where i'm spending six months a year to lock you my tax status make sure i have my my shield against uh you know taxes from wherever i'm coming from that i'm going to spend the rest of my time so whether it's six months nine months ten months a year exploring i'm gonna go around and check out different places especially if i haven't been traveling that much especially if i just started out as someone who believed in crypto five years ago ten years ago bought it at five bucks a bitcoin and maybe i wasn't the person who did travel now i would you know really focus on going out there and seeing what it is that i like because here's what i see i want you to stay in that low tax place i want you to stay in that freedom friendly place as long as you can and if for some reason i mean puerto rico is a perfect example a lot of people i talk to don't want to go to puerto rico i get it neither did i now i chose to go one step further just totally cut my ties with the u.s which is why i say perhaps the best thing is the is the path of least resistance to start but how many people go to puerto rico they get sick of it or another example how many people who are from the u.s or the uk or australia or canada go to one of the other countries that are basically the same thing and they say oh this offshore thing doesn't work yeah because you went to the wrong place i would be looking at latin america i'd be looking at europe potentially eastern europe parts of southern europe that are that are trying to be crypto friendly i'd be looking at asia places that are tax friendly if you want to look at other places if you want to go to some more off-the-wall places go ahead and do that but those i think for most people are the three main areas go and explore and see what works for you again from a social perspective from a lifestyle perspective if you haven't left your country before you're going to notice a difference in some of the cultures you know if you're from the united states mexico uh or even a colombia or somewhere in central america is going to be more culturally understandable for you at first than going somewhere in eastern europe or going you know somewhere that's off the grid in southeast asia and so i would be exploring and getting comfortable then i would continue to create my identity so again i'm going to have my tax residence i'm going to have a home there not only because it's going to strengthen my case that i'm no longer paying taxes somewhere else it's often going to be required in places like puerto rico where's my home but then i'm also going to basically have an identity around that to strengthen my connection to that place not only so that it works from a tax perspective but i don't want to go back i think that nothing wrong with dragging a suitcase behind you but you know and i've done it for many years i think a lot of people get burned out on that more quickly than having at least some kind of base where they can create an identity that's their home it makes sense to them and they're going to stay out there longer maximizing their savings because i think in in legacy brand western countries taxes and regulations and crypto are by and large only going to get worse the two last things that i would do and you could do these largely at the same time is i would get a second passport in a crypto neutral or if you can crypto friendly country preferably one that is tax-free or at least does not tax capital gains and so there are some that are not income tax-free but may have no capital gains tax now if i'm in crypto i've been saying this for over four years now i would be getting my hands on multiple second passports i'm a big believer in having a second passport portfolio two three four in some cases to protect yourself and and i've talked in my video for example about the great american plan b just for u.s uh persons in particular how i might put together that residence and citizenship portfolio but for crypto in particular sure if you have a relative from italy you can claim italian citizenship it's probably gonna take you four or five years which is too long to begin with even some of the more efficient citizenship by descent programs are taking quite a while right now due to covet but i'm not going to entirely rely on being german or being italian who knows what those countries could do in terms of regulations in terms of applying taxation on citizens extra tax extra territorial taxation i'm going to look for a passport i'm not a huge fan of vanuatu's program uh in the way it's being run but something like that one of the programs in the caribbean potentially if i want something that's a little bit more reputable i look at a grenada for example which has some benefits i look at an antigua look at the saint kitts and nevis um you could make an argument that malta has has tried to be somewhat crypto friendly if you have a lot of money in crypto and you want to splash out on about about a million dollar program um i might not do malta exclusively if i'm spending a lot of money i might spend just a little bit more and get get a second second passport but i would do that to make sure that i'm going to be on the right side of crypto taxes and crypto regulation against legacy brand countries i'll take an italian passport but i'm not going to rely on that as my second passport as much as a crypto investor as i would anyone else and the last thing that i would personally do not everyone will agree is i would start to take some of my gains off the table as i felt comfortable and start diversifying that into assets around the world that i think have strong potential and so again if i'm from a legacy brand country i'm not going to necessarily go back there and invest i think there could be conflicts in terms of being a crypto investor and having assets in those countries but i would start establishing bank accounts elsewhere i still think and and i've interviewed a number of crypto folks who who still believe hey you know you need to have some on-ramp from the fiat system i would want the best bank accounts i would want to go to places that respected what i do whether it's in singapore switzerland belarus portugal you know what have you and have that i would want to start making real estate investments in foreign countries if i'm an american for example i could make those real estate investments and have them be legally non-reportable to the u.s and so i would start to do that now the income's not not reportable but i would basically build my base because for me i'm a bit more of a risk-averse person i understand that there are plenty of crypto maxies who they feel comfortable with 100 i like to at least have a home that i own and i see that in relationships when there's you know a couple one person's more decrypt than the other it's often very soothing very calming to the the person who's not involved encrypting that relationship to have some kind of assets maybe some gold in a vault maybe a home that you own that the kids can play in the backyard and i think that from a relational perspective and from a personal perspective that may make you more able to go out and be more aggressive with what you have and continue to grow your portfolio but i want to have assets around the world in countries that i think you're heading in the right direction real estate whether it's to live in or whether it's to rent out or just to hold potentially that some of that real estate could be used to get extra residences or passports but that's what i would be doing so it's basically understanding myself putting together my plan b moving physically to get the best tax benefits possible and then making sure that i'm going to be set for life and starting to create a real long-term wealth so for those of you who are doing very well in crypto a lot of a lot of you are leave a comment below what is it you're doing to protect your wealth what is it you're doing to grow your wealth using the things we talk about here at nomad capitalist i want to hear from you and if you are a newly minted crypto millionaire and you're looking to figure out how you can do all this stuff we've got a lot of free resources on nomadcapitalist.com here on our channel and our book and of course we're happy to help you individually as well how can nomad capitalists 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 nomadic 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: 96,083

Rating: 4.92103 out of 5

Keywords: nomad capitalist, go where you're treated best, us taxes explained, taxes in usa, cryptocurrency, crypto, bitcoin, investing in cryptocurrency, exit tax usa, exit tax, life in california, living in canada, living in australia, canada, puerto rico, mexico, living in mexico, second passport, second citizenship, st kitts and nevis, business advices, business advice, become successful, how to become successful, if i were a millionaire, millionaire advice, millionaire advice success

Id: JWOJnm5Ys_s

Length: 15min 57sec (957 seconds)

Published: Fri Apr 09 2021