Why I’m Most Glad I Left the USA

after a lot of thought and reflection today i'm going to share with you what is perhaps the ultimate reason why i'm glad that i left the united states the country of my birth and perhaps what is the ultimate reason why you as an entrepreneur or an investor should have a second passport and should be diversified well over a decade ago i started traveling all over the world and it became a majority of the time kind of thing where i spent a lot of my time in countries all over the world learning the stuff and meeting the people that have formed what nomad capitalist is today back uh seven or eight years ago i left the united states for good and went back only a handful of days in that time before ultimately expatriating from the country and leaving for good and there's a lot of talk you know we've been interviewed by various news outlets you see articles everywhere from the new york times to the bbc why are so many americans giving up their citizenship now in this year of chaos you see so many americans who are googling you know where can i move overseas how do i get out people are increasingly uneasy in the us and also i think in the western world in general but what are these magazines where these newspapers talk about they talk about high taxes they talk about things like fatca where americans have to report their bank accounts worldwide they talk about all the financial reasons what they don't talk about is the reason that i'm going to share with you today and i think part of that is the fact that in the united states there are basically two camps today you are basically in the make america great again camp and any tiny slight against donald trump makes you a communist on the other side are the communists people who want to come and take everything you have they want to raise your tax rates people have said 70 75 percent some of them even want a maximum wage where you can't make more than a million dollars a year or you can't have more than 10 or 100 million dollars in your bank account those are the two camps and if you happen to say you know i believe in free markets and lower taxes and welcoming success and respecting people who work hard but you know i'd like people to have freedom and i would like to be able to be an independent thinker there's really not a lot of room for that i think that's part of the problem and so what i'm going to tell you today does not fall into either camp and you'll see people on both sides who are going to criticize for saying that i'm either a you know capitalist swine or you'll see people who i am a bernie loving because i don't go along with donald trump in every decision so here's here's the thing that really i look back on in all my years being out of the united states and now having closed that door for good it's peace of mind the number one thing that i've gained is not that i've saved some money on tax because there are plenty of strategies for americans living overseas as much as people don't want you to think that plenty of strategies if you're an american you can go overseas now tax rates domestically go up your tax rates offshore may go up as well and so the delta may not change but your rate may go up but for years i lived overseas as an american and i paid practically nothing legally i followed the forms reported on my bank accounts i was a good little boy after all i am the goody two shoes of the offshore business so it's not about that it's not even about the reporting of the regulations even though it did get really annoying to file every year the equivalent of a small town phone book and have to send it in often in paper format because of the complexities of my tax return and sometimes it gets sent back so i didn't sign it in the right place but what do all those things really lead to in the end they lead to not being part of that system no longer being american no longer being a u.s person for tax purposes isn't really about the tax purposes it's about the peace of mind now here's where the current situation comes into play i'm watching the news and i see news of now donald trump saying we're going to not allow our companies to be doing business with china we're going to go we're going to look very strongly at punishing them and you have a situation where it was first with tick-tock and it was we don't want the chinese coming and running this company and they branded it as spyware and you can have your own opinions i haven't followed it closely because it's not my problem anymore but it's set an interesting precedent that certainly a comp a country like china would retaliate against certainly if they did it to other countries they might retaliate against and now there's talk of how people say well let's just bring everything back from china it's closed on the supply chain let's create more jobs i'm not really sure how you're going to do that at scale and keep prices low for people because people have been accustomed to cheap stuff as much people people complain about deregulation they like 59 jet blue flights which didn't exist between before the airline industry deregulated so i'm not entirely sure that's going to work and i'm not a an economist here trying to figure this out but the point why that affects people like myself and perhaps people like you is if you're a u.s citizen your president and your country is now basically saying they're going to be penalties for what you do doing business around the world you cannot leave and so for me the biggest reason for me to exit was america first to me that was the straw that broke the camel's back filing tax returns for a country i visited zero days a year annoying ridiculous insulting having to turn over all my bank details from countries i actually did live in to a country i don't live in reviling quite frankly but i did it and i did it properly and i made sure that we checked all the boxes but when i heard america first i said this is the kind of thing that's going to happen you're going to have a government that's going to increasingly become empowered to go after not only people overseas people say entry you don't understand america first it's about every country respects itself believe me okay believe me the united states i mean they've hardly been laying down for as much as people you know in the trump administration have talked about how the u.s was laying down what happened was other countries around the world decided to develop over the last 30 years in my lifetime and they decided to become somewhat successful too and stop living in you know backwaters in some cases as i think any intelligent person would agree is their right to do every country wants to be successful and i think some people looked at that as oh it's terrible we need to assert our rights how a country who's going around invading other countries and telling everyone what to do and impacting the global financial system didn't put itself first to me is a little ridiculous but america first i knew would not be just about doing that would not be just about asserting dominance on the rest of the world in other ways it would be about telling you the american that you can't do certain things now they've had that for years they have things like ofac which prohibits you from doing business with certain people in certain countries they have the foreign corrupt practices act which forbids you from going and doing business the way uh in countries the way that they do business um and so it really imposes this this u.s world view on people who want to go all over the world and now that's only going to get greater in my opinion and so what happens if you're a u.s citizen who wants to do business internationally our country's going to retaliate the way the u.s does and the answer i think invariably will be yes in some way at some time in some fashion what does that mean it means your ability to do business globally is going to be less if you want to leave the country you're going to have a few opportunities we've seen it with covet the u.s passport has essentially become worthless you might as well have a passport from guinea-bissau at this point now that may be a temporary thing but i think that you're going to see this year of chaos really reshift the world reshape the world in ways where you're going to see things flatten out perhaps just a little bit at first but it's going to begin a flattening out where you're going to see certain countries that we've talked about larger countries like a turkey for example or brazil become increasingly a little bit more influential in the world as the u.s loses some power as more things go to china and basically the point is if you're an american if you're a european if you're from a country where uh your country has been going around uh evangelizing their world view and and putting it upon people other countries are going to increasingly have the power to say we don't want your business and potentially that impacts your business now certainly you know if you want to run a swimming pool cleaning business that may or may not affect you it means your products that may cost more means you have to raise your customers prices that may not be sustainable in to a full degree but it may not impact you as much as someone like like my business but what i can tell you very simply is this i feel very comfortable now being a citizen of countries that don't particularly care now when i say that i don't mean that i'm running around the world doing all kinds of crazy stuff but you know if i want to go do business in china if i want to do business with russia whatever i mean even i know people in countries like armenia and they do business with iran and it's just it's so normal right and coming from the united states it seems really you know weird to me i remember the first time i met someone from iran and kind of became their friend a number of years ago it's like am i allowed to be speaking to you um and uh you know i think that being a citizen of countries that are not judgmental that don't insist that you do things exclusively their way that allow you to leave and go out into the world and conduct business that's increasingly going to be an asset as some of these larger powers get themselves into sticky situations and get you into sticky situations uh with that and so what i don't want you to be is to lock locked into other markets we've increasingly seen that over the years with the cryptocurrency markets we don't want americans we don't want people who live in the united states don't give us a u.s address uh it's even before cryptocurrency it was that way for many investments if you had a foreign company if you had a foreign domicile or different structures you could invest in certain things overseas whereas someone who lived in the united states or had a u.s company or u.s bank account couldn't and so i think you know by the way i've started to see that in some cases with all the regulations in the eu and the eea in europe uh to where there's certain things that i'm doing where they're double checking now hey you're not living in europe are you uh in the european union uh and so you're increasingly seeing these western countries which have out regulated themselves out taxed themselves out evangelize themselves all over the world that people are just saying you know we don't need you the bank in singapore says we have plenty of money from wealthy people in china we don't need some guy from the netherlands coming with 50 grand and bringing his regulations into our world we're doing just fine here thailand is doing well there's more and more wealthy vietnamese we've got a whole little ecosystem here with almost no regulations we'll do business ethically of course we're going to run like a real bank and some of the strongest banks on earth are in singapore but why would we want to deal with americans unless maybe in some cases they're really putting in a lot of money or a european really putting a lot of money but even then we're going to restrict them and so this is what happens fewer options fewer places to bank fewer places to invest fewer places to do business more rules more restrictions more cutting into your profits your ability to go where you want these western countries have the power to control not only your travel and they've effectively done that this year through their their policies but they have the power to control your money i increasingly hear from people who are very successful who are worried about things like bank holidays and how that's increasingly being adopted by the west i hear from people who are concerned that they're going to have less freedom to do business and manage their money the way they want and so for me leaving that system behind has given me a great peace of mind that i can still act ethically i can still act like a normal person i can still run a normal business make relatively you know straightforward investments but i can do so without having to worry about someone breathing down my neck not having to worry about what rule or regulation is going to come out next and that's what i've told people right what's the next tax they're going to come out with is there to be a wealth tax is it going to be a retroactive wealth taxes they want in california is it going to be a higher income tax is going to be who knows what whatever you guys come up with as they say in the balkans it is not my problem anymore and that feels really good 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 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: 180,617

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Keywords: nomad capitalist, go where you're treated best, life in usa, renouncing us citizenship, life overseas, moving overseas, donald trump, us taxation, us china relationships, protest in usa against china, coronavirus, america first, us citizenship, doing international business, cryptocurrency, singapore bank account, us taxes, grow your business, give up us citizenship, renouncing citizenship, renouncing american citizenship, wealth creation strategies, wealthy people lifestyle

Id: mzXgipDk8A4

Length: 12min 24sec (744 seconds)

Published: Wed Sep 30 2020