Why I Own Six Homes (And None is a Mansion)

I own a collection of six Pita tears if you will all around the world and a lot of people don't understand why they say wouldn't a real rich guy just own one big mansion with an orangery and Ducks floating in a pond so today I'm going to tell you why I chose to accumulate smaller properties around the world rather than one big home [Music] so one of the simple reasons is personality and if you work with no medical because we're going to ask you questions to create your holistic plan to get to the heart of your personality because everybody's different I am more risk-averse I look at money more as a security tool and so buying numerous properties over the course of time allows me to be more security conscious and deploy small amounts of capital at different times and rather than saying hey I'm going to spend 5 million euros on a house right now I can go to a place that is a more affordable country and I can get different properties and I just enjoy that process on top of the fact that allows me to basically do the research for you guys and our clients and say hey here's my experience in this country that country the other whereas if it's just hey 5 million euros 5 million dollars in one property I wouldn't be able to do that but I'm going to walk you through the benefits of having a diversified portfolio of homes around the world and how you can use that to your advantage I'm Andrew Henderson I'm the founder of nomad capitalist we have over the last decade built an incredible in-house team of experts as well as a network of experts all around the world attorneys and real estate agents and account mountains to help a thousand plus high in ultra high net worth individuals legally reduce their taxes increase their freedom with dual citizenship and build their opportunities around the world one of the opportunities that I have having these six P editors is that I have bases in different parts of the world so for me it's Bogota in Latin America there's not that many places in Latin America that I'm a big fan of so I'm not as Latin America focused I've always been more Europe and Asia focused a big cluster in kind of Eastern Europe where I have people who work for us turkey you know Istanbul being kind of an air Hub so Belgrade Montenegro and the seaside which is very accessible for folks who maybe can't get into Europe if I have friends from other parts of the world they can come and visit there more easily uh Istanbul and then Tbilisi Georgia on then in Asia Kuala Lumpur and so for me if I'm doing business in Latin America I can go and stay at my home in Bogota it's a nice jumping off point where no mid-capitalist live is in Mexico City 2021 was implied.com of Mexico that's a four four and a half hour flight It's relatively easy and so one of the things that I see as a world traveler is I no longer like schlepping stuff around and so I can have a wardrobe in Bogota which has a few pieces for if I go somewhere warmth I want to go to Cartagena if I want to go somewhere um that's more warm in the Caribbean or in Mexico and then I have a wardrobe there that's basically for bogoton for any of the kind of South American places that I want to go and so I would jump up to Mexico I would jump up to Panama had an event or had a meeting last year in Uruguay and so just you know easily pop down there until you're doing this you won't understand like I had a team member come and join me in Uruguay from Eastern Europe and it was like flying to frog for flying to Sao Paulo flying to Uruguay it's like you get off the plane and you practically collapse and so being able to say okay I'm gonna position myself in Bogota I'm doing some other stuff in South America and I'll just pop down on a six hour flight it's a lot easier I've already got the Wardrobe I've already got everything I need and it's just all in one place there is a lifestyle benefit there there because I'm a big believer in you've got to maximize your energy quite frankly maintaining these properties does not require a ton of energy I have a personal assistant I didn't always have a personal assistant honestly it took me a long time before I found someone who understood this very you know wild kind of international lifestyle who I would trust to do it but you know paying bills these countries in some cases are more laid back you can often pay them online you can give somebody cash to pay but the maintenance of these properties honestly is much easier than the maintenance of a property in the United States is in my experience or a property maybe in some more bureaucratic destinations and so it's someone who does business globally and as someone who wants to live globally just from a lifestyle perspective forget business forget tax forget any of that I just want to be able to pop into Latin America when I want and so Colombia for example offered me a permanent residence in exchange for buying a property so that is something where I can work my way towards citizenship which if I have Colombian citizenship I have access to all of South America I can travel with an ID card there's certain kind of investment benefits potentially to that um and so I'm getting residents or citizenship by making these Investments um in Turkey for example if you buy property in Istanbul you have the option you can get a residence permit if you'd like to get a citizenship you could do that you know the citizenship has a 400 000 requirement the residence potentially is lower so if you like the idea of as I do and I fly through Istanbul all the time it's nice to say all right you know what let me get a hub and let me test this out and let me share with you guys what happens I'd rather have you know when I'm flying through Istanbul place that I can go and chill out and you know do a lot of shopping that I wouldn't have and let's say other hubs in Eastern Europe and so it kind of serves as a as a refueling Point um and you know I I in addition to just being very well Diversified um you know the property has gone up in value again you can get if you wanted a citizenship you can get that so you're getting residents and citizenship benefits that if you just invested in one country maybe that country would be your home country you already have a citizenship there and so you're kind of missing out on the benefit of building your portfolio of residences and passports that you can use as a place to go it's contributed to the uh a feeling where I feel very well protected no matter what happens financially with countries going after people's money no matter what happens geopolitically no matter what happens really in any aspect I feel I have spent many many years building up my diversification Banks and companies and properties and all that to where I can go wherever I want and I will be welcomed I will be able to you know just survive even you know in this time so energy to me is important feeling you know if you live in a country where they're increasingly coming after successful people they want to raise taxes the culture is changing whatever it is have a place to live and so if you just have one Mansion you're stuck in that one mansion and then you just have to basically cross your fingers and hope like oh I hope this country always does well for me being able to make smaller investments into different places means I can be very well Diversified I don't have the this typical you know like oh the rich guy mentality I need my you know ten thousand square feet uh my biggest property in Malaysia is about you know 3 300 square feet kind of the size of maybe a little bit larger U.S house and quite frankly that's you know it's kind of nice I am not someone who wants to like Flex I don't get fancy cars like I there's certain things I like that are nice I don't need like to show off like look at me and by the way I made a 600 000 house in Malaysia is probably equivalent to you know three million dollar house in many parts of the United States and most people don't have a three million dollar house and so you can get really quality stuff at a much lower price some of my properties are definitely P at a tears where you wouldn't want to be there all the time uh but if you have one or two people if you're just like let's say Belgrade business Hopper to belizei someone a business Hub you can go there maybe you spend a week maybe spend two weeks you can have the nice food you can have the nice one you can meet certain people you can get business done you can get your lifestyle stuff done if you have family one of these places you can you can go and meet them and then you go somewhere else you don't necessarily need to have a large property and so for some folks let's say you're from the United States maybe you want to have a p at a tear where your family is but you can have your bigger home somewhere else where you're going to get residents and then you have another home where you can get citizenship and so you can kind of Arbitrage that I also want diversification on a financial level because look at what happened in Greece for example during the financial crisis they just jacked up your property taxes through the roof if you've got one property there again you've got to cross your fingers and hope and so you know what if your property taxes were already you know 5 000 Euros and now they're 30 000 Euros sure if you're making a seven figure income you can afford that but do you want one place to have total control over you I have smaller properties that you know the property taxes are very low even in Malaysia I mean well under a thousand dollars a year for a decent sized property uh and on top of that you know look at certain countries where they say oh if you have there's not a lot of countries that do this but you know if a country is a wealth tax they might tax Assets in the country so if you've had a more than a million dollars in assets they're going to tax that I don't really mind paying property taxes I I would mind if I were living in Canada or New York or something like that where they're just insane I don't mind paying you know some fair amount of property tax to uh contribute to the country but I certainly wouldn't want to be jacked up to 40 000 a year and I certainly wouldn't want them to have the power to say oh well we're going after Mansions it's a mansion tax they talk about that in some of the northeastern states in the US let's have a mansion tax or let's you know we have a wealth tax if you've got anything more than a million dollars we're going to tax you just based on your wealth and your and your real estate is included and so if you're under that threshold then you're going to be able to avoid that and again I'm not saying like that I just want to pay zero on properties but I'm saying I don't want them to have the controllers to go crazy I literally know people in New York who are paying 30 000 in property taxes a year the opportunity cost of that over time is absolutely insane and since I'm happy to live in places where it's not so bad then it works out very well for me and so for me I don't want to stay in hotels I don't want to stay the airbnbs I've stayed well over a thousand nights in hotels and I want to have control over how how the decor is you can go to an ice hotel and the decor is generally nice but you know they're always like if you stay there for any length of time they're always taking your stuff and like I lit I lost I lost my Elizabeth Warren billionaire tears mug at our hotel in Mexico because they come in and like oh this is a mug I'll move it over there and then I forgot my my billionaires tier mug it's I I got the mug my friend uh bought it for me and now it's gone I wanted to show it to you and so if you have a house you don't lose your billionaire tears mug uh so you know you stay in hotels the decor is nice the Wi-Fi is terrible and I have a house in Malaysia I've got the one gig internet if you get five Meg internet in some of these fancy hotels you're lucky I mean they just don't know how internet works in 2022. uh if they leave your stuff alone if you can ever get a dish brought to your room in less than two hours you're in good shape and meanwhile in airbnbs I've never stayed in an Airbnb where I felt like it has this very faux sense of hominess that isn't the way I would decorate things I'm a big believer in energy and so if you're doing business in different parts of the world you have a wardrobe ready to go in each home you don't have to be dragging suitcases between each place you don't have to be like you're just ready to go your food is ready to go I have all my tea so yeah like everything you want is set up and you're spending less time like with friction for me the energy of the environment that you're staying is important and so when I see people who are like filming or people who are working in uh you know like rooms that are all white walls I'm like how do you get anything done like don't you just start to go kind of crazy maybe I'm just a little bit too creative and that stuff bothers me but even like a rental with the owner says oh you know don't hang any pictures makes me go nuts and so I happen to think that if you focus on your energy as an entrepreneur you're going to make a lot more money than you know living in a place where you're very comfortable and so having Pia de tears you know you can you can decorate a Pia to tear relatively affordable you can furnish a piano belt to be affordably I like to have each Place have a different vibe so when I go there I just really feel like I'm there these are things that motivate me to be more productive and they help me to really enjoy this global citizenship lifestyle and I wouldn't necessarily have that I like the vibe and I was telling our um videographer like I want to go to Belgrade and have teas and have fragrances and have like decor and the furniture like everything should be like what would this be in Belgrade like the books on the bookshelf should be like what what's the story of Belgrade you may not necessarily like that but for me I uh really contributed to productivity so when I go to Belgrade I feel that Vibe I get into it um and I think it really creates a great energy too many entrepreneurs don't focus on energy I don't want to watch like Elon Musk saying he wants to live uh in like a little you know Shack I totally respect that I respect Elon Musk and I think it's fantastic uh that he's able to do that I think that a lot of people folk you know the environment does create a sense of of where they're going he's already Ultra Rich the rest of us who are trying to become wealthier I think function where everything's just kind of working you have what you need you're not you know looking for anything and so that's why since I am traveling around the world since we do do business internationally since I'm trying to expand into different parts of the world it's 9 able to say hey I'm going to go to South America I'm going to stop off here and if I need to go somewhere from there I will it's a lot harder to do when you've got one big mansion and I don't the utility of having you know 10 000 square feet a thousand square meters having a duck pond in the back that wouldn't add to my life uh it wouldn't maybe at some point I'd like to have a summer Villa and have a pool in the back and of my own and just you know have having you know some nice olive trees or something I have the land that could do that I just don't know the utility of having so much space versus being able to travel around the world and be at home

Channel: Nomad Capitalist

Views: 168,272

Keywords: nomad capitalist, go where you're treated best, dual citizenship, second citizenship, second passport, best places to live, andrew henderson, moving to another country, life abroad, Why I Own Six Homes (And None is a Mansion), real estate, real estate agent, real estate investing, how to invest in real estate, buying a home, multiple home, investing in property, real estate investing for beginners, investing in real estate, rental property, real estate investing 101

Id: DjfuAXzyTp0

Length: 13min 8sec (788 seconds)

Published: Sun Apr 09 2023