if you're an American who is looking to move overseas to reduce your taxes increase your freedom and better your lifestyle I'm going to share with you eight countries that our clients have enjoyed as their first place moving outside of the United States tell you how you can move there and tell you what you need to think about [Music] the first thing you'll want to look at when you're moving out of the United States or really any particularly Western country is what we do here at Nomad calculus and that's creating a holistic plan and so I see people who want to move to Mexico they see it in the LA Times They see it in the New York Post everybody's moving to Mexico Mexican residents is bureaucratic but it's relatively affordable and straightforward to get and so hey why not move to Mexico and what we saw at Nomad capitalist live our live event we did in Mexico City this year was that there are people who are living in Mexico As Americans Canadians Etc who aren't aware of the tax issues actually work and they're not following the proper advice because they're listening to other expats who aren't worried about getting sucked into tax Nets who don't have businesses you want to make sure that you've got a holistic plan no matter where you move I'm Andrew Henderson I'm the founder of nomad capitalist and we created the idea of creating and executing holistic offshore plans for high net worth individuals over a thousand helped so far who want to reduce their taxes increase their freedom of things like second residences and passports parts and grow their opportunities overseas and so let me share with you eight different countries where we've had folks move and they like it the reality is there's no perfect place to go when I first left the United States I bounced all around being nomadic and ultimately I wanted to be further away from home and so I spent time in some very far-flung places I enjoyed that over 10 12 years later I don't enjoy that quite as much I'm looking to go a little bit back to some of the uh places that are more like the us but let's just start with the list number one is Mexico Americans have really enjoyed moving to Mexico it's one of the places where a lot of folks have gone and here's what's interesting the tightest turn back in 2015 when Trump was running for president and people said they would move to Canada if he was elected I said you should move to Mexico people laughed and yet now even among High net worth individuals you've got lots of lots of folks moving down the port the Vallarta moving to Los Cabos moving to ajijic moving to um Tulum moving to apply. com and they're all over the place and again we've seen partially to the increased freedom of movement in the last couple years that even people with five or ten million dollars in the bank are moving to Mexico they're not moving their money to Mexico that's not what I've generally advised but they are getting Mexican residents and they're going down and living in Mexico you don't want to do the tourist Visa Run deal anymore it's not going to work you want to get a residence permit you can prove that you have income and they'll give you a residence permit we help people get Mexican residents all the time but it's a soft Landing country there's some of the Creature Comforts of the US you do have some of the actual like online shopping kind of stuff you have NFL games on TV you have a lot of the American restaurants and people say that sounds silly but we've mentioned before like what's the one thing people Miss sometimes when they leave the us they miss In and Out Burger for example you're not going to get that anywhere else but you can go to Five Guys you can get a Smash Bro you can get other places that are out there and so to have in Mexico City the California Pizza Kitchen like if that's your place uh then that's not a bad thing people laugh about that and then they move and then a year later they're like you know I got a handker for that Pizza Kitchen and so the fact that Mexico is close same time zone a lot of entrepreneurs have been telling us that in the last couple years they need the time zone They want to be close enough to family heck I mean if you have family in California you live in Seattle you're closer to Mexico and so that's a very soft Landing you're going to see a lot of the same Foods culturally speaking very similar the language is different there are places you can get around by speaking English but it's not that hard of a language to learn and I found that in Mexico my Spanish has understood better than parts of of South America so Mexico is number one Costa Rica has also been high on the list they've been a very tax-friendly country where it's more clear-cut in terms of the tax benefits Mexico is one of the most opaque countries for taxes quite frankly and so we're constantly working with folks on how to limit their Mexican exposure Costa Rica at least for now they may not be forever is tax friendly so it's more adventurous this is for folks who like want to recharge we've had folks who run yoga studios folks who run kind of Wellness businesses online they want a more spiritual expat Community they want a more tight-knit community um you're not going to live in the capital of Costa Rica so you're going to be driving so if you're someone like I am who wants to get to the airport quickly and get around Costa Rica is not only not a big Hub but wherever you're going to be living may be quite some distance from either the main airport or secondary airport but clear taxes again same time zone easy enough to get back if you're going to the U. S you know Central America is better for I would say North Americans because a lot of the flights go there and also to the down to South America but if you're in Europe you know it may be easier to go to a place like Mexico obviously a much bigger country so you've got to decide in those two cases do I want more of a um you know Eco kind of spiritual more you know close-knit community in some of the beaches or some of the jungles of Costa Rica do I like that Vibe or do I want Mexico which has I mean dozens of places to choose from uh one of the places worked uh I certainly cannot say it's that it's my favorite it's a pretty Place uh Uruguay not a lot going on down there however if you're looking we have had Americans who are saying I want be as far away from the chaos that's happening this part of the world is possible Mexico in it right I mean Uruguay is one of the most stable countries in South America it's a small country it's got a lot going for it you can work towards a great passport that's widely respected by all if you actually live there for as little as three years and so it has a bit more of a European Vibe for people who want that you'll constantly find folks who say I'm German I'm Italian basically they're they're great great grandparents we're from there and so it's very common very far away from it all they have a very clear tax incentive so if you're an American my advice generally is even if you don't mind paying some taxes you know if you don't mind paying the United States then go to a place where you can pay zero and you're going to end up perhaps paying something to the US depending on what your income is if you're an entrepreneur it's going to be easier to to solve if you're an investor it may or may not be easy to solve but the fact that Uruguay will just leave you alone on the tax front for a number of years is a benefit to where it just makes your life a little more simple same in Belize again this is more geared towards retirees so I've never had anybody who's 35 go to Belize but if you're in your 50s and 60s I do think it's over hyped I do think that people see about you know they read about it in newsletters and they like the fact that it speaks English there's other places in that part of the world that speak English you could get citizenship by investment in the Caribbean go and live in one of those countries they have a number of the same benefits just not quite as close to the US but still pretty close you could go and live in you know Corn Island Nicaragua you could live in rowenton and Honduras those are not as developed but they are also English speaking so I never entirely saw the appeal of Belize but if you're a little bit older and you're not as concerned about getting citizenship or a good citizenship then Belize can working we've had some folks who've moved down there who were older and who were happy so uh in that part of the world Mexico Costa Rica Uruguay and Belize haven't had that many folks move into Panama especially from the U.
S recently we've had some Europeans moving to Panama I think the fact that Panama really doesn't naturalize people to get citizenship if you actually live in Mexico Costa Rica Uruguay you can get citizenship I'm not convinced especially like in Uruguay you're gonna get it by not living there but if you actually want to go and live somewhere you've got to look at the tax consequences two of those three countries are very tax favorable so you can get with really no additional tax while reducing your U. S tax if not in some cases even eliminating it you can work towards a pretty nice neutral second passport in a country that's totally different and much smaller much more peaceful than what you're used to Panama doesn't really offer that so I've seen a smaller number of folks going to Panama especially as they've raised some of the prices on the Visa programs in Europe obviously Portugal's been over the headlines lots of Americans are going there because of the tax treaty with the U. S it works for certain people so if you're earning royalty income if you're a dividend investor if you have certain types of income I mean there can be a benefit in the U.
S side not always in the Portuguese side but they've had a crypto tax exemption which now they'd like to get rid of we talked about that you can work towards citizenship European citizenship which you if you were to ever not want to be an American you would have Portuguese citizenship to basically take over and fill the Gap that that U. S passport filled plus you'll be able to travel within as a resident and then eventually move within as a future citizen anywhere in the European Union and actually the European economic area so you've got a lot of benefits you can work towards there and so if you're an American who thinks I may not always want to be American hey you might say Europe is not that much better it's not the exact opposite of the U. S but at least I have access to a lot of different countries and the same with an American has access to a lot of different states the EU it's at the the country level and so there can be a benefit of that plus you know European citizens at least not yet aren't taxed on their worldwide income and so I think a lot of Americans have found Portugal especially from California you know oh my goodness there's places with California weather guys you can find that and it is somewhat in Portugal about surfing uh you get a lot of cool stuff there Ireland we've had a few folks different crowd and a lot of folks say no especially the Canadians no I don't want to go to Ireland Ireland has tax incentives foreigners English is perfect probably the best on this list you can actually speak English the way people speak English where you're from in the United States or Canada you can actually talk you can actually joke you can actually have Irony you can actually do all the things that just people who speak English as a second language or who speak a different version of English than you do you aren't able to do and so you'll actually have more flexibility in some cases on where your companies are structured for example if you move to Ireland then if you move to Portugal where they have this big Blacklist and they're kind of particular about how you structure your company so as an American setting up for Simplicity offshore and let's say the UAE and then living in Ireland could be good obviously the weather's an issue we have had one American couple who lived in Ireland for a while liked it but decided ultimately move out to a bit more Sunshine but we also have folks who at the higher net worths really enjoyed the fact it's like this doesn't feel that much different especially for somewhere on a more Northern climate you don't have to live there full time you can go back to the US part of the year and still get tax benefits you've got you know the full tax treaties and all that in Ireland so if you're an investor if you sell certain kinds of online products if you have certain kinds of royalty income that could be better living in a tax treaty country you could get a residence permit somewhere in Southeast Asia or Dubai what have you can spend your Winters there but Ireland has been a popular place speaking of Dubai we've had especially younger folks looking at actually moving to the UAE getting UAE residents they set up a company and they can live there and they always have the option which I think people like a lot so in the UAE instead of a company or you can also buy real estate you get a residence permit you don't really need to be there we've had some young younger people say hey I love the over-the-top culture there's a big community of whatever kind of business I'm trying to run that is a challenge no Adam if you're in Costa Rica we've had folks who are like in the wellness businesses that kind of stuff they like it there and they have that kind of community but if you're trying to build you know a billion dollar business there are a few of those we've had some of those types who like it in Mexico or Costa Rica but you might find more uh you know aggressive people more people who are who are pushing for what they want in a place like Dubai and so getting residents there is easy enough again what's cool is if you are an entrepreneur you're not going to benefit from from a tax treaty but if you're an entrepreneur and you can structure your business offshore and you don't have to deal with things like royalty income this is where the holistic plan comes into play by the way people just think oh I moved to Dubai there's no tax well no if you sell if you do certain YouTube videos uh if you you know sell books on Amazon in some cases if you ship physical products I mean you may have an issue not being in a treaty jurisdiction or your rate may be higher you know not being in a treaty jurisdiction so this is where the holistic plans that we create and execute will reconsider oh you're an American you got to do this you got to do that or even if you're not an American these are the kinds of factors you need to be aware of when you're choosing a place to move it's not as simple as this place tax-free or this place high taxes because Ireland they have high taxes but you can dramatically reduce those if you're coming in as a foreigner whereas the you and that actually may be better for some folks in the UAE but in terms of what people like to move the UAE uh that's been a popular place because they have all the Creature Comforts they have all the malls to get you know driven around in an Uber and they're all lexuses I mean English is decent I think you know people think English is perfect there it's not always but you've got a very International Community and so there's plenty of expats not as many Americans actually probably better for Brits and Australians but we have had Americans go there and be happy and then lastly people perhaps taking my advice have chosen to come to Malaysia and so Malaysia's mm2h program is now more expensive but if you can put six figures in the bank they'll give you a residence permit and you're off there's not really a lot to do to maintain that you don't need to spend 90 days in Malaysia if you're on mm2h now you can get the VIP program which is more expensive and you can live in Malaysia there's also new digital Nomad Visa I've seen some so many people who've come up to me who said I checked out Malaysia I wasn't sure what to expect had a guy earlier today he said oh I um I live in Singapore but I thought hey you know what why not just come next door and he said I'm really impressed actually it really punches above its weight and so English is great people are nice uh you've got all kinds of different food options again you've got your malls if that's the thing you like about the United States you've got bigger spaces that you don't have in many other places in Asia one of the challenges I've seen in let's say Mexico for example was looking at real estate in Mexico City it is so choppy in many cases to where you get you know 2 000 square foot property they get like two bedrooms or three bedrooms it's just the spaces there's there's so many you know corridors and open areas and Nooks that are just wasted whereas in Malaysia you can really get American sized housing for a very very competitive price even in some of the best areas and so those are eight places that Americans can live in leave a comment below which is your favorite if you think I missed one leave that comment below but these are places that we've actually helped Americans go and they've said hey this is great you can watch more of our content you can learn about my Trifecta method if you're not sure which one you want maybe you want to pick two or three and split your time between them so there's plenty of ways as an American to reduce your taxes I believe these places can improve your lifestyle they can improve your cost of living give you more money to put back into your business more money to put back into your family uh as someone who left the United States States I did not go to these places but they are places that people have been happy with and we did that by helping our clients with a holistic plan asking them hundreds of questions and figuring out okay here's what you should do it's it's always hard to tell someone where they should live but when the goals are I want to reduce my taxes I want to increase my freedom I want to have a better life you know here's the weather I want here's what all those questions can be addressed and we can figure out all right here's what you should do here's where you should start maybe there's a couple places to check out so that's what a holistic plan is all about while making sure that where you move you're not getting yourself in the worst tax situation making sure that you stay in compliance with U.
S tax rules overseas we work with all the different experts in all the different jurisdictions and we know how to speak their language to where you can have us manage a move from the U. S to two different countries overseas with your company offshore to a fourth country you're banking in a fifth country that all has to speak the same language that's what we do at nomed capitalist if you'd like our help you can go to nomadcopolis.
