Playing to Win - 070 - How To Be a Wealthy ExPat With @Wealthy Expat

00:00:00.000 all right guys what's up for the uh 70 70th yeah it is 70th installment of the playing to win

00:00:07.580 podcast series i'm uh joined today with my friend uh rafael from the wealthy expat youtube channel

00:00:13.720 how you doing brother really good thank you for having me i'm a big fan been watching your content

00:00:18.520 for a while read your book left a review all the good stuff so happy to be here yeah and um you know

00:00:24.100 you've been a member of my community for a while a lot of people ask well what kind of members do

00:00:27.300 you have in your community rich well we've got rafael who's a guy that uh is a bit of an expert

00:00:32.900 if we're being honest on helping guys move to places in the world where tax burdens are reduced

00:00:39.400 and they have a little more freedom generally speaking than some of the restrictive uh

00:00:44.340 lifestyles that they have imposed on them so um you've got a youtube channel it's called wealthy

00:00:50.060 expat i've tagged it in the title of this youtube video so if you guys want to go find it if you

00:00:54.200 listen to the podcast just go to youtube and search for wealthy expat you'll find it uh he's got some

00:00:58.600 good content on there i've watched a bit of it i am subscribed to the channel as well um can you

00:01:03.340 kind of give people like the batman origin story on how you got interested in this area of business

00:01:08.720 because i mean you've been doing this for how long now well wealthy expat has been running for one

00:01:12.900 year but i've been doing it personally for myself moving to tax-free countries lowering taxes for about

00:01:17.860 three and a half years when i started seriously making some money or at least paying a tax bracket over 30

00:01:23.140 in the u.s that's when i started looking at all of this so you're originally from the u.s can you

00:01:30.460 talk a little bit about why you wanted to leave the u.s and you know how you got into this business

00:01:34.100 for sure i'm from puerto rico which is actually a tax-free place a lot of americans move to puerto

00:01:39.280 rico even though i don't really recommend it it fits for some types of individuals and some types of

00:01:44.560 families for most people they won't enjoy living in an island and i always learned about taxes because

00:01:50.200 my dad was an accountant in puerto rico so he helped a lot of americans lower their taxes down

00:01:54.360 to zero percent by moving to puerto rico and doing their tax returns so i was always like in accounting

00:01:59.140 offices and i was always talking to accountants and lawyers about tax so then i started learning

00:02:04.860 about citizenship acquisition essentially you could buy another passport for a hundred thousand

00:02:09.720 hundred and fifty thousand dollars i remember when i was 17 i was looking at passports that i could

00:02:13.500 buy and i wanted to make enough money so that i could buy another passport i wanted to be dual

00:02:17.480 citizen u.s and anything else then i moved to the u.s i got a pretty good job and i started paying

00:02:22.920 about 30 35 in taxes and then i started my business back then which was doing just marketing

00:02:27.820 and e-commerce selling stuff on shopify as well as helping e-commerce brands grow by consulting them

00:02:33.920 and helping them and that's when i started paying serious money in taxes so 40 45 tax and then i paid

00:02:39.060 my first 150 000 to the irs and that's the moment when i thought okay with this money i could have

00:02:44.380 done something serious maybe put a deposit on a house maybe bought a very nice car mercedes s class

00:02:49.820 or something so i knew i had to do something i started researching all over the world and i found united

00:02:54.820 our emirates dubai which a lot of people might have heard they think it's this muslim hermit kingdom

00:03:00.120 which it's really not it's a very open liberal place there are some restrictions some laws but you

00:03:05.180 can pretty much pay zero percent tax and there's also about 10 or 15 other places around the world

00:03:09.960 and a lot more options that you can use to reduce your taxes completely legally so we're not talking

00:03:15.700 about tax evasion or hiding anything or producing forged documents it's all legal and a lot of people

00:03:21.440 started asking me how did i lower my taxes zero and then i started telling them and helping them

00:03:26.240 through the process and i realized that this this could be an actual business and the current people

00:03:30.420 that are doing this in the space they're not that effective to be frank so they do provide good

00:03:36.920 information on youtube but when it comes to the actual process behind that they help the client

00:03:41.560 it takes one year to do a process that should take three or four months so i wanted to take all those

00:03:46.360 clients that are usually very wealthy if you're paying 40 50 tax it means you're making serious money

00:03:51.440 so you want the fastest least hassle process possible and that's what we help them with now

00:03:56.400 and when you move from puerto rico to the u.s which state did you go to

00:04:00.680 new york one of the highest tax okay like did you ever think maybe it might be better to go

00:04:06.380 somewhere with a lower tax rate like another state or it was just like i'm i don't have any

00:04:10.480 interest in the u.s at that point it was both i mean you can lower your tax by 8 to 12 percent on

00:04:17.720 the high end if you move to a tax-free state like for example florida which a lot of people are moving

00:04:22.580 to texas which a lot of people are moving to but it was also i didn't want to live in the u.s

00:04:27.100 and a lot of my beliefs in life about freedom about being a nomad around the world exploring

00:04:34.560 many different places also about the social laws how you talk about you know people get absolutely

00:04:38.760 destroyed when they get divorced in the u.s and all these rules and all these laws i started

00:04:43.920 analyzing them compared to other countries and i found more freedom in places that people typically

00:04:49.020 think are dumps like for example uae dubai or countries in eastern europe which obviously now you

00:04:54.520 can't live there but a lot of countries there or just countries in general where i spent like one

00:04:58.300 month two months i was five months in thailand enjoying the amazing weather so overall i've

00:05:02.680 created this life where i can pick where i go as a u.s citizen you need to be extremely careful so

00:05:08.940 that's that's what i learned the hard way you have a u.s passport you need to pay taxes no matter where

00:05:12.360 you go but if you're canadian uk australia whatever you can pretty much just move to another place

00:05:16.980 set up a base there face your attacks and not have to deal with the nonsense of your home country

00:05:23.320 which is what i wanted to get away from i get a lot of guys that ask me about that um idea of um

00:05:29.860 you know where's a good place to live that's friendly to fathers in case the marriage doesn't work

00:05:34.840 out so since you brought that up um have you looked into that with different countries are there

00:05:39.540 countries and laws that you found that uh don't destroy fathers in family court if they end up

00:05:46.740 getting divorced yeah they're typically not the usual ones that people move to so for example

00:05:53.060 all the the big english-speaking country like u.s canada australia new zealand you're pretty much

00:05:58.260 screwed a lot of countries in the european union pretty much screwed i mean it's it's 50 you can

00:06:03.000 take everything or you can take most most of them will be less developed or muslim countries so for

00:06:10.920 example dubai in the uae all you really need to pay is like three months maintenance so if you get

00:06:14.760 divorced all you need to pay is like three months after you get divorced three monthly payments of

00:06:18.840 like two thousand dollars which compared to the u.s you'll pay i don't know two million if you're

00:06:23.260 worth four here you pay six thousand dollars and you're gone and a lot of countries in eastern europe

00:06:27.440 as well that's why people typically look to get like a russian wife because you can't really be

00:06:32.700 screwed in that way by a russian is there also a division of assets in arab countries like uae or

00:06:39.160 dubai where you have to split your assets with your x no it's more of analysis of whose assets

00:06:44.920 whose assets are whose and then those people maintain those assets at the end i see okay um

00:06:51.000 let's talk about puerto rico for a little bit because i've mentioned puerto rico before uh they

00:06:57.580 have these acts act 2022 i think they're called um we have at least one member of the community that's

00:07:03.540 that's moved from mainland united states to puerto rico to take advantage of the uh tax benefits

00:07:09.780 because he was in crypto um can you talk a little bit about like the actual experience the state of

00:07:15.400 living in puerto rico because i've heard like horror stories from people that say things like

00:07:19.400 electricity isn't reliable the road infrastructure is difficult uh if you don't speak spanish it's it's

00:07:25.700 it's harder to move around sort of thing like what's the reality of the average guy that's like oh i

00:07:30.560 i can move to puerto rico it's very easy and take advantage of tax savings especially on crypto

00:07:35.140 you nailed it you pretty much nailed it those are the biggest cons of puerto rico i would say the crime

00:07:41.800 is quite high compared to the u.s depends where you're coming from so for example new york right

00:07:46.320 now the crime has absolutely exploded like 200 increase over the last couple of months and because

00:07:51.160 of this whole situation happening so now compared to puerto rico puerto rico isn't that bad compared to new

00:07:57.740 york compared to these other places but definitely the crime is a problem i was always scared when i

00:08:01.740 was little about somebody breaking into my house there's a lot of addiction and overall homelessness

00:08:07.100 which is also a huge problem but i would say it's hard to adapt because you're decreasing your quality

00:08:13.100 of life significantly a lot of people they move to puerto rico and they're super happy with it they're

00:08:17.560 super happy with the beaches they're happy with the people that are much more they have a better vibe

00:08:22.960 and a better life so for example people start dancing salsa on the streets and they have more

00:08:27.540 of a life to them than people in the u.s would depending on where you're coming from but yes the

00:08:32.000 infrastructure is less the wi-fi is slower and it does go out every couple of hours sometimes the

00:08:38.120 electricity can be gone for one or two days during the hurricane the electricity was gone for months

00:08:43.120 and yes a lot of people speak spanish they don't actually speak english even though it's a u.s

00:08:47.440 territory so i would say if you're okay with living in an island that is not as developed as the

00:08:53.640 united states that you might need to deal with some electricity some wi-fi problems you might need

00:08:58.880 to deal with people that are less educated than in the united states that's definitely something i

00:09:04.040 would say puerto rican people are not as educated if you are okay with all of that because it means

00:09:09.620 that you save 50 tax while maintaining u.s citizenship then go for it because puerto rico is really

00:09:15.820 the only option of a u.s citizen to pay zero percent tax legally let's say you say five ten

00:09:22.240 million dollars the only other option is to renounce u.s citizenship so if you want to keep that

00:09:27.340 passport puerto rico makes a ton of sense if you don't care about keeping the passport and you're

00:09:31.800 worth ten million dollars you could even buy another passport like malta malta is a million dollars part

00:09:37.000 of the european union has access to the united states so if you want to get access to the u.s you can

00:09:41.240 buy malta renounce u.s citizenship and now you pay zero tax plus you can go to the u.s whenever you

00:09:45.740 want so it depends on the level of net worth yeah i had a friend in um california and you know

00:09:52.160 california is right it's it's difficult state um you know if you want to pay lower taxes and you

00:09:56.920 want freedoms but um yeah he had this idea that he'd pick up and move the family to puerto rico and

00:10:01.880 he didn't know that much about it so he went there with his wife and checked it out and two weeks

00:10:05.320 later he came back he's like yeah i'm not going to live there so i find you know i found that

00:10:09.880 interesting because there's always these you know like notions and ideas the grass is greener on the

00:10:13.760 other side of the fence and then you don't always find that that's true um do you get that sometimes

00:10:18.120 with your clients where they you know make a move to another country and they're like ah this isn't

00:10:21.980 for me i need to go somewhere else yes that's why i also advocate on giving up your tax residence

00:10:29.440 wherever you are so for example let's you're in canada and you want to move to dubai canada is

00:10:34.220 pretty aggressive the cra will try to tax you will try to do a disposition tax basically an exit tax

00:10:39.380 when you leave the country so they'll try to tax every single bit that they can once you're out of

00:10:44.680 the canadian tax system if you do it with a proper lawyer and proper accountant then you can structure

00:10:49.020 your time however you want so you could spend for example six months a year in dubai let's say because

00:10:54.100 you want to be there for zero tax and the other six months you could travel all around the world

00:10:58.140 or you could go to for example a country like malaysia that only taxes income sourced in malaysia

00:11:04.520 it's a territorial based tax system so you essentially don't pay any taxes if your money

00:11:09.320 comes from outside of malaysia so there's different options i've had clients that for example have moved

00:11:14.580 to dubai have moved to singapore and they're not happy but they can also change to another country

00:11:19.980 as long as they don't go back to their home country like canada they go back to canada again

00:11:24.640 or at any point they buy a home in canada or they create let's say assets or invest in a fund in canada

00:11:30.640 that could put them as tax resident but yes i've had that situation happen happen but there's always

00:11:37.100 solutions to it or you could have your setup in one country you're set up in the uae and then spend

00:11:42.860 your time between other countries as long as you give up absolutely everything in your home country

00:11:48.320 so i've had for example clients from australia that give up their tax residence sell everything

00:11:53.120 close their bank accounts bring their family do absolutely everything they need to just completely

00:11:57.080 get out of australia the only thing tying them is their passport they live one two months a year

00:12:01.780 in dubai and the other couple of months or the other rest of the year they live in other countries

00:12:06.040 that don't tax them and they never go back to australia that's also an option as long as you yeah

00:12:11.820 okay um how many passports are ideal to acquire if you're if you're a human of the world let's call

00:12:20.500 it right because i mean there's advocates out there that are saying you know you should have

00:12:24.060 multiple passports you should have multiple driver's licenses the more you acquire the better it is

00:12:28.340 what's your view on that i would say the more you acquire is not necessarily the better because you

00:12:34.660 are tied to a country is there a sweet spot like three two five i would say three is a good sweet spot

00:12:41.820 three i would say a middle tier passport like for example i'll show you mine right now so i have

00:12:49.960 the saint kids and nevis one this passport costs 150 000 it is a middle tier passport because you

00:12:56.840 don't have access to the big four like u.s canada australia new zealand but you have access to

00:13:00.780 everything else and it's a country that has 55 000 people so they're never going to tax you they

00:13:05.420 don't care where you are saint kids doesn't care what i do all over the world they're not going to

00:13:09.380 research you nothing but you want to have an even stronger passport just in case saint kids

00:13:14.180 f's up with the european union and now we lost access to europe for example in the next couple

00:13:19.480 years we might lose access to europe because they're selling their passports and the european

00:13:23.040 union doesn't like that great i can go get a mexican passport for example that has access to

00:13:28.400 the european union also has access to canada has access to new zealand and i can travel to those

00:13:32.480 countries and then if that doesn't work then i can go get another passport like the portuguese

00:13:37.120 passport in five years so you could do the golden visa in portugal and get that password which is even

00:13:41.700 stronger i would say three password is really good one or two intermediate ones if you have for

00:13:48.200 example like iranian ancestry or afghan industry then just forget about your ancestry don't don't

00:13:53.700 get any of these like terrible passports one or two intermediate ones and one like top tier passport

00:13:58.900 like canada or uk or something it seems like an ancestry passport is pretty easy to get right like i

00:14:04.440 was i mean i was born in the uk so i already have a british passport i have a canadian passport

00:14:08.420 um i mean my mom you could call her greek but she lived all around the mediterranean so

00:14:14.860 like getting residency through her probably through greece or something like that would be ideal that

00:14:19.520 would be reasonably easy too right depends on the country greece is one of the toughest ones you do

00:14:25.360 need to prove your greek ancestry and that you are exactly a greek citizen so you never get citizenship

00:14:32.220 by descent you are already a citizen you're just claiming your citizenship that's that's how it

00:14:36.900 essentially works so you need to prove yeah you need to prove that you do belong as a citizen of that

00:14:43.240 country and a lot of countries make it very hard so for example italy greece these are two countries

00:14:49.180 that are super slow it can take years to get citizenship by descent other countries like spain

00:14:53.860 tend to be a little bit faster like maybe six to nine months so it isn't a very straightforward

00:14:58.360 process if you were born in a country and you never got citizenship there like for example anywhere

00:15:03.500 in latin america let's say you were born in ecuador born in argentina whatever and then your parents

00:15:08.540 moved to the u.s you can claim that citizenship easily because anybody born in most latin

00:15:12.880 american countries is already a citizen you just need to claim it so those are a little bit easier

00:15:17.480 what about the british overseas territories like you mentioned st kids and nevis is that is that easier

00:15:22.820 for me to get than somebody that's not a british a british citizen no this is an independent country

00:15:29.440 now so they were a british overseas territory now they're not so you and me would be the same

00:15:34.720 requirements to get it for you it would be different for example cayman islands would be very

00:15:39.200 different or any other because it is part of the uk it's under the uk crown oh i see so let's say

00:15:46.580 that i live in cayman islands for five years tax-free after one year of those five years so six years in

00:15:54.560 total i can apply for uk citizenship because i've lived in a british overseas territory so they do have

00:16:00.180 different laws but and and for me to get like the cayman island passport what does that look like

00:16:05.280 as a british citizen you don't really need it to be honest i mean there is a cayman islands passport

00:16:13.320 but it is a passport of the united kingdom and it just says cayman islands on the bottom so to my

00:16:19.980 understanding it's not possible to get cayman islands passport as a uk citizen you can get cayman

00:16:25.040 islands permanent residence because you already have it as a uk citizen but i don't really see many

00:16:30.860 people getting like the cayman islands passport and then another british overseas territory okay so

00:16:35.020 that would be an easy way i gotcha i gotcha okay um what about can you talk about tax trees a little

00:16:41.780 bit i've seen a few of your videos where you kind of drop the soundbite when you're talking about a

00:16:46.480 certain country or a certain passport can you explain what tax treaties are to people watching

00:16:49.700 for sure so tax treaties a lot of countries have them mainly high tax countries so essentially

00:16:55.460 if you live in spain and you are a german tax resident you'll be paying taxes to one or the

00:17:02.600 other so you'll be paying taxes germany or you'll be paying taxes to spain depending on which one for

00:17:06.820 example has the most credits or what kind of income you have so tax treaty essentially make it so that

00:17:11.500 you don't pay tax in two countries now the way that you can use tax treaties is for example

00:17:16.100 singapore has a really interesting tax treaty where if you live in singapore but your company is based

00:17:22.380 in a country with a headline tax of 15 or more so let's say i'm singaporean i live in singapore or

00:17:28.840 i'm living in singapore last 10 years but i come from the u.s and my company is in a country that has

00:17:33.820 20 tax then i can pay zero tax in singapore i can pay 20 tax in the other country but there's a loophole

00:17:42.540 some countries have a very high headline tax like for example malaysia which is right next to singapore

00:17:47.500 this is very common malaysia has a 24 tax but there's a certain province in malaysia that has a

00:17:53.620 three percent tax so you can establish a company in that province pay three percent but because of the

00:17:58.680 headline tax of malaysia it's 24 i as a singapore resident pay three percent the real tax rate that i'm

00:18:05.320 going to pay so you can use tax treaties i mean they vary depending on where you're from what your

00:18:09.500 citizenship is where you live where you come from but you can use them as a way to lower your tax

00:18:14.920 completely legally by utilizing loopholes so that's that's how you use them you can google

00:18:20.740 tax treaty canada dubai tax treaty canada australia and you'll find which we were talking

00:18:27.840 about crypto earlier which countries at this time of the recording are friendliest to crypto holders

00:18:35.620 people that want to reduce their crypto liabilities um i've heard portugal is good but i've also heard

00:18:41.620 that um that's changing yes portugal is changing it isn't law yet but it is a heavy proposal it got

00:18:49.660 rejected twice by the government but it is a proposal to tax crypto as regular capital gains so it would

00:18:55.660 have plus 20 tax the thing is that a lot of these countries they've seen how much money they have lost

00:19:01.940 compared to other countries so portugal is probably looking at spain spain has a 40 50 tax rate versus

00:19:08.940 portugal that has a 0 tax rate on crypto or at least it's not tax and the government wants to push for

00:19:13.520 that and you know equality and fairness to their local people because the rich are not paying taxes

00:19:18.880 so yes portugal is heading in the wrong direction i would say anywhere in the european union definitely

00:19:23.920 heading in the wrong direction but malta is quite attractive and they do have a lot of programs where

00:19:28.580 you can move to malta and pay less tax estonia is also quite interesting portugal still interesting

00:19:34.420 i would say not in the coming years dubai ua for sure zero percent tax on absolutely everything

00:19:40.800 zero percent capital gains puerto rico i do have to put it in there because it is zero percent tax for

00:19:45.660 all u.s citizens you don't pay any tax on crypto and these overseas territories like cayman islands for

00:19:50.980 example absolutely zero percent thailand is another one that i should mention because a lot of people

00:19:56.100 are interested in thailand and it's a country that it's impossible to become tax resident so let's say

00:20:01.360 that you move to thailand and you live there all your life and you go to the tax office and you tell

00:20:07.220 them i live in thailand i want to pay thai taxes great show us your employment contract oh i don't

00:20:12.220 have it okay then go away don't pay our taxes they truly don't care so in thailand there's there's that

00:20:17.820 loophole that people live there and never pay taxes and there are some countries like that that you

00:20:21.780 can pay zero tax specifically in crypto because nothing passes through a bank account and you're pretty

00:20:26.720 much tax free yeah so i've been hit with this um from a whole bunch of different angles over the

00:20:34.180 years and people have said to me you know rich when are you going to leave canada and it's the same

00:20:37.740 answer right like i'm i'm still a parent and i have a kid to raise and you know and she's an adult then

00:20:42.320 i'll make that decision but i'm looking at options you know as i get closer to that date i've i mean

00:20:48.760 there's different places in the world you mentioned asia you mentioned parts in europe um i've traveled a bit

00:20:53.240 i've seen you know a bit of the world and i would probably maintain um residency somewhere in eastern

00:21:00.180 standard time i'm not going to retire ever you know i like doing what i do well i'll probably keep

00:21:05.060 podcasting until it stops working for me so um it makes more sense for me to be able to talk to my

00:21:11.800 audience in a time zone that i'm in you know for the most part that they're also in um so that would

00:21:16.420 limit me to eastern standard time where am i looking you know for a guy like me or for people that

00:21:20.840 are watching that are also in the same sort of boat where they're in north america and they want

00:21:24.680 to make sure that you know as they move out of a more limiting or um taxing tax system taxing tax

00:21:32.620 system back to back um that they go to a place that lets them sort of deal with time zones that work

00:21:38.240 for them so is that caribbean is that like central america is that south america like what does that

00:21:42.500 look like i would say caribbean is the best option if you want even though most of them are islands

00:21:49.720 of course but you do have a lot of tax free places so for example cayman islands you have

00:21:53.620 antiga and barbuda you have saint kitts which i'm a citizen of they are also completely tax free

00:21:57.840 specifically on crypto they welcome crypto heavily all these little islands even though they're

00:22:03.020 extremely boring to live in and you might be bored after a month they are absolutely tax free so you

00:22:08.000 can live there and not do anything bermuda also tax free quite close to canada or at least you can

00:22:12.300 take flights easily from there central america you're decreasing your quality of life significantly

00:22:18.180 so you could go to panama if you want a slightly higher quality of life but most of central america

00:22:24.200 is quite low quality i would say costa rica is one of the exceptions but the crime is increasing

00:22:30.040 el salvador making bitcoin legal tender that's improving still the crime is very heavy i would

00:22:35.820 not recommend people move to el salvador yet if we're going down to south america colombia depends

00:22:42.520 how you live because colombia does have very high taxes a lot of colombians move to panama to lower

00:22:47.660 their taxes because they are so aggressive but if you live in colombia for example five months and a

00:22:51.780 half every year then you don't pay any tax because the rule is 183 days or more per year other places

00:22:59.260 i would say ecuador is quite tax friendly you can live there very easily deposit 40 grand in a bank

00:23:04.120 account you get residence quite easily chile has some exemptions for foreigners in the first three

00:23:09.840 years you can pay very little tax if you come from another country you can also get a great passport

00:23:14.360 and uruguay which is all it's called the switzerland of land america because it is very safe

00:23:19.480 very developed or it's developing quite fast and has great banking great tax laws apart from that

00:23:25.620 the bahamas as well which is very close to the u.s a lot of people choose it absolutely tax-free a lot

00:23:32.760 of crypto companies going there as well i would say there's not that many other countries you can live

00:23:38.280 in mexico mexico does have a lot of taxes but there are ways of avoiding it easily as a foreigner i would

00:23:45.620 say those are all your options i would be careful with the countries that people typically move to

00:23:50.340 as digital nomads so colombia is a very popular one people move to medellin people move to all these

00:23:55.400 places but colombia has one of the highest taxes in latin america and they are very aggressive

00:23:58.960 so if you want to stay within this consider the islands in the caribbean mainly bahamas cayman

00:24:04.280 islands antiga and saint kitts consider uruguay consider chile and colombia if you want to live

00:24:09.380 part of the time ecuador and i would say panama costa rica to an extent how do how do taxes affect

00:24:17.460 these um cruisers i don't know if you've heard of these cruiser lifestyle but it's these people that

00:24:21.460 basically live on a sailboat they you know they go to the mediterranean for the summer they sail across

00:24:25.740 the landing and they hang out in the uh caribbean you know for the winter after the hurricane season's

00:24:29.960 over or maybe they travel some to some other part of the world how does it work for people like that

00:24:33.800 it depends where you're coming from so i had a client who absolute horror story he came from

00:24:39.640 australia 20 years he had a cruiser lifestyle went to australia maybe one or two weeks a year

00:24:44.800 and had has a giant boat has been traveling the entire world came back to australia to retire

00:24:50.360 and now the ato the australia tax basically the the tax system is telling him that because he never

00:24:57.080 actually left australia he never became a tax non-resident now he needs to pay taxes for the last 20

00:25:02.800 years and now he's trying to battle that he's actually going to court against the ato to try to

00:25:08.900 get that absolutely annulled but you do have to be very careful how you leave the country so let's say

00:25:13.580 you want to be a cruiser you want to go on a sailboat by whatever price or whatever size you want to buy

00:25:18.020 travel all over the world make sure that you are clearly in the system as a tax non-resident of

00:25:24.060 wherever you're leaving if you're a u.s citizen you need to do any extra planning you can pay zero tax

00:25:29.340 that's for sure you can renounce your u.s citizenship to be completely away from the irs

00:25:33.460 but you need to make sure that you're a tax non-resident then you need to have some base around the world i do

00:25:38.820 definitely recommend it so for example the easiest one that i typically recommend is dubai

00:25:42.500 because dubai has a rule where you only need to spend one day every six months in dubai that's all you

00:25:48.100 need to spend in order to qualify as a resident not a tax resident but a resident it's good to have

00:25:52.820 residents somewhere so that if you're coming from canada and canada says great rich you've been

00:25:58.120 traveling the world for the last 10 years where have you been living well i've been living in dubai

00:26:01.360 okay great shows your residence permit shows your bank statement shows all that well here you go

00:26:05.960 because you're actually connected to dubai so i would use that as as an extra protection just in case

00:26:11.500 um you guys can ask questions by the way if you're on you know youtube as a member you can throw them

00:26:17.120 in the uh comments and i'll and i'll pose them rafael um let me grab the super chat here real quick

00:26:22.120 there's uh kelson uh awesome to see the collab lots of gems provided uh the expat both the expat

00:26:29.060 channel thank you um so i was gonna ask you something it escapes me right now um the um

00:26:37.220 yeah the notion of a home base is interesting because i mean you mentioned one day in a country

00:26:43.520 like dubai would work um what about the caribbean are there are they one day rules you know somewhere in

00:26:49.100 the caribbean or like a month rule or anything like that yes cayman islands has that so for example if

00:26:54.820 you buy a property you do need to spend quite a significant amount of money so for example if you

00:26:58.680 spend 2.4 million u.s dollars in a villa in cayman you can get an insane house you only need to spend

00:27:03.880 one day per year in the cayman islands to become a permanent resident or actually be a resident of

00:27:09.300 cayman islands you can just sail to the islands for literally 48 24 hours and then leave again so yes

00:27:14.200 there's a lot of options like that i would say because one person mentioned it uh he barely

00:27:18.720 mentions the giant mexico mexico does have rules like that where you don't need to spend a ton of

00:27:22.820 time per year in mexico and you can definitely lower your taxes or pay a significant amount of

00:27:27.080 less in tax but usually most countries if you spend the right amount of money

00:27:33.380 you can get residents without actually spending any time so malta has a new program in the european

00:27:38.980 union the mediterranean great place to go sailing they have a program where if you spend

00:27:42.820 right now it's 98 000 euro so 110 000 or so plus around 10 or 20 000 in contributions to the

00:27:51.360 government you can get permanent residents in malta and you never have to visit malta so you

00:27:55.800 could literally be a resident of malta without ever visiting malta if you spend a hundred thousand

00:27:59.880 dollars so those are definitely options and there are many countries right now i can't think of all

00:28:05.140 the countries have this rule but definitely if you're interested in the eastern time zone cayman

00:28:10.400 islands is the easiest and bahamas also has a rule yeah are these countries competing for

00:28:17.280 residencies and citizenship ships you know what i mean like are they actively passing legislation and

00:28:23.980 laws that make the barrier to entry easier or is it just kind of like it's like this is where we're at

00:28:29.660 we're not changing anything i'm just i'm just curious because i mean like when i mean my experience with

00:28:35.140 laws and legislation is it's a moving target the goalpost moves over time depending on whether it's

00:28:41.100 a conservative government a liberal government whatever the economic climate looks like if they

00:28:44.900 need more tax revenue sort of thing so i think that's a given right like the laws will change over

00:28:51.020 time but do they compete for citizens i guess is what i'm asking yes they compete to the extent that

00:28:58.680 other countries bully them to not compete so for example vanuatu which is a very popular country in

00:29:04.980 the pacific ocean they sell their citizenship for a hundred thousand dollars they have a lot of

00:29:10.080 experience having australians move to vanuatu and lower their taxes legally and do everything there

00:29:14.720 but they've also sold their passport to a lot of scammers and a lot of people that have been

00:29:18.800 in the interpol watch list and essentially the people that you don't want to be the citizen of your

00:29:23.040 country so the european union and overall the schengen area said okay vanuatu because of these

00:29:27.860 things that you've done in the past now you can't access europe without a visa and now all vanuatu

00:29:33.000 passport holders can access europe without a visa starting in 2023 i believe next year so they can

00:29:39.380 impose those restrictions and the same happens with st kids which is the passport that i got okay great

00:29:43.740 st kids keep selling your passport if you keep selling it in the next three years we'll take out

00:29:48.400 europe visa free travel and these pushes and these restrictions obviously are going to affect the

00:29:54.320 countries decisions on what programs to have and how little time you can spend in the country

00:29:58.860 so dubai and the uae is definitely getting restrictions from many countries because they've

00:30:03.280 been very open to russians for example they were open to russians europe banned all russians pretty

00:30:08.300 much everybody banned all russians except the uae and turkey and now the uae said that russians are

00:30:13.300 banned from banking in the uae because obviously they're getting bullied by other countries specifically

00:30:17.720 europe u.s canada and so on so all these countries compete to the extent that other countries don't

00:30:24.680 bully them so they'll bully them up to the point where they say okay you're a small little island

00:30:29.500 the caribbean you can compete up to this point if you put it at a lower price point we'll put

00:30:34.400 restrictions we'll put sanctions if you allow these kinds of people to be your citizens we'll put more

00:30:39.000 restrictions that's how it works yeah um there's a lot of underlying things that you have to deal with

00:30:46.820 like the guy that was mentioning um mexico so a few years ago before the beer bug hit i was looking

00:30:53.840 at buying some real estate in tulum because they were putting up these villas they're like building

00:30:57.460 like crazy down there and i really like tulum you know it's a place to like visit hang out

00:31:01.540 it's very bohemian and and chilling it's got nice beaches and the food's good and the people are pretty

00:31:05.660 cool so i started looking around and i was talking to a friend of mine that um renounced his u.s

00:31:12.220 citizenship he was living in california to go live in uh baja or down at uh cabo san luca sorry

00:31:18.040 so in baja mexico and i asked him why he had to do that and he said well you can't own mexican real

00:31:23.520 estate on waterfront unless you're a mexican citizen so his dad was mexican he moved down to

00:31:29.940 mexico renounced his u.s citizenship became a mexican citizen bought real estate on the beach he's done

00:31:35.520 very well so he's you know he's taken care of so i started looking into this and apparently a lot of

00:31:41.040 these people that are buying real estate whether it's close to water or not i think the rule is

00:31:46.500 it's it's got to be a certain distance from waterfront and then you can buy it as an expat

00:31:50.420 sort of thing but you don't actually own it in your name apparently a bank holds the title to the house

00:31:55.980 in their name in a bear trust agreement with you behind it but i have a real problem with that

00:32:01.100 because i mean i have friends that are uh bayesian bayesian citizens that dropped their canadian or

00:32:08.960 u.s passport and then they now live in mexico and they're buying up loads of real estate but the

00:32:13.700 problem with that is i don't trust governments at all as far as i can throw them and if they need to

00:32:19.300 raise money and they've got banks holding a whole bunch of uh titles on property with a bear trust

00:32:26.140 agreement behind it if you think that you're going to beat the mexican government in court if they want

00:32:31.100 to steal your property you're dreaming right i mean this is a this is a risk that you have to consider

00:32:36.640 as well when you're looking at buying real estate too right yeah i would consider that in any country

00:32:42.200 so it wouldn't just be mexico it'd be any country that you want to buy property in specifically

00:32:46.200 in less developed more corrupt tendency countries i would definitely look at the law and see what

00:32:56.020 exactly do you own as a non-citizen because citizens obviously have full right but non-citizens

00:33:02.280 usually there's a lot of loopholes usually you own the property but you can't own the land under the

00:33:07.760 property that happens in asia a lot you own the property for 50 years but after the 50 years

00:33:12.920 that's it it's not your property anymore you need to renew it so really you don't own it you you're

00:33:17.300 leasing it for 50 years so definitely look at the law no matter what country you go to it's not just

00:33:21.700 mexico be anywhere is it similar in other countries to the way that mexico handles it where they don't

00:33:27.440 let you hold the title to a property unless it's held in the title unless the bank holds the title

00:33:31.780 and there's a bear trust agreement that's behind that that system was not that common yeah that's

00:33:39.560 more a question for a lawyer i'm not 100 sure on that answer but for example in let's say in dubai in

00:33:45.240 the uae you don't own the property forever as a non-citizen you only own it for 99 years that's what

00:33:52.400 happens in in the uae in thailand for example you own the property but the land beneath the property

00:33:57.960 is owned by a citizen in cambodia for example you can only own land as a citizen as well so many

00:34:04.200 countries have that that rule or restriction where citizens only can own land or the full right to a

00:34:11.540 property gotcha uh kaustin again says after the u.s passport citizenship by taxation where would you

00:34:18.880 rank canada australia eu in terms of difficulty of expatriating from the country that's a good

00:34:23.480 question i would say the u.s it is the most difficult because you do need to renounce your

00:34:29.400 citizenship but it's not that hard to pay zero tax you can have a lot of loopholes in order to pay

00:34:34.000 zero taxes capital gains it's harder to pay zero tax but i've done it as a u.s citizen lower my

00:34:39.180 my earned income tax rate down to zero percent on my capital gains so it's possible i would say the

00:34:45.140 next one is canada because they do have an exit tax deemed disposition tax and it is quite hard to

00:34:50.220 fight against the cra for money the next one i would say would be the scandinavian countries like

00:34:56.140 sweden denmark they all have 60 65 tax rates are quite hard to get away from i would say spain france

00:35:02.760 belgium all these northwestern european countries are quite tough to get out of then i would put australia

00:35:10.060 somewhere in there because a lot of my clients have gotten out of australia pretty clean i do have an

00:35:14.240 accountant in australia that helps with that and has helped many clients get out of australia it's

00:35:17.640 actually one of our biggest markets that they just want to leave and specifically because of the beer

00:35:21.700 bug the the restrictions were insane so they wanted to leave i would say u.s in part canada

00:35:28.140 definitely one of the toughest ones northern eu australia i would put it in that rank yeah

00:35:34.160 miss this question kind of outside of the whole um you know idea of the lower tax rates and all

00:35:41.000 you mentioned that um australia you know you've got a lot of clients there that have decided to

00:35:45.780 want to get out um especially during the beer bug time because restrictions were insane canada was

00:35:50.960 probably pretty close to as bad maybe just as bad it's difficult to say i mean like trudeau is still

00:35:56.840 going on about nonsense like you know you're gonna have to keep getting covid jabs to be classified as

00:36:01.860 vaccinated and which just leads me to believe that he's gonna bring back the travel travel restrictions

00:36:06.840 again in the fall when when it's convenient because some new 17th wave you know comes our

00:36:10.900 way sort of thing so um as far as countries go like do you think that the exodus of high net worth

00:36:19.540 individuals from countries like let's say australia or canada you know for example or any others where

00:36:24.280 people might be you know leaving from and moving elsewhere how how damaging would that become to

00:36:30.400 the economy you know in your view i would say or is it at all like or is it just like a you know

00:36:36.980 like a drop in the bucket sort of thing specifically in countries like the u.s for example if you go to

00:36:43.200 facebook and you type in u.s citizenship pronunciation there's a group that has like

00:36:46.920 3 000 members most of them are high net worth they all want to renounce u.s citizenship many

00:36:51.220 people are doing it every single day hundreds of people but the amount of people that is moving to

00:36:55.600 the u.s and specifically the amount of millionaires moving to the u.s is also quite high so it evens

00:37:01.660 out it's not like wealth is draining out of the u.s yes a lot of people are moving out but also people

00:37:06.080 are moving towards the u.s i would say we'll only see this in a couple of decades i would say

00:37:11.060 specifically countries like canada australia new zealand singapore even because of their

00:37:15.840 restrictions they've lost thousands of millionaires and if you google like millionaire migration there's

00:37:21.520 a map that i think it was henley and partners there's a big citizenship firm they made a map

00:37:26.220 saying which countries benefited the most because of the beer bug problems and which countries got the

00:37:32.120 most millionaires and in reality the most the countries that got the most millionaires were

00:37:35.300 like uae dubai israel singapore moved a lot of people some countries in europe but countries that

00:37:41.460 lost a ton of people were like canada australia new zealand all these countries that had crazy

00:37:45.900 restrictions so long term next 20 40 60 years definitely makes a huge effect on the economy

00:37:52.620 even if more people are moving to the country but yeah yeah i wonder if if if these politicians even

00:37:59.100 consider that or if they just don't care it's it's it's my view that they just don't care about

00:38:03.280 about it at this point like what do you think i think they just don't care they're like you know

00:38:08.140 everybody should pay 50 tax these are the restrictions deal with it or go and that that's the

00:38:13.120 for example elizabeth warren in the u.s she was talking about taxes for u.s citizens and she said

00:38:19.120 good luck paying less taxes as a u.s citizen because we trap you no matter where you go around

00:38:23.440 the world it was something like that i'm not quoting her but or something similar like that and

00:38:27.080 yeah u.s citizens are kind of trapped the only way is to renounce u.s citizenship so they truly don't

00:38:31.720 care this is the law you want to get out of canada great give us a big chunk of your wealth

00:38:36.300 through the exit tax and that's the way that you get out so they really trap you

00:38:40.780 um carlos says i'm a pest control business owner in california business is booming easy money taxes

00:38:46.760 are high but i also charge good loving sunny california baby california is nice i mean

00:38:53.260 it's i don't know there's like crappy places there's nasty places uh tax rates are high the

00:39:00.220 weather is wonderful it's it's basically a desert right on the coast i mean like you know depending

00:39:04.820 on where you go obviously but um there's a reason why there's a lot of my uh colleagues when i was

00:39:12.840 younger moved out west to either vancouver or california because it was always attractive

00:39:17.380 right and i think it's always going to be reasonably attractive until such time as it's just so bad i

00:39:22.840 mean it seems like it's gotten to the point where it's like that bad now where people are saying

00:39:27.240 screw it i'm going to go to florida i'm going to go to texas arizona sort of thing

00:39:30.580 um and there's been a mass migration i think from what i understand basically austin is

00:39:34.840 pretty much like mini california now um is it is it like that within places in the u.s

00:39:44.660 the tax we're sorry within places in the eu oh in the eu for sure oh yeah a lot of people moving

00:39:51.240 to other countries for example from spain them to portugal from a lot of countries i have an italian

00:39:56.660 client who's making like 300 grand a month drop shipping he moved to malta to lower his taxes down

00:40:00.940 so for sure yeah people are moving from from one country to the other hungary has a really good

00:40:05.500 program now even though it's not the best place to live but they have a nine percent corporate tax

00:40:09.440 significant difference to other countries that have 20 25 percent so yeah in in eu that happens a lot

00:40:14.720 is is malta part of europe or is it part of africa because i know it's on that horn of

00:40:20.140 it's european union country it's part of europe it is like it is right next to to tunisia but yeah

00:40:27.160 okay um you mean americans are trapped because of fatka what is fatka what does that mean do you

00:40:32.900 know fatka essentially means that all banks around the world if you're a u.s citizen you show up at a

00:40:37.780 bank with a u.s passport they need to legally if they want to comply with the united states and use

00:40:42.620 the u.s dollar as a currency they need to send all your information to the u.s and that's fatka

00:40:48.420 essentially and a lot of banks don't accept americans because of that switzerland being a

00:40:51.780 great example if you show up at many of the swiss banks with a u.s passport they'll say

00:40:55.660 how much money you're going to deposit one million plus i hope and you say no no less than one million

00:41:00.760 like 100k okay goodbye we don't want you because the complexity of reporting for a u.s citizen is insane

00:41:06.000 so not only trap because of fatka i would say also trap because you need to do the reporting

00:41:11.040 yourself it's not just the banks doing the reporting if you look at my tax return from last year i mean

00:41:15.620 it's like 300 pages it's insane and i don't even i didn't even touch the u.s last year but i need to

00:41:20.380 do it because of the citizenship i see okay wow um yeah there's lots of gold in this podcast guys i

00:41:28.180 hope you're enjoying it hit the like button if you are um we've got a few minutes left like 15 20

00:41:33.400 minutes and then we need to wrap up but um what is it uh like what else should people contemplate as

00:41:39.120 well when they're looking at this that we haven't talked about yet i would say the lifestyle that

00:41:44.560 they're going to live in a country that has less taxes so what a lot of people think is mainly u.s

00:41:50.060 people that are moving to puerto rico is oh my lifestyle is going to be exactly the same and

00:41:53.740 everything's going to be amazing but i'm now going to pay zero percent tax well probably not and the

00:41:58.900 same applies to any other country that you move let's say you want to move from a very high tax

00:42:02.300 country like canada you want to move down to mexico and expect that the quality of life is going to

00:42:07.420 be the same and you're going to be able to drive your mclaren all over the place well if you drive

00:42:11.520 a mclaren in mexico and you put a million dollars in the bank in mexico probably somebody's going to

00:42:16.460 know about that and somebody's going to rob you at some point so do make sure that the lifestyle

00:42:21.380 in the country where you're going to to pay less tax matches what you want because if you want to

00:42:27.400 drive a ferrari or mclaren every day you probably can't do that in costa rica or el salvador or other

00:42:33.040 countries like that you if you want to drive ferrari all day then you might need to go to the uae or

00:42:37.840 singapore or other countries that are also quite luxurious and very safe so that's one thing that

00:42:41.980 many people don't consider is they say oh i'm going to move there because i saw it on the wealthy expat

00:42:46.760 channel and then they talk to me and they say oh actually i i like mountain weather well dubai doesn't

00:42:52.000 have any mountain weather so you're probably going to suffer all year or they want to go to a place that

00:42:55.720 has like four seasons well we suggest them things that have four seasons so that that's a big factor and

00:43:01.360 also family as well like if you're going to move there with kids make sure education is quite high

00:43:05.520 make sure they're not going to be bullied because they don't speak spanish which happens a lot in

00:43:09.260 puerto rico so that's something that people don't consider is there um is there a ranking that you've

00:43:14.240 done anywhere like on a website where it's like you know these are lifestyle countries these are

00:43:18.440 crypto friendly these are tax friendly these are ease of getting citizenship friendly like is there

00:43:23.220 a ranking system anywhere that you've put together i haven't done that but i will now that you gave

00:43:28.040 me that idea i usually do it on on one-to-one calls the clients come on the call and we do it for

00:43:32.720 them but i'm i'm planning a software that essentially you put like what you're looking

00:43:37.280 for what kind of tax you want to pay or comfortable paying what kind of lifestyle you want to live and

00:43:41.000 then it tells you what country you should move to yeah that'd be a useful sort of um calculator i mean

00:43:45.580 like you could almost use it as an opt-in to get them on an email let's just say you know fill out this

00:43:50.140 uh quiz and you'll be delivered a email that'll tell you you know the top three countries that meet

00:43:55.440 that criteria sort of thing sure uh we got another tuber here he says um you're experiencing crypto

00:44:02.700 exchanges in dubai any issues you had depositing or withdrawing hard kyc rules know your customers

00:44:07.720 restricting limit on how much to buy sell so yeah so what's the deal with that in dubai i would say

00:44:13.400 don't use dubai exchanges all these places that are developing or rapidly developing always use

00:44:19.000 outside services but with your id from the country so i use a bulgarian exchange it's called nexo

00:44:24.080 great exchange for cashing out crypto and cashing in or on ramping crypto but you use your dubai id

00:44:30.240 to sign up for nexo or you use binance or use ftx but you use your id from dubai so i would say if

00:44:36.960 you want to exchange in dubai or do any sort of crypto in dubai then you definitely need to use

00:44:42.660 outside exchanges and the same applies for any let's say mexico or costa rica or any of these places

00:44:48.600 don't use local bitcoin exchanges or crypto exchanges use outside but with the id from that country

00:44:53.780 um you sound reasonably bullish on crypto so what's your outlook on it over the next five

00:45:00.260 to ten years as far as um you know the cryptocurrency market i mean it's in the toilet right now it's

00:45:05.060 it is what it is just i mean my opinion is keep buying that's what i do but yours

00:45:09.980 my opinions keep buying as well uh crypto jack which is a pretty big youtube channel about crypto he's my

00:45:15.920 partner a wealthy expat he bought some shares in my company so he obviously believes 100 i believe 100

00:45:21.220 i would say when i saw that crypto could be life-changing or at least business changing was

00:45:28.060 around january february of this year when most of our sales were crypto because they were from people

00:45:34.560 that didn't have access to banking that just wanted to leave their country i had australians calling me

00:45:38.640 saying dude i want to leave australia tomorrow what do i need to do well you need to pay okay well how

00:45:43.280 can i pay you crypto yeah sure the payment was there in five minutes we set them up they moved the next day

00:45:47.700 so it really facilitates payments all over the world and i think that technology is going to keep

00:45:52.860 growing crypto is not going anywhere five to ten years i don't know we're going to be maybe a million

00:45:57.780 maybe ten thousand again but definitely the outlook is positive long term

00:46:02.200 um uh chris says forgive my naivety uh this is one of the first i've heard of the wealthy expat i will

00:46:08.320 investigate your channel do you do you do pay consultation for a private discussion on getting

00:46:12.460 some advice definitely so what you can do you can go to my channel and then on any of the videos

00:46:18.040 if you book a call that's either going to take you to me or one of my assistants what you can also do

00:46:22.680 is you can message me on whatsapp there's going to be a link always on the channel or on the

00:46:26.720 descriptions of the video for whatsapp that's my personal whatsapp number so just write me say i

00:46:30.900 watch you on playing to win or watch you on rich cooper podcast and i have this question we'll book

00:46:34.700 a call one-on-one no problem chris is also a member of the one percent too and i know the

00:46:39.680 you know the group's getting bigger but yeah he's one of the insiders jerry says bitcoin was a dollar

00:46:43.840 10 years ago crypto was not in the toilet it's it's in the toilet relative to november last year

00:46:50.480 i was i was meeting up with some of my boys last night because we're doing a rally next week and we

00:46:55.780 had to get some stickers and shirts and stuff done so we're all hanging out and shooting the shit and

00:46:59.880 you know the topic of crypto came up and almost unanimously everybody's like oh it's down from

00:47:05.380 sixty thousand dollars down to 20 it's gonna go to zero i don't understand it blah blah blah

00:47:09.460 so i mean the sentiment's good for buyers that want to acquire um you know buffett says when

00:47:14.820 there's blood in the street that's when you want to pick this uh stuff up so obviously he's not a

00:47:18.640 crypto fan he likes buying stocks but you know you can apply that to any economic condition um when

00:47:24.420 there's supply and demand issues like we're dealing with today but yeah um what else uh do people need

00:47:30.400 to know about this stuff uh my brother like um you know we got like five more minutes or so

00:47:34.640 what is it that you want to wrap up on i would say be careful with exit taxes that's something

00:47:40.100 that also people don't consider and make sure you exit your country properly so what some of my

00:47:44.540 clients for example one client from denmark he moved from denmark to dubai now he's living in dubai

00:47:49.360 and his danish accountant told him hey dude you haven't left denmark yet he's like no i left six

00:47:54.340 months ago no no the danish tax department says that you're still paying tax in denmark

00:47:57.900 and now he's leaving denmark and he found out that the date he left denmark is today six months

00:48:04.160 after he left denmark because he never actually left so do make sure that you exit your country

00:48:08.880 properly if you're looking at paying less taxes or zero tax great choose the place that you're going

00:48:13.160 to make sure the lifestyle fits you but also check the law in your home country specifically the big

00:48:17.840 four u.s canada australia new zealand they're quite tough quite aggressive and you might need to pay

00:48:22.840 20 to 30 percent exit tax now if you're in crypto let's say you had

00:48:27.320 10 million dollars in crypto now you have four well now is the right time to get out because

00:48:31.520 you're going to be paying 20 or 30 percent of 4 million not 10 and then when it appreciates again

00:48:36.040 then you're going to be able to pay zero taxes that's that's something big that many people don't

00:48:40.440 consider those are the main things so where are you going it does the lifestyle fit where you're going

00:48:46.040 make sure it's low tax or zero tax or at least territorial which means that you pay tax only on income earned

00:48:51.620 in the country also make sure that you take into consideration where you're leaving grab a couple of

00:48:57.040 citizenships and make sure they're legit because there are some fake programs i was contacted by a

00:49:02.040 lawyer selling me romanian citizenship for 25 000 that's fake there's no no such thing as a european

00:49:08.740 password for 20 30 30 000 and it is very common and it's obviously very attractive but it's fake

00:49:14.580 so the only passwords that are available truly are a hundred thousand plus to to buy them is there a

00:49:21.660 strategy where i mean we've talked about this before with um another guest where your assets

00:49:28.520 don't necessarily need to be where your ass is is it is a good idea to move assets out before you move

00:49:34.060 your ass out i would say yes it doesn't matter what country you're moving to obviously make sure that

00:49:40.580 the banking is strong that there's good laws good security but yes move all the assets move the banking

00:49:46.960 a lot of my clients for example they set up a residence permit somewhere else they open bank

00:49:51.100 accounts they travel to that country move all their assets and then a month later then they move their

00:49:56.620 family they sell their house they essentially move everything over so yes that is a great line like

00:50:02.680 move your assets and then move your ass because then it's all prepared for you there as well as prepare

00:50:09.940 things before you're ready to leave so let's say you love california but you think that california is going

00:50:15.640 down hill and it's going to be trash at some point then maybe move everything outside of california

00:50:20.980 keep it somewhere else get an id somewhere else outside of california and at some point when it's bad

00:50:26.080 enough then you have everything sorted and you can leave right away carlos here says what are a few

00:50:31.940 reasons why people want to leave their country i would say the main one is not just tax because i would

00:50:38.340 be okay paying a little bit of tax to the united states for keeping the passport or for being able to travel

00:50:44.320 there every couple of months but it's more the restrictions more the documents that you need to

00:50:48.920 submit to the government that they want to know absolutely everything about you the restrictions

00:50:52.540 from the beer bug for example australians couldn't go back home canadians couldn't travel outside without

00:50:57.960 the shot so the restrictions mainly the biggest one i would say weather also influenced a lot of

00:51:04.840 people mainly from the uk they say that the weather in the uk sucks so they want to move out as well as

00:51:09.660 business freedom but business restrictions as well so they can't invoice different companies that

00:51:16.360 they want to they can't send as much money as they want they can't use cash to do whatever they want

00:51:20.960 with their cash and their money so overall restrictions weather freedom in general obviously taxes

00:51:27.140 and also possibilities for their family that they don't want their family to continue living the

00:51:33.260 same life that they've been living um when it comes to sort of investigating you know the country

00:51:39.640 that you may want to set up a residency and what do you think is a reasonable period of time to see

00:51:43.200 what the country is really made of is it a month three months six months you know they should spend

00:51:47.500 their versus sort of figure it out see if they really like it or not i would say one month of intense

00:51:54.000 research so for example a lot of people they might go to mexico for example stay in the most

00:52:00.100 prestigious neighborhood and then don't go out of their house that much for a month you're probably

00:52:04.700 not going to find out much about the place when you do that so i would say if you're going somewhere

00:52:09.260 go for a month but do a lot of intense research act like a local so stay in a place that you would

00:52:14.480 really stay in not in a poshy hotel or a five-star hotel with a giant view from the 45th floor if that's

00:52:20.740 a realistic place that you want to live in long term then sure do that but go to a local place go to a

00:52:26.740 bank try to open a bank account go to a local financial institution and talk to them to see

00:52:31.080 what the rules are go to a local accountant local lawyer to explore the visas that they have available

00:52:36.140 talk to people like me that can explain to you immigration different places so really act as if

00:52:41.240 you're already moving for a month and see if you like it because i've been to some places i would say

00:52:46.500 prague is a beautiful place in the czech republic but i would probably never move there because the

00:52:51.140 restrictions are really high taxes are extremely complicated the government overall is all over the

00:52:56.460 place so i really wouldn't want to live in a place like that even though it's absolutely beautiful

00:52:59.640 so one month of intense research all right let's do this as a last question um what's your take on

00:53:05.940 crypto being backed by commodities i don't have that much experience with crypto backed by commodities

00:53:12.080 i would say the main cryptos that i invest in are cryptos that have been here for a while like

00:53:16.540 bitcoin eth i would say solana hasn't been here for a while but it's also quite strong and very well

00:53:21.400 backed i would say payment systems and structures for crypto those are the cryptos that i invest in

00:53:28.180 not meme coins or not on any of these new projects more like cryptos that are used for payments like

00:53:34.480 bitcoin is really easy to make payments we have eth usdt obviously made with erc20 all these cryptos

00:53:40.220 are the ones that i tend to invest in not super familiar with backed by commodities yeah i mean it's more

00:53:46.020 of a stable coin when you're talking about crypto being backed by a commodity reasonably stable anywhere

00:53:51.000 it should be but we've seen coins over the last few months like you know with lunaterra sort of like

00:53:56.060 you know explode blow up sort of thing so it's like all right you know how do you know what's what

00:54:01.100 in an in an economy like we're in today where it's uncertain we're definitely in a recession they

00:54:06.520 haven't made the official announcement i don't think yet um you're probably better off waiting if you're

00:54:11.260 looking for something more stable to put some money into that's backed by a commodity i mean

00:54:15.500 i think they have some cryptos that are backed by gold or they're purportedly backed by gold

00:54:19.440 that i think so but i haven't looked into them that much because usually like for yeah yeah yeah

00:54:28.260 just get bitcoin i mean you know it's it's the most stable like backed coin that's on the market it's

00:54:33.840 been around for the longest period of time and it's it's got a proven history it's it's it's on a

00:54:38.680 blockchain dude like it's all there man um yeah but it is what it is man you know those questions

00:54:44.280 always pop up right now because you know people are scared and that's good if you're buying you

00:54:49.000 know buy when other people are scared it's that's a good time to pick up assets like that but thanks

00:54:53.640 um thanks for popping in so again um if you want to learn more about what rafael talks about go to

00:54:58.720 his youtube channel it's tagged in the title of this video um and you know you can book a consult with

00:55:03.980 him you can learn more about his company and uh look forward to seeing a video that comes out on

00:55:08.260 some sort of ranking system or if you have some sort of quiz that comes out that'd be awesome i think

00:55:12.340 that'd be a nice little tool i'll build that thank you for telling me thanks brother appreciate it

00:55:16.960 awesome

Playing to Win - July 30, 2022

070 - How To Be a Wealthy ExPat With @Wealthy Expat

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