Andrew has discussed in the past why going for the cheapest and/or fastest passport might not always be the wisest decision, but what about acquiring an economic citizenship? For Westerners, particularly U.S. citizens, who are looking to pay less in taxes, leave the U.S., and live a digital nomad lifetime, you may want to consider your options, and take actions on them, sooner rather than later.
Key Takeaways:
Andrew's Editorial:
[1:55] The most popular articles on Nomad Capitalist are about how to get the fastest citizenship.
[2:15] Are you a successful business owner paying too much in tax?
[3:35] The idea of paying for a citizenship seems distasteful for many Westerners.
[4:30] What kinds of people should renounce their U.S. citizenship?
[7:20] Andrew believes that in the future you will see a lot more citizen-based taxation in other countries, like the way the U.S. has it.
[7:45] It’s not easy to leave Norway.
[12:15] If you’re a Westerner or U.S. Citizen looking to get a 2nd citizenship within months, then Dominica may be your best bet.
[14:15] If you’re planning on leaving the U.S., then you may want to apply for an economic citizenship now, before you move overseas.
[18:05] Dominica currently offers the best provisions for a Westerner.
Interview:
[21:00] Why did Waleed become an entrepreneur?
[25:20] Most of Waleed’s friends from Egypt are traveling the world, too.
[26:10] Why did Waleed move to Belgrade, Serbia?
[29:00] What kind of flags has Waleed planted so far?
[31:30] Why did Waleed set up his company in the UK?
[33:05] Why does Waleed like Uruguay?
[34:20] What has Waleed achieved outside of his home country, that he wouldn’t be able to do if he still lived there today?
[36:15] Waleed recently married a Serbian citizen.
The Lightning Round:
[38:35] One business – Doughnut shop.
[39:10] One country – N/A
[39:55] One book – What's Wrong with Eating People?, by Peter Cave
[41:05] One tool – N/A
Listener Question:
[43:50] What’s the biggest mindset recommendation for someone getting started?
[45:00] Mindset helps you get things done!
[45:30] A scarcity mindset can lead us to make the wrong decisions.
[47:20] Accept personal responsibility for your actions.
[51:40] What’s holding you back?
[53:20] Andrew has been the guy that points the finger, when it’s really his fault for not taking action sooner!
[55:35] The problems go away when you approach things the right way.
Mentioned in This Episode:
Email: Andrew@NomadCapitalist.com
Four Case Studies for Renouncing US Citizenship
What's Wrong with Eating People? by Peter Cave
