Go where you’re treated best.
It’ll make all the difference.
Nomad Capitalist (Andrew Henderson) popularised the practice and now, he’s doing the same for countless other people who want to save money in taxes.
Here’s the thing: we all want to earn money, and aspire to a financial future where we don’t have to think about savings.
But once we do reach that position, the unpleasant reality of taxes hits us.
And the more you earn, the higher taxes you pay.
This entire realization is what gave birth to Nomad Capitalist.
But is it worth it, how do I pay 0% taxes?
Let’s find out.
What is a Nomad Capitalist?
It is a way of life primarily for entrepreneurs and investors who want legal and holistic strategies to reduce their taxes and in turn, increase their wealth.
It involves offshore financial planning which helps you expand your wealth with a plans tailor-made for you.
It entails taking care of all the legalities that come with growing your money offshore in countries that have lower taxes.
Not only do you save a huge amount of cash, but this entire idea makes you a global citizen and investor.
With more money comes more freedom to invest it all, or do the philanthropic work you have been putting off because after paying those hefty taxes, you are hardly left with anything.
In that case, the Nomad Capitalist lifestyle is your way out of the taxpayer’s hamster wheel.
Let’s talk about the services that rich people are availing and at the same time how you and I could get this knowledge potentially for free.
Before I show you exactly how this lifestyle works, let’s get to know the man behind the plan.
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Who is Andrew Henderson?
Just like everyone else, Henderson also started with the American dream of making money and finding his footing in his country.
At 22, he dropped out of Arizona State University to put in more hours at his startup.
By this time, Andrew was already making more money than he had set out to make.
After his initial success, Henderson managed to run his business on autopilot and travel the world, For business purposes and otherwise, he was spending just six months in the States.
But he was still paying taxes in full, and they made up approximately 43% of his entire income.
What was left after the taxes was reinvested into other projects.
Suffice it to say, this is what led to him creating Nomad Capitalist.
So if you are going through this taxman’s punching bag scenario, just like Andrew did, you might be wondering if there’s a smarter way out.
Andrew has travelled the world to research different offshore strategies and procedures that would help him save money.
The journey hasn’t been easy or inexpensive, but he managed to reduce his taxes from 43% to a mere 1% in the past decade.
How Do You Become a Nomad Capitalist
It all comes down to a custom-made nomad strategy consisting of three steps :
These strategies help seven and eight-figure entrepreneurs/solopreneurs/investors keep more of their money to themselves and become citizens of the world.
Step 1: Robust Financial Planning
This is the backbone of any Nomad financial strategy.
You need to devise a plan of action for growing your wealth.
Some of the strategies include:
Opening foreign bank accounts
Starting offshore companies
Exploiting legal tax strategies to ensure you create more wealth
Fun Fact : According to Henderson, some of his clients have almost doubled their wealth in just a few years.
Securing Citizenships
Every country has different taxes and regulations for their citizens.
And the whole idea of Nomad Capitalist hinges on going to a country that helps you save money by cutting down on your taxes.
For this, you will need to do research and go for dual citizenships to expand your business.
Nomad Capitalist helps you in securing a second-residence visa or a citizenship, allowing you to legally reduce your taxes and increase your wealth.
Investment planning
Just keeping your money in an offshore account will not magically grow it.
And considering inflation, the value of your current income will decrease over time.
This is why, reinvesting the money you have earned is your next step to financial freedom.
From a new business overseas to real estate and gold and silver vaults, the options are endless.
Nomad Capitalist helps you in figuring out what works best for you.
Nomad Capitalist Book Review
The official book, Nomad Capitalist: How to Reclaim Your Freedom with Offshore Bank Accounts, Dual Citizenship, Foreign Companies, and Overseas Investments, gives you a peek in the lifestyle of Andrew Henderson, and answers all your questions about global business, tax strategies and going for that second citizenship.
Keep in mind, while the book does explain the basics, you’ll also get specific advice about:
Citizenship opportunities
Banking
Countries
He also explains the merits of investing in different markets and in turn, helps you grow your money.
Everything is told in the trademark language of Henderson that is full of wit, humour and numerous anecdotes to help you increase your understanding how all of this works.
Due to the bad rep offshore companies get, you might have a lot of misconceptions, and Henderson is here to clear up all of them.
Go where you are treated best
Personally, I find the book to be a great read if you’re interested in increasing your wealth by reducing your taxes, especially for beginners.