Best Countries for Americans to Escape to NOW
Summary
TLDRIn this interview, Andrew Henderson, CEO of Nomad Capitalist, discusses his decision to leave the United States and renounce his U.S. citizenship, citing the burdens of taxation and other requirements. He explains how global trends, including shifting wealth to the East, influenced his decision to pursue international opportunities. Henderson shares insights on the benefits of living abroad, highlighting countries like Malaysia, Mexico, and Uruguay for their favorable tax policies, ease of doing business, and quality of life. The conversation touches on geopolitics, American foreign policy, and the increasing interest in global citizenship among Americans.
Takeaways
- 🌏 Andrew Henderson renounced his U.S. citizenship due to the extensive requirements associated with being a U.S. citizen, including high taxes and regulations.
- 💡 Andrew is the CEO of Nomad Capitalist, which assists global citizens in obtaining second passports, reducing tax liabilities, and safeguarding their assets.
- 📈 Andrew believes that global wealth is shifting towards the East and wants to be part of that trend, which influenced his decision to live abroad.
- 💰 The speaker highlights that emerging markets are becoming increasingly prominent, with countries like Vietnam and Indonesia offering more favorable opportunities for high-net-worth individuals compared to Americans.
- 🏡 Kuala Lumpur, Malaysia, is praised as an excellent place for expats due to its high-quality healthcare, low cost of living, and tax-friendly environment.
- 🌍 Andrew mentions that Americans often have a 'bubble' mentality, with many not having passports or understanding life outside the U.S., but once they travel, they gain a broader perspective.
- 🌐 There is a trend of Americans looking to diversify their assets and potentially live abroad due to economic uncertainty, inflation, and geopolitical factors in the U.S.
- 🔍 The video discusses how emerging world passports are gaining more access and prominence, with fewer barriers than before.
- 💼 Henderson mentions that doing business in countries with fewer regulations can be more efficient and cost-effective for entrepreneurs, making global opportunities more appealing.
- 🤝 Andrew emphasizes that countries such as Turkey and Malaysia are more open and accepting than many Americans realize, highlighting that misconceptions about these places are often inaccurate.
Q & A
What motivated Andrew Henderson to give up his U.S. citizenship?
-Andrew Henderson gave up his U.S. citizenship due to the various requirements that come with being a U.S. citizen, not just taxes but regulatory burdens that he felt were easier to avoid by moving abroad. He also found better social and business opportunities outside the U.S.
How does Andrew view the shift in global wealth and opportunities?
-Andrew believes that global wealth, which had been moving West for many years, is now shifting back to the East. He wanted to be part of this shift, seeing greater opportunities in emerging markets, especially in Asia.
What are some of the challenges Andrew highlights about being a U.S. citizen when conducting business internationally?
-Andrew highlights the regulatory burden that comes with being a U.S. citizen, which can make it harder to do business globally. He mentions that U.S. citizens are subject to more checks and requirements, making them less attractive clients for international banks compared to wealthy individuals from emerging markets.
Which cities or countries does Andrew recommend for Americans considering moving abroad for better business or lifestyle opportunities?
-Andrew recommends Kuala Lumpur, Malaysia for its low cost of living, good healthcare, and friendly tax policies. He also mentions Mexico for its cultural similarity and proximity to the U.S., Colombia for part-time living, Uruguay, and Eastern Europe for a more low-key lifestyle.
How does Andrew describe life in Kuala Lumpur, Malaysia, and why does he prefer it?
-Andrew describes Kuala Lumpur as a gem of Asia, offering high-quality healthcare, low prices, friendly people, and great weather. He also appreciates its tax-friendliness and multicultural environment.
What misconceptions about living in Muslim-majority countries like Malaysia and Turkey does Andrew address?
-Andrew explains that many Americans have misconceptions about living in Muslim-majority countries. He says that in places like Kuala Lumpur and Istanbul, locals are generally very tolerant of different lifestyles, and no one imposes their beliefs on others.
How does Andrew’s experience living in multiple countries shape his view of global citizenship?
-Andrew’s experience living in various countries, including Malaysia, Colombia, and Eastern Europe, has made him appreciate the flexibility and opportunities of global citizenship. He believes that living abroad offers better social, business, and financial opportunities compared to staying in the U.S.
What does Andrew think about Americans’ view of their country and the world when it comes to living abroad?
-Andrew believes that most Americans live in a bubble and don’t fully understand the world outside their country. He points out that many Americans don't travel or have passports, and this limits their understanding of global opportunities.
How does Andrew see the future of American foreign policy and its impact on global conflicts?
-Andrew suggests that American foreign policy decisions have complicated the country's global standing, contributing to endless conflicts. He doesn’t foresee a quick end to these wars and believes this contributes to the appeal of moving abroad.
What advice does Andrew give to Americans looking to diversify their assets and reduce tax liabilities?
-Andrew advises Americans to look for opportunities to establish residency in other countries, such as Malaysia or Mexico, to benefit from lower tax rates and better business environments. He emphasizes the importance of global diversification to safeguard assets.
Outlines
🌍 Giving Up US Citizenship and Pursuing a Global Life
The speaker explains why they decided to leave the US and eventually gave up their US citizenship. They discuss the many requirements that come with US citizenship, such as taxes, and contrast them with the freedoms Canadians and others enjoy. They also mention a friend who feels more comfortable living in Eastern Europe and Istanbul than in the Deep South of the US, highlighting how different places can offer better social opportunities and personal comfort. The introduction wraps up with a welcome to guest Andrew Henderson, CEO of Nomad Capitalist, detailing his success story in helping global citizens gain second passports, reduce taxes, and safeguard assets. Henderson’s work, YouTube channel, and upcoming event in Kuala Lumpur are also highlighted.
💼 Leaving the US for Better Opportunities and Social Mobility
Henderson shares his reasons for leaving the US, including the desire for better opportunities and social mobility. He points out that the wealth is shifting from the West to the East, motivating him to be part of this global shift. He reflects on how technology enables business from anywhere, comparing the quality of internet in Malaysia to New York. Henderson emphasizes that life abroad can offer better quality of life and lower costs, while also avoiding the political polarization seen in the US. He provides examples of countries like Georgia gaining visa-free access to China, showing the growing attractiveness of emerging market passports.
🌏 Navigating Global Business and US Policies
Henderson and the host discuss how global business strategies are influenced by US policies, such as those under Trump, particularly concerning China. Henderson expresses the advantages of being based in neutral countries for doing business globally, noting that emerging markets are becoming increasingly attractive for entrepreneurs. He also highlights the regulatory burden on American wealth, where banks and investment funds are less interested in American clients compared to wealthy clients from emerging markets. The conversation explores the challenges of being an American abroad, including regulatory restrictions, but also offers insight into the growing opportunities for diversification outside the US.
🏡 Best Countries for Americans Moving Abroad
For Americans considering moving abroad, Henderson provides recommendations for countries offering good lifestyle and business opportunities. He suggests Kuala Lumpur as one of the best value places in the world, with excellent healthcare, low cost of living, and high quality of life. He also mentions Mexico, Colombia, Uruguay, and Southern South America as attractive options for different needs. Henderson explains how setting up residency permits in other countries can open up banking and investment opportunities while avoiding the complex regulations tied to American citizenship.
🌆 Kuala Lumpur and Misconceptions About Muslim Countries
The host and Henderson discuss Kuala Lumpur as a melting pot of cultures, with people from diverse backgrounds living together harmoniously. Henderson dispels common American misconceptions about Muslim-majority countries, pointing out that cities like Kuala Lumpur and Istanbul are much more liberal and tolerant than people often assume. He shares his personal experiences in both cities, emphasizing that people are free to live as they choose, regardless of their religion or lifestyle. The discussion highlights the openness and multiculturalism found in these regions, making them appealing destinations for expatriates.
Mindmap
Keywords
💡US Citizenship
💡Nomad Capitalist
💡Second Passports
💡Global Citizens
💡Tax Liabilities
💡Emerging Markets
💡Cost of Living
💡Visa-free Access
💡Geopolitics
💡Quality of Life
Highlights
Andrew Henderson left the United States and gave up his US citizenship due to the numerous requirements, including taxes, that come with it.
US citizens face numerous requirements beyond taxes, unlike Canadian citizens who have fewer obligations in this regard.
Andrew noticed a shift in global wealth from West to East and wanted to be part of emerging opportunities in Asia.
He highlights the better quality of life and cost of living in countries like Malaysia, where internet connectivity and living standards can be superior to the US.
Nomad Capitalist has become the number one resource for global citizens, helping them acquire second passports, reduce tax liabilities, and safeguard assets.
The Nomad Capitalist live event in Kuala Lumpur, Malaysia, gathers influential people, including Nigel Farage and Tony Fernandez, showcasing the event's global reach.
Americans often don't understand the world outside their bubble, with many never leaving the US or obtaining passports.
Andrew highlights that living abroad offers a different perspective on the United States, its foreign policy, and how the world views America.
Banks and investment funds in places like Singapore often prefer wealthy clients from emerging markets over Americans, due to fewer regulatory burdens.
Andrew considers Kuala Lumpur one of the best-value places in the world for residence, citing its excellent healthcare, great food, friendly people, and low costs.
Americans are increasingly looking to acquire second passports and diversify their assets abroad, especially in response to US inflation and political uncertainty.
Mexico is highlighted as an appealing location for Americans due to its proximity, time zone, and similar culture.
Eastern Europe and Istanbul are mentioned as regions where people may feel more comfortable than in the US, including for LGBTQ individuals.
Malaysia, particularly Kuala Lumpur, is often misunderstood as a restrictive Muslim country, whereas in reality, it is a diverse and open society where people of different cultures coexist peacefully.
Turkey and Istanbul are described as progressive and welcoming, contrary to many Americans' misconceptions about safety and culture in Muslim countries.
Transcripts
I left the United States and then I went
on years later to actually give up US
citizenship because US citizens have uh
a lot of requirements it's not just
taxes there's a lot of requirements that
that come with being a US citizen that
Canadians for example don't have I have
a friend he he he grew up in um in the
Deep South in the US he's gay he feels
much more comfortable in Eastern Europe
and in Istanbul than he does where he
grew
up all right well everybody I have a
very special show today I'm very excited
to welcome into the studio Mr Andrew
Henderson now Andrew is the CEO of nomad
capitalist and his story is actually
quite amazing at a young age he was
earning a very high salary but
unfortunately he was also paying for
that um at one time you know having a
tax rate of up to
43% now he really basically started this
company at a necessity and it has
quickly become the number one resource
for Global Citizens helping people
around the world uh gain access to
Second passports reduced tax liabilities
and learning to safeguard their assets
uh Nomad capitalist is also a very
popular YouTube channel with over
770,000
subscribers Mr Henderson is also a
published author producing the number
one best-selling book entitled Nomad
capitalist and finally there's also the
Nomad capitalist live event which is
going on in koala lmore Malaysia this
September 25th to the 28th Andrew I'm
very happy because I'm going to be
actually a guest speaker at that very
excited to be meeting you in person
along with many other distinguished
people from around the world all
gathering in qual lumore but first of
all want to give a warm welcome to our
studio and our show today well thanks I
I think it's going to be great to have
you we've got um you know Nigel farage
is coming from brexit we've got the CEO
of Air Asia Tony Fernandez we've got
some great folks like yourself so uh
really excited to do it with you and and
glad you could uh have us on oh
absolutely wrew I mean as you know I
primarily discuss geopolitics around the
world I'm very interested in how China
and Russia and you know we're looking at
the current conflict in the Middle East
as well there's so many different
Dynamics coming into play and I also am
looking back at our home country of the
United States we're looking at a very
kind of turmoil time right now uh
inflation is through the roof uh we are
seeing um you know that is just really
hurting the average American Consumer of
course we have the 2024 presidential
election that's upcoming a lot of
uncertainty around that so I think
there's an interesting Trend in that is
certainly a lot of Americans are you
know starting to look at actually going
overseas or certainly acquiring a second
passport and kind of diversifying their
assets I think you know my story as well
I've lived abroad for over 10 years in
both um sorry abroad over 15 years
having lived in China Hong Kong and also
Canada as well but I want to talk about
you you know like looking back what are
the key factors that influenced your
decision to leave the United States and
pursue a life abroad I left the United
States and I went on years later to
actually give up us US citizenship
because US citizens have uh a lot of
requirements it's not just taxes it's a
lot of requirements that that come with
being a US citizen that Canadians for
example don't have and I think the
reason anyone leaves their country is
they think that there's something better
somewhere else and to some extent The
Grass Is Always Greener they say but I
think that for me I found better social
opportunities I thought that you know
the world was shifting if you look at
just a graph of where wealth is in the
world I mean it was moving very much
Westward for quite a number of years and
now it's moving back to the east for the
first time uh in a long time and I
wanted to be a part of that I wanted to
see those
opportunities um and I thought along the
way okay well how does that affect my
taxes because I was running you know
some businesses that were done on the
phone basically they were done on a on
an internet phone and I said okay well
there's internet everywhere in fact just
talking to a friend of mine in New York
the other day I his internet was a lot
slower uh and more splotchy than mine
was
uh in let's say Malaysia where I live
and so I just said okay there's just the
the quality of life the cost of living
that's not as much of a factor for me
any anymore but you know way back in the
day that was something you can you can
make your dollars go a lot further the
cost of living the quality of life is
better in other countries um you know
politically speaking people AR on each
other's throats and I'll tell you this
I'll tell you what I think people you
know that's happened since I left many
years ago I woke up this morning and one
of the people on my team team who lives
in Georgia said that the Georgian
Georgian citizens now can go Visa free
to China it's a country I know you're
familiar with you know so you see a lot
of the countries in the western Balkans
that have gotten visa-free access to
Russia and China Armenians a couple
years ago had got access now Georgians
have access they got access to Russia as
well like Georgian passport uh some of
the Balkan passports they've got
substantially better there's not nearly
as much of a Delta between let's say a
US passport and some of these kind of
emerging World passports the way there
once was but
I look at the same headlines oh well you
know Trump you could like Trump you
could not like Trump but Trump wants to
have certain policies with China and
what have you and I say to myself if
that happens and I'm an entrepreneur and
I'm selling products globally or I
Source my products in China I have a
factory or whatever do I want to be in a
country that's more neutral and just
gets along with everybody gets along
with Europe gets along with China just
Minds their own business or do I want to
have The Scarlet Letter in a world where
emerging markets are increasingly
gaining prominence including in my
business where we have more and more
clients that hire us from Emerging
Markets all around the world why would I
make it harder for myself to do business
yeah no that's a good that's a very good
um uh response there and I think that's
that's really the sentiment I think of a
lot of Americans once they once they
actually do go abroad of course you know
you and I would be very much the
minority of Americans that have lived
abroad for a long number of time and I
think there's a bubble that exists in
America right I mean when you know for
most people they you know most americ
Americans don't have passports most
Americans never leave this country so
it's it's it's difficult for them to
understand what's going on outside that
world but I think once you do get
outside you can really look at the
United States in a very different way
you can kind of see how the world looks
at America and it's not always as bright
and rosy as we Americans probably think
I mean don't get me wrong I think you
and I we probably you know we both love
our country both love the United States
there's certainly some good aspects
about that um but I think our foreign
policy decisions around the world and
that kind of goes into my realm of
geopolitics I think has really uh
complicated things a lot and we're
seeing that you know with all of these
conflicts and wars that we are getting
involved in that seemless seem endless
you know and really there is no Pathway
to ending these wars anytime soon I mean
I'm sure a year from now two years from
now will still be very much involved in
this um let's kind of continue this
thread though um you know for Americans
that might be contemplating a move
abroad um which countries or regions do
you like as far as lifestyle investment
opportunities and like you said you're
an entrepreneur so kind of the ease of
doing business well let me just piggy
back in your last comment real quick and
I think we saw during the pandemic you
saw Americans starting to get passports
you saw people wanting to travel you
people wanting to get out but I think
that there's still a bubble of people
really think oh well but okay like we'll
travel and we'll go somewhere
temporarily but this is still the best
place so good for people for traveling
but the story I've been telling is I met
one of my Bankers Private Bank based in
Singapore come to a dinner where I live
in qualton po I live there part of the
year and and I asked I said confirm my
suspicion you'd rather have a wealthy
Vietnamese or Indonesian client than a
wealthy American or German client she
said absolutely there's far less
regulatory burden we understand them
more uh we could care less where your
money comes from and we have clients
from some of those emerging Asian
countries emerging Latin American
countries they have $100 million they
have $200 million why does a bank in
Singapore care who $100 million think
some of these Americans think that their
10 million is more attractive to these
Banks and investment funds than some
Vietnamese guys $100 million nobody
cares anymore your $10 million comes
with way too many requirements and
strings and regulations they've got to
check everything it's not nearly as
profitable like there's not this insane
demand around the world now there's
plenty of banks who will take Americans
to answer your question I mean one of
the things you can do to set up more
opportunities to bank around the world
and to move your assets and and by
banking often times invest in those
local markets uh is to have residence
permits I think the Best Value Place in
the world is qualum poor Malaysia I've
lived there for a long time we're
hosting Nomad capist live there now I'm
not saying it's the absolute best but
you've got some of the best healthc care
in the world almost on par with
Singapore at insane I mean we put out
videos on this insanely low prices you
know how cheap it is great care people
trained in the UK it's great great food
super nice people nice weather very tax
friendly um and
so for me I mean insanely cheap in a
world of inflation because because their
currency is weaker it's a 26-year low
you get a lot of bang for your buck and
so I enjoy spending the winners there
and that's why for having a large event
where you know I could have the event in
Dublin Ireland or in Dubai but you'd pay
a lot lot more you wouldn't get more as
a guest of an event so I think qual and
poor is is the is the gem of Asia um I
think that Americans who who who maybe
are willing to have a bit of a language
barrier but they want a similar culture
Mexico a lot of people have gone to
Mexico I've been talking about that for
eight or nine years people are now
catching up with that um very similar
culture a lot of people go within Latin
America for the time zone I have a home
in Colombia that's not a place to live
fulltime because of the tax um Uruguay
is interesting I think people who want
to plan B far away from it all similar
time zone obviously with the new
president in Argentina that's an
affordable place to go Doug Casey who
was a mentor of mine I mean he he talked
for years about being the kind of the
ignored Foreigner they don't they don't
bother down in Argentina I think
southern South America is interesting um
we've talked about places in Eastern
Europe people are more brusk but if you
just want to kind of be left alone um
you know there's a culture of that so I
think those are some places to look I
mean there's opportunities everywhere
quite frankly I I have homes in seven
places um but I think those are some
that stand out for the average person
and that's the thought process yeah
that's good I'm really looking forward
to going to qualm uh because it is
actually one of my favorite cities in
Asia I've traveled there frequently and
I agree with you it's also it's a great
melting pot because there's so many
different cultures and uh you know
you've got Indians there malaise you've
got Chinese so I I I almost said you
know you can kind of experience all of
Asia in one city it really is a great
representation and I here here's one
misconception to Americans still have
they say it about Istanbul where I stop
in occasionally they say it about kual
andur oh it's a Muslim
country what you don't understand okay
listen Maybe in Saudi Arabia well we had
a guy who spoke last year zuie spoke he
grew up in Saudi Arabia before any of
the recent reforms he said it's not what
you think it is that's his opinion but
maybe that place is a bit more strict
qualum poor zero people care what you do
if you're not Malay Muslim zero they
don't care what you wear they don't care
who you love they don't care they will
literally tell you to your face we have
a standard for ourselves as practicing
Muslims what you do is your relationship
with whatever God you want to to have in
your life and I think it's a great
misunderstanding um and you'll see to
your point you'll see people who are
Malaysian Chinese Malaysian Indian who
are expats from all over the world they
don't dress to the Muslim standard they
drink alcohol nobody cares right yeah I
found the same way I actually went to
Turkey in uh November for the first time
and I've had very similar experience you
know it's a certainly a Muslim country
and you know a lot of Americans actually
when I told my friends I was going there
they were like wow are you going to be
safe over there and and you couldn't it
was fantastic it had a wonderful visit
it was a great experience in turkey and
I mean even for most Turks that they um
you know they're very open very very
Progressive and it's it's fantastic
fantastic City fantastic country and the
places where you're going to go by the
way it's hard to he the places that
you're going to go are are going to
match I have a friend he he he grew up
in um in the Deep South in the US he's
gay he feels much more comfortable in
Eastern Europe and in is
than he does where he grew up now maybe
he would feel a little bit more
comfortable in New York than in Istanbul
but in my neighborhood in istanb it's
pretty much the same as New York so you
know I I I you know I mean listen
there's people who live in Boston who
are paying a lot of money in taxes they
would be better off moving to Ireland
being non-doms for tax purposes lowering
their tax bill to you know 10% on the US
side and they probably have a similar
culture rather than moving to Dallas
Texas right but we we don't make that
correlation
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