Top Countries for Starting Your Business

Summary

In this video, Andrew Henderson of Nomad Capitalist discusses the idea of countries competing for individuals, particularly entrepreneurs and investors, to move and do business in their nations. Drawing on the book 'The Sovereign Individual,' Henderson emphasizes the growing number of options for those looking to live, work, and invest abroad. He explores how countries are increasingly offering tax benefits, investor visas, and citizenship programs to attract productive residents. The shift away from traditional Western countries towards emerging markets is a key theme, with the idea that one should treat the world as a buffet to optimize opportunities and reduce tax burdens.

Takeaways

• 😀 The concept of *The Sovereign Individual* emphasizes that individuals should view themselves as clients, not citizens, of countries, with the freedom to choose where they are treated best.
• 😀 In today's world, there are numerous countries competing for productive residents, offering attractive tax rates, business environments, and personal freedoms.
• 😀 Many countries, especially emerging economies like Malaysia, Georgia, Cambodia, and Uzbekistan, have transformed and opened up to attract investment and talent.
• 😀 Western countries are becoming less competitive, with higher taxes, more regulations, and political pushback against wealthy foreigners bringing in capital without contributing to local services.
• 😀 Countries like the UAE, Cayman Islands, and certain Southeast Asian nations actively court foreign business and investment, often with more relaxed tax policies.
• 😀 Programs offering citizenship by investment are growing, with countries like Turkey, Greece, and the Caribbean offering opportunities for foreign nationals to gain residency or citizenship by purchasing property or investing money.
• 😀 Countries with emerging or struggling economies often welcome foreign investors and business owners, viewing them as vital sources of income, talent, and hard currency.
• 😀 While Western countries like the UK and parts of the EU are tightening their borders and making it harder to invest or gain residency, countries in Southeast Asia and Central/South America remain more open to foreigners.
• 😀 Some countries, such as Singapore, may raise the stakes for residency and investment but continue to attract high-net-worth individuals due to their economic stability and business-friendly environment.
• 😀 The shift in the global landscape means that people from Western nations who only focus on countries like the US, Canada, or Australia may miss out on opportunities in growing, emerging economies that are eager to attract talent and investment.

Q & A

What is the central concept of *The Sovereign Individual*?

The central concept of *The Sovereign Individual* is that people should treat the world like a buffet, choosing where to live, invest, and build businesses based on the best opportunities available. The book suggests that individuals should act as 'clients' rather than 'citizens' of a country, seeking out the places that offer the best personal tax rates, freedoms, and lifestyle.

How does the speaker describe the changing global environment for individuals and businesses?

The speaker explains that the global environment is evolving, with many countries now opening up to attract business, talent, and investment. This has led to increased competition among countries to offer the best opportunities for entrepreneurs and investors, allowing individuals to choose the countries where they are treated best.

What does the speaker mean by 'being a client, not a citizen'?

By 'being a client, not a citizen,' the speaker means that individuals should view themselves as consumers of countries' services and benefits, rather than feeling bound to one particular nation. This mindset allows people to explore different countries, taking advantage of the best policies and opportunities offered by each.

Which countries are mentioned as examples of emerging economies that are now more attractive for business and investment?

Emerging economies such as Malaysia, Georgia, Cambodia, and Uzbekistan are mentioned as examples of countries that have opened up dramatically in recent years, offering new opportunities for investment and business. These nations, which were once restricted, are now becoming key players in the global economy.

What are some of the benefits of moving to countries like Portugal and Greece, according to the speaker?

According to the speaker, countries like Portugal and Greece offer attractive tax incentives and programs for individuals who want to invest or live there. For example, Greece offers a tax incentive for people who buy real estate and may have easier access to residency through investment, making it an appealing destination for foreign investors.

How does the speaker view the future of Western countries' approach to attracting foreign investment?

The speaker believes that Western countries, particularly those in Europe and North America, will become increasingly difficult to access for foreign investors and entrepreneurs due to rising taxes, regulations, and political resistance to allowing wealthy individuals to move in without contributing heavily to local services.

What are the characteristics of countries in Southeast Asia that make them attractive to investors and business owners?

Countries in Southeast Asia, such as Thailand, Malaysia, and the Philippines, have long been open to foreign investment. They offer flexible visa programs, good tax policies, and favorable conditions for crypto investors. These nations also have relatively affordable real estate markets and a welcoming environment for business owners.

What is the general attitude of countries in Latin America towards attracting foreign talent and investment?

Latin American countries, in general, are described as being very open to foreign talent and investment. They are accustomed to immigrants and actively encourage people to bring in their income, businesses, and pensions. The speaker suggests that Latin America is a key region for those seeking to relocate and benefit from favorable economic conditions.

How has the COVID-19 pandemic affected countries' policies towards foreign investment?

The pandemic has led some countries to become more jingoistic and stricter in their border controls, but overall, the speaker believes that the global trend towards attracting foreign investment and talent remains strong. While some countries have tightened their borders, others have introduced new programs to attract business and investment.

What is the future of citizenship by investment programs, according to the speaker?

The speaker believes that citizenship by investment programs will continue to grow in popularity, with more countries offering such programs in the future. As demand for these programs increases, the speaker predicts that prices for citizenship by investment may rise, particularly for new programs and in countries seeking to boost their economies through foreign capital.