Best Countries for Americans to Escape to NOW

Summary

In 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

00:00

🌍 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.

05:00

💼 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.

10:02

🌏 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.

Keywords

💡US Citizenship

US Citizenship refers to the legal status of being a recognized member of the United States, which comes with both rights and responsibilities. In the video, the speaker mentions giving up US citizenship due to the burdensome requirements, such as taxes and other regulations, which made living abroad more appealing. This highlights the theme of seeking more freedom and fewer obligations as a global citizen.

💡Nomad Capitalist

Nomad Capitalist is a company that helps people diversify their assets, gain second passports, and reduce tax liabilities by providing advice on living abroad. It reflects the growing trend of 'global citizens' seeking better financial, lifestyle, and business opportunities outside their home countries. In the video, the speaker, Andrew Henderson, is the CEO of Nomad Capitalist, which he founded to meet his own needs for financial freedom.

💡Second Passports

Second Passports are additional citizenships that individuals obtain from countries other than their homeland, often for reasons such as tax reduction, global mobility, or better business opportunities. In the video, the speaker emphasizes the value of acquiring a second passport to gain access to new markets and protect one’s assets, which ties into the broader theme of optimizing global opportunities.

💡Global Citizens

Global Citizens are individuals who transcend national borders by living, working, or investing in multiple countries, often for lifestyle, business, or tax reasons. The video promotes the idea of being a global citizen to escape the limitations of one's home country, particularly in terms of taxes and regulations, while embracing the benefits of living abroad.

💡Tax Liabilities

Tax Liabilities refer to the amount of tax an individual or business owes to the government. In the context of the video, the speaker discusses how US citizens, regardless of where they live, are subject to taxes and complex financial regulations. Reducing tax liabilities is a key motivation for individuals considering renouncing US citizenship or relocating to more tax-friendly countries.

💡Emerging Markets

Emerging Markets are economies that are in the process of rapid growth and industrialization, offering new opportunities for business and investment. In the video, the speaker highlights the shift of global wealth from the West to emerging markets, particularly in Asia, and how being present in these markets can offer better opportunities for entrepreneurs and investors.

💡Cost of Living

Cost of Living refers to the amount of money needed to sustain a certain standard of living in a particular location. The speaker in the video notes that living in countries like Malaysia offers a higher quality of life at a much lower cost compared to the US, making it a key factor for people deciding to relocate abroad.

💡Visa-free Access

Visa-free Access means the ability to enter a country without the need for a visa, making travel and business easier. The speaker mentions how countries like Georgia are gaining visa-free access to major nations like China and Russia, which is part of the appeal for individuals looking to expand their global mobility through second citizenship.

💡Geopolitics

Geopolitics refers to the influence of geography on politics, especially in terms of international relations and conflicts. In the video, the speaker touches on how geopolitical tensions, such as those involving the US, Russia, and China, affect business decisions for global citizens, emphasizing the importance of being in neutral or less politically charged environments.

💡Quality of Life

Quality of Life encompasses the overall well-being of individuals, including factors like healthcare, safety, and comfort. The speaker compares life in countries like Malaysia to the US, arguing that quality of life can often be better abroad due to lower costs, friendlier tax policies, and less political tension, making relocation a key consideration for global citizens.

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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