Remote workers: Go where you are treated best.
On day 3 of the Remote Summit I came across this very interesting interview with Andrew Henderson, MD of Nomad Capitalist. His interview was based around the financial benefits of being a Digital Nomad (as long as you know what you are doing). It was inspiring because he pulled no punches, he spoke his truth and he spoke with fire. If you want to have a remote lifestyle? You should be doing it already!
The idea that changing your location to get the best you can out of your work and personal situation is attractive and the cost of getting this right can be substantial.
Points covered in the interview.
- How an entrepreneur working remotely can save on taxes legally.
- Why you should move to a place where you are treated the best.
- What all is needed to create a lifestyle of greater freedom.
- Does leaving one’s home country make more Business sense.
Andrew was very clear on these 3 main points.
- There are so many misconceptions for remote workers. Get going with finding out what is real and what is not, especially when it comes to tax savings. Be smart with your money. Why invest in your own country when another geography can bring you better return?
- Stop the bleeding: Save on taxes by going where you are treated best. If you are in any Western country, you are paying a lot of taxes! Go where you are treated the best. If you can drop your tax from 45% of income down to 1% why wouldn’t you?
- Build your lifestyle options. Freedom is everything. You want the option to go where you are treated best also from a lifestyle perspective. Having two citizenships gives you two options, and its also a good personal and business insurance policy!
Some key quotes or paraphrases I pulled out of the interview with Andrew included:
- ‘Plant your flag where you are treated the best. Just because you are from a country, does not mean that everything in your life must happen there. Its time for us be completely free.’
- ‘Governments are wising up to the changing workforce. The challenge for digital nomads is ensuring you are tax compliant. Its no longer about being in the country for only a certain amount of time, and so its important to do your tax planning and to be clean before you move on. Governments are becoming smarter at finding out when you are leaving, where you are going and how often you are coming back.’
- As an MD of a 100% remote workforce, what is your best tip? ‘Do it yourself, so that you can understand the challenges of your team.’
- Are there any challenges while dealing with clients and not having an office?
‘I found that choosing the right people is very important. Your behaviour is very important to getting results. If you are not convinced that I am the person who can help you, I probably am not the right guy for you. If a client wants me to have an office then I am probably not the right guy for them! You can focus on serving the people that you want to serve in the most beautiful way rather than just clutching at dollars.’
- ‘If you are going to work remotely, own it!’
- ‘If you are not remote, its because you don’t want to be’.
- ‘Having too many options creates the fear of missing out. Learn to know your own best and worst-case scenarios for YOU.’
- ‘The best way to get started: Just because you are not in typical western countries doesn’t mean you can’t do it! I’m a big fan of simplicity. My simple advice, buy a plane ticket and just do it! We spend so much time deliberating that we don’t get around to doing. Not doing it is not doing it. There’s no middle ground – you are either living remote or you are not. ‘
More about the speaker.
‘Andrew Henderson born and raised in the U.S., Andrew is an investor, world traveller and an entrepreneur who left Arizona State University to start his own business and 4 US businesses later, sold everything and decided to travel the world. While his search began with an idea and a few bucks to invest, he now is the managing director of Nomad Capitalist, investor, entrepreneur with a remote team from all around the world who travels around 15-20 countries every year: Finding best places to live and start or move your business, strategies and obstacles regarding getting a second residency or passport, save up and pay less tax and become a global entrepreneur and citizen of the world.’ (source: The Remote Workforce Summit 2018).
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Photo by Dustin Lee