Bobby Casey, a seasoned entrepreneur and international tax expert, specializing in company structure, residency and tax planning for location-independent entrepreneurs. He runs BusinessAnywhere.io and GlobalWealthProtection.com.
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Guest Resource
Business Anywhere – Fuel Your Dreams, Register Your Business Today.
3 Value Bombs
1) When you are living homebased, everything is location dependent. Social, government and banking are all built around it. Now with the rise of the nomad, people have options to live in other places that will save them from tax liabilities.
2) Having an offshore holding company where you will pay the salary is a big tax saver.
3) If you want to do it, go for it. Don’t be afraid to take the leap to be a location-independent entrepreneur.
Sponsor
HubSpot: Get ready for growth, without the growing pains! Visit HubSpot.com/spotlight to see the dozens of major product updates that’ll make impossible growth feel impossibly easy!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: Nomad Nation: Thriving as a Location-Independent Entrepreneur
[1:25] – Bobby shares something that he believes about becoming successful that most people disagree with.
- Most people who are getting into their own business are focused on chasing the money but they should be chasing the value of the business and focusing on the things they can do to improve the quality of life for their clients.
[2:56] – Bobby talks about The Rise of the Digital Nomad.
- The rise of the digital nomad started back in 2004-2005 and Skype was the catalyst that kicked it off.
- This was further escalated during the time of Covid when a lot of people worked from home. Business owners saw that it was more viable because the communication is easier, cheaper and people are happier. They thought that if they can work from home then home can be anywhere.
[6:09] – Bobby talks about Tax Optimization Strategies and specific tips for minimizing tax liabilities as a location-independent entrepreneur.
- When you are living homebased, everything is location dependent. Social, government and banking are all built around it. Now with the rise of the nomad, people have options to live in other places that will save them from tax liabilities.
- There are advantages and disadvantages depending on your nationality. It gets complicated once you choose to exit your home country but you have to learn how to deal with it.
- One advantage of Americans is the Foreign Earned Income Exclusion.
[10:43] – Allowable days to be in the US to qualify.
- There are 2 ways to quality (you can look it up on IRS 25-55 I for more information). First is the physical presence test where you are allowed to stay for 35 days including transit days.
[13:13] – A timeout to thank our sponsor!
- HubSpot: Get ready for growth, without the growing pains! Visit HubSpot.com/spotlight to see the dozens of major product updates that’ll make impossible growth feel impossibly easy!
[16:27] – Bobby talks about Solutions and strategies for establishing residency if that was a route we wanted to explore.
- The bonafide residency test is another way. You have to get another residency from another country, either a residence visa or residence permit where you will have a center of vital interest.
- The big benefit of this is its flexibility because you can stay in the US for a longer amount of time and not be limited for 35 days.
[18:17] – Bobby talk about navigating both banking and payment processing option.
- Keep your company registered in the US but if you are doing the bonafide residency, his advice is to have an offshore holding company where you will pay the salaries. This will avoid paying taxes which is about 15%.
[20:56] – Bobby gives his big takeaway.
- If you want to do it, go for it. Don’t be afraid to take the leap to be a location-independent entrepreneur.
[22:38] – Call to action.
- Business Anywhere – Fuel Your Dreams, Register Your Business Today.
[21:56] – Thank you to our Sponsor!
- HubSpot: Get ready for growth, without the growing pains! Visit HubSpot.com/spotlight to see the dozens of major product updates that’ll make impossible growth feel impossibly easy!
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!
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