October 23, 2025 • 42 mins
Moving Abroad Resources:
👉 Moving Abroad Relocation Roadmap Guidebook that walks you through the five phases of moving abroad ($27): https://www.entrepreneurexpat.com/relocate
👉 Moving Abroad Relocation Blueprint Course which offers step by step guidance on everything from choosing the right country to immigration to taxes and everything in between: https://www.entrepreneurexpat.com/blueprint
👉 Want us to handle the details of your move abroad? Apply for our white-glove relocation services here: https://www.entrepreneurexpat.com/consult
👉 Free Moving to Mexico Guide: https://www.entrepreneurexpat.com/mexico
👉 Free Moving Abroad Checklist: https://www.entrepreneurexpat.com/abroad
Remote Work and Online Income Resources:
👉 Expat Income Accelerator course which shows you the multiple ways you can make money globally based on our 15+ years of experience in online business, investing internationally and living in multiple countries: https://www.entrepreneurexpat.com/income
👉 Get Your First High Paying Client Online Bootcamp which walks you through the first four foundational steps of creating and monetizing an online business based on 15+ years of experience in online business: https://www.entrepreneurexpat.com/firstclient-yt
👉 YouTube Mastery Workshop which shows you how we’ve built two YouTube channels that bring clients and passive income from digital course sales (including turning Entrepreneur Expat into a six-figure business in six months): https://www.YouTubeMasteryWorkshop.com
👉LinkedIn Mastery Workshop which shows you how to use LinkedIn to find remote work, clients and connect with recruiters based on Justin’s experience building a six-figure business and finding remote work on LinkedIn: https://www.entrepreneurexpat.com/linkedin
👉 Free Make Money From Anywhere Guide: https://www.entrepreneurexpat.com/money-guide
V I D E O S T O W A T C H N E X T :
Online Business Tips to Working and Traveling In Mexico: https://www.youtube.com/watch?v=9zGH0voCyOc&list=PLh3xKhkMgH_IA6s3KvB_g9Cc9Ze1eji8j&index=2
Moving to Mexico: 10 Reasons Why We Chose to Live in Guadalajara https://www.youtube.com/watch?v=dK23vD8_xjc&list=PLh3xKhkMgH_LAY7UV78YMgms-f2e1UcwN&index=23
Tips for Moving Overseas: Top 5 Remote Work Skills That Make Money: https://www.youtube.com/watch?v=bFzjCrlNAL8&list=PLh3xKhkMgH_IA6s3KvB_g9Cc9Ze1eji8j
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Inquiries: community@entrepreneurexpat.com
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#livinginmexico #movingtomexico #digitalnomad #makemoneyonline #expatsinmexico #digitalmarketingtraning #geoarbitrage #moveoverseasfromus #digitalmarketingcourse #guadalajara #costoflivingmexico #digitalnomadvisa #digitalnomadnews #workandtravel #locationindependent
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker (00:36):
By this time next year, we're going to be living in and
traveling between two to threedifferent countries every single
year because it's what we wannado, it's the lifestyle we're
trying to pursue, and alsobecause of some amazing
financial and tax benefits thatcome from doing so.
In this video, we're gonna tellyou what those countries that
(00:56):
we're considering are how we'regonna pick the different
countries.
As well as what our plan isgonna look like overall to build
this international lifestyle.
Speaker 2 (01:06):
Welcome to Entrepreneur Expat.
This is Justin.
I'm his wife, Amanda.
And on this channel we talk allabout globally diversifying
yourself and your assets, makingmoney online so you can go
anywhere in the world, allthings Mexico,'cause that's
where we've been the last coupleyears, but that might be
changing.
In a little while and so muchmore.
So if that's something thatyou're interested in, make sure
(01:26):
to subscribe and hit thenotification bell so you don't
miss a single video that we havecoming out on this channel.
If you like this kind ofcontent, give it a thumbs up
because it'll help us get infront of our goal of 1 million
entrepreneur expats or aspiringexpats, and really build a
global network a globalcommunity.
In addition to that, if you arewatching this and you happen to
(01:48):
have a liquid net worth of amillion dollars or more, we can
help you set up your ownstrategy as well as handle
things like immigration,relocation.
We've also got some reallyinteresting insights on
investments here in Mexico, andwe also just got some really
cool stuff about Portugal thatwe would be so excited to share
with you.
So just go to entrepreneurexpat.com.
(02:09):
Slash consult to learn moreabout that.
If you don't meet thatthreshold, don't worry.
We've got stuff for you as well.
You can subscribe to thischannel because we have free
content coming out all the timethat is educational and meant to
help you get there.
And in addition to that, we haveresources in the description
below that can help you withanything from creating your own
(02:29):
relocation plan, picking yourown countries to go to.
All the way through to how do Imake more money online so I can
apply for visas all over theworld.
Speaker (02:40):
So why is it that we think that it's a good idea to
live in multiple countries?
There's, there's so much tounpack here and there's a lot of
excitement because we loveMexico, don't get us wrong.
And we, we think that Mexico isdefinitely.
Going to be one of the placesthat we spend a lot of time, but
we don't necessarily want to behere all the time.
Speaker 2 (02:58):
Yeah.
Mexico's definitely also a placewe're actively investing in
right now, and we're seeing somecrazy returns.
I mean, we're bullish on Mexicojust based on everything we see.
We just did an interview withone of our real estate partners.
Mexico's gonna be doing verywell in the next, you know, 10
to 20 years.
So obviously we wanna have someexposure to Mexico.
But we always said from thebeginning of this channel, like
(03:20):
we're not gonna be in Mexico.
Forever.
Yeah.
This is just the starting pointfor, for a lot of people, Mexico
is the starting point.
Speaker (03:29):
Soft landing.
It's the
Speaker 2 (03:30):
soft landing.
It's the starting point on theglobal citizenship journey
because it's close to home.
It's the same time zones.
Uh, the residency.
I know a lot of people arecomplaining right now.
They're saying that it's gottenvery expensive and it has, and
it has, but it's also relativelyinexpensive when you look at
places like Portugal.
So, I mean, it's all relative.
It's all relative.
Yeah.
It's all relative at the end ofthe day.
(03:50):
And Mexico does have astraightforward process.
If you can prove that you havemoney, they will give you
residency.
It's Easy peasy in that regard.
Mexico also has a lot to offer.
In terms of, you know, diversityof culture, diversity of places.
We've, uh, we've traveledextensively throughout Mexico.
We lived in Guadalajara for afew years.
We've been in the Lake Al areafor the last few months.
(04:12):
So Mexico is, you know, a, areally like coveted place for a
lot of expats.
Speaker (04:18):
Yeah, you can get the beach, you could get the lake,
you
Speaker 2 (04:19):
can get anything that you want.
City, Obviously the food inMexico is worth mentioning.
Um, so for a lot of people,Mexico ends up being a starting
point.
On the global citizenshipjourney, and that's kind of what
we always thought it would be.
It would just kind of be thestarting point.
You had lived in othercountries, you know, previous to
(04:40):
UNI meeting, but for me it wasthe first one.
So we're like, okay, softlanding, and then we'll
reassess, uh, in a little while,and then we'll see kind of
what's going on in the world.
Where are we going, what are wedoing?
So Mexico was always consideredthe, the starting point for us.
Uh, very grateful for the timehere, the exposure of
investments.
That we have here is incredible.
(05:01):
That's probably what's shockedme the most is just the economic
growth in Mexico.
Um, and then in addition tothat, you know, we always wanted
to live in different countries.
Like I have this, I, you and Iare the same way.
I have this, like thisinsatiable thirst for knowledge
and this insatiable thirst forlearning new things in different
(05:22):
cultures and exploring the worldand, um, all those kinds of
things.
And.
we just needed to figure outkind of like, okay, what are we
doing after we had gotten toMexico in terms of like, how do
we stabilize here?
How do we feel here?
You know, how are we gonnacontinue making income?
'cause obviously that's changeda lot of things as well um,
since we left the United States.
(05:43):
Um, and then so we've alwayswanted to do it.
We have an insatiable thirst forthese things and then it's just
really sweet for taxes.
Yeah.
And, and that's,
Speaker (05:52):
that speaks a lot to like the, the going between
different countries and not.
Winding up in like the tax thatof a given country.
Yeah.
But what I'll say, and I'llunpack this a little bit and
kind of give it, give it somestructure here to just make it
easier and, and, and follow.
What are these main reasons?
Like number one, I think, andthis is what I told you about a
few days ago when I'm like, Hey,let's really take this
(06:13):
seriously.
I know we've been talking aboutit, but let's really dive into
it.
Number one on my plate for sureis the fact that we want global
diversification of ourcitizenships and residency.
So right now, of course we'veboth got us passports.
We're working on our Mexicanpassport as well, or at the very
least permanent residency.
But we are looking at that trackto having a Mexican passport.
(06:36):
So that's gonna give us the USthat's gonna give us Mexico.
If we did at some point decideto renounce our US citizenship,
would I be okay having just aMexican passport?
I don't know, maybe, right?
But I didn't feel like there wasquite enough diversification
there.
We're gonna look at a fewcountries where that we're,
we're actually gonna tell youabout in this video in just a
minute.
there are countries out therethat have a little bit more
(06:57):
diversification than say, justhaving a Mexican passport or
just having a Mexican and a USpassport.
So that was like really numberone on our list is, especially
for me,'cause I, I'm always likelooking at the playing field
saying, Hey, Mexico is great,but also is it too dependent on
the US economy, for example?
Speaker 3 (07:14):
Yes.
Speaker (07:14):
Or are there a lot of risks, like for example,
political instability to theextent that's in the us?
I don't think so, but there'salways a lot of risks in any
country and it's.
It's always imperative to notjust leave your eggs in one
basket or two.
exactly the way that I look atit is it's really cheap
insurance for geopoliticalinstability.
So this is why a lot of peoplecoming to us, especially those
high net worth individuals, arehaving questions about second
(07:37):
residency, second passports.
They're buying it essentially asan insurance policy, and it's
one of the most effectiveinsurance policies that you can
buy because if you're Reallywealthy, if you've got 5
million, if you've got$10million in the bank, like a lot
of our friends do.
You might think, well, I don'tnecessarily need health
insurance.
If you live in the US youprobably still do because it's
(07:58):
wild.
But if you lived in Mexico yeah,at that level, you almost
wouldn't need health insurance.
You definitely don't need, evenin the US, probably don't need
car insurance.
Again, I guess back to thecraziness and the litigiousness
of the us, maybe somebody couldtake you like that for five mil
if you don't have car insurance,like, I guess, but, but there's
different levels.
like For a lot of things.
Once you get above a certainlevel, maybe it's more like 10
(08:18):
or 15 or 20 million in the USrealistically for some of those
things, but you get above acertain level and you realize
you could probably justself-insure for certain things.
But it's very difficult toself-insure for the geopolitical
risk that can happen, especiallyin a place like the US that
right now is kind of giving us alittle bit of late stage empire
vibes.
Speaker 3 (08:36):
Yeah,
Speaker (08:36):
Mexico's definitely up and coming, but I don't wanna
put a hundred percent of my eggsin that basket.
Speaker 3 (08:39):
Nope.
Speaker (08:40):
So that's, that's a big reason.
Another reason number two, andit's almost tied.
this is what you were talkingabout, is we want to have a
little bit more diversity.
We wanna have fun, we wanna haveadventure, we wanna have
diversity.
While we're still young, wereally want to travel and
explore more of the world.
And then number three toAmanda's point, is understanding
more about people, understandingmore about cultures and having
(09:00):
the ability to learn about newcountries, new languages, new
people, new parts of the world,right?
Speaker 2 (09:06):
Yeah.
Um, and also, you know,investment opportunities.
Like, you know, Mexico might bereally great for a certain type
of investment, but not all.
Maybe another country's betterfor another kind of investment.
And again, that goes back todiversifying yourself, you know,
geopolitically and alsofinancially geopolitically.
and financially.
Speaker (09:21):
A hundred percent.
And
Speaker 2 (09:22):
financially, because the world is constantly moving
and shifting and changing.
and We already knew that beforewe came to Mexico and before we
(10:44):
started this YouTube channel.
But obviously since we startedthis YouTube channel now we
definitely know it even morebecause of all the research we
have to do, um, all the time andall the ways that we help our
clients.
It's, It's just a constantly achess board that's moving in all
these different directions andthere's lots of countries out
there right now that are worthexploring and are kind of that
(11:04):
upswing where a lot of thecountries that Westerners are
from United States, Canada.
Western Europe, like they'rejust kind of not doing so hot.
Although we do have a westernEuropean country on the list and
we'll explain why.
Speaker (11:19):
Alright, so anything else that we're missing in terms
of like, why we sort of want tomake this move?
I, I think one that I like, oh,the tax net.
We didn't even talk about that.
So before we dive into thecountries, let's talk about a
little bit of the, the tax netsituation, especially here in
Mexico.
So as with many other countriesin the world, if you are here in
person in Mexico for over 183days per year, obviously not tax
(11:42):
advice, consult your taxprofessional.
But that's our understanding,right?
It's about 183 days per year.
If you're here more than that,then you are taxed on all of
your global income as a Mexicantax resident.
now, up until now, so far, theyhave not enforced too many taxes
on expats, especially withforeign income.
We really don't know a lot ofexpats that are even declaring
(12:03):
or paying taxes in Mexico.
We've
Speaker 2 (12:04):
talked to a lot of Mexican accountants about this,
and they've all made, they sayit's not really a thing.
Yeah.
Speaker (12:09):
But the letter of the law states that you can fall
into that tax net, and mysuspicion is over the next three
to five years at most.
They're going to start to crackdown a little bit more on that
as they get the resources to dothough, uh, to do so as they get
the technology to do so, and asthey realize that there's this
huge expat tax base, right?
They haven't quite gotten to thepoint where they're even
enforcing tax laws for manyMexicans.
(12:31):
Like there's a lot of peoplehere.
Most people here they'll paytaxes.
The joke is Mexico's actuallyone of the highest tax countries
in the world where almost nobodypays taxes.
Their marginal tax rates goabove, uh, 35%.
At that, some of the highesttiers, and you don't have to be
earning very much.
I think the highest tiers areabout like 60 or 70 K or even
less.
You don't have to be earningthat much money, uh, in Mexico
(12:53):
to even be in that highestmarginal tax rate.
But
Speaker 2 (12:55):
no one pays it, which is why they instituted eva,
which is the sales tax.
So the government could makesome revenue.
Right.
Speaker (13:02):
Which we won't get into the detail of EVA and how much
that how much we have have topay all that stuff on our Amazon
imports from the US and wheneverwe send server parts here from
your parents' house, but, but Idigress.
So when you are in a countrythough, for more than a certain
number of days, and I knowColumbia does police this a lot
more than say Mexico, where theyhave connections between
(13:22):
immigration when you're flyingin and outta the country between
the tax system and all that, andthey definitely are asking you
to pay taxes, most likely that'sgonna happen here at some point.
We don't know when, but we wouldcertainly prefer, especially
because if you look at the thenumbers, we would actually spend
less.
Maintaining a place in two othercountries, not the US'cause we
(13:45):
don't really want to spend toomuch time there anyway.
two other countries outside ofthe US besides Mexico, we would
spend less maintainingresidencies in those countries
and actually having apartments,even if they're sitting empty
than we would, uh, in what weare gonna be making shortly and
what we potentially could pay.
And, and I won't get into toomuch detail now, uh, to put our
(14:05):
stuff out there too much, but,uh, we're, we're essentially
going to, if, if we were.
if Pulled into that Mexican taxsystem, we would end up spending
less to have two otherapartments and maintain them and
pay utilities and everythingelse, and a couple other
countries in different regionsof the world then we would be
paying just in taxes here.
Speaker 3 (14:24):
Yep.
Speaker (14:24):
So we could have three places around the world, which
we've always wanted to doanyway.
We've always kind of wanted tohop and, and, uh, take advantage
of like, Hey, it's this seasonhere, it's that season there
maybe, maybe this.
Continent is nice because thesummer, the spring is really
nice, but not the winter.
Mm-hmm.
So we, even though that's gonnaincrease our lifestyle and we're
gonna have a better lifestyle,we're actually spending less
(14:46):
money than we might be paying injust taxes alone.
And we're able to get out of thetax net of any of those
countries in addition obviouslythe additional benefits, which I
think are really important ofgetting those residencies or
citizenships.
And I think it's important toget those now.
Because even if we decide laterto do something that, you know,
they're, they're gonna chargeyou a hundred thousand or a
(15:06):
quarter of a million dollars ininvestment or real estate in a
given country to get a goldenvisa.
Even if we were able to do thatin the future, why not get those
residencies or passports when itbasically costs nothing,
Speaker 3 (15:19):
right.
Other
Speaker (15:19):
than some time living in that country and maybe paying
rent there for a while, paying.
Potentially minimal taxes therefor the time that we are in the
country, if anything.
In a lot of cases we don't,
Speaker 2 (15:29):
since we've always, since we've always run online
businesses and that's not anissue for us because we've been
location independent for
Speaker (15:35):
over 15 years,
Speaker 2 (15:36):
each of us.
Yeah.
Speaker (15:37):
So, yeah.
So those, those are thedifferent reasons we're, we're
doing this and we'll talk aboutsome of the objections people
might have to this sort oflifestyle.
And obviously we have twoanimals as well.
We've got a dog and a cat, sowe'll talk a little bit about
what's involved there, but.
What are some of the countriesthat we've been talking about?
Obviously Uruguay was one.
Speaker 2 (15:56):
Yep.
And Uruguay actually recentlycame up in the comment section
because Uruguay has been makingwaves lately.
Now my love, why is Uruguaymaking waves in all the expat
spaces?
Is,
Speaker (16:08):
Well, there's a really cool thing that the Uruguayan
government introduced called the11 year tax holiday.
So that means that if you are toget residency in Uruguay on
that, on that path tocitizenship.
You could potentially be free ofall taxes on all income,
especially the income that'searned from other countries,
which is most people's income ifthey're going to live there as
(16:30):
expats for 11 years, zero tax.
Justin Keltner (16:33):
Yeah,
Speaker (16:33):
and they really only tax you on dividends and capital
gains anyway if you're receivingyour income from outside of the
country.
So you could do the 11 year taxholiday.
And then there's also a separateoption where you elect to pay 7%
taxes for life.
Instead of 12%, which latermight go up on all those
dividends and capital gains,which by the way, if you run a
an S corp or something similarlike I do, dividends would
(16:57):
include the capital gains onthat business, So, so the,
capital gains would be theSchedule K that you receive.
So I would still have to paytaxes on some of that, but I
would much rather pay 7%.
that's another thing we'relooking into, like do I want the
11 year tax holiday?
I don't know.
Maybe I'm more likely to, let'ssay, go and live somewhere.
Like o, do I permanently orretire there?
In maybe more than a decade.
(17:18):
'cause right now we're stilltraveling.
Speaker 3 (17:19):
Yeah.
Speaker (17:19):
But you're not a tax resident there unless you're
staying for more than sixmonths.
And most likely, if we're goingto retire there at some point,
it's gonna be in a decade.
In 20 years, 30 years, whoknows.
Right, right.
at that point, that 11 yearswould've already passed, but I'm
gonna be paying 11 or well 12%tax on the capital gains instead
of the 7% that you can lock innow.
So there's some really coolincentives.
(17:41):
You can either get that taxholiday for 11 years.
And then pay 12% capital gainsand dividends tax after on your
foreign income.
Or you could lock in that 7% forlife, which to us is kind of
looking a little bit moreattractive because we're looking
at that potentially as adestination, maybe to live long
term.
We're still exploring ouroptions.
Speaker 2 (17:59):
and then Uruguay is also really interesting.
It's known for having more of aEuropean lifestyle, but in Latin
America, which after being inMexico for a while, would be an
interesting change between thosetwo countries.
Although there are parts ofMexico that do feel very
European.
'cause it was a European colonyas well.
Um, and then in addition tothat, you're a hop, skip in a
from Argentina without having todeal with Argentina's taxes.
Speaker (18:22):
Yeah, so Argentina was actually another country that we
were seriously considering.
And we're still, I mean, it'sstill kind of on our list.
We're gonna go, to,
Speaker 2 (18:28):
I really wanna go to Buenos Aires.
Speaker (18:30):
We're we're, definitely gonna go there.
In fact, a lot of people don'tknow this, but you can take a
two and a half hour ferry rightfrom downtown in.
Uh, in Uruguay and take thatferry, be right in Argentina,
and Buenos Aires in just acouple hours.
Speaker 3 (18:44):
Yep.
Speaker (18:44):
For I think it was like 50 or 60 Euros.
Right.
you're practically going to aEuropean city in, in Argentina.
It's, it's very, very European.
Uruguay is also kind ofEuropean, but Argentina
especially.
So, and there's just so much todo between those two countries.
And we were really consideringArgentina as well.
We like what Malay is startingto do.
He's
Speaker 3 (19:04):
attempting to do.
Attempting to do, yeah.
he's, he's reading out a lot ofdefinitely spending.
Yeah,
Speaker (19:08):
he, he's, he's, uh, really just reigning in the
government in so many ways.
We're not sure how effective itis yet, or how effective it's
going to be long term.
One of the caveats though, likeAmanda mentioned about
Argentina, is that they do havea relatively high tax rate.
It's higher than the USdepending on the marginal
bracket that you fit into, butit can go as high as 35% or
(19:29):
more, all the way up from about12%, just kind of starting, uh,
starting base marginal.
Tax rate for, for people like usthat are expats.
And so when you compare that tobasically 0% on active income,
which is Now
Justin Keltner (19:44):
maybe not
Speaker (19:44):
50% or so of our income, or 7% on just capital
gains, but, or the optionobviously in notay of something
like no taxes until, uh, 11years passes, Argentina doesn't
seem that attractive.
Now the second kind of caveatthere in Argentina, in Uruguay,
we could potentially spendthree, four or five months a
(20:06):
year there for a few years andget our permanent residence or
citizenship.
You don't necessarily have to bea tax resident of Uruguay in
order to build the time incountry that you need to get
that Uruguay and citizenship.
But in Argentina, you actuallydo have to spend over six months
per year while you're workingtowards your citizenship and
that
Justin Keltner (20:25):
causes.
Speaker 2 (20:26):
You get caught up in the tax net.
Exactly.
That
Speaker (20:28):
causes two problems.
One is to Amanda's point, youget caught up in the Argentine
tax net because you mandatorilyhave to be paying into that tax
system.
And number two, it removes theflexibility of travel so that
you, let's say you didn't wannaspend all six months per year
there in Argentina.
You wanted to maybe spend threemonths, four months, a year
there and uh, more time in othercountries.
(20:50):
For instance, when we apply forour Mexican citizenship, we will
have to have been there inMexico here.
For six months out of the priortwo years before we apply for
that citizenship.
So if for instance, you know,we're looking at Argentina and
Mexico and a third country, thatreally limits our options
because we have to spend themajority of our time in
(21:11):
Argentina.
The other caveat, and again thisis not ruling Argentina out,
we're still considering it.
We hope that they're gonna makesome reforms to the tax policy,
especially for foreigners and,and allowing people easier path.
to.
Citizenship.
But the other factor is that youcannot renounce an Argentine
passport.
So most passports will let yourenounce.
(21:32):
But if let's say things go evenmore south
Speaker 3 (21:35):
Yeah,
Speaker (21:35):
In Argentina than they have in years prior, well now
you're stuck with that for life.
And maybe the government cancome after you for taxes, no
matter where you are in theworld.
Just like the US and TRIA do,right?
Mm-hmm.
Those are the only twocountries, but who knows?
So it's a little bit of apickle.
thinking, Hey, I've got thisArgentina passport now, but I
can't renounce it later if Iwant to.
It's not something they support.
Speaker 2 (21:56):
The other thing about Uruguay that's quite attractive
is Uruguay is not reallyinvolved in any of the drama of
the world.
So if World War III breaks out,who's gonna go mess with
Uruguay?
Pretty much nobody is going togo mess with Uruguay.
And Uruguay doesn't mess withanybody either.
Um, some people say World WarIII is already happening.
It's just different kind ofwarfare than what we've seen
before.
But point being, Uruguay is asafe country.
(22:18):
It's not involved in all thisdrama.
Going on in the world.
Uh, and that's another reasonwhy it seems pretty attractive
to expats right now.
Speaker (22:26):
Yeah.
So we're interested in Uruguay.
We're maybe interested inArgentina if they get their
stuff together a little bitmore, and if some of the tax
policies change.
But here's another perk toUruguay, is that they allow
access to a lot of Merkurcountries without visas.
That includes Argentina, thatincludes Brazil.
I'm gonna have to study up alittle bit on the specific
number of days you can spend inthose countries, but currently
(22:48):
US citizens.
Have to actually apply for avisa to go to places like
Brazil.
You could potentially be anUruguayan citizen, live in
Montevideo or or a surroundingtown Montevideo and go visa free
to Brazil, to Argentina, to somany other places.
just with that Uruguayanpassport, even if, let's say we
renounced our US passport andhad our Mexican passport, had
our Uruguayan passport, thatopens up visa free travel to the
(23:11):
Shein area through both theMexican and the Uruguayan
passports.
That opens up visa free travelto Japan through the Mexican
passport.
And there's other countries likeRussia that are a little bit
precarious with the US passportthat you can access too.
With the
Speaker 2 (23:24):
Mexican passport, you get visa free travel to all of
Asia developed and.
undeveloped, which is yeah, oneof that's another things people
don't know, that's another
Speaker (23:30):
perk.
And then you just kind of havethat added benefit of now South
America, so you're not gonna beable to live in Asia long term
with an Otay passport, but youcan travel there as a tourist
for months, every year you cantravel to Europe.
That's not a problem at all,even if you don't have your US
passport anymore.
And it opens up all, I mean,really all of Latin America to
you, especially South Americawith that Uruguay passport.
(23:50):
So it's good diversity.
Speaker 2 (23:51):
And Uruguay is known for having good banking In South
America, most countries orpeople from those countries know
that Uru is pretty safe banks,pretty good banking experience,
all those kinds of things.
So then we expose ourselves tobeing able to diversify where we
hold our money even more.
Speaker (24:07):
So what is the last country that we were potentially
considering and maybe the bonusof the country right next door
that we were looking at, butwe're like, eh,
Speaker 2 (24:16):
Portugal.
Now, I know we just said a wholebunch of stuff about Western
Europe and how it's going crazyand all kinds of stuff, and
Portugal's neighbors, Spaindefinitely does have a crazy tax
system we wouldn't wanna touch.
Um, how, yeah, we
Speaker (24:28):
looked into Spain and we're like, yeah, we don't know.
Shakira had some bad timesthere.
Speaker 2 (24:33):
Yeah.
Spain has a tendency of makingexamples out of people like
Shakira.
And Shakira wasn't the firstone, um, in Spain.
So with with Spain, it can get alittle bit more complicated with
the taxes.
Um, you know, we've had a lot ofclients who, for example, they
tried to go through Spain first.
I think it's if you have over 2million in assets in Spain and
(24:54):
you're in Spain, then they wantto tax you on your worldwide
assets.
And people are like, there's,yeah, there's wealth wealth tax.
There's a wealth Tax's tax, andpeople are like, why?
I already own this property andthe United States, or, Canada,
and I'm
Speaker (25:05):
paying property taxes on thousands of dollars a year.
Yeah,
Speaker 2 (25:08):
so that's just silly.
That's just stupid, right?
And we have a lot of clients whoare in that, you know, two to 5
million range, and then theylook at Spain and they're like,
you're gonna tax me on myproperties in the us?
Like F you, I'm gonna gosomewhere else.
And on top of that, and they'relosing millionaires.
Now,
Speaker (25:23):
not only that, but you have to spend almost enough time
every single year in Spain
Speaker 2 (25:29):
to get caught up in the tax net to get,
Speaker (25:31):
and you get, in order to be able to get that, that
residence or that citizenship.
So you get, get caught up inthat tax unless you go through
the goal, the visa route, butthey pretty much shut that down.
Um, but if you are doing like adigital nomad visa and then
trying to, to spend enough timein the country to then qualify
for citizenship like you canwith a Mexican passport, if
you've got a, a passport from aLatin American country like
Mexico, you can get fast trackto Spanish citizenship and get
(25:53):
that in as little as two years,but you have to spend almost six
months a year on average in thecountry.
Yeah, I think for that, andthere's a, very, very fine line
between the amount of time youhave to spend in Spain.
To qualify for citizenship, justlike Argentina, but not quite as
bad, right?
Between that and the time thatyou're in the tax net.
And it gets really tricky,
Speaker 2 (26:10):
I think, from my research.
If you're coming from a LatinAmerican country to Spain, you
have to be there the full twoyears.
You have to do your two years,and then you, you can qualify
for the citizenship.
I think with the otherresidency, it's like six months
every year, so on and so forth,um, to maintain the residency.
But yeah, Spain, I mean, I'vebeen to Spain several times.
My mother lived there.
(26:32):
When she was a teenager, Iactually went to school in Spain
when I was 11 years old.
I'm like, I'm good.
I've done this already.
Also.
Your taxes suck.
I can go somewhere else.
Speaker (26:42):
And it's, it's subject to a lot of the, the other
political instability issues,high crime, so many other things
like
Speaker 2 (26:51):
protest, completely unled protest, immigration
they've been protests and thingslike that.
Yeah, that's
Speaker (26:54):
happening throughout a lot of Western Europe.
But contrast that with Portugal.
And Portugal is starting to looklike a really good option
because it's safe, it's quiet.
It stays out of a lot of the BSthat so many other countries in
Western Europe are experiencing.
Why else do we like Portugal?
Speaker 2 (27:11):
Wine.
Um,
Speaker (27:13):
wine.
That's a, that's a good one.
You
Speaker 2 (27:15):
could get the Iberian lifestyle that you would be
getting in Spain without all thebullshit It's basic.
That's true.
basically why.
Uh, Portugal, uh, makes a lotmore sense.
And also I forgot to mentionthis about both Uruguay and
Portugal, we both speak Spanishfluently.
So going from Mexico to Uruguayis no big deal because we
already speak Spanish, and thengoing from Spanish to Portuguese
(27:37):
is not that difficult and in myopinion, I could be wrong.
I know everybody who speaksSpanish says something
different, but in my opinion, Ipersonally understand port, uh,
Portuguese from the IberianPeninsula a lot more easily than
I understand.
Resilience.
Just me personally.
You could have a completelydifferent experience.
I've heard.
I've heard it's like a 50 50depending on who you talk to.
(27:58):
Yep.
But language barrier wise, goingfrom Spanish to Iberian,
Portuguese is not a big deal.
Speaker (28:04):
Yeah.
And it's, it's kind of a smallcon and also a pro at the same
time because it's like anotherlanguage that you get to learn.
So that's sort of a plus.
Right.
We love learning languages andlearning about new cultures and
things like that, so we get tolive there potentially at least
for a few months, a year.
Learn a new language, but it'snot that tricky, like you said,
coming from Spanish and a lot ofpeople in Portugal speak English
(28:24):
too, especially in the, the bigcities and the, the tourist sort
of areas.
I'd
Speaker 2 (28:28):
rather learn port Portuguese if I can.
Of course.
And I already have a foundationbut they also probably speak a
Speaker (28:32):
decent amount of Spanish too.
I mean,'cause they're so closeto Spain.
Speaker 2 (28:35):
Yeah.
Speaker (28:36):
So
Speaker 2 (28:36):
I mean, I can understand Portuguese, like
again, I, understand I vary inPortuguese more than I
understand Brazilians.
But if I have it written infront of me, I understand like
90, 95% of what's being said.
so It's not an issue for me orfor you because you're also
fluent to Spanish
Speaker (28:51):
and when you look at the tax situation and things
like that, Portugal is a littlebit easier than Spain.
They're a little bit morelenient in terms of when they
consider you a tax resident andyou don't actually have to
necessarily stay in the countrylong enough to be covered in
their their tax net.
In order to get the citizenship,you can potentially be in
Portugal as little as aboutthree to four months per year
(29:13):
for those first few years asyou're building up that time in
country.
To qualify for Portuguesecitizenship.
And of course when you get thatPortuguese citizenship, now you
can live and work wherever youwant in Europe.
Speaker 2 (29:26):
Yeah, yeah.
And there's definitely someother countries that are like
honorable mentions, you know, interms of what we're considering
down the road.
Greece has a really interestingprogram.
They have digital nomad visas.
They now have a golden visa, sothat's an interesting one in
terms of, uh, Western Europe.
Speaker (29:41):
I'll say this about Portugal too though.
Yeah.
Because there's differentcategories.
And another video that we'regonna do very soon is.
Your global passportdiversification at different
financial levels, right?
Mm-hmm.
So if you're like, maybe, youknow, in the, in the middle like
us, where we're starting to getmore and more savings, but we're
still working.
We're, we're actively earningincome, we're growing
(30:02):
businesses.
We're sort of in that growthphase.
There's a certain set ofcountries like Portugal, you can
kind of come in no matter whereyou are.
If you're okay spending time inthe country, then you really
only have to show a couplethousand dollars a month of
income.
It's not very much.
It's very accessible to digitalnomads, to people with a remote
income to business owners thatare operating remotely.
So it'd be easy for us toqualify for that, and we're
(30:25):
happy to invest the time incountry, those requirements that
we have to spend time inPortugal to obtain now time that
is credited towards thatcitizenship application.
But if you've got a few milliondollars in the bank and you're
okay investing about half amillion in a lot of Portuguese
stocks and things like that.
You can get fast tracked as wellfor both you and your family in
(30:46):
a much shorter period of time.
Speaker 3 (30:48):
Yeah.
Speaker (30:48):
And what, uh, some of our clients John and David were
telling us about is that they'vegot programs there as well.
And we're starting to talk topartners there in Portugal about
these programs.
Uh, now that they, they'vementioned that recently we're,
we're looking into this evenmore and you're able to actually
take money out of your AmericanIRA.
Self-direct, the IRA, and thenhave it managed by a Portuguese
(31:11):
firm that primarily invests incompanies in Portugal, and
they're seeing anywhere from aseven all the way up to a 15 or
20% return on some of thesestocks.
So there's a lot of really highgrowth stocks.
There's a lot of stable stocksthat they invest in as well,
that are, that are in differentindustries in that country.
Depending on your risk profile,your age, your tolerance, things
(31:31):
like that, they're gonna set youup with.
specific portfolio of stocks.
If you're interested in acountry like Portugal, we can
connect you with our partners.
We're also, we're researchingdifferent people, uh, different
asset managers and in differentcountries, including Mexico.
Including Portugal.
So if you want to have yourcustomized plan built, if you do
have a million dollars or morein liquid net worth, definitely
(31:53):
click that link below or go toentrepreneur expat.com/consult.
Justin Keltner (31:57):
And
Speaker (31:57):
can apply for a consult with our team, and we're gonna
help show you what some of thosedifferent types of opportunities
are.
Yeah.
So what were you saying aboutsome of the other countries?
So Greece, although if you'vealready got the Portuguese
passport, you almost don't needit, Yeah.
but it's, it's an alternativeroute.
Right.
Ireland's
Speaker 2 (32:10):
interesting.
In terms of Western Europe, I'vebeen to Ireland.
I love Ireland.
I always said I would go back, Iwish there was better food in
Ireland.
I'm sorry.
Right.
But I love Ireland.
I love the Irish people alwayssaid I'd go back someday, to do
it.
You know, obviously we're superinterested in Southeast Asia
eventually, but with SoutheastAsia there's really no easy path
Like there is no path tocitizenship.
(32:32):
It's very
Speaker (32:33):
difficult to possible in Asia, it's very, unless you
get married there.
Speaker 2 (32:36):
Yeah.
Speaker (32:36):
But then we would have to break up and then make
married and It's a whole thing.
It'd be very complicated.
be a lot of paperwork,complicated.
Um,
Speaker 2 (32:43):
you know.
So, you know, and there's MiddleEastern countries that we're
interested in checking out aswell.
That's kind of down the road.
So in this next leg.
our adventure of our lives, wewere like, Hey, you know, we are
really interested in SoutheastAsia, but we're already speak
Spanish.
We're already on this side ofthe world.
And to your point, you saidthings like, why would you wait
if you can just start theprocess now and then avoid a
(33:05):
bunch of headaches, price hikes,and problems later.
Speaker (33:08):
Yep, that's, that's exactly right.
And that's why we're lookingmore at these countries that
currently are accessible versusgoing in Vagabonding in Thailand
or in.
Vietnam, and we might do alittle bit of that too, I'm sure
in the next few years down theroad.
Maybe we'll spend a few months,a year there, especially once
we've started to establishenough time in these countries
(33:29):
where we're not gonna have anissue getting citizenship.
But look at it this way, we, wetravel between, between Mexico,
especially now that we're, we'reearning our, our citizenship
here, uh, somewhere like Uruguayand a place.
Like Portugal in Europe, it'snot a big
Speaker 3 (33:45):
deal.
Speaker (33:45):
It's not a big deal.
Yeah.
Even with the dog.
I mean, Daisy's a service dog.
She can come on the plane.
It's a seven or eight hourflight, depending on where we're
going to, and she's been onflights like that before.
No issue the cat, you know, it'sin, in her little bag.
Speaker 3 (33:58):
Yeah.
Uh,
Speaker (33:59):
and yeah, it's not that big of a deal to, to travel and
it's a lot of fun and then wekind of get our travel in plus
the global diversification.
So when we look at the financialaspects of this, because this is
something that a lot of peopleare asking us about, like, how
are you guys gonna do that?
Isn't that crazy expensive?
Well, our total living expensesright now, living in Mexico with
a beautiful lake.
View condo in the Chapala area.
(34:20):
We
Speaker 2 (34:20):
live well.
Speaker (34:21):
We live well, yeah.
In Mexico, and we're spendingabout$2,000 a month.
but That includes our utilities,our food, everything, massages,
nails, house, everything,housekeeper, all that stuff.
In terms of just like the rentand the basic utilities, it's
around$600 a month.
Like just our rent, our power,our internet, right?
So call it$600 a month forMexico.
We may or may not maintain thisplace here.
We're looking at differentoptions, but we're gonna give
(34:42):
you the worst case scenariofinancially, even if we have
Justin Keltner (34:45):
have
Speaker (34:46):
long-term leases, essentially in all.
three places just to give youlike a very conservative
estimate.
So$600 here, Uruguay is a littlebit more expensive.
We could find something inMontevideo furnished or semi
furnished for around a thousanda month.
Portugal is gonna be around thesame as that at about a thousand
dollars a month for a nice placefurnished or semi furnished.
So all in, you're looking atabout$2,600 in rent.
(35:09):
Maybe add a little bit more forextra utilities in both those
places, even though we won't beusing them much because we won't
be there.
But even if we have those threeleases, long term leases, and we
travel between them sort ofthree months here, you know, a
few months there, a few monthsthere, and we're not renting
them out or anything like that,which that's, that's a way to
obviously make.
This work even easier, but evenif we're just renting them
(35:31):
completely empty when we're notthere, we're only spending$3,000
a month in rent having threeplaces in three different
countries in the world.
And that's pretty darn coolbecause I could not get a nice
one bedroom apartment in SanFrancisco for less than four or
$5,000, like in a comfortablearea where we have anywhere near
the quality of life that we'regonna have in either of these
(35:53):
places.
Speaker 2 (35:53):
The flights also weren't that bad.
when you were, The flights
Speaker (35:55):
weren't that bad when I did the math.
You're spending about$6,000 peryear, which is way less than
what you would have to do overthe course of the five years,
three to five years that ittakes to get citizenship in all
of those different countries.
If you were to compare it tolike a Golden Visa program, so
Golden Visa, you're shelling outa quarter of a million dollars
at least, or if it's a Caribbeanpassport, like minimum 150,000
(36:16):
plus.
Um, but most of them are evenmore, they've gone up to like
200 something thousand, soconsider like 300 k either.
an investment or just a gift tothe government.
Instead of that, we'reincreasing our costs by, what's
the difference?
2000 a month for rent, so that's20 4K plus six K for flights,
$30,000 that we're increasingour expenses by, if that, and
(36:38):
over five years, that's stillunder$150,000 and we're getting
three different citizenships.
Justin Keltner (36:45):
Yeah,
Speaker 2 (36:46):
yeah.
Now you might be thinking, oh,how do you guys make money?
Well, obviously we haveEntrepreneur expat with
entrepreneur, expat.
You know, we sell digitalcourses, so one of the things
that we talked about wasbuilding in more passive income.
Um, I don't think we would needto as much if we're living
between three differentcountries, but we were thinking
like five, 10 years down theroad, if we ever wanna pick up
the pace in terms of ourtravels, making sure we have the
(37:09):
systems in place, the productsin place, and we got not just
this YouTube channel, but twoYouTube channels that have
started running like machines.
Um, in that regard, it took us alittle while to get there.
Which is why I'm so gratefulthat we were in Mexico for a
while to really stabilize, um,these things.
And then obviously we dobusiness consulting, so that
pays a lot of money, uh,business consulting and then so
(37:31):
does relocation.
Relocation and immigration andtaxes and all that stuff is also
a very high ticket item.
So we also do that for ourclients.
Um.
And then in addition to that,uh, as a part of the business
consulting, you also, you know,host people and their websites
and all that kinds of thing, allthat stuff.
So honestly, we're on track.
We're like, we're getting to thepoint where either passively or
(37:53):
semi passively, all our expensesare basically covered by
businesses that, you know, don't100% run themselves.
We're not quite there yet, butthey're freaking close to 100%
running themselves, eitherbecause we automated them.
Um, either we automated thesales in terms of digital
courses and things like that, orwe automated the marketing like
(38:16):
YouTube and Instagram or interms of relocation, we have
teams that we delegate to.
And then the businessconsulting, it's kind of
similar, right?
Although we're definitely moreactively involved in the
business consulting.
So when we started realizinglike where we were now in
comparison to where we were 3,4, 5 years ago, we started to
realize, okay, this is actuallyeasier.
(38:37):
To do because when we firstcame, well, when I first came to
Mexico a couple years ago, wetried the digital nomad quicker
pace thing and we were like, no,absolutely not.
Because we were running like twodifferent businesses at the
time,
Speaker 3 (38:50):
separately.
Speaker 2 (38:51):
Separately.
Those businesses did not reallylend themselves to that kind of
a pace and that kind of alifestyle, that's when we were
like, Hey, we need to park it inMexico for a little while and
figure out this piece of thingsso then we can move on, uh, to
the next.
Piece.
So I'm very happy to say thatlike we're getting there and our
goal for being able to, uh, livein different countries is still
(39:13):
like a year out in terms offlights and things like that.
So then that gives us plenty oftime in order to, you know,
really dial it in in terms ofthe passive income, the
machines, uh, the relocation,all that kind of stuff.
Because the reality is that wemake more than enough money to
be able to do this.
And now we do it in a way whereit's, it's, we're not so
(39:34):
involved like we were, it's alot more
Speaker (39:36):
passive than it was before.
It's a, Yeah.
It's
Speaker 2 (39:37):
a lot more passive versus semi passives in
comparison to the businessesthat we had Before, which we ran
into that issue when we weretrying to be digital nomads.
We didn't have a YouTube channelthen.
Speaker (39:49):
And on a, on a more personal note, I mean, it's very
motivating to me because as muchas I love Mexico, like I want to
travel more, I wanna seedifferent places.
And when you're in Uruguay, youtake that ferry to Bueno Aires,
and now you've seen twodifferent countries in right, in
a week.
Right.
So being able to explore SouthAmerica, Exactly.
Or, or hop on over to Brazil orexplore Europe from your home
base in Portugal, like that'sreally cool too.
(40:11):
That's super motivating for mebecause I love to travel.
I love to learn new languages,learn about new cultures, learn
about different people, learnnew investments.
Speaker 2 (40:18):
You love to learn about new investment strategies.
Speaker (40:20):
So now I'm like way more motivated.
I'm producing content more andI'm like, all right, let's pick
up the pace.
Let's do this Because it'sbuilding towards that future.
And of course this is also gonnamake us a lot more money.
Now we're building connections,not just through Zoom, not just
remotely with a lot of thesepeople in these, these other
countries that can help withvisa processes and things like
that for our clients.
But we're actually getting onthe ground in person.
(40:42):
We're getting content there.
We're filming, so it's easilygoing to pay for the increases
in, in lifestyle uh, expensesand whatnot, because we're
actually there.
Doing that research, filmingthat content, we're on site.
It gives us a new level ofcredibility that we didn't have
before, just kind of staying inone place.
And yes, there's a lot of peoplemoving to Mexico, but they also
(41:04):
want to go to Uruguay, toArgentina, to so many other
countries around the world.
Isn't that right, Daisy?
We want to travel.
She loves to travel.
This dog is very, very welltraveled.
Daisy is more, she's been inprobably a couple dozen cities
in a few different countries.
Speaker 2 (41:19):
Daisy's more well traveled than a lot of.
Americans, unfortunately,
Speaker (41:22):
she's got a big passport.
Yeah.
Yeah.
Speaker 2 (41:23):
Fortunately or unfortunately, right.
Daisy.
Oh, baby girl.
Yeah.
Speaker (41:29):
So that's what we've got in terms of the, the
countries that we're going to,this is not a, this is not a
goodbye to Mexico.
This is more of a hello to.
Other countries in the worldthat we're going to be
exploring, we're gonna belearning about, we're gonna be
bringing you lots of new contentnow from all over the world.
So we're super excited to bedoing that.
(41:49):
Again, if you want our support,if you've got a million dollars
or more in liquid net worth, youwant our support with a white
glove, fully customizedrelocation service, starting
with your customized plan wherewe can look through the options
based on your ancestry, based onyour savings, based on
businesses that you wanna startin different countries.
And we can tell you what some ofthe best second passports or
(42:11):
even third passports would befor you.
And if it's a place like Mexicoor so many other countries,
Panama, Costa Rica, Portugal,where we're building
partnerships.
With people on the ground, wecan actually help you with that
process start to finish.
So just go to entrepreneurexpat.com/consult, book that
call, and if you're not there,feel free to check out all the
free resources and some of theother courses and things that we
(42:33):
have available for you as well.
Those are right in thedescription below.
Thanks so much for watching, andwe'll see you again very soon
By this time next year, we're going to be living in and
traveling between two to threedifferent countries every single
year because it's what we wannado, it's the lifestyle we're
trying to pursue, and alsobecause of some amazing
financial and tax benefits thatcome from doing so.
In this video, we're gonna tellyou what those countries that
(00:56):
we're considering are how we'regonna pick the different
countries.
As well as what our plan isgonna look like overall to build
this international lifestyle.
Speaker 2 (01:06):
Welcome to Entrepreneur Expat.
This is Justin.
I'm his wife, Amanda.
And on this channel we talk allabout globally diversifying
yourself and your assets, makingmoney online so you can go
anywhere in the world, allthings Mexico,'cause that's
where we've been the last coupleyears, but that might be
changing.
In a little while and so muchmore.
So if that's something thatyou're interested in, make sure
(01:26):
to subscribe and hit thenotification bell so you don't
miss a single video that we havecoming out on this channel.
If you like this kind ofcontent, give it a thumbs up
because it'll help us get infront of our goal of 1 million
entrepreneur expats or aspiringexpats, and really build a
global network a globalcommunity.
In addition to that, if you arewatching this and you happen to
(01:48):
have a liquid net worth of amillion dollars or more, we can
help you set up your ownstrategy as well as handle
things like immigration,relocation.
We've also got some reallyinteresting insights on
investments here in Mexico, andwe also just got some really
cool stuff about Portugal thatwe would be so excited to share
with you.
So just go to entrepreneurexpat.com.
(02:09):
Slash consult to learn moreabout that.
If you don't meet thatthreshold, don't worry.
We've got stuff for you as well.
You can subscribe to thischannel because we have free
content coming out all the timethat is educational and meant to
help you get there.
And in addition to that, we haveresources in the description
below that can help you withanything from creating your own
(02:29):
relocation plan, picking yourown countries to go to.
All the way through to how do Imake more money online so I can
apply for visas all over theworld.
Speaker (02:40):
So why is it that we think that it's a good idea to
live in multiple countries?
There's, there's so much tounpack here and there's a lot of
excitement because we loveMexico, don't get us wrong.
And we, we think that Mexico isdefinitely.
Going to be one of the placesthat we spend a lot of time, but
we don't necessarily want to behere all the time.
Speaker 2 (02:58):
Yeah.
Mexico's definitely also a placewe're actively investing in
right now, and we're seeing somecrazy returns.
I mean, we're bullish on Mexicojust based on everything we see.
We just did an interview withone of our real estate partners.
Mexico's gonna be doing verywell in the next, you know, 10
to 20 years.
So obviously we wanna have someexposure to Mexico.
But we always said from thebeginning of this channel, like
(03:20):
we're not gonna be in Mexico.
Forever.
Yeah.
This is just the starting pointfor, for a lot of people, Mexico
is the starting point.
Speaker (03:29):
Soft landing.
It's the
Speaker 2 (03:30):
soft landing.
It's the starting point on theglobal citizenship journey
because it's close to home.
It's the same time zones.
Uh, the residency.
I know a lot of people arecomplaining right now.
They're saying that it's gottenvery expensive and it has, and
it has, but it's also relativelyinexpensive when you look at
places like Portugal.
So, I mean, it's all relative.
It's all relative.
Yeah.
It's all relative at the end ofthe day.
(03:50):
And Mexico does have astraightforward process.
If you can prove that you havemoney, they will give you
residency.
It's Easy peasy in that regard.
Mexico also has a lot to offer.
In terms of, you know, diversityof culture, diversity of places.
We've, uh, we've traveledextensively throughout Mexico.
We lived in Guadalajara for afew years.
We've been in the Lake Al areafor the last few months.
(04:12):
So Mexico is, you know, a, areally like coveted place for a
lot of expats.
Speaker (04:18):
Yeah, you can get the beach, you could get the lake,
you
Speaker 2 (04:19):
can get anything that you want.
City, Obviously the food inMexico is worth mentioning.
Um, so for a lot of people,Mexico ends up being a starting
point.
On the global citizenshipjourney, and that's kind of what
we always thought it would be.
It would just kind of be thestarting point.
You had lived in othercountries, you know, previous to
(04:40):
UNI meeting, but for me it wasthe first one.
So we're like, okay, softlanding, and then we'll
reassess, uh, in a little while,and then we'll see kind of
what's going on in the world.
Where are we going, what are wedoing?
So Mexico was always consideredthe, the starting point for us.
Uh, very grateful for the timehere, the exposure of
investments.
That we have here is incredible.
(05:01):
That's probably what's shockedme the most is just the economic
growth in Mexico.
Um, and then in addition tothat, you know, we always wanted
to live in different countries.
Like I have this, I, you and Iare the same way.
I have this, like thisinsatiable thirst for knowledge
and this insatiable thirst forlearning new things in different
(05:22):
cultures and exploring the worldand, um, all those kinds of
things.
And.
we just needed to figure outkind of like, okay, what are we
doing after we had gotten toMexico in terms of like, how do
we stabilize here?
How do we feel here?
You know, how are we gonnacontinue making income?
'cause obviously that's changeda lot of things as well um,
since we left the United States.
(05:43):
Um, and then so we've alwayswanted to do it.
We have an insatiable thirst forthese things and then it's just
really sweet for taxes.
Yeah.
And, and that's,
Speaker (05:52):
that speaks a lot to like the, the going between
different countries and not.
Winding up in like the tax thatof a given country.
Yeah.
But what I'll say, and I'llunpack this a little bit and
kind of give it, give it somestructure here to just make it
easier and, and, and follow.
What are these main reasons?
Like number one, I think, andthis is what I told you about a
few days ago when I'm like, Hey,let's really take this
(06:13):
seriously.
I know we've been talking aboutit, but let's really dive into
it.
Number one on my plate for sureis the fact that we want global
diversification of ourcitizenships and residency.
So right now, of course we'veboth got us passports.
We're working on our Mexicanpassport as well, or at the very
least permanent residency.
But we are looking at that trackto having a Mexican passport.
(06:36):
So that's gonna give us the USthat's gonna give us Mexico.
If we did at some point decideto renounce our US citizenship,
would I be okay having just aMexican passport?
I don't know, maybe, right?
But I didn't feel like there wasquite enough diversification
there.
We're gonna look at a fewcountries where that we're,
we're actually gonna tell youabout in this video in just a
minute.
there are countries out therethat have a little bit more
(06:57):
diversification than say, justhaving a Mexican passport or
just having a Mexican and a USpassport.
So that was like really numberone on our list is, especially
for me,'cause I, I'm always likelooking at the playing field
saying, Hey, Mexico is great,but also is it too dependent on
the US economy, for example?
Speaker 3 (07:14):
Yes.
Speaker (07:14):
Or are there a lot of risks, like for example,
political instability to theextent that's in the us?
I don't think so, but there'salways a lot of risks in any
country and it's.
It's always imperative to notjust leave your eggs in one
basket or two.
exactly the way that I look atit is it's really cheap
insurance for geopoliticalinstability.
So this is why a lot of peoplecoming to us, especially those
high net worth individuals, arehaving questions about second
(07:37):
residency, second passports.
They're buying it essentially asan insurance policy, and it's
one of the most effectiveinsurance policies that you can
buy because if you're Reallywealthy, if you've got 5
million, if you've got$10million in the bank, like a lot
of our friends do.
You might think, well, I don'tnecessarily need health
insurance.
If you live in the US youprobably still do because it's
(07:58):
wild.
But if you lived in Mexico yeah,at that level, you almost
wouldn't need health insurance.
You definitely don't need, evenin the US, probably don't need
car insurance.
Again, I guess back to thecraziness and the litigiousness
of the us, maybe somebody couldtake you like that for five mil
if you don't have car insurance,like, I guess, but, but there's
different levels.
like For a lot of things.
Once you get above a certainlevel, maybe it's more like 10
(08:18):
or 15 or 20 million in the USrealistically for some of those
things, but you get above acertain level and you realize
you could probably justself-insure for certain things.
But it's very difficult toself-insure for the geopolitical
risk that can happen, especiallyin a place like the US that
right now is kind of giving us alittle bit of late stage empire
vibes.
Speaker 3 (08:36):
Yeah,
Speaker (08:36):
Mexico's definitely up and coming, but I don't wanna
put a hundred percent of my eggsin that basket.
Speaker 3 (08:39):
Nope.
Speaker (08:40):
So that's, that's a big reason.
Another reason number two, andit's almost tied.
this is what you were talkingabout, is we want to have a
little bit more diversity.
We wanna have fun, we wanna haveadventure, we wanna have
diversity.
While we're still young, wereally want to travel and
explore more of the world.
And then number three toAmanda's point, is understanding
more about people, understandingmore about cultures and having
(09:00):
the ability to learn about newcountries, new languages, new
people, new parts of the world,right?
Speaker 2 (09:06):
Yeah.
Um, and also, you know,investment opportunities.
Like, you know, Mexico might bereally great for a certain type
of investment, but not all.
Maybe another country's betterfor another kind of investment.
And again, that goes back todiversifying yourself, you know,
geopolitically and alsofinancially geopolitically.
and financially.
Speaker (09:21):
A hundred percent.
And
Speaker 2 (09:22):
financially, because the world is constantly moving
and shifting and changing.
and We already knew that beforewe came to Mexico and before we
(10:44):
started this YouTube channel.
But obviously since we startedthis YouTube channel now we
definitely know it even morebecause of all the research we
have to do, um, all the time andall the ways that we help our
clients.
It's, It's just a constantly achess board that's moving in all
these different directions andthere's lots of countries out
there right now that are worthexploring and are kind of that
(11:04):
upswing where a lot of thecountries that Westerners are
from United States, Canada.
Western Europe, like they'rejust kind of not doing so hot.
Although we do have a westernEuropean country on the list and
we'll explain why.
Speaker (11:19):
Alright, so anything else that we're missing in terms
of like, why we sort of want tomake this move?
I, I think one that I like, oh,the tax net.
We didn't even talk about that.
So before we dive into thecountries, let's talk about a
little bit of the, the tax netsituation, especially here in
Mexico.
So as with many other countriesin the world, if you are here in
person in Mexico for over 183days per year, obviously not tax
(11:42):
advice, consult your taxprofessional.
But that's our understanding,right?
It's about 183 days per year.
If you're here more than that,then you are taxed on all of
your global income as a Mexicantax resident.
now, up until now, so far, theyhave not enforced too many taxes
on expats, especially withforeign income.
We really don't know a lot ofexpats that are even declaring
(12:03):
or paying taxes in Mexico.
We've
Speaker 2 (12:04):
talked to a lot of Mexican accountants about this,
and they've all made, they sayit's not really a thing.
Yeah.
Speaker (12:09):
But the letter of the law states that you can fall
into that tax net, and mysuspicion is over the next three
to five years at most.
They're going to start to crackdown a little bit more on that
as they get the resources to dothough, uh, to do so as they get
the technology to do so, and asthey realize that there's this
huge expat tax base, right?
They haven't quite gotten to thepoint where they're even
enforcing tax laws for manyMexicans.
(12:31):
Like there's a lot of peoplehere.
Most people here they'll paytaxes.
The joke is Mexico's actuallyone of the highest tax countries
in the world where almost nobodypays taxes.
Their marginal tax rates goabove, uh, 35%.
At that, some of the highesttiers, and you don't have to be
earning very much.
I think the highest tiers areabout like 60 or 70 K or even
less.
You don't have to be earningthat much money, uh, in Mexico
(12:53):
to even be in that highestmarginal tax rate.
But
Speaker 2 (12:55):
no one pays it, which is why they instituted eva,
which is the sales tax.
So the government could makesome revenue.
Right.
Speaker (13:02):
Which we won't get into the detail of EVA and how much
that how much we have have topay all that stuff on our Amazon
imports from the US and wheneverwe send server parts here from
your parents' house, but, but Idigress.
So when you are in a countrythough, for more than a certain
number of days, and I knowColumbia does police this a lot
more than say Mexico, where theyhave connections between
(13:22):
immigration when you're flyingin and outta the country between
the tax system and all that, andthey definitely are asking you
to pay taxes, most likely that'sgonna happen here at some point.
We don't know when, but we wouldcertainly prefer, especially
because if you look at the thenumbers, we would actually spend
less.
Maintaining a place in two othercountries, not the US'cause we
(13:45):
don't really want to spend toomuch time there anyway.
two other countries outside ofthe US besides Mexico, we would
spend less maintainingresidencies in those countries
and actually having apartments,even if they're sitting empty
than we would, uh, in what weare gonna be making shortly and
what we potentially could pay.
And, and I won't get into toomuch detail now, uh, to put our
(14:05):
stuff out there too much, but,uh, we're, we're essentially
going to, if, if we were.
if Pulled into that Mexican taxsystem, we would end up spending
less to have two otherapartments and maintain them and
pay utilities and everythingelse, and a couple other
countries in different regionsof the world then we would be
paying just in taxes here.
Speaker 3 (14:24):
Yep.
Speaker (14:24):
So we could have three places around the world, which
we've always wanted to doanyway.
We've always kind of wanted tohop and, and, uh, take advantage
of like, Hey, it's this seasonhere, it's that season there
maybe, maybe this.
Continent is nice because thesummer, the spring is really
nice, but not the winter.
Mm-hmm.
So we, even though that's gonnaincrease our lifestyle and we're
gonna have a better lifestyle,we're actually spending less
(14:46):
money than we might be paying injust taxes alone.
And we're able to get out of thetax net of any of those
countries in addition obviouslythe additional benefits, which I
think are really important ofgetting those residencies or
citizenships.
And I think it's important toget those now.
Because even if we decide laterto do something that, you know,
they're, they're gonna chargeyou a hundred thousand or a
(15:06):
quarter of a million dollars ininvestment or real estate in a
given country to get a goldenvisa.
Even if we were able to do thatin the future, why not get those
residencies or passports when itbasically costs nothing,
Speaker 3 (15:19):
right.
Other
Speaker (15:19):
than some time living in that country and maybe paying
rent there for a while, paying.
Potentially minimal taxes therefor the time that we are in the
country, if anything.
In a lot of cases we don't,
Speaker 2 (15:29):
since we've always, since we've always run online
businesses and that's not anissue for us because we've been
location independent for
Speaker (15:35):
over 15 years,
Speaker 2 (15:36):
each of us.
Yeah.
Speaker (15:37):
So, yeah.
So those, those are thedifferent reasons we're, we're
doing this and we'll talk aboutsome of the objections people
might have to this sort oflifestyle.
And obviously we have twoanimals as well.
We've got a dog and a cat, sowe'll talk a little bit about
what's involved there, but.
What are some of the countriesthat we've been talking about?
Obviously Uruguay was one.
Speaker 2 (15:56):
Yep.
And Uruguay actually recentlycame up in the comment section
because Uruguay has been makingwaves lately.
Now my love, why is Uruguaymaking waves in all the expat
spaces?
Is,
Speaker (16:08):
Well, there's a really cool thing that the Uruguayan
government introduced called the11 year tax holiday.
So that means that if you are toget residency in Uruguay on
that, on that path tocitizenship.
You could potentially be free ofall taxes on all income,
especially the income that'searned from other countries,
which is most people's income ifthey're going to live there as
(16:30):
expats for 11 years, zero tax.
Justin Keltner (16:33):
Yeah,
Speaker (16:33):
and they really only tax you on dividends and capital
gains anyway if you're receivingyour income from outside of the
country.
So you could do the 11 year taxholiday.
And then there's also a separateoption where you elect to pay 7%
taxes for life.
Instead of 12%, which latermight go up on all those
dividends and capital gains,which by the way, if you run a
an S corp or something similarlike I do, dividends would
(16:57):
include the capital gains onthat business, So, so the,
capital gains would be theSchedule K that you receive.
So I would still have to paytaxes on some of that, but I
would much rather pay 7%.
that's another thing we'relooking into, like do I want the
11 year tax holiday?
I don't know.
Maybe I'm more likely to, let'ssay, go and live somewhere.
Like o, do I permanently orretire there?
In maybe more than a decade.
(17:18):
'cause right now we're stilltraveling.
Speaker 3 (17:19):
Yeah.
Speaker (17:19):
But you're not a tax resident there unless you're
staying for more than sixmonths.
And most likely, if we're goingto retire there at some point,
it's gonna be in a decade.
In 20 years, 30 years, whoknows.
Right, right.
at that point, that 11 yearswould've already passed, but I'm
gonna be paying 11 or well 12%tax on the capital gains instead
of the 7% that you can lock innow.
So there's some really coolincentives.
(17:41):
You can either get that taxholiday for 11 years.
And then pay 12% capital gainsand dividends tax after on your
foreign income.
Or you could lock in that 7% forlife, which to us is kind of
looking a little bit moreattractive because we're looking
at that potentially as adestination, maybe to live long
term.
We're still exploring ouroptions.
Speaker 2 (17:59):
and then Uruguay is also really interesting.
It's known for having more of aEuropean lifestyle, but in Latin
America, which after being inMexico for a while, would be an
interesting change between thosetwo countries.
Although there are parts ofMexico that do feel very
European.
'cause it was a European colonyas well.
Um, and then in addition tothat, you're a hop, skip in a
from Argentina without having todeal with Argentina's taxes.
Speaker (18:22):
Yeah, so Argentina was actually another country that we
were seriously considering.
And we're still, I mean, it'sstill kind of on our list.
We're gonna go, to,
Speaker 2 (18:28):
I really wanna go to Buenos Aires.
Speaker (18:30):
We're we're, definitely gonna go there.
In fact, a lot of people don'tknow this, but you can take a
two and a half hour ferry rightfrom downtown in.
Uh, in Uruguay and take thatferry, be right in Argentina,
and Buenos Aires in just acouple hours.
Speaker 3 (18:44):
Yep.
Speaker (18:44):
For I think it was like 50 or 60 Euros.
Right.
you're practically going to aEuropean city in, in Argentina.
It's, it's very, very European.
Uruguay is also kind ofEuropean, but Argentina
especially.
So, and there's just so much todo between those two countries.
And we were really consideringArgentina as well.
We like what Malay is startingto do.
He's
Speaker 3 (19:04):
attempting to do.
Attempting to do, yeah.
he's, he's reading out a lot ofdefinitely spending.
Yeah,
Speaker (19:08):
he, he's, he's, uh, really just reigning in the
government in so many ways.
We're not sure how effective itis yet, or how effective it's
going to be long term.
One of the caveats though, likeAmanda mentioned about
Argentina, is that they do havea relatively high tax rate.
It's higher than the USdepending on the marginal
bracket that you fit into, butit can go as high as 35% or
(19:29):
more, all the way up from about12%, just kind of starting, uh,
starting base marginal.
Tax rate for, for people like usthat are expats.
And so when you compare that tobasically 0% on active income,
which is Now
Justin Keltner (19:44):
maybe not
Speaker (19:44):
50% or so of our income, or 7% on just capital
gains, but, or the optionobviously in notay of something
like no taxes until, uh, 11years passes, Argentina doesn't
seem that attractive.
Now the second kind of caveatthere in Argentina, in Uruguay,
we could potentially spendthree, four or five months a
(20:06):
year there for a few years andget our permanent residence or
citizenship.
You don't necessarily have to bea tax resident of Uruguay in
order to build the time incountry that you need to get
that Uruguay and citizenship.
But in Argentina, you actuallydo have to spend over six months
per year while you're workingtowards your citizenship and
that
Justin Keltner (20:25):
causes.
Speaker 2 (20:26):
You get caught up in the tax net.
Exactly.
That
Speaker (20:28):
causes two problems.
One is to Amanda's point, youget caught up in the Argentine
tax net because you mandatorilyhave to be paying into that tax
system.
And number two, it removes theflexibility of travel so that
you, let's say you didn't wannaspend all six months per year
there in Argentina.
You wanted to maybe spend threemonths, four months, a year
there and uh, more time in othercountries.
(20:50):
For instance, when we apply forour Mexican citizenship, we will
have to have been there inMexico here.
For six months out of the priortwo years before we apply for
that citizenship.
So if for instance, you know,we're looking at Argentina and
Mexico and a third country, thatreally limits our options
because we have to spend themajority of our time in
(21:11):
Argentina.
The other caveat, and again thisis not ruling Argentina out,
we're still considering it.
We hope that they're gonna makesome reforms to the tax policy,
especially for foreigners and,and allowing people easier path.
to.
Citizenship.
But the other factor is that youcannot renounce an Argentine
passport.
So most passports will let yourenounce.
(21:32):
But if let's say things go evenmore south
Speaker 3 (21:35):
Yeah,
Speaker (21:35):
In Argentina than they have in years prior, well now
you're stuck with that for life.
And maybe the government cancome after you for taxes, no
matter where you are in theworld.
Just like the US and TRIA do,right?
Mm-hmm.
Those are the only twocountries, but who knows?
So it's a little bit of apickle.
thinking, Hey, I've got thisArgentina passport now, but I
can't renounce it later if Iwant to.
It's not something they support.
Speaker 2 (21:56):
The other thing about Uruguay that's quite attractive
is Uruguay is not reallyinvolved in any of the drama of
the world.
So if World War III breaks out,who's gonna go mess with
Uruguay?
Pretty much nobody is going togo mess with Uruguay.
And Uruguay doesn't mess withanybody either.
Um, some people say World WarIII is already happening.
It's just different kind ofwarfare than what we've seen
before.
But point being, Uruguay is asafe country.
(22:18):
It's not involved in all thisdrama.
Going on in the world.
Uh, and that's another reasonwhy it seems pretty attractive
to expats right now.
Speaker (22:26):
Yeah.
So we're interested in Uruguay.
We're maybe interested inArgentina if they get their
stuff together a little bitmore, and if some of the tax
policies change.
But here's another perk toUruguay, is that they allow
access to a lot of Merkurcountries without visas.
That includes Argentina, thatincludes Brazil.
I'm gonna have to study up alittle bit on the specific
number of days you can spend inthose countries, but currently
(22:48):
US citizens.
Have to actually apply for avisa to go to places like
Brazil.
You could potentially be anUruguayan citizen, live in
Montevideo or or a surroundingtown Montevideo and go visa free
to Brazil, to Argentina, to somany other places.
just with that Uruguayanpassport, even if, let's say we
renounced our US passport andhad our Mexican passport, had
our Uruguayan passport, thatopens up visa free travel to the
(23:11):
Shein area through both theMexican and the Uruguayan
passports.
That opens up visa free travelto Japan through the Mexican
passport.
And there's other countries likeRussia that are a little bit
precarious with the US passportthat you can access too.
With the
Speaker 2 (23:24):
Mexican passport, you get visa free travel to all of
Asia developed and.
undeveloped, which is yeah, oneof that's another things people
don't know, that's another
Speaker (23:30):
perk.
And then you just kind of havethat added benefit of now South
America, so you're not gonna beable to live in Asia long term
with an Otay passport, but youcan travel there as a tourist
for months, every year you cantravel to Europe.
That's not a problem at all,even if you don't have your US
passport anymore.
And it opens up all, I mean,really all of Latin America to
you, especially South Americawith that Uruguay passport.
(23:50):
So it's good diversity.
Speaker 2 (23:51):
And Uruguay is known for having good banking In South
America, most countries orpeople from those countries know
that Uru is pretty safe banks,pretty good banking experience,
all those kinds of things.
So then we expose ourselves tobeing able to diversify where we
hold our money even more.
Speaker (24:07):
So what is the last country that we were potentially
considering and maybe the bonusof the country right next door
that we were looking at, butwe're like, eh,
Speaker 2 (24:16):
Portugal.
Now, I know we just said a wholebunch of stuff about Western
Europe and how it's going crazyand all kinds of stuff, and
Portugal's neighbors, Spaindefinitely does have a crazy tax
system we wouldn't wanna touch.
Um, how, yeah, we
Speaker (24:28):
looked into Spain and we're like, yeah, we don't know.
Shakira had some bad timesthere.
Speaker 2 (24:33):
Yeah.
Spain has a tendency of makingexamples out of people like
Shakira.
And Shakira wasn't the firstone, um, in Spain.
So with with Spain, it can get alittle bit more complicated with
the taxes.
Um, you know, we've had a lot ofclients who, for example, they
tried to go through Spain first.
I think it's if you have over 2million in assets in Spain and
(24:54):
you're in Spain, then they wantto tax you on your worldwide
assets.
And people are like, there's,yeah, there's wealth wealth tax.
There's a wealth Tax's tax, andpeople are like, why?
I already own this property andthe United States, or, Canada,
and I'm
Speaker (25:05):
paying property taxes on thousands of dollars a year.
Yeah,
Speaker 2 (25:08):
so that's just silly.
That's just stupid, right?
And we have a lot of clients whoare in that, you know, two to 5
million range, and then theylook at Spain and they're like,
you're gonna tax me on myproperties in the us?
Like F you, I'm gonna gosomewhere else.
And on top of that, and they'relosing millionaires.
Now,
Speaker (25:23):
not only that, but you have to spend almost enough time
every single year in Spain
Speaker 2 (25:29):
to get caught up in the tax net to get,
Speaker (25:31):
and you get, in order to be able to get that, that
residence or that citizenship.
So you get, get caught up inthat tax unless you go through
the goal, the visa route, butthey pretty much shut that down.
Um, but if you are doing like adigital nomad visa and then
trying to, to spend enough timein the country to then qualify
for citizenship like you canwith a Mexican passport, if
you've got a, a passport from aLatin American country like
Mexico, you can get fast trackto Spanish citizenship and get
(25:53):
that in as little as two years,but you have to spend almost six
months a year on average in thecountry.
Yeah, I think for that, andthere's a, very, very fine line
between the amount of time youhave to spend in Spain.
To qualify for citizenship, justlike Argentina, but not quite as
bad, right?
Between that and the time thatyou're in the tax net.
And it gets really tricky,
Speaker 2 (26:10):
I think, from my research.
If you're coming from a LatinAmerican country to Spain, you
have to be there the full twoyears.
You have to do your two years,and then you, you can qualify
for the citizenship.
I think with the otherresidency, it's like six months
every year, so on and so forth,um, to maintain the residency.
But yeah, Spain, I mean, I'vebeen to Spain several times.
My mother lived there.
(26:32):
When she was a teenager, Iactually went to school in Spain
when I was 11 years old.
I'm like, I'm good.
I've done this already.
Also.
Your taxes suck.
I can go somewhere else.
Speaker (26:42):
And it's, it's subject to a lot of the, the other
political instability issues,high crime, so many other things
like
Speaker 2 (26:51):
protest, completely unled protest, immigration
they've been protests and thingslike that.
Yeah, that's
Speaker (26:54):
happening throughout a lot of Western Europe.
But contrast that with Portugal.
And Portugal is starting to looklike a really good option
because it's safe, it's quiet.
It stays out of a lot of the BSthat so many other countries in
Western Europe are experiencing.
Why else do we like Portugal?
Speaker 2 (27:11):
Wine.
Um,
Speaker (27:13):
wine.
That's a, that's a good one.
You
Speaker 2 (27:15):
could get the Iberian lifestyle that you would be
getting in Spain without all thebullshit It's basic.
That's true.
basically why.
Uh, Portugal, uh, makes a lotmore sense.
And also I forgot to mentionthis about both Uruguay and
Portugal, we both speak Spanishfluently.
So going from Mexico to Uruguayis no big deal because we
already speak Spanish, and thengoing from Spanish to Portuguese
(27:37):
is not that difficult and in myopinion, I could be wrong.
I know everybody who speaksSpanish says something
different, but in my opinion, Ipersonally understand port, uh,
Portuguese from the IberianPeninsula a lot more easily than
I understand.
Resilience.
Just me personally.
You could have a completelydifferent experience.
I've heard.
I've heard it's like a 50 50depending on who you talk to.
(27:58):
Yep.
But language barrier wise, goingfrom Spanish to Iberian,
Portuguese is not a big deal.
Speaker (28:04):
Yeah.
And it's, it's kind of a smallcon and also a pro at the same
time because it's like anotherlanguage that you get to learn.
So that's sort of a plus.
Right.
We love learning languages andlearning about new cultures and
things like that, so we get tolive there potentially at least
for a few months, a year.
Learn a new language, but it'snot that tricky, like you said,
coming from Spanish and a lot ofpeople in Portugal speak English
(28:24):
too, especially in the, the bigcities and the, the tourist sort
of areas.
I'd
Speaker 2 (28:28):
rather learn port Portuguese if I can.
Of course.
And I already have a foundationbut they also probably speak a
Speaker (28:32):
decent amount of Spanish too.
I mean,'cause they're so closeto Spain.
Speaker 2 (28:35):
Yeah.
Speaker (28:36):
So
Speaker 2 (28:36):
I mean, I can understand Portuguese, like
again, I, understand I vary inPortuguese more than I
understand Brazilians.
But if I have it written infront of me, I understand like
90, 95% of what's being said.
so It's not an issue for me orfor you because you're also
fluent to Spanish
Speaker (28:51):
and when you look at the tax situation and things
like that, Portugal is a littlebit easier than Spain.
They're a little bit morelenient in terms of when they
consider you a tax resident andyou don't actually have to
necessarily stay in the countrylong enough to be covered in
their their tax net.
In order to get the citizenship,you can potentially be in
Portugal as little as aboutthree to four months per year
(29:13):
for those first few years asyou're building up that time in
country.
To qualify for Portuguesecitizenship.
And of course when you get thatPortuguese citizenship, now you
can live and work wherever youwant in Europe.
Speaker 2 (29:26):
Yeah, yeah.
And there's definitely someother countries that are like
honorable mentions, you know, interms of what we're considering
down the road.
Greece has a really interestingprogram.
They have digital nomad visas.
They now have a golden visa, sothat's an interesting one in
terms of, uh, Western Europe.
Speaker (29:41):
I'll say this about Portugal too though.
Yeah.
Because there's differentcategories.
And another video that we'regonna do very soon is.
Your global passportdiversification at different
financial levels, right?
Mm-hmm.
So if you're like, maybe, youknow, in the, in the middle like
us, where we're starting to getmore and more savings, but we're
still working.
We're, we're actively earningincome, we're growing
(30:02):
businesses.
We're sort of in that growthphase.
There's a certain set ofcountries like Portugal, you can
kind of come in no matter whereyou are.
If you're okay spending time inthe country, then you really
only have to show a couplethousand dollars a month of
income.
It's not very much.
It's very accessible to digitalnomads, to people with a remote
income to business owners thatare operating remotely.
So it'd be easy for us toqualify for that, and we're
(30:25):
happy to invest the time incountry, those requirements that
we have to spend time inPortugal to obtain now time that
is credited towards thatcitizenship application.
But if you've got a few milliondollars in the bank and you're
okay investing about half amillion in a lot of Portuguese
stocks and things like that.
You can get fast tracked as wellfor both you and your family in
(30:46):
a much shorter period of time.
Speaker 3 (30:48):
Yeah.
Speaker (30:48):
And what, uh, some of our clients John and David were
telling us about is that they'vegot programs there as well.
And we're starting to talk topartners there in Portugal about
these programs.
Uh, now that they, they'vementioned that recently we're,
we're looking into this evenmore and you're able to actually
take money out of your AmericanIRA.
Self-direct, the IRA, and thenhave it managed by a Portuguese
(31:11):
firm that primarily invests incompanies in Portugal, and
they're seeing anywhere from aseven all the way up to a 15 or
20% return on some of thesestocks.
So there's a lot of really highgrowth stocks.
There's a lot of stable stocksthat they invest in as well,
that are, that are in differentindustries in that country.
Depending on your risk profile,your age, your tolerance, things
(31:31):
like that, they're gonna set youup with.
specific portfolio of stocks.
If you're interested in acountry like Portugal, we can
connect you with our partners.
We're also, we're researchingdifferent people, uh, different
asset managers and in differentcountries, including Mexico.
Including Portugal.
So if you want to have yourcustomized plan built, if you do
have a million dollars or morein liquid net worth, definitely
(31:53):
click that link below or go toentrepreneur expat.com/consult.
Justin Keltner (31:57):
And
Speaker (31:57):
can apply for a consult with our team, and we're gonna
help show you what some of thosedifferent types of opportunities
are.
Yeah.
So what were you saying aboutsome of the other countries?
So Greece, although if you'vealready got the Portuguese
passport, you almost don't needit, Yeah.
but it's, it's an alternativeroute.
Right.
Ireland's
Speaker 2 (32:10):
interesting.
In terms of Western Europe, I'vebeen to Ireland.
I love Ireland.
I always said I would go back, Iwish there was better food in
Ireland.
I'm sorry.
Right.
But I love Ireland.
I love the Irish people alwayssaid I'd go back someday, to do
it.
You know, obviously we're superinterested in Southeast Asia
eventually, but with SoutheastAsia there's really no easy path
Like there is no path tocitizenship.
(32:32):
It's very
Speaker (32:33):
difficult to possible in Asia, it's very, unless you
get married there.
Speaker 2 (32:36):
Yeah.
Speaker (32:36):
But then we would have to break up and then make
married and It's a whole thing.
It'd be very complicated.
be a lot of paperwork,complicated.
Um,
Speaker 2 (32:43):
you know.
So, you know, and there's MiddleEastern countries that we're
interested in checking out aswell.
That's kind of down the road.
So in this next leg.
our adventure of our lives, wewere like, Hey, you know, we are
really interested in SoutheastAsia, but we're already speak
Spanish.
We're already on this side ofthe world.
And to your point, you saidthings like, why would you wait
if you can just start theprocess now and then avoid a
(33:05):
bunch of headaches, price hikes,and problems later.
Speaker (33:08):
Yep, that's, that's exactly right.
And that's why we're lookingmore at these countries that
currently are accessible versusgoing in Vagabonding in Thailand
or in.
Vietnam, and we might do alittle bit of that too, I'm sure
in the next few years down theroad.
Maybe we'll spend a few months,a year there, especially once
we've started to establishenough time in these countries
(33:29):
where we're not gonna have anissue getting citizenship.
But look at it this way, we, wetravel between, between Mexico,
especially now that we're, we'reearning our, our citizenship
here, uh, somewhere like Uruguayand a place.
Like Portugal in Europe, it'snot a big
Speaker 3 (33:45):
deal.
Speaker (33:45):
It's not a big deal.
Yeah.
Even with the dog.
I mean, Daisy's a service dog.
She can come on the plane.
It's a seven or eight hourflight, depending on where we're
going to, and she's been onflights like that before.
No issue the cat, you know, it'sin, in her little bag.
Speaker 3 (33:58):
Yeah.
Uh,
Speaker (33:59):
and yeah, it's not that big of a deal to, to travel and
it's a lot of fun and then wekind of get our travel in plus
the global diversification.
So when we look at the financialaspects of this, because this is
something that a lot of peopleare asking us about, like, how
are you guys gonna do that?
Isn't that crazy expensive?
Well, our total living expensesright now, living in Mexico with
a beautiful lake.
View condo in the Chapala area.
(34:20):
We
Speaker 2 (34:20):
live well.
Speaker (34:21):
We live well, yeah.
In Mexico, and we're spendingabout$2,000 a month.
but That includes our utilities,our food, everything, massages,
nails, house, everything,housekeeper, all that stuff.
In terms of just like the rentand the basic utilities, it's
around$600 a month.
Like just our rent, our power,our internet, right?
So call it$600 a month forMexico.
We may or may not maintain thisplace here.
We're looking at differentoptions, but we're gonna give
(34:42):
you the worst case scenariofinancially, even if we have
Justin Keltner (34:45):
have
Speaker (34:46):
long-term leases, essentially in all.
three places just to give youlike a very conservative
estimate.
So$600 here, Uruguay is a littlebit more expensive.
We could find something inMontevideo furnished or semi
furnished for around a thousanda month.
Portugal is gonna be around thesame as that at about a thousand
dollars a month for a nice placefurnished or semi furnished.
So all in, you're looking atabout$2,600 in rent.
(35:09):
Maybe add a little bit more forextra utilities in both those
places, even though we won't beusing them much because we won't
be there.
But even if we have those threeleases, long term leases, and we
travel between them sort ofthree months here, you know, a
few months there, a few monthsthere, and we're not renting
them out or anything like that,which that's, that's a way to
obviously make.
This work even easier, but evenif we're just renting them
(35:31):
completely empty when we're notthere, we're only spending$3,000
a month in rent having threeplaces in three different
countries in the world.
And that's pretty darn coolbecause I could not get a nice
one bedroom apartment in SanFrancisco for less than four or
$5,000, like in a comfortablearea where we have anywhere near
the quality of life that we'regonna have in either of these
(35:53):
places.
Speaker 2 (35:53):
The flights also weren't that bad.
when you were, The flights
Speaker (35:55):
weren't that bad when I did the math.
You're spending about$6,000 peryear, which is way less than
what you would have to do overthe course of the five years,
three to five years that ittakes to get citizenship in all
of those different countries.
If you were to compare it tolike a Golden Visa program, so
Golden Visa, you're shelling outa quarter of a million dollars
at least, or if it's a Caribbeanpassport, like minimum 150,000
(36:16):
plus.
Um, but most of them are evenmore, they've gone up to like
200 something thousand, soconsider like 300 k either.
an investment or just a gift tothe government.
Instead of that, we'reincreasing our costs by, what's
the difference?
2000 a month for rent, so that's20 4K plus six K for flights,
$30,000 that we're increasingour expenses by, if that, and
(36:38):
over five years, that's stillunder$150,000 and we're getting
three different citizenships.
Justin Keltner (36:45):
Yeah,
Speaker 2 (36:46):
yeah.
Now you might be thinking, oh,how do you guys make money?
Well, obviously we haveEntrepreneur expat with
entrepreneur, expat.
You know, we sell digitalcourses, so one of the things
that we talked about wasbuilding in more passive income.
Um, I don't think we would needto as much if we're living
between three differentcountries, but we were thinking
like five, 10 years down theroad, if we ever wanna pick up
the pace in terms of ourtravels, making sure we have the
(37:09):
systems in place, the productsin place, and we got not just
this YouTube channel, but twoYouTube channels that have
started running like machines.
Um, in that regard, it took us alittle while to get there.
Which is why I'm so gratefulthat we were in Mexico for a
while to really stabilize, um,these things.
And then obviously we dobusiness consulting, so that
pays a lot of money, uh,business consulting and then so
(37:31):
does relocation.
Relocation and immigration andtaxes and all that stuff is also
a very high ticket item.
So we also do that for ourclients.
Um.
And then in addition to that,uh, as a part of the business
consulting, you also, you know,host people and their websites
and all that kinds of thing, allthat stuff.
So honestly, we're on track.
We're like, we're getting to thepoint where either passively or
(37:53):
semi passively, all our expensesare basically covered by
businesses that, you know, don't100% run themselves.
We're not quite there yet, butthey're freaking close to 100%
running themselves, eitherbecause we automated them.
Um, either we automated thesales in terms of digital
courses and things like that, orwe automated the marketing like
(38:16):
YouTube and Instagram or interms of relocation, we have
teams that we delegate to.
And then the businessconsulting, it's kind of
similar, right?
Although we're definitely moreactively involved in the
business consulting.
So when we started realizinglike where we were now in
comparison to where we were 3,4, 5 years ago, we started to
realize, okay, this is actuallyeasier.
(38:37):
To do because when we firstcame, well, when I first came to
Mexico a couple years ago, wetried the digital nomad quicker
pace thing and we were like, no,absolutely not.
Because we were running like twodifferent businesses at the
time,
Speaker 3 (38:50):
separately.
Speaker 2 (38:51):
Separately.
Those businesses did not reallylend themselves to that kind of
a pace and that kind of alifestyle, that's when we were
like, Hey, we need to park it inMexico for a little while and
figure out this piece of thingsso then we can move on, uh, to
the next.
Piece.
So I'm very happy to say thatlike we're getting there and our
goal for being able to, uh, livein different countries is still
(39:13):
like a year out in terms offlights and things like that.
So then that gives us plenty oftime in order to, you know,
really dial it in in terms ofthe passive income, the
machines, uh, the relocation,all that kind of stuff.
Because the reality is that wemake more than enough money to
be able to do this.
And now we do it in a way whereit's, it's, we're not so
(39:34):
involved like we were, it's alot more
Speaker (39:36):
passive than it was before.
It's a, Yeah.
It's
Speaker 2 (39:37):
a lot more passive versus semi passives in
comparison to the businessesthat we had Before, which we ran
into that issue when we weretrying to be digital nomads.
We didn't have a YouTube channelthen.
Speaker (39:49):
And on a, on a more personal note, I mean, it's very
motivating to me because as muchas I love Mexico, like I want to
travel more, I wanna seedifferent places.
And when you're in Uruguay, youtake that ferry to Bueno Aires,
and now you've seen twodifferent countries in right, in
a week.
Right.
So being able to explore SouthAmerica, Exactly.
Or, or hop on over to Brazil orexplore Europe from your home
base in Portugal, like that'sreally cool too.
(40:11):
That's super motivating for mebecause I love to travel.
I love to learn new languages,learn about new cultures, learn
about different people, learnnew investments.
Speaker 2 (40:18):
You love to learn about new investment strategies.
Speaker (40:20):
So now I'm like way more motivated.
I'm producing content more andI'm like, all right, let's pick
up the pace.
Let's do this Because it'sbuilding towards that future.
And of course this is also gonnamake us a lot more money.
Now we're building connections,not just through Zoom, not just
remotely with a lot of thesepeople in these, these other
countries that can help withvisa processes and things like
that for our clients.
But we're actually getting onthe ground in person.
(40:42):
We're getting content there.
We're filming, so it's easilygoing to pay for the increases
in, in lifestyle uh, expensesand whatnot, because we're
actually there.
Doing that research, filmingthat content, we're on site.
It gives us a new level ofcredibility that we didn't have
before, just kind of staying inone place.
And yes, there's a lot of peoplemoving to Mexico, but they also
(41:04):
want to go to Uruguay, toArgentina, to so many other
countries around the world.
Isn't that right, Daisy?
We want to travel.
She loves to travel.
This dog is very, very welltraveled.
Daisy is more, she's been inprobably a couple dozen cities
in a few different countries.
Speaker 2 (41:19):
Daisy's more well traveled than a lot of.
Americans, unfortunately,
Speaker (41:22):
she's got a big passport.
Yeah.
Yeah.
Speaker 2 (41:23):
Fortunately or unfortunately, right.
Daisy.
Oh, baby girl.
Yeah.
Speaker (41:29):
So that's what we've got in terms of the, the
countries that we're going to,this is not a, this is not a
goodbye to Mexico.
This is more of a hello to.
Other countries in the worldthat we're going to be
exploring, we're gonna belearning about, we're gonna be
bringing you lots of new contentnow from all over the world.
So we're super excited to bedoing that.
(41:49):
Again, if you want our support,if you've got a million dollars
or more in liquid net worth, youwant our support with a white
glove, fully customizedrelocation service, starting
with your customized plan wherewe can look through the options
based on your ancestry, based onyour savings, based on
businesses that you wanna startin different countries.
And we can tell you what some ofthe best second passports or
(42:11):
even third passports would befor you.
And if it's a place like Mexicoor so many other countries,
Panama, Costa Rica, Portugal,where we're building
partnerships.
With people on the ground, wecan actually help you with that
process start to finish.
So just go to entrepreneurexpat.com/consult, book that
call, and if you're not there,feel free to check out all the
free resources and some of theother courses and things that we
(42:33):
have available for you as well.
Those are right in thedescription below.
Thanks so much for watching, andwe'll see you again very soon
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