I stumbled across an article talking about the man who inspired me to start writing online – Victor Pride (Nick Kelly).
He used to run a blog called Bold and Determined (now defunct and shut down).
He lived in South East Asia (usually Vietnam and Thailand) and earned his income from the internet (WiFi Money).
Victor Pride (Nick Kelly) owes the US Government $540K plus taxes/penalties/late fees/collection costs etc. for his company Superdrive Publishing under which he sold his very popular ebooks.
USA is the worst citizenship to have
The USA is one of the worst citizenship to have if you want to be a location independent businessman.
If you are a U.S. citizen your worldwide income is subject to U.S. income tax regardless of where you live. – USA Internal Revenue Service
In other words, if you’re a US citizen – you can live abroad for 10 years, make your money solely from outside the USA, and still be liable to pay taxes in the USA.
The USA is one of the only two countries in the world that does this – taxing based on citizenship instead of residency. The other country is Eritrea, a tiny African country (“a highly centralized, totalitarian regime” according to the US Department of State)
We are no longer in a world where you needed to be in the west to make good money.
The center of the world went from London to New York to Silicon Valley to The Internet.
Most money is being made or spent online and you don’t need to be an American to make money from the net.
In fact, the Internet is the most secular place in the world. It does not care if you are black, white, brown, Muslim, Hindu, Christian, etc. If you provide value – you will grow. The blog you’re reading is an example of this.
We’re already on the trend where you don’t need to be in America to work a high paying American job.
So why would you want to be an American citizen? It’s like owning the cow when you can drink the milk for free.
Besides, in many “third world countries” you can live a much better life than you can in the USA.
Similar infrastructure (theaters, malls, etc.), cheaper everything (except iPhones), can hire maids, cooks, etc. (I have a maid, a cook, and a chauffeur and it cost me less than $1000 per month combined).
Life in India, Thailand, and many other countries is much better than life in the USA if you have money.
If you make $100,000 in India, you live like a king. You make that in the USA, you live like a regular guy (or worse).
Why You Should Minimize Taxes *LEGALLY*
Rules can be broken, laws cannot. You should always strive to minimize your taxes – but always do it legally.
The government will eventually catch up with you and if you have been breaking the law, you’ll have to pay big with all the penalties, interest, late fees, etc. combined.
You will eventually get caught – so it’s much better to find legal loopholes to avoid paying taxes rather than doing things like hiding bank accounts and income.
Hire a good accountant and don’t be an American citizen – solves most business tax related problems (let’s be real – if you’re earning a salary, you’re paying out of your nose no matter where you go or what you do).
– Harsh Strongman
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