Date post: | 12-Apr-2017 |
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E X PA N D I N GTHEGLOBAL ENTREPRENEUR IDENTITY
2 February 2017Google Campus – São Paulo
Who am I?Mariza Pavalama
Founder, Worldly Mindset
Entrepreneur | Location Independent| Communicator-at-Large
Traditional Corporate Experience
§ 10 years, U.S. Insurance Company- Pensions & Investments- Training & Educational Seminars- New Product Innovation- Legal & Regulatory
- University of Connecticut- Finance Degree & M.B.A.
Entrepreneur
§ Moved to São Paulo 2011- Business Consultant
- Location-Independent 2015- Founded: Personality Pods,
SpanishBusinessVisas.com, WorldlyMindset.com
- Traveled to 5 countries in 2 years
Disclaimer: I am NOT a lawyer or tax professional.
Agenda
■ Location Independent Entrepreneur■ National vs. Global Identity■ Why Expand Your Identity■ Becoming More Multinational with Passports & Residency■ Offshore Accounts■ Offshore Business Entities■ Tax Savings
The Location Independent Entrepreneur
a.k.a. Digital Nomad
Characteristics:■ Able to manage your business online from anywhere■ Can carry everything you need, use the sharing economy for the rest■ Types of businesses that are Location Independent■ Base vs Full-Nomad
Types of Global Entrepreneurs
Frequency of Travel Rarely Sometimes Often Constantly
Traditional Base: Lives in 1 country, does business with others
Business Traveler: Lives in 1 country, attends conference/meetings in others
Slow-Traveler: Lives in several countries per year for at least 2-3 months
Full Nomad: Travels each month or less to a new location for business/lifestyle
Location Independent Entrepreneur
Benefits:■ Cost-of-living “geo-arbitrage”■ Traveling vs. Home-base Expenses■ Reduce business expenses: lower labor costs
– Developer, VA, Social Media Management, Freelance Designers■ Business Networking: Events and Conferences■ See the World & Experience More
Location Independent Entrepreneur
Challenges:■ Relationships with Family & Friends■ Discipline - Work & Well-being■ Language
■ Visas & Immigration■ Access to Money■ International Business Structure
The Identity You’re Born With:
One Nationality. One Passport.
“Vagina Lottery”
The Identity You Must Adopt:
One Planet. Many Options.
“Countries are Bairros”
Visa-free Travel: where can you go?
Brazil: Visa-Free travel
Passports.io
All your eggs in one basket (country)
■ Passport■ Residency■ Banking■ Business■ Income■ Investments
Empires Come and Go
Geo-Political & Economic Risk
■ Unstable Currencies■ Countries Heavily in Debt■ Insolvent Banks■ War on Cash (India)■ Restrictions on Movement ■ Capital Transfers
Solution: Diversify Your Identity Toolset
Toolset #1
■ Become a Multinational Person– Get visas, residency, citizenships, passports
Toolset #2
■ More currencies, less problems– offshore bank accounts & cryptocurrencies.
Toolset #3
■ Start an offshore company or two– offshore corporations, business bank accounts
Toolset #1: Multinational is Not Just About Business
Visas & Residency Permits
■ Difference: permission to travel for visiting vs. permission to stay
■ Benefits:– More Visa-free travel, e.g. Schengen Zone– Banking and Incorporation Easier– Path to Citizenship & 2nd Passport– Access to Social Healthcare– Potential Tax Benefits– Forever Summer!
Toolset #1: Multinational is Not Just About Business
Residency Permits Types:
■ Retiree or Non-Lucrative
■ Business
■ Employment
■ Student
■ Marriage/Kids/Religious
Simple Residencies to Obtain
Europe– Portugal– Spain– France– Germany– Estonia– Hungary– Czech Republic
Asia– Thailand– Malaysia– The Philippines
Latin America– Peru– Panama– Chile– Ecuador– Paraguay– Brazil
Toolset #1: Multinational is Not Just About Business
Citizenship & Passport
■ Ways to get another passport:– Investment = Buy it– Time in country– Ancestry– Become a celebrity
Ancestry in European Countries
Dual Citizenship Countries
Toolset #2: Banking
■ Money is a tool we use to create the experiences we want, in business and in life.
■ Bank where it’s easy to access your money■ Cryptocurrencies: Bitcoin
Toolset #2: Offshore Accounts
Regions■ Europe
■ Latin America
■ Asia
■ Caribbean
Considerations■ Open account in-person
■ Citizenship (US FATCA)
■ Amount of Capital
Toolset #2: Offshore Accounts
Benefits:■ Diversification: Bank & Currency Risk■ Save on Currency Exchange & Transfer Fees■ Tax Strategy
Toolset #3:Optimized Business Structures
If your country has a complicated tax structure, incorporate your startup elsewhere.
à Open offshore corporations with low or 0% tax rates
à No Foreign Income Taxation
Corporate Taxation
Foreign Income Taxation
Countries with 0% Corporate Tax
Estonia 0%
GDP per capita
Estonia: e-Corporation
■ Ability to register a new company online
■ Low startup and maintenance cost
■ Remote administration from anywhere in the world
■ 0% corporate income tax until distributions are made, which means more money to invest
■ Minimal bureaucracy and clear tax framework
■ Ease of doing business with EU and other international clients
■ Increased perception of trustworthiness as a result of registration in EU
Ex: Brazil & Estonia Entities
Brazil Entity■ Sociedade Anônima (S/A)■ Brazilian clients
■ Bank Account ($BRL)■ Legal & Accounting fees: $$$$
■ Corporate tax: 34%*■ Personal Income tax: 15 - 20%
Estonia Entity■ Limited Liability Company■ International clients
■ Bank Account: (EUR, GBP, USD etc)■ Legal & Accounting fees: 49€/month
■ Corporate tax: 0%■ Personal Income tax: effective 15%
*In addition to statutory corporate income tax rate of 15%, surtax of 10% on income in excess of BRL 240,000 per year imposed and 9% (20% for financial institutions) social contribution tax (CSLL) levied on adjusted net income.
Benefits of Multiple Entities
■ Lower international cost & complexity of international clients
■ Minimize personal income tax
■ Administration with simple SaaS accounting program
■ O% Corporate– Re-invested Earnings– International Business Expenses
■ Path to European residency
SUMMARYBenefits of Expanding Global Identity
Expand Your Global Identity
■ Plan B: To Live, To Access Money, To Do Business
■ Tax Savings: Personal & Corporate Tax could be 0%
■ Ease of Doing Business
■ Lower Personal & Business expenses
■ More Options, More Freedom
Multinationalism is not just for companies anymore.
Go where they serve you best.
“Countries are Bairros”
Topics In-Depth
■ Location-Independence
■ Residency Visas
■ Passports & Citizenship
■ Offshore Accounts & Entities