In this episode, Justin speaks with Edmund John, CEO of Flag Theory. Flag Theory helps people internationalize, by assisting them with company registration, residency requirements, tax advice, passport strategies, and more.
What is Flag Theory? 6 Flags to internationalizing yourself; Edmund added a 7th.
1) Citizenship (Passport), with thought towards tax strategies
Only 2 countries have worldwide tax obligations: USA and Eritrea, small country in Africa with human rights violations
3) Offshore Company
4) Bank Account (Assets)
5) Physical Assets
6) Digital Security
7) Digital Assets (bitcoin, etc) How do you structure your life to avoid trading time for money, like a lawyer or a CPA does? A: Entrepreneurship
Edmund personally has companies and residencies in: Singapore, Thailand, Panama City
Why are more Americans renouncing their citizenship than ever before?
John takes us through an example of setting up a company in Singapore, and what the benefits might be
John’s business has been operating for 6 years now. What does he know today, that he wishes he would have known when starting the business?
How do privacy strategies protect you from frivolous liability lawsuits?
Rocket Internet https://en.wikipedia.org/wiki/Rocket_Internet – example of how execution is more important than ideas
“I think asking the right questions is sometimes better than providing the answers.”
Recommended book for people getting into entrepreneurship: “Think and Grow Rich” Oldie but a goodie http://www.amazon.com/Think-Grow-Rich-Napoleon-Hill/dp/149617545X
How does Edmund set out a certain amount of time each day for working towards the goals that he wants to accomplish?
A: Habit Tracker – phone app (Justin found ReWire on Android that seems great)
If Edmund could write a tweet that went viral, what message would it give? A: That daylight savings should not exist.
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