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Among 17 Countries, These Are the Cheapest and Most…

Budget Travelers Digital Nomad and Expats Book — To save money during your next time abroad, take a look at the tips I gave in this book.

(The entire ranking of the cheapest and most expensive cities to take an Uber is at the end of the article, just in case you want to jump directly to there)

Besides the splendid scenery and exotic food, there is another discussion subject among friends returning from holidays.

Prices.

We discuss price discrepancies and inflation because it affects our pockets, and also because it gives us a perspective of labor costs, living standards, and infrastructure development.

And, at least for some people, including me, it is also enjoyable.

I remember when I was a teenager how I spent time reading the charts of the Big Mac Index. It is an index compiled by the magazine The Economist comparing the prices of a Big Mac in different parts of the world. My interest in prices and charts, later on, resulted in my choice for an economics major at University.

The Big Mac Index became a hit because economists view the index as a decent real-world indicator of local purchasing power. This is because the pricing of a Big Mac considers local costs of raw materials, labor, taxes, and business premises.

I rarely listen to economists because many of them do not deserve any attention. But in this case, they almost got it right. Almost because the Big Mac Index does not take into consideration anomalies in demand. So if a country with low material, labor, and tax costs has an unusually high demand for hamburgers, the price still may be higher than expected.

Outside of these cases, however, it is a good measure.

In the same fashion as the Big Mac, the price comparison between Uber in similar conditions can illustrate how high are the labor and material costs in a certain country. Since drivers are freelancers, if the salaries are high and unemployment is low, Uber rides should cost more to attract drivers enough. These price fluctuations take into consideration offer and demand. Uber Dynamic Pricing model — something similar to what I did during my airline career — controls the price changes.

The Comparison Criteria for The Cheapest and Most Expensive Cities to Take an Uber

Before jumping into our Uber Rides comparison, first the criteria. I want to compare apples with apples, or, in the worst case, apples with pears, not with golden bracelets.

Every ride here will follow the criteria below:

All rides to be compared have a distance of 6 kilometers.
All rides are between the financial district and a residential district.
All rides compared consider average traffic. No congestion. This solves the problem of comparisons between the rush hour in city A and the low-traffic flux in city B.
All rides consider the cheapest form of Uber available.

Australia — Sydney

Departure: The Sydney Central Business District (CBD)

Arrival: 70 Simmons St, Newtown

Price: 18.73 Australian Dollars (US$ 14.61)

Belgium — Brussels

Departure: The Northern Quarter

Arrival: Rue Jean d’Ardenne 78, 1050

Price: 11.98 Euro (US$ 14.62)

Brazil — Sao Paulo

Departure: Av. Brg. Faria Lima, 1384

Arrival: Rua Tomás Carvalhal, 818–1018 — Paraíso

Price: 16.80 Brazilian Reais (US$ 3.19)

Canada — Vancouver

Departure: 674–624 Granville Street.

Arrival:1491 Kamloops Street.

Price: 14.33 Canadian Dollars (US$ 11.89)

Chile — Santiago

Departure: Rosario Nte 660–460, Las Condes

Arrival: Av. Luis Thayer Ojeda 1698–1502, Providencia

Price: 4119 Pesos Chilenos (US$ 5.77)

Colombia — Bogota

Departure: Cra. 10 #72–44, Comuna Chapinero

Arrival: Cl. 64D #69h1

Price: 9900 Pesos Colombianos (US$ 2.67)

France — Paris

Departure: 1–15 Rue des Longues Raies, 92000

Arrival:Rue du Souvenir, 95870 Bezons

Price: 12.25 Euros (US$ 14.95)

Germany — Frankfurt

Departure: Börsenpl., 60313 Frankfurt am Main

Arrival: Ulrichstraße 43, 60433 Frankfurt am Main

Price: 12.58 Euros (US$ 15.35)

India — Bangalore

Departure: 61, Avenue Rd, Ballapurpet, Chickpet, Bengaluru.

Arrival: 987, VK Gokak Rd, Gavipura, Kempegowda Nagar, Bengaluru.

Price: 140.54 Indian Rupees (US$ 1.97)

Italy — Milan

Departure: Borsa Italiana, P.za degli Affari, 6, 20123 Milano

Arrival: Via Ettore Ponti, 30, 20143 Milano

Price: 16.81 Euros (US$ 20.51)

Japan — Tokyo

Departure: Tokyo Stock Exchange, 2–1 Nihonbashikabutocho, Chuo City

Arrival: 4-chōme-22 Senzoku, Taito City, Tokyo

Price: 3702 JPY (US$ 34.06)

Mexico — Mexico City

Departure: Polanco, Polanco IV Secc, Miguel Hidalgo, 11550

Arrival: Cidet, Av. Clavería 119, Claveria, Azcapotzalco, 02080 Ciudad de México

Price: 63.05 Pesos Mexicanos (US$ 3.15)

Poland — Warsaw

Departure: Warsaw Spire, plac Europejski 1, 00–844 Warszawa

Arrival:Jana Maklakiewicza, 02–641 Warszawa

Price: 13.17 Zlotys (US$ 3.56)

Spain — Madrid

Departure: Torre Europa, Paseo de la Castellana, 95, 28046 Madrid

Arrival: Calle de Asura, 6–16, 28043 Madrid

Price: 8.68 Euros (US$ 10.59)

Switzerland — Zurich

Departure: Paradeplatz, 8001 Zürich

Arrival: Birchstrasse 28, 8057 Zürich

Price: 18 Swiss Francs (US$ 19.98)

Ukraine — Kyiv

Departure: National Bank of Ukraine, Instytutska St, 9, Kyiv

Arrival: Pravoberezhna St, 61, Kyiv

Price: 71.43 UAH (US$ 2.57)

The United States — New York

Departure: 16–2 Pine St, New York, NY 10005

Arrival: 353 Hoyt St, Brooklyn, NY 11231

Price: 30.28 Dollars (US$ 30.28)

Ranking of Uber Prices

From the cheapest to the most expensive, here is the ranking.

The cheapest Uber ride among all cities compared is in Bangalore, India. Using an exchange rate of 0.014 USD per Indian Rupee, the total price of the 6km route was US$1.97.

Below the ranking:

2nd — Kyiv, Ukraine. US$2.57

3rd — Bogota, Colombia. US$2.67

4th — Mexico City, Mexico. US$3.15

5th — Sao Paulo, Brazil. US$3.19

6th — Warsaw, Poland. US$3.56

7th — Santiago, Chile. US$5.77

8th — Madrid, Spain. US$10.59

9th — Vancouver, Canada. US$11.89

10th — Sidney, Australia. US$14.61

11th — Brussels, Belgium. US$14.62

12th — Paris, France. US$14.95

13th — Frankfurt, Germany. US$15.35

14th — Zurich, Switzerland. US$19.98

15th — Milan, Italy. US$20.51

16th — New York, The United States of America. US$30.28

17th — Tokyo, Japan. US$34.06

Conclusions about Cheapest and Most Expensive Cities to Take an Uber

The Uber prices in the analyzed cities reflect the discrepancies between the labor costs. A single uber ride in Tokyo would cost more than 17 rides with the same distance and characteristics in Bangalore, India.

This comes as no surprise when we realize that Japan has a per capita income almost 20 times bigger than India.

An apparent surprise is that Milan had the largest price among all European cities since Italy does have an average income lower than Switzerland or Germany. But we must remember that Italy is a fairly unequal country, and Lombardy (the region of Milan) has an average income far higher than Italy.

If you are curious about how you can save when ordering an Uber, and many other travel hacks, I recommend the book Budget Travelers, Digital Nomads & Expats: The Ultimate Guide: 50 Tips, Tricks, Hacks and Ways to Free Stuff & Cheaper Flights

Levi Borba is CEO of expatriateconsultancy.com, creator of the channel Small Business Hacks, and a best-selling author. You can check his books here, his other articles here, or his Linkedin here.

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Expat Problems

5 Things Insanely Expensive In Poland - How They Affect Our…

Moving Out, Working Abroad and Keeping Your Sanity Cover — This is a chapter from the book Moving Out, Working Abroad and Keeping Your Sanity

This is the second article of a series about the cost of living in Poland. The first was focused on the costs of living in Warsaw.

After living on four different continents, I got this costume for praising things that are well priced in some countries. The coffee in Brazil, the wine in Chile, the gasoline in Qatar, or the mountain resorts in the Carpathian Mountains. All of them are gems that have prices far better than a foreigner would expect for their quality.

But there are dark sides in each of these countries, overpriced stuff, just like everywhere else. Electronic products in Brazil, ski passes in Chile, beer in Qatar, or… What is expensive in Poland?

Eastern Europe (or Central, as the Poles consider themselves) is not famous for being exactly expensive. That surprises many expatriates I saw on this long road of life abroad. Poland can be pricey. Especially when you behave like a little spoiled kid and prefer to not change some habits from your homeland.

Habits like…

Taking Showers Too Frequently

PS: by the time I write this article, 1 dollar is 3.74 zloty — the Polish currency.

The price of water in Poland is quite high compared to Brazil (our water prices are among the smallest in the world) but in line with the European countries. This is not the reason showers are madly expensive there.

The problem is that in some cities, like Warsaw or Łódź, the garbage collection tax is based on the amount of water used — I don’t know why, and I think nobody knows. This indexation can increase the monthly bills quickly.

Badly, awfully, dramatically quick.

The water price (considering also sewage, since most of the clean water we use later becomes sewage unless you throw it through the window as I did in the winter) in Warsaw is 9.85 zlotys per cubic meter. One cubic meter is 1000 liters.

Then comes the garbage tax. It is 12.73 zlotys per 1000 liters of water consumed.

We have a final price of 22.58 zlotys per 1000 liters of water.

Modern, efficient showers use on average 9 liters of water per minute. Therefore, a 10 minutes shower costs you (22.58/1000)*90 = 2.03 zlotys.

0.55 dollars. It may look small if you live in the USA, but have in mind that the average monthly salary in Poland is 3733 zlotys net. An average person who bathes daily would spend nearly 2% of his salary — not counting water heating.

This would be the same as an American spending 105 dollars monthly on shower bills.

To make things worse, this is the price of cold showers. If you want warm water — something enjoyable in the winters where the temperature often remains for months below zero — you need to sum the heating prices, and they are also not cheap.

Coke (and any sugary drink)

If you had been in Poland before 2021, you may think that I am exaggerating by including this item.

But in 2021, the Polish government (just like almost every government in the world) needed money to cover the bills of all the stimulus checks promised during the Covid-19 crisis.

So they created a new tax. A tax that could use the excuse of helping people’s health. A tax over sugary drinks.

This tax alone increased the price of some soft drinks by 40%.

A 2L Coke bottle costs now around 9 zlotys on the supermarket shelves. 2.5 dollars. This is 30% more than the price in Brazil, or 25% more than in the USA.

Lettuce

If the prices of water and soft drinks surprised you, the price tags of Lettuce should not.

At least 4 months per year — being optimistic — Poland is just too cold to plant it. Their delicate leaves suffer when the temperature goes below 15 degrees Celsius.

A friend of mine, when facing the outrageous prices of lettuce here, questioned: why they don’t just rise it indoors, using the hydroponic method?

It would be a good idea, if not because hydroponic crops need a lot of water, and they are expensive — see previous paragraphs. Plus, the room still would need to be warm during winter, so there are additional heating bills.

Importing lettuce is also not a simple job. It has a short expiration period.

All these problems and no straightforward solutions result in a price of — hold your breath — 5 zlotys. 1.35 dollars.

Per kilo? No. Per package of 140 grams. One kilo of lettuce would cost almost 10 dollars.

Fortunately, there are other vegetables that are more resistant to lower temperatures, so the Poles can keep their daily intake of fibers. Cabbage, for example.

Cigarettes

Another item that is costly because of the heavy taxation. A package of Marlboro in Poland costs around 18 zlotys. Almost 5 dollars. This is more than twice the price of the same product in Brazil, 40% more than the price in Miami, and even more expensive than in Doha, the capital of one of the richest countries in the world.

I am addressing the price of legal cigarettes here. Poland has quite an issue with smuggled tobacco.

Curiously, neighboring Ukraine has one of the cheapest cigarette prices in Europe — if not the cheapest. It is nearly 60% cheaper than in Poland.

This creates an enormous flow of contraband in the Polish frontier. They had arrested even diplomats smuggling cigarettes.

A Square Meter of Land in Warsaw

This is a common situation in post-communist nations: an enormous discrepancy of land prices between the capital and other cities. This is visible not only in Poland but also in Hungary, the Czech Republic, and nearly every other country that was behind the iron country.

I am not talking about comparisons between the major city and tiny villages. Even when comparing Warsaw with prosperous centers like Wroclaw, the differences are heavy.

Warsaw is nowadays more expensive than Brussels or Berlin, even though Germany has a per capita income almost 4 times larger than Poland. While food and leisure are the affordable part of the cost of living in Warsaw, an average land price per square meter of almost 5000 dollars imposes a heavy burden on the habitation costs, making the capital an exception in the otherwise affordable cost of living in Poland.

What about your perception of cost of living in Poland?

How do these costs compare to your city? I am curious to read it, so let me know in the comment section. Cheers!

If you are planning to move abroad, check this article with a list of 5 books to read before moving to another country. And if your idea is to be an entrepreneur overseas, there is a list of essential books I wish I read before opening my company far from home.

Business

5 Books Every Entrepreneur Must Read This Year - Even Before…

If you are an entrepreneur or aspire to open your own company, I would bet that the last 12 months made you think twice. At least this was my case as an owner of two different businesses. One is in the hospitality industry, and the other is a consultancy, and both suffered during the Covid-19 crisis. Fortunately, we survived, thanks to some of these books every entrepreneur must read

If you want to prepare your enterprise for the oncoming reconstruction — a word that is more and more used by government worldwide — there are a few things that you should know.

The first is that the new business climate is more efficient than it had ever been. The 2020 economic crisis accelerated the natural selection among inefficient companies. Survivors have leaner costs and better systems.

The second is that customer experience changed. People are, slowly, going back to socialize. They will have renewed expectations of how your firm should serve their needs.

The third is that scarcer resources demand better negotiation. That applies to government grants, contract renewals, or debts.

The books that I recommend below address these problems. While they may not be recent, neither are economical crises. The causes change — sometimes are the subprime loan, others the oil prices, and now a global pandemic. The challenges are similar. This reading list will help you be prepared to thrive in this, and the next, post-crisis conditions.

Exceptional Service, Exceptional Profit: The Secrets of Building a Five-Star Customer Service Organization

Author: Leonardo Inghilleri, Micah Solomon and introduction by Horst Schulze (former The Ritz-Carlton president)

Amazon Link: https://amzn.to/3b1FbiU

Why read it:

A must-read if your enterprise relies on customer service (meaning most businesses) or if you manage people who do. This book gives you the necessary knowledge for identifying a company in a congested market. It teaches valuable lessons about how to build a brand, improve customer loyalty, and obtain the most elevated of all forms of publicity: passionate word of mouth.

Especially helpful is the contrast between predictive service and reactive service. Clear examples are presented, and their effects.

The primary reason any entrepreneur should read this book is that you lose customers if you disappoint them, regardless of how amazing your product is. Additionally, if your product is easy to copy, providing exceptional customer service not only differentiates you in the market but also builds loyalty. Loyalty makes your customers less sensitive to price changes. Price changes that may be needed in the post-crisis, inflationary scenario.

How it helped me: It is the second book by Leonardo and Micah that I read. Again they delivered flawless lessons of service culture and delivery to customers. This is a book that anyone in the service industry should read. I shared with my staff the insights about predictive service, and it helped us to achieve better satisfaction ratings.

Hacking Growth: How Today’s Fastest-Growing Companies Drive Breakout Success

Author: Sean Ellis and Morgan Brown

Amazon link: https://amzn.to/3uqZUo8

Why read it:

Sean Ellis and Morgan Brown are leaders of the “growth hacking” tendency; one of them being the creator of the term. This book is not about tactics and strategies. It is also not about one single hack that will drive crowds of customers. It is about tuning processes (like testing alternative solutions) to reduce risks and generate quick wins. It is all about iteration and incremental growth.

The authors lead the reader through the steps to build a growth engine, with the help of examples from actual businesses. Instead of isolated cases, they bind each case so you can understand the entire process from the start to the end.

Hacking Growth does not give you the formula to go viral or escalate your business. Especially because there is not a proven formula for that. But if you are looking to learn about process improvement and designing agile companies, this is an excellent book to start.

How it helped me: The grocery story examples. Instead of delivering their lessons using deep-pocketed startups from California, they create situations with a small brick-and-mortar and use it to exemplify their message. It makes it easy to understand even the most alien concepts.

The 1-Page Marketing Plan: Get New Customers, Make More Money, And Stand out From The Crowd

Author: Allan Dib

Amazon Link:https://amzn.to/33eq5T0

Why read it: Allan Dib dismisses the myth that print marketing is dead. He brings the concept that all forms of media may be useful, and should be mixed to find the perfect blend for your business. To find this blend, he suggests a sequence of tests and trial-and-error. The testing relies on measurement, and that is why this is one of the critical points from Dib: calculate your marketing ROI.

Once you find your ROI, you start to optimize it. This means cutting out everything that is not profitable because we cannot position a business to everyone in every niche. Have a narrow focus on your customer avatar (another idea from the book), and you will create a robust marketing model.

How it helped me: It helped me with my pricing decisions — something I explained in this article. My firm competitive prices compared to our regional competitors. I did not realize, however, that our standard of service was far better.

The problem is that cheap prices gave the wrong message about our market positioning. Potential guests thought we had an inferior quality just because of our prices.

Never Split the Difference: Negotiating As If Your Life Depended On It

Author: Chris Voss

Amazon link: https://amzn.to/3b3HW3u

Why read it:
Chris Voss served as one of the main FBI negotiators in many crisis, not only in the USA but also abroad. In the Philippines, for example, he negotiated with the members of Abu Sayyaf, an ISIS-affiliated terrorist organization. With all his career expertise, he translates in this book brilliant insights, useful in multiple sorts of negotiations. There are lessons to avoid the fight-or-flight reactions that often make both sides lose.

We negotiate dozens of times every day. Some of these negotiations change the course of our life: a salary raise, a new job; buying a house. Still, most of us have no serious training in negotiation. And that is why this book makes such a difference.

Chris Voss presents techniques like the Ackermann model, isopraxis (also known as mirroring), calibrated questions, and many other proven solutions he used during his career at the FBI.

How it helped me: It helped me to reduce the costs of my business during the COVID crisis — like the negotiation that I described in this article.

High Output Management

Author: Andrew S. Grove

Amazon link: https://amzn.to/3eiytr1

Why read it:
This is the oldest book on this list. It is even considered “old” by current standards.
Curiously this makes it a must-read. It is from a time when what was needed to be said (or written) was said. Andrew Grove does not save words or is afraid of crushing sensibilities. He put on the paper what he applied during his decades at the head of Intel, overcoming plenty of crises.

Andy Grove explains complex organizational concepts and processes into simple steps that anyone can comprehend and execute. The former Intel CEO was a decisive individual, and the book shows it. He lays out dilemmas, lists the pros and cons of decision making, and then makes a judgment, for better or worse. Over the 272 pages, there are frank stories of the difficulties of management, including the mistakes committed by the author. Brilliant lessons from a legendary CEO.

How it helped me: I learned I can’t control my customers, but I can control my enterprise inputs and processes. As a manager, I should do everything possible to reduce brief stops caused by minor issues. This led me to quick reactions and responses to emergencies.

Extra Mention (Maybe not exactly one of the books every entrepreneur must read)

Starting Your Own Business Far From Home: What (Not) to Do When Opening a Company in Another State, Country, or Galaxy

Amazon link: https://amzn.to/3ejPkcN

Why read it:

I put this book as an extra mention because I am not overconfident to the point of listing my own books among titans like Andy Grove or Leonardo Inghilleri. Still, I think it is a good reading for starting entrepreneurs, written by one himself.

Four years ago, I dropped a promising career just after a promotion, to follow the dream of opening my own business. It was difficult, especially because it was a hospitality firm and we faced one of the worst crises in history in this sector during 2020.

As an additional obstacle, I opened this company in a country totally different from my culture and with a language that I barely speak (at the beginning).

But both I and my business survived. The lessons I learned, the mistakes I made, and the solutions I found are all in this book.

PS: some links above are affiliated links to Amazon.

Do you have any other title to suggest to this list of books every entrepreneur must read? Let us know at the comment section!

Business

10 Business-Friendly Countries with Low Taxes and Little Bureaucracy

I left my home country almost a decade ago to start a career and become an entrepreneur. During this time I wandered across all continents (except Antarctica) with my ideas and projects. I never thought about checking the most business-friendly countries somewhere.

Back then, I was only relying on my guts and anecdotal evidence, but now, with plenty of official information available in English, you do not need to take the same risks.

I prepared this list for entrepreneurs that are considering the hypothesis of venturing overseas. After analyzing near 200 countries, I considered three major factors to rank these 10 nations among the most promising for entrepreneurs in 2021.

Here are they

Countries with Low Corporate Tax

This is the most straightforward of all the factors considered. Low corporate taxes are beneficial for businesses — at least businesses that make a profit. This is because if you are burning money, you will pay no corporate tax in most parts of the world.

Here we understand corporate tax as the tax imposed on the net income of the company.

In some countries, it varies according to the industry sector, size, or government subsidies. To simplify, in this post I will use the most applied rate of corporate tax in each country, not considering government incentives.

Ease of Doing Business

The World Bank (almost) every year ranks all the world’s economies in terms of ease of doing business. As they explain on their website:

A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. The rankings are determined by sorting the aggregate scores on 10 topics, each consisting of several indicators, giving equal weight to each topic.

To calculate the easiness of doing business, they consider factors like:

Dealing with permits
Getting utilities like electricity
Registering property
Getting credit
Trading across borders
Enforcing contracts (my personal advice is that every entrepreneur overseas should pay special attention to this topic), among others.

Reports From Entrepreneurs in Global Communities about Business-Friendly Countries

The third factor is the most subjective. If you want to start a business in another region or continent, the first step is to get involved in communities of fellow entrepreneurs. The internet makes this easy and this a first step to conquering business allies.

Do you want to open an SEO agency in Singapore? Join the LinkedIn or Facebook group for digital marketers in Singapore. Thinking about creating a startup in Ireland? There are plenty of groups you can join. Always look for entrepreneurs that experienced similar situations as yours.

With these factors considered, I made the list below. Here is a disclaimer: some countries should be there, but they are not. At least if we consider only tax burden or ease of doing business. Countries like the United Arab Emirates or the UK.

But I didn’t include them for a reason. There are hundreds, maybe thousands of articles on the internet talking about starting a business in the United Kingdom or Dubai. I didn’t want to be repetitive, so I decide to mention less mainstream destinations.

North Macedonia

Gorgeous natural scenarios dot this country, formerly known as F.Y.RO.M, and they are on the track to become an EU member. There is an abundant offer of credit lines for entrepreneurs, and the government is quick to solve obstacles with construction permits.

Some programs allow you to register a company in only 4 hours, and the government’s macroeconomic policies are remarkably stable.

The corporate tax rate of only 10% is lower than in almost all European countries.

Place in the Ranking of Business-Friendly Countries: 17th.

Corporate Tax Rate: 10% (21st lowest in the world)

Georgia

In the last decade, Georgia advanced from a poor and war-ridden post-communist state to one of the easiest places in the world to start a business. The simplified processes to obtain a visa, register property, and enforce contracts are attracting investors from all over Asia and Europe.

The country established a cluster of Free Industrial Zones, where there are no corporate, income, profit, or property taxes.

Place in the Ranking of Business-Friendly Countries: 7th

Corporate Tax Rate: 15% (36th lowest in the world)

Singapore

I was in Singapore years ago, and my impression was to be immersed in some futuristic scenario where humankind just… succeeded. It is everything so clean that it just looks like a maximum punctuation game in Simcity. One may argue, however, that the heavy workloads and high living costs present an ugly side of the Singaporean business environment.

Singapore is among the least bureaucratic places in the world, with most of the processes and paperwork digitalized and solved in a matter of hours.

Place in the Ranking of Business-Friendly Countries: 2nd

Corporate Tax Rate: 17% (48th lowest in the world)

Lithuania

I remember the 2015 new Year’s eve as if it was yesterday. I was in Vilnius, and people were thrilled because their country adopted the Euro, concluding years of European integration.

Since Lithuania left the now-defunct Soviet Union, this small Baltic nation had a streak of fortune. The Lithuanian journey upwards is somewhat ignored because of the bigger hype over their neighbor, Estonia. This is unfair, given the similar positions of both nations in most of the rankings.

Registering properties in Lithuania is easy, and the low real estate costs are attracting investors from other parts of Europe.

Place in the Ranking of Business-Friendly Countries: 11th

Corporate Tax Rate: 15% (36th lowest in the world)

Bahrain

During the years that I lived in the Middle East, we knew Bahrain as the small neighboring country (you can see the entire island in a glance from the window of an airplane) with good parties.

With pockets filled from revenues of the oil & gas exploration, the Bahraini government does not charge corporate tax. A common practice among gulf countries. Different from them, however, Bahrain is friendly to foreign investors.

The downside of this Gulf island is the often conflictual relations with its neighbors, in special Qatar, which results in closed borders and restricted connectivity.

Place in the Ranking of Business-Friendly Countries: 43rd

Corporate Tax Rate: 0% (lowest in the world)

Ireland

Ireland is one of the richest countries in Europe nowadays (at least in terms of GDP per capita). But differently than the other members of the rich boys club, the tax burden is not heavy there.

The corporate tax rate in Ireland is only half the rate of countries like Belgium, for example. If this is not enough to convince you how this island is friendly to entrepreneurs, consider all the entrepreneurial development programs that Ireland offers.

Place in the Ranking of Business-Friendly Countries: 24th

Corporate Tax Rate: 12.5% ( 33rd lowest in the world)

Montenegro

Like the previously mentioned North Macedonia, until a few decades ago Montenegro was part of Yugoslavia, a communist state. It is one of the countries that are close to joining the European Union. Things like the ample credit offer for entrepreneurs reflect this progress.

The corporate tax rate of 9% is the lowest in Europe (tied with Hungary) if you don’t consider tax-havens like Guernsey or Jersey Islands. The language barrier may be a thing, but the number of English speakers in the younger generations is increasing. When I visited Montenegro, I had no problem finding people that spoke at least the basics of English.

Place in the Ranking of Business-Friendly Countries: 50th

Corporate Tax Rate: 9% (19th lowest in the world)

Hungary

Hungary has the lowest corporate rate in the European Union. Besides this attractive title, it also is one of the best-connected trading points in the EU. The country still requires many of the old-style, post-communist paperwork to get construction permits or register for utilities — problems that I experienced also when moving to Poland.

Place in the Ranking of Business-Friendly Countries: 52nd

Corporate Tax Rate: 9% (19th lowest in the world)

Estonia

I wrote an entire article about the solutions Estonia created for publishers, digital nomads, and remote businesses. The Estonian governed digitalized most of their processes, so entrepreneurs will waste little time dealing with registrations, permits, and unproductive paperwork. You can incorporate a company in a matter of hours.

Place in the Ranking of Business-Friendly Countries: 18th

Corporate Tax Rate: 20% (61st lowest in the world)

Thailand

The first business that I opened was in the tourism industry. As a result, many of the entrepreneurs that I contacted were foreigners that started firms in Thailand.

While this beautiful Asian country has a natural advantage for the tourism industry, other sectors also benefit from its low costs, large English-speaking community, and high connectivity. So many airlines fly large planes to Bangkok that the two times I flew on the colossal A380, both were to the Thai capital.

A warning point: The Thai government has the fame of being harsh with foreigners that break the local laws or do not have all the needed permits. More than once I heard about the army seizing properties because of unpaid debts or broken regulations.

Place in the Ranking of Business-Friendly Countries: 21st

Corporate Tax Rate: 20% (61st lowest in the world)

Are any of the countries above in your entrepreneurial plans? What are other business-friendly countries? Tell us in the comment section.

If yes, be aware that some of them may have minimum investment requirements for foreigners starting a business. Also in Europe, almost always you will need to present to the authorities a business plan. You can learn more about how to write an impressive business plan and how to analyze the local competition in this article, and take a look at this list of books about moving abroad.

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Business

Starting a Business in Europe as a Foreigner - A…

This is a quick guide for anyone thinking about starting a business in Europe as a foreigner, wrote by a person that has done it before.

The information below is either from my own experience or collected from reliable sources in 2021. However, this article is not legal or investment advice. Before starting a business, it is recommended that you do plenty of research.

If you are planning to venture overseas, there is a great list of books about moving abroad that I recommend. Remember to check the business risks to consider in a business plan. There are also books specific for entrepreneurs overseas.

The order of the countries below does not obey any criteria, except the first, which is the place where I started my initial business.

Starting a business in Poland as a foreigner

The Polish economy experienced nearly 3 decades of uninterrupted growth (the sequence finished in 2020, with the Coronavirus crisis). That made the country soar from one of the poorest in Europe in the 90s to one of the most promising new-joiners in the European Union. The Polish capital, Warsaw, has an average income comparable to Berlim.

Ranking at the Ease at Doing Business Index: 40th

Minimum Investment: There is not a specified minimum investment, but since the visa approval is highly subjective, it is recommended that the entrepreneur has at least 100 000 zlotys (nearly 22 000 euros) in the bank account, or creates two full-time jobs for locals. If both, even better.

Other Specifications:

To renew the visa after one year, either the company must be profitable or hired two polish citizens as full-time employees for at least six months.
The entrepreneur must submit a well-researched business plan to the immigration authorities. Some consultants can help with the business plan if you are willing to invest in Poland.

Pros of Opening a Business in Poland

Easy access to the European market.
Resilient economy
Low minimal investments (among the lowest in the entire European Union).
If you have Polish ancestry, your life will get much easier if you apply for a Karta Polaka.

Cons of Opening a Business in Poland

The entire process can take more than six months.
If you plan to invest in Warsaw, be aware that the Polish capital can be twice more expensive than other major cities in the country.

Starting a business in Ireland

The Ireland SEP has the mission of facilitating the creation of startups in Irish territory. The candidates for the SEP can apply for a 2-year residency, with the possibility to renew for other 3. Family members can be included in the visa.

Program Name: There are currently 2 parallel programs for investor visas: One is the Immigrant Investor Programme, and the other is the Startup Entrepreneur Programme (SEP).

Ranking at the Ease at Doing Business Index:24th.

Minimum Investment: Minimum of €50,000 per founder to fulfill visa requirements for the first entrepreneur. €30,000 for each additional founder visa.

Other Specifications:

The applicant should have an innovative business idea that can create a minimum of 10 jobs in Ireland and earn at least €1 million in turnover within 3–4 years.
• The startup headquarters must be based in Ireland.
• The startup must be less than 5 years old if the applicant is already based in Ireland.

Pros of Opening a Business in Ireland

Brexit is bringing more business opportunities to Ireland.
Business-friendly tax system.
One of the lowest corporate tax rates of entire Europe: 12.5%

Cons:

Relatively high-costs, even when compared to other European economies.
Small internal market.

How to Open a Business in The United Kingdom

The UK Startup Visa grants successful applicants a residency of 3 years and 4 months. It can be extended for additional 2 years.

Program Name: The UK Startup Visa (before called Tier-1 Entrepreneur visa)

Ranking at the Ease at Doing Business Index: 8th

Minimum Investment: Between £50,000 to £200,000 should be available for investment in a bank account. Plus, the participants must prove they have funds enough to pay their own expenses for at least three months.

Other Specifications:

The visas are awarded on a points-based system, and successful applicants must score full 95/95 points.
There should be a letter of recommendation from recognized institutions listed by the government.
There are minimum English idiom requirements and the applicant must present a criminal record certificate.
For certain nationalities, it is also required the negative result of a tuberculosis test.

Pros of Opening a Business in the UK

No need to handle documents in difficult languages.
Friendly environment to new businesses.

Cons:

Strict requirements for an entrepreneur visa.
High costs compared to other European countries.

How to Open a Business in Estonia

For a few years already, Estonia has a policy of attracting startups and a buoyant environment for entrepreneurs. Most of them are under the umbrella of the Estonia Startup Visa.The effort resulted in this tiny baltic country having the highest number of startups per capita in the EU. The government also pioneered solutions for digital nomads by creating the e-Residency. It allows businesses to be based in the country but managed by remote entrepreneurs.

Program Name: Estonia Startup Visa

Ranking at the Ease at Doing Business Index: 18th

Minimum Investment: There are no minimum investments for the business itself, but the applicant should present the resources necessary to execute a business plan of an innovative and scalable enterprise. Plus, he/she needs to have at least €130 per month intended to live in Estonia.

Other Specifications:

The applicant should receive approval from the Startup Committee.
The applicant should show evidence of securing accommodation for the stay and intent to leave (i.e., a departing plane ticket).
There should be a valid insurance policy for the Estonia or Schengen area with at least €30,000 coverage.

Pros of Opening a Business in Estonia

There are no taxes on retained or reinvested profits.
It is very easy to open business bank accounts.
Government facilitates entrepreneurial activity
Nearly every procedure can be solved online.

Cons:

For brick-and-mortar businesses, the cultural differences and the language barrier can become an obstacle.

How to Open a Business in Italy

The Italy Startup Visa has financial tools for any business that requires research and development funding. It requires, however, that the candidates present proof of their personal(or their team) academic backgrounds.

Program Name: Italy Startup Visa

Ranking at the Ease at Doing Business Index: 58th

Minimum Investment: €50,000 per visa applicant

Other Specifications:

The candidate must submit the documents online and be approved by the Startup Visa Technical Committee.
The company should not have more than 5 years. Another requirement is a turnover smaller than €5 million. No profits should be distributed in the history of the company.
A minimum of 15% of the costs must be R&R. At least a third of the team must have PhDs, or two-thirds a master’s degree.
The firm must already have intellectual property, intend to establish headquarters in Italy, and subject to tax contributions.

Pros of Opening a Business in Italy

Financing lines for businesses that are involved in research and development.
Incentives for science-related firms.

Cons:

Strict requirements of academic backgrounds and company history.
Italy has a complicated bureaucracy for European standards.

How to Open a Business in France

The French government created two parallel programs intended to attract technology startups. One is the French Tech Ticket and the other is the French Tech Visa. The former was created to help tech startup founders, employees, and investors to live and work in France. It is valid for 4 years, can be renewed, and can be also extended to immediate family.

Program Name: French Tech Ticket, French Tech Visa

Ranking at the Ease at Doing Business Index: 32nd

Minimum Investment: For the French Tech Visa, the minimum capital invested must be equal to a French annual minimum wage, currently 18 655 Euros.

Other Specifications: (Also for the French Tech Visa)

• The candidate must be selected by one or more French Tech Visa partner incubators by the selection process.
• The candidate must present an economic innovation plan for the company in France.
• Entrepreneurs need to be approved by the Direccte

Pros of Opening a Business in France

Smaller capital requirements
Access to incubators and accelerators

Cons:

Not among the easiest countries in Europe to do business.
The selection process can be competitive.

How to Open a Business in the Netherlands

The candidates approved in the Dutch startup program are sent to Startup Delta. It is a partnership between the government, incubators, investment groups, and enterprises. Entrepreneurs have access to mentorship and guidance in their ventures in the Netherlands.

Program Name: Netherlands Entrepreneur Visa

Ranking at the Ease at Doing Business Index: 42nd

Minimum Investment: The candidate must prove to have at least €13,000 to support his own expenses.

Other Specifications:

The candidate needs to present an idea considered innovative by the program committee.

Pros of Opening a Business in the Netherlands

Access to experienced entrepreneurs that will act as mentors and guides.[
Relatively small initial investment.

Cons:

Competitive selection process.

How to Open a Business in Denmark

Differently from many other entrepreneur visa programs in Europe, Denmark does not target projects to build large companies with millions invested, but also benefits self-employed, non-EU people who present innovative and scalable ideas. On top of that, it provides access to angel investors, accelerators, and the Danish Growth Fund.

Program Name: Denmark Startup Visa

Ranking at the Ease at Doing Business Index: 4th

Minimum Investment: Between 137,076 DKK and 319,236 DKK in savings for the entrepreneur’s own expenses, plus the amount needed to execute the business plan.

Other Specifications:

The candidate must present a comprehensive business plan, conduct a presentation, and a pitch deck. The presentation and the pitch must show that the candidate will have an active role in the business.
The candidate must be proficient in English.
The candidate`s idea must have the approval of a panel from the Start-up Denmark.
The candidate must be evaluated by the Danish Agency for International Recruitment and Integration.

Pros of Opening a Business in Denmark

One of the easiest countries in the world to do business.
Easier access to investors and financing lines.

Cons:

Due to the attractiveness, it is competitive and ideas not good enough may stand no chance.

How to Open a Business in Portugal

Certain regions in Portugal, like Algarve, Lisbon, and Porto, are already hotspots for the digital nomad community. Now the government also developed initiatives intended to attract other tech entrepreneurs.

Program Name: On the Spot Firm

Ranking at the Ease at Doing Business Index: 39th

Specifications:

Candidates are distributed across 5 categories, innovation, scalability, market potential, management capacity, and job creation.
The focus must be on technology.
The company’s business plan must show the potential to generate at least €325,000 per year of turnover.

Pros of Opening a Business in Portugal

While Portuguese bureaucracy has a relatively complicated amount of paperwork, the On the Spot Firm program simplified what is needed to establish a business.
Climate, quality of life, and smaller living costs (for European standards) make it easier to attract and employ talents.

Cons:

Portugal has one of the highest corporate rates in Europe. A Whooping 31.5%.

How to Open a Business in Spain

Cities like Barcelona attract crowds of entrepreneurs for a reason. The Spain startup visa program accelerates the obtention of the needed documents for people that present a viable business plan and the resources to build it.

Program Name: Spain Startup Visa

Ranking at the Ease at Doing Business Index: 30th

Minimum Investment: There is no specified minimum investment, but the candidate should have the means to support himself, and also the resources to execute the business plan.

Other Specifications:

The candidate should reside or show the intention of moving to Spain.
The candidate must obtain a favorable report from the Commercial Office. The requirement for the visa is requested at this place, and a Business Plan is required.

Pros of Opening a Business in Spain

A dynamic environment for tech and services startups.
Connectivity with Europe and Latin America.

Cons:

Most of the processes are on-site, so the candidate must reside in Spain.

How to Open a Business in Lithuania

This former-soviet nation is one of the rising stars in Europe, and during the last decades experienced an economic and social jump. Just like in Poland, the living standards improved at a dazzling speed. Different from Poland, however, Lithuania does not require a minimum investment for an entrepreneur visa. The program gives a 1-year visa with the possibility to bring the family along.

Program Name: Lithuania Startup Visa

Ranking at the Ease at Doing Business Index: 11th

Minimum Investment: Not required.

Other Specifications:

The Lithuanian program favors certain fields, like biotech, nanotech, information technology, mechatronics, electronics, or laser tech.
There is a selection process and the candidate must be approved.
There is a need to visit the country at least every 6 months.

Pros of Opening a Business in Lithuania

No minimum investment
Business-friendly country.

Cons:

Preference for specific industries and sectors.

How to Open a Business in Sweden

Being a country famous for its welfare, it may be surprising to know that Sweden is also one of the easiest countries in the world to start a business. While the taxes may be a burden, the lower bureaucracy and the high level of digitalization of government offices makes life easier.

Ranking at the Ease at Doing Business Index: 10th

Minimum Investment: There is a minimum capital required of SEK 200,000 for the entrepreneur, SEK 100,000 for the spouse if he/she applies for a visa, and SEK 50,000 for each accompanying minor.

Other Specifications:

Necessary knowledge of Swedish or English
Necessary to prove that you have experience in the industry or sector you wish to invest in.

Pros of Opening a Business in Sweden

Easy to open and operate a business
A big share of the population speaks English.

Cons:

Relatively high tax burden.

How to Open a Business in Germany

Program Name: Entrepreneur Visa

Minimum Investment: The government asserts that there is no minimum investment required, however it is recommended to proof funds of at least €250,000 to avoid questions from the migration authorities.

Other Specifications:

Entrepreneurs must present a solid business plan, with projections and premises that forecast a profitable business.
It is strongly recommended that entrepreneurs show evidence of experience in the field they wish to venture into.

Pros of Opening a Business in Germany

The process of approval is fast. In 45 days a candidate may have an answer.

Cons:

The requirements for an entrepreneur visa can be strict, especially regarding experience, and a solid, good business plan is a must.

How to Open a Business in Belgium

Belgium is one of the European countries with the highest proportion of foreigners in the total population. This is mainly due to the easy access to citizenship. For entrepreneurs, it is no different. After obtaining an entrepreneur visa and residing in Belgium for five years, you are eligible to become a citizen.

Program Name: Belgium Investor Visa Program

Ranking at the Ease at Doing Business Index: 46th

Minimum Investment: The candidate should have the capacity to invest from €350,000 to €500,000 in the first five years of the business.

Other Specifications:

The candidate must join a social security fund
The candidate must present a detailed business plan.

Pros of Opening a Business in Belgium

Good connectivity to the rest of the continent.
Easy access to citizenship.

Cons:

Belgium is a relatively bureaucratic country compared to other European states.
High costs.

How to Open a Business in Hungary

Entrepreneurs willing to start a business in Hungary can apply for a temporary residence for 1 year, with the possibility to extend for a further 2 and later have a permanent residence (as long as the business is running). After eight years, the entrepreneur can apply for Hungarian citizenship.

Ranking at the Ease at Doing Business Index: 52th

Minimum Investment: The investor should have funds of at least €50,000. The fees for setting the business can consume a significant amount.

Other Specifications:

The entrepreneur must prove that all funds for starting the company are from legal sources.
The candidate must have a clean criminal record.

Pros of Opening a Business in Hungary

The corporate tax rate in Hungary is only 10%, one of the smallest in Europe.

Cons:

The procedures may demand a lot of paperwork and approvals.

How to Open a Business in Latvia

Latvia is just at the side of the before-mentioned Lithuania, and as the neighbor, is an interesting destination for entrepreneurs.

Ranking at the Ease at Doing Business Index: 19th

Minimum Investment: €50,000 if the company turnover is less than €10 million a year. The investment will need to be double if the company earns more than that.

Pros of Opening a Business in Latvia

The entire process is fast, taking less than 3 months.
The entrepreneur visa in Latvia is flexible. You can either apply for it to create your own company or by investing in an existing Latvian company to be a new shareholder.
The entrepreneur visa is extendable for the investor’s immediate family.

Cons:

Your company must pay a minimum of €40,000 in tax per year to maintain your visa.

How to Open a Business in North Macedonia

North Macedonia (still known in some parts of the world as F.Y.R.O.M) is one of the newest countries on the globe. Dotted by gorgeous natural scenarios, it is on the track to become an EU member.

Ranking at the Ease at Doing Business Index: 17th

Minimum Investment: At least €400,000 must be deposited in a local bank account.

Other Specifications:

You must have the intention of living in Macedonia.
For the entrepreneur visa, it is required to hire ten local people.

Pros of Opening a Business in North Macedonia

It is one of the most greenfield regions in Europe, with plenty of unexplored opportunities.
The country is on the track to become an EU member, and that can result in an economic boom (just think about Estonia).
Compared to neighboring countries, it is a business-friendly environment.
Only 10% of corporate tax.

Cons:

High level of requirements (capital and employment of locals).
Language barrier.

How to Open a Business in Romania

Romania is one of the most recent members of the European Union. While most of the countries in the EU will give approved entrepreneurs a visa valid for 1 year, in Romania it can be up to 3 years depending on the size of your project.

Ranking at the Ease at Doing Business Index: 55th

Minimum Investment: The minimum investment required is €150,000, plus hire some employees (how many is a matter of discussion, since there are no specified numbers).

Other Specifications:

The entrepreneur must make a register with the National Trade Register Office.
Candidates must receive an endorsement from the Romanian Center for the Promotion of Foreign Investments.
Candidates have to show evidence of a monthly income of €500 (for associates) or €700 (stakeholders) for the entire period of stay. For investments bigger than €200,000 or with more than 25 employees, there is no need for proof of income.
If the company investment amounts to €500,000 or more, or if the entrepreneur creates at least 50 full-time jobs, it is possible to apply for a 3-year visa.

Pros of Opening a Business in Romania

Access to European residence and, after some time, a European passport.

Cons:

The business environment is bureaucratic and requires a considerable volume of paperwork.

Starting a Business in Europe as a Foreigner

What comes next?

What more you would like to know about starting a business in Europe as a foreigner? Let me know in the comment section!

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Digital Nomads

Books About Moving Abroad – 9 Titles to Gain…

Best books about moving abroad. — Image by silviarita for Pixabay

I moved out of my home more than 14 years ago. 9 years ago, I moved out of my country. Both times, I tried to gather information, but at that time, we could rely only on the scarce advice on social media or from the rare relatives and friends that had a similar experience. Back then, there were no such things as books about moving abroad.

To find information was so rare that sometimes we relied on advice from people that moved to Canada when actually we were relocating to South America. Any idea was welcome because, in fact, it was all we had.

But if you are moving out in 2021, you are part of the lucky ones. Never in history, there was such an extensive amount of great blogs, posts, and even entire books with life-saving advice about moving out from home.

In this post, I will tell you the best books about moving abroad, for anyone leaving their cradles and relocating.

The post is divided into 4 parts:

Books about moving away from home. Here are the best titles in terms of cultural adaptation, general life advice, and psychological preparation. It doesn’t matter if your destination is another city, state, or overseas, take a look at these pages.
Books about Digital Nomads. Digital Nomads are an increasing community of people that leave their homes without a fixed address, a possibility offered by remote jobs. In this post, there is a longer explanation about what they really are. You can also check the best city in the world for Digital Nomads.
Books for entrepreneurs. Some of us leave our homes because of our studies. Others, due to relationships or professional opportunities. There are also individuals that move out to execute business ideas. This is my case.
The Best Book if you are leaving the United States. Here you will see only 1 recommendation, inserted especially for my dear American readers that are planning to move elsewhere.

Books about moving away from home

Move to the Place of Your Dreams: A Relocation Handbook

Publication year: 2014

Amazon Rating (From 1 to 5): 4.2 stars.

Why you should read it:In this book, you’ll learn about the rewards of relocation and discover why moving might be right for you. The book provides a low-stress, step-by-step process to help you find the best place for you, move yourself there, and adjust to a new environment.

This comprehensive guide is packed with exercises and tools to help you organize your feelings, questions, preferences, and plans. In addition, you’ll find an amazing compilation of up-to-date resources on practical, legal, and financial matters related to moving.

Where you can buy it: https://amzn.to/3e3kdAW

Moving Out, Working Abroad and Keeping Your Sanity: 11 secrets to make your expat & digital nomad life better than you imagine

Publication year: 2020

Amazon Rating (From 1 to 5): 4.4 stars.

Why you should read it: In this book, you will learn things like:

– The extraordinary source of information to make you like a local, still you are not using it! (hint: it is not the media or expatriate forums)

– The advice for your family you will never regret following. Neither they will.

– How to adapt to the local behaviour and etiquette in few days and succeed in your expat job.

– How to make the residents enjoy and respect you like one of them.

– How to thrive like a local without being one.

Where you can buy it: https://amzn.to/3g88aFa

Culture Hacks: Deciphering Differences in American, Chinese, and Japanese Thinking

Publication year: 2019

Amazon Rating (From 1 to 5): 4.5 stars.

Why you should read it: Richard Conrad wades with aplomb and expertise into the most sensitive and maddeningly elusive topic for anyone trying to grapple with Asia’s rise: the tricky role of culture in countries like Japan and China and its intersection with economics, business, and trade. Armed with both languages and years on the ground, Conrad casts an expert analyst’s eye over everything from best business practices to the way business and political elites calculate decisions across cultures, to the rising tensions between the US and China

Where you can buy it: https://amzn.to/3saDS7j

Books about moving to another country as a Digital Nomad

The Digital Nomad Handbook

Publication year: 2020

Amazon Rating (From 1 to 5): 4.2 stars.

Why you should read it:Divided into two sections, this informative book firstly explains the practicalities of working on the road, such as income generation, managing career changes, keeping in touch with family and maintaining relationships, what to do with your stuff, overcoming common pre-departure fears, keeping healthy on the road and much more.

The second showcases a number of ideal destinations for digital nomads, offering invaluable travel insights and information about the location in question, pros and cons, as well as inspirational tales from digital nomads out on the road. […] Written by some of Lonely Planet’s very own nomadic experts, this book is packed with top tips, insights and real life tales on what it’s really like to be working on the road.

Where you can buy it: https://amzn.to/3deIcOm

Tales of A Digital Nomad: A Narrative of Freeing Oneself Through Travel, Adventure, and Self-Realization

Publication year: 2019

Amazon Rating (From 1 to 5): 4 stars.

Why you should read it: This breathtaking journey will deeply move those wanting to jet off into the horizon to explore the corners of the earth. Imagine the trepidation Nadia feels, intermingled with the excitement of discovery as she takes the brave leap to start her own business, then go traveling and meet new people, and work towards a difficult and painful lesson in self-realization.

Where you can buy it:https://amzn.to/2QoBaO1

Best Expat books for entrepreneurs

Expat Secrets: How To Pay Zero Taxes, Live Overseas & Make Giant Piles of Money

Publication year: 2018

Amazon Rating (From 1 to 5): 4.1 stars.

Why you should read it:In this #1 Best Selling Book Mikkel Thorup draws on his 20+ years of overseas experience to bring you an easy to understand guide for living overseas, saving money on taxes, obtaining a second passport and travelling the world as an Expat.

This book will save you years of trial and error and will give you a comprehensive blueprint to planting flags around the globe as a PT (Previous Taxpayer, Permanent Tourist, Perpetual Traveller).

Expat Secrets is filled with timeless knowledge stemming from Mikkel Thorup’s travels to more than 100 countries to bring you a No-BS approach to the offshore markets.

Where you can buy it: https://amzn.to/3mHTaPL

Starting Your Own Business Far From Home: What (Not) to Do When Opening a Company in Another State, Country, or Galaxy

Publication year: 2020

Amazon Rating (From 1 to 5): 4.5 stars.

Why you should read it:In this book you will discover:

★ The Business and Non-Business factors to consider when choosing a place to open a company. Often neglected, they are the difference between catastrophic failures and remarkable success.

★ How to find local allies

★ How to understand your competition better than themselves!

★ How to discover and avoid paths leading to business destruction.

★ How to absorb environmental changes and use them in your favor. (Hint: Taleb).

★ What should you know to not be fooled.

Where you can buy it: https://amzn.to/3mIsw9n

Global Career: How to Work Anywhere and Travel Forever (Become a Digital Nomad Today with Remote Work!)

Publication year: 2018

Amazon Rating (From 1 to 5): 4.6 stars

Why you should read it:This comprehensive guide is filled with genuine stories and actionable advice including:

– Specific shortcuts and tips you need to build a world-class career on the move

– Skills for negotiating and obtaining further education, internships and high-paying work overseas

Where you can buy it: https://amzn.to/3uTBWSt

Best Book if you are leaving the United States

U.S. Taxes for Worldly Americans: The Traveling Expat’s Guide to Living, Working, and Staying Tax Compliant Abroad

Publication year: 2017

Amazon Rating (From 1 to 5): 4.4 stars.

Why you should read it: Olivier covers a wealth of international tax information updated for 2021, including:
· Step-by-step instructions for the Forms and Schedules you will use to file your offshore tax, no matter where you are.
· How to qualify for special deductions, credits, and exemptions on international taxation.
· Why opening bank accounts and corporations in foreign countries is easier than you think.
· How residency or citizenship in another country can legally lower your taxes.
· How your spouse and children (whether American or of another nationality) affect your tax situation.
· Practical advice for moving, living, and working with tax-free income in other parts of the world.
· What to consider before renouncing your American citizenship and saying goodbye to the IRS for good.

Where you can buy it: https://amzn.to/3scpEmd

Are there any other books you would recommend to people that are moving out from home? Please let me know in the comments about your best books about moving abroad!

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Cultural Shock

Types of Expatriates: Only 16% look for a better…

There are plenty of questions to answer when you are moving out. Instead of asking which one of the types of expatriates we are, our doubts are about more trivial things, like:

● Will my money, or salary, be enough?

● Where will I live?

● Can I speak their language, or at least learn it without a headache?

● What will I do with my belongings? Should I sell or ship it?

● What about the bureaucracy or the visa procedures?

● What should I do in case of getting sick or needing emergency care?

I had been in these situations several times in my life. In another article, I wrote some of these troubles that expatriates experience. But here you will learn how to understand what you are, so you can look for the correct answers. This is the very first step for anyone moving out from home.

After you learn to identify what is your type, it may shock you to know that people move abroad without thinking about it! It may be the reason so many of them come back frustrated.

Periodically the network InterNations promotes The Expat Insider, one of the biggest worldwide surveys about immigration and emigration. They made a convenient division of the expats into 6 types:

1. The Optimizer: Representing 16% of the total, they moved for a better quality of life, finances, political, religious, or safety reasons. The majority of them are men (56%) and are in a relationship (66%).

2. The Explorer: They make 12% of the total, and moved because of the appeal of living abroad, or because they were looking for new adventures and challenges. Their numbers are quite balanced between men and women, and just a small minority have children.

3. The Foreign Assignee: Making 10% of the expats, they went abroad by request of their existing employers, and the large majority of them are men in a relationship.

4. The Go-Getter: Representing 21% of the respondents, they moved out to start their business, find a job, or were recruited locally. The majority are well-educated men in a relationship.

5. The Travelling Spouse: This 8% of the whole expat community are the ones moved to follow their partners. If most of the types until now are male-dominated, in this one, women are an absolute majority: 86%.

6. The Romantic: The last category represents 12% of the total. They moved to the country of their partners. Mostly are women in a relationship, but there are a significant number of men in this category (me included).

One interesting thing here is that the categories are not definitive. There are plenty of cases where Foreign Assignees become Go-Getters when they spot an opportunity and change from employees to employers. The Romantic also often is part of another category besides their current one.

When I moved to Chile, I was a Foreign Assignee, the same as when I moved to Qatar. My life in Poland started as a Romantic, but almost after arrival, I also turned into a Go-Getter by starting my business. Henceforth, categories should not limit or make you think you will always belong to only one of them. Eventually, expatriates will move from one to the other.

Have in mind that each of those types have their goals and dreams. Each of them have also their advantages and disadvantages. A Travelling Spouse or the Romantic may not feel as alone as an Explorer, while the Foreign Assignee, with the guaranteed income source from his job, will take less risk.

There is also a type not represented above in any category: individuals moving away to evade their families and domestic problems. My best guess for their absence is because they are short-lived. When you move away to escape from your private problems, you will not solve them at all. You are just making it even more difficult to solve them by distance when it gets unbearable.

There is another important characteristic you will discover when understanding your type: if you are a provisional or long-lasting expat. The first is someone planning to live abroad for a certain, pre-established number of years. The second is a person who is moving out with a long-term plan or permanently. A foreign-assignee or explorer most likely will be a provisional, unless they fall in love with a local or start their own business, becoming, respectively, a romantic or go-getter, two long-lasting types.

Are your plans in your new country temporary or long-term? Are you moving out just to progress in your career and then return home with a bigger salary or are you willing to build a new life outside? The first secret of life abroad is to know yourself by answering those questions. You cannot follow the other rules, especially the numbers 2 and 3, before defining who you are. You cannot research what is better for you or what are your goals if you don’t know what you are looking for. The answer to these questions not only will make you feel more comfortable and secure, but they will be a basis for a better expatriate life.

Ask yourself why you are leaving. Ask yourself if you are planning to come back soon. Then, you will have self-knowledge enough to the next steps.

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Business

IA Syndrome: A Culture Shock Problem Affecting Work and…

Image by Hajili Sevil for Wikimedia Commons. Culture Shock Illustration

With higher mobility between cities, regions, industries, and continents, there is an equal boost in intercultural issues. Maybe you already saw some of the culture shock problems below:

Different approaches to power and authority. Individuals from societies like Japan or Malaysia, perform well under rigid hierarchical structures. Meanwhile, Scandinavians or Canadians favor more flexible authority schemes.
Individualism vs Collectivism. They praise individual initiative in Australia or the US. On the other side, in Asian countries like China it carries negative shades. In collectivist societies, initiative happens in coordination with the sorrounding stakeholders, or higher authorities.
Risk Aversion. Cultures vary in their inclination to take risks. That in part explains, for example, why the British explored almost the entire globe. Great Britain is one of the least risk-averse societies on the planet.

The cultural differences mentioned above are part of the discoveries from the Dutch psychologist Geert Hofstede. In a previous article, we wrote about Hofstede’s findings on cultural shock. In another article, I explained how these discrepancies in societal attitudes contribute to the feeling of homesickness to the point of, in certain cases, making it unbearable.

There is a special type of problem that is forgotten when we talk about culture shock. It is a constant in universities and workplaces, harming cooperation between international teams or corporate departments. It caught my attention how this trouble is so harmful but still nearly nobody talks about it.

It is the Inertial Antagonism Syndrome. A widespread disorder slowing down, or even blocking creativity and problem-solving qualities.

To understand what is inertial antagonism, think about mob-rejection. It is the reaction entire communities have when they conform to a long-standing problem and do not know how to overcome it. Often people know that there is a problem, but they just prefer to keep the status quo instead of trying other ways to solve it.

The roots of inertial antagonism are assumptions we have against foreign methods. Sometimes these assumptions are well justified and avoid disasters. Often, on the other side, they are psychological barriers.

A famous example of Inertial Antagonism Syndrome happened in Spain. Vanderlei Luxemburgo is one of the most victorious Brazilian football coaches in history. He accepted to train Real Madrid in 2004. The team had a squad filled with some of the most successful players of the time, nicknamed Galacticos. Luxemburgo adopted techniques like the quadrado mágico (magical square), a very offensive, Brazilian-minted formation. Spanish specialists warned that such offensive style could not fit European fields. Later, Real Madrid fired him.

When locals tell you that the techniques from your land will not work here, listen to them and analyze their objections with the utmost care. If there are shreds of evidence that your once successful methods will not work, rethink your ways. But if there is no evidence of failure besides the typical inertial antagonism, then go forward, but with caution. Just like Ward Chartier.

A Recipe to Avoid IA Syndrome and Reduce Culture Shock Problems

Mr. Chartier is a seasoned expatriate. For 14 years, he lived in five different countries, including the Far East. When I asked about the conflicts created by bringing foreign methods and cultural characteristics, he answered me:

We, Americans, have the unfortunate reputation of being arrogant and loud. My personality is neither, but I still remained aware of the general perception and acted to avoid it. In addition, I avoided slang, spoke slower than my usual moderate pace of speech, and enunciated clearly.

A few people derided my methods and management tools as “Western thinking. Won’t work here.” My methods and tools were actually a hybrid of East and West, which I explained, but some remained intransigent. Let them think what they wish. My results were financially and operationally successful for the benefit of my customers and employers.

There are two points in the answer of Mr. Chartier that I would like to highlight:

1. There was a negative preconception from the locals. It was the idea that Americans are arrogant and loud. To confront and defeat this assumption, Mr. Chartier avoided giving any sign of these undesired characteristics. Perhaps behavior toward self-policing is a tiresome effort, and that is true. It sometimes feels that all the time you are stepping on eggs, or walking through a minefield to not hurt sensibilities.

Here it is important to balance how much you want to build an excellent reputation and establish a healthy image in your new environment. If this is a must for you, start avoiding now attitudes that give fuel to stereotypes.

2. When people doubted his battle-tested techniques, his first attitude was to check if there was any evidence to justify their doubt. Maybe they knew something that he didn’t? Maybe they already tried it before, and it already failed? Or maybe there was no raw (or human) material for this kind of solution in the place?

Talk to the Grocery Cashier

Remember that locals are in their places way before your arrival, so it is worthy to listen to their objections. This is one reason behind a recommendation I make to clients of my consulting firm that intend to venture into new territories. First have a talk with the grocery store cashier, or with the taxi driver. These locals have valuable insider advice that can soar the adaptation pace of any newcomer.

After careful investigation, Mr. Chartier realized that the critics of his imported system had no factual basis. They did not try his idea before. It never failed in a similaar scenario, and it was applicable in the Far East. People resisted because of pure inertial antagonism. So he applied his methods and proved that they work by achieving excellent results.

Point 2 is a sympathetic approach to deal with reactions like “the techniques from your land will not work here”. Investigate, ask questions, and level the expectations to realistic standards. A wonderful tool for this kind of investigation is the PEST analysis.

By using point 2, you will manage to implement innovative ideas in your university or workplace while keeping healthy relationships with locals. Locals are, according to empirical evidence, among the most important allies to a successful career or business.

Regarding point 1, not giving reasons for people to believe in their preconceptions is prudent, but only if they are negative. If they are positive presumptions, be aware that you have a positive reputation to justify. One example is the natural expectation that British and Swiss citizens will be punctual.

Even if it is just a stereotype, it is positive, so worth keeping it, right?

Levi Borba is the founder of expatriateconsultancy.com, creator of the channel Small Business Hacks, and a best-selling author. You can check his books here, his other articles here, or his Linkedin here.

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Business

The 4 Best Videos for Entrepreneurs in 2021

The chances that in 2021, things will go back to normal are, at best, limited. For this reason, we separated the 4 best videos for entrepreneurs to watch in 2021.

5 Reasons to Save Our Local Businesses Now

In this video you have 5 reasons to save local business, like the neighbourhood grocery store, the restaurant nearby or the independent hotel of your city.

The video also gives a nice perspective of all the untold benefits these small businesses bring to the community. At the final, there are few easy-to-do ideas that to help small entrepreneurs.

The 7 Best Business Books of 2020

If your business has less movement and you have some extra time, why not do something productive? Something that will add knowledge and skills? In this list of the 7 best business books of the last year, are publications with brilliant insights for startup founders, remote workers, digital nomads, or corporate managers. They will be great for your enterprise or career.

How Nassim Nicholas Taleb Helped to Save My Business during the COVID Pandemic

Nassim Nicholas Taleb is the writer behind the Incerto series. It is a sequence of books composed of 5 volumes: Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets, The Black Swan: The Impact of the Highly Improbable, The Bed of Procrustes: Philosophical and Practical Aphorisms, Antifragile: Things That Gain from Disorder and Skin in the Game: Hidden Asymmetries in Daily Life.

This video makes use of two concepts created by Taleb (Skin in the Game and Antifragility) to explain how a business could survive the crisis with its finances preserved. With no bank loans.

9 Business Lessons for Entrepreneurs from a Legendary CEO

Andrew Grove was the former CEO of Intel. An executive that turned a small company into the powerhouse that manufactures components for 80% of all computers on the planet.

He was also a Silicon Valley pioneer that left valuable teachings for any entrepreneur. In this video, you will learn 9 business lessons from him.

To finish, we recommend the channel Small Business Hacks for anyone that is (or is planning to be) an entrepreneur for more of the best videos for entrepreneurs. It is one of the 7 channels we recommended in this post.

Business

The 7 Best Business Channels on YouTube in 2021

I remember how it was the beginning of my first business. After years of working as a specialist at multinational corporations, many aspects of entrepreneurial life were alien to me. I looked for some lessons, courses, all material that could be helpful in my new venture. Surprisingly, the best insights I found were for free and made by some brilliant minds that share their points for no charge at all, at the best business channels on YouTube.

Here I will list to you the 7 best channels for anyone starting, planning or already managing a business. They were helpful for me, both with my first and second business.

Coffeezilla

Channel description:

I uncover scams, fraudsters and fake gurus that are preying on desperate people with deceptive advertising. If you have to ask… it’s probably to good to be true. this is espresso y’know? it’s like… coffeezilla.

How frequently they post new videos: every day.

Why Coffeezilla is one of the best business channels on YouTube: When we have a bad idea, often we do not know how bad it is. If you dedicate hours to plan and execute, you will protect your darling against criticism.

But Coffeezilla is merciless. They will smash, crush and shatter bad ideas. Some of them were genuine, well-intentioned business concepts that just make little sense. Others are simply scams conceived to rip people off. It doesn’t matter, the guys from this channel will find them. All that with good humour.

The Ramsey Show

Channel description:

Dave Ramsey and his co-hosts talking about money, careers, relationships, and how they impact your life.

How frequently they post new videos: three times per day.

Why The Ramsey Show is one of the best business channels on YouTube: Do you know these questions about money that you have in your mind, but never asked to anyone? Which debt do we renegotiate first? Do I need umbrella insurance? Is now a good time to buy real estate? Things like that. Dave Ramsey answers them, and many more. This is one of the oldest and still running YouTube channels about finance, and this is a proof of how useful they are.

Wes McDowell

Channel description:

Are you a small business owner trying to grow your customer base? I’ll show you all my best website & digital marketing secrets that will supercharge customer growth, so you can make more money, and build a business you LOVE to show up for every single day. If you’re serious about building your business, now you have your very own web strategist on your side!

How frequently they post new videos: twice per week.

Why Wes McDowell is one of the best channels for entrepreneurs: Almost one year after starting my first business, my business still had a laughable online presence. We were relying on customers that came through third-part agents, charging high commissions. With the advice of Wes, I boosted the visibility of my business in multiple channels: our own website, social media, and Google.

He also makes live sessions where he helps a lucky entrepreneur to reshape his business website. For me, this channel is useful since it focuses on small companies, just like the next one.

Small Business Hacks

Channel description:

Proven, time-tested ideas for the (still) small business founder, manager or dreamer. From Entrepreneurs to Entrepreneurs.

How frequently they post new videos: once or twice per week.

Why I watch Small Business Hacks: More than watch. I created this channel, and here I transform into videos all my lessons lerned – failures and successes – while starting two different businesses. Short videos, with useful and sharp content for anyone wanting to start a company or reshape his activity.

Neil Patel

Channel description:

Your source for all things marketing. Neil Patel is a New York Times best selling author. The Wall Street Journal calls him a top influencer on the web, Forbes says he is one of the top 10 marketers, and Entrepreneur Magazine says he created one of the 100 most brilliant companies.

How frequently they post new videos: three times per week.

Why I watch Neil Patel: I discovered Neil through one of the best free tools for entrepreneurs that I ever saw, called Ubersuggest. At his channel, he explains about the obstacles impeding potential customers to find your firm online, and teaches how to remove these barriers.

Brendon.com

Channel description:

Success Magazine named Brendon “one of the most watched, followed, and quoted personal development trainers in history” and Forbes calls him “the world’s leading high performance coach.” O, the Oprah Magazine, says Brendon is “one of the most influential leaders in the field of personal growth.” Brendon is a #1 New York Times bestselling author whose books include High Performance Habits, The Motivation Manifesto, The Charge, The Millionaire Messenger, and Life’s Golden Ticket.

How frequently they post new videos: once per week.

Why Brendon.com is one of the best channels for entrepreneurs: Not only for entrepreneurs, but to anyone wanting to improve professional skills, this channel is a feast. Lessons about focus, confidence, human resources and stress management. It is all there.

Inc. Magazine

Channel description:

Inc. Magazine delivers advice, tools, and services to help business owners and CEOs grow their businesses more successfully. You’ll find information and advice covering virtually every business and management task including marketing, sales, finding capital, managing people, and much more. Visit Inc.com for the latest!

How frequently they post new videos: in average, two times per week.

Why Inc. Magazine is one of the best business channels on Youtube: One of the best ways to learn something is by example. And that is what Inc. Magazine does. They bring some of the most successful, self-made entrepreneurs to explain what was the turning point in their journeys. Simon Sinek, Mark Cuban, Kevin O’Leary, they are all there. Even Maria Sharapova (I did not know she had a successful business).

Which other channels do you enjoy watching? We will be glad to read your list of the best business channels on YouTube!

But remember: It is good to spend some time learning more business skills and gathering information, but only sit and watch videos will not turn your plans into reality!

Execution will.

If you are ready to go for the next step and start your business, take a look at this article about the types of business risks that we prepared for you.

Types of business risk

Levi Borba is CEO of expatriateconsultancy.com, and a best-selling author. You can check his books here, his other articles here, or his Linkedin here.

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