46: Flags Theory, the 5 Flags of Diversification with Lief Simon

Invest Like a Boss

Sam Marks Johnny FD Derek Spartz

Business, Investing

4.8 • 518 Ratings

🗓️ 22 March 2017

⏱️ 84 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Lief Simon is the boss over at Offshore Living Letter, which produces publications and offers services to help people internationalize oneself and their financial interests. He has lived in several foreign countries himself and put his good word to practice in internationalizing his life and assets. There are various reasons individuals should consider planting flags overseas and Lief sits down with us to discuss why it is important.

We go into detail on which flag with actionable steps individuals can take to get started on each. Banking, Residency, Citizenship, Asset Protection, and Business Incorporation round out the 5 flags. While internationalizing oneself is not immediately on the minds of everyone, it's important to understand what situations may arise now or in the future that may provide personal and financial benefits to taking active steps. Listen to this full episode for an introductory to Flag Theory with Lief Simon.

Links:

Live and Invest Overseas
@LiveandInvest

Offshore Living Letter
@OffshoreLetter

>Sign Up for their free newsletter

Where are we:

Panama - Lief Simon
San Diego, CA - Sam
Bali, Indonesia - Johnny FD

Discussed:

Simon Black – Finding Outsized Returns Off the Beaten Path - ILAB 19
Building the Crash Proof Retirement System with Phil Cannella - ILAB 44
Stan’s Brutally Honest Factual Expertise About Annuities - ILAB 04

Books:

Start Here – Recommended reading

Time Stamps:

02:19 - Traveling the world
03:14- Offshore living letter
04:45 - Flag theory overview
06:00 - Internet security
07:00 - Bitcoin FBI investigation
07:45 - Offshore banking
15:52 - Foreign residency
18:10 - Best countries for a second residency
22:00 - Tax treaties
26:30 - Citizenship benefits
37:20 - Protecting your assets
41:00 - US based asset held in offshore trust
44:00 - Overseas business incorporation
51:40 - Global conferences
57:34 - Spending money in SE Asia
59:15 - renouncing US citizenship
1:00:49 - Tax exclusion
1:02:29 - Thai elite residency
1:08:56 - Foreign country possibilities
1:14:40 - Opening a company in Belize
1:16:45 - Spending money with no tax
1:19:00 - Protecting our assets

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Transcript

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0:00.0	Welcome to the Invest Like a Boss podcast. I'm Sam Marks and I'm Johnny FD. We're self-made entrepreneurs who invest our own money and use modern technology to invest like a boss. Join us each week for exclusive interviews with our network of modern investors, business owners and multi-millionaires to discover new ways to invest our hard-earned cash. Hey guys, it's Johnny FD and welcome to Invest Like a Boss episode 46. I'm here, Sam Marks.
0:22.4	Hey, Johnny. Hey, bosses. This week, we are back with Leif Simon of the live and invest overseas.com website.
0:30.3	And he also produces a bunch of cool content, the offshore living letter. And this week,
0:35.3	we're going to talk about the flags theory. That's the five
0:38.6	flags of diversification. So I'm excited about this because I know after, I think it was episode
0:43.9	19 with Simon Black, a lot of people were like, this is such a great episode, but we wish you
0:49.5	guys would have kind of dove more into offshore living or having secondary passports or residency or extra tax savings.
0:57.9	And this week, I think we're going to jump into all of that.
1:01.3	Yeah.
1:01.6	And this is stuff that you and I do, kind of whether we intend to or not, but diversifying
1:07.1	yourself, both in banking, residency, places to live, and kind of spreading out some
1:13.8	assets physically, dotting it around the world in a sense. So this is fun stuff. I think it's really
1:19.5	important that everyone has a basis for this stuff. Even if they're really localized and location
1:25.5	independent, I think it's really smart stuff to be thinking about. And there's no other better expert than Leaf Simon in the field. Yeah, so I'm definitely excited. At the end of this episode, Sam and I are going to wrap this up again. And I think we're going to have a lot to talk about because both Sam and I are actually living this. So let's just jump straight into this episode. Guys, welcome back to another episode of Invest Like a Boss. Leaf, we're happy to have you on the show. Thanks for coming on. Well, thank you for having me. Absolutely. We are really looking forward to doing this episode, and I've been looking forward to doing it for a long time. I think internationalizing oneself is something that's very important, something I believe in firmly and have been practicing,
2:01.2	and I know a lot of the listeners either do or intend to.
2:04.7	And before we jump into flag theory, I was hoping you could just give us a little bit of
2:08.9	background on, you know, where you're living, where you've lived before, and how you
2:14.7	originally got into this niche profession.
2:17.8	Well, at the moment, I'm living in Panama, but I've lived and worked in seven different
2:22.2	countries, spent a lot of time in Ireland and France, and then been in Panama for the last
2:27.3	nine years.
2:28.4	And for myself, I've always been interested in just travel and international things since I was
	...

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