I have a question for current expats, digital nomads and all the guys who aspire to be in the future.
What is your plan for setting up a home base? Do you plan on staying nomadic forever? Doing visa runs, living out of a suitcase, never putting down roots.
Do you want to remain based in your home country? Keep your mailing address and bank accounts there. Just spend half the year in a SMP country and live it up, then get back to work?
Are you planning on retiring somewhere overseas eventually?
I have decided that I will not be going back to America. I plan on visiting more often in the future. But I do not envision myself living there ever again.
But I don’t want to be a perpetual traveler either. I want establish a residence in a no (or low) tax country. I want a long term lease on a nice condo or a house. Buy a few motorcycles and a car. Learn the local language. Make friends. Settle in for a while.
Of course I will still travel to new locations for months at a time. But it would be nice to have a place to call home. Where I can keep all my shit. A place to return to when I want to get back into my routines.
So I’ve been doing my research. I’m looking for a country where I can get a long stay visa with little hassles. A country that doesn’t tax worldwide income. And of course, it must be a great place to live the Single Man’s Lifestyle! 😀
Possible Options For The Single Man’s Home Base
Thailand. This one is a no brainer. The ultimate Single Man’s Paradise. Since I’m too young for a retirement visa, I would have to purchase the elite visa. A lot of people complain about the visa crack downs in Thailand but they do make it very easy for people with money to stay long term.
Simply hand them 500k baht ($15,000 USD) and you can live in Thailand for five years. No visa runs. No going to immigration for extensions. No flying in with a bunch of stamps in your passport and hoping they don’t turn you away. Total peace of mind. I think the elite visa is a good deal. If I decide Thailand is the place for me I will get it. A nice house on the outskirts of Pattaya would suit me just fine.
The Philippines. I will explore this option next. I can stay there as a tourist for up to three years at a time by extending my visa. That’s crazy. Then I can get a retirement visa at age 35. Just have to deposit $20,000 into a bank account there. But if you decide you want out, you can cancel your visa and take your money with you. This is a very attractive option. Not to mention most Filipinos speak English, the chicks are super cute and there’s over seven thousands islands to explore.
Panama. This country deserves more discussion on SMP. Definitely the cheapest residency of the bunch. Panama (depending on your passport) gives tourists 180 days on arrival. 180 days! 😀
It’s extremely easy to set up a company and a bank account in Panama. They use US dollars which is convenient. Panama does not tax you on money earned outside of the country. This is ideal for an online business.
If you start a company in Panama and deposit $5,000 USD into a bank account, they give you residence. Once you are a resident of Panama for five years you can apply for citizenship. A Panama passport is a very good travel document. If you can’t afford to buy a second passport, this would be a good alternative. Just need a little patience and you can get it.
Now even if you don’t want to live in Panama, it’s still a great place for digital nomads to set up a company. And you can still be considered a resident if you just visit the country for one day per year.
Living there looks good too. Panama City is well developed. The women are gorgeous. Nightlife looks good. Your neighbors are Costa Rica to the north and Colombia to the south. Not to mention all the other great destinations in Central / South America and the Caribbean. USA is a short flight away if you have family to visit there.
These are my thoughts at the moment. There are some other interesting options on the table but these are the top three that stand out to me.
Now I would like to hear your thoughts. What is your long term strategy? I’m not looking to retire, but I would like to set up a home base somewhere. Please click the link below to discuss this in the forum.