9 interesting facts about Andorra for nomads and 2 tips for Panama for business people

When we travel by long-distance bus, I like to listen to podcasts. While traveling in Ecuador, I listened to the story of an American who moved to Andorra and applied for citizenship. At first, I felt a little where Andorus actually lay, and I had no idea that it was so popular for digital nomads and expats. The second pleasant surprise was the guest of the podcast, who talked about his relocation to Panama . Panama is also world famous for setting up offshore companies and moving illegal property. But the context and current position of Panama is a little different…

In this article, I want to present the most interesting ideas that fascinated me while listening to the Tropical MBA podcast. If it appeals to you, don’t hesitate to play the full text on TMBA 386 .

Or take a look at the podcasts I recommend for personal development and business .

9 things to do about Andorra

1. Approximately 70,000 people live in Andorra (Wikipedia claims 86,000). Only 5,000 are Andoreans, the vast majority of the population is expats.
2. Andorra is a small country (between Spain and France) that you can drive in one hour. Andorra is spelled correctly with two “r”. Andorra with one “r” is a city in Italy.
3. Towns and villages lie in the valleys. You have mountains around you. For some it may feel cramped, others love the nature around.
4. The social factor is great in Andorra. But it definitely doesn’t work here so that you can find friends via Facebook and go for a beer. It takes a while to make a group of friends.
5. A large percentage of the economically active population are freelance entrepreneurs. They usually do not have an office and work from home. The vast majority work remotely.
6. The interesting question was, why seek citizenship in Andorra, why not in Spain or France? Spain has big economic problems and France does not seem to have it easy at all in the future. Andorra is economically strong and has great prospects. Andorra may play a more significant role in the future for all digital nomads who work with flagship theory (ie. Flag Theory ).
7. It is said that it is possible to obtain citizenship with the completion of all formalities in just 2 weeks. Jase Rodley mentions that it took his family 3.5 months (a longer period was caused by their mistake, they did not deliver the documents on time). Even so, it’s an incredibly short time.
8. The disadvantage of running a Andorra business is the international strength (or non-strength) of local banks. E.g. To date, Fullfilment by Amazon (FBA) has not (and does not plan to) include Andorran bank account numbers. So you need to open a bank account abroad in order to sell through Amazon.
9. You will most often hear people speak Spanish, English and Russian in Andorra. If you know English, start learning Spanish – it is and will be one of the most used languages ​​in the world in the future.

2 great tips you should know about Panama

In short Panama Papers and Panama Canal. But let’s go deeper.

Panama City has long been considered a paradise for new life (especially for Americans). Many businessmen have set up their business here and invested in real estate. Hundreds of luxury hotel complexes, expensive properties have been built and today they are empty. I can confirm this from my visit to Panama and it is not just the capital. On the islands of Bocas del Toro we saw dozens of luxury villas that were abandoned. I can imagine yoga workshops and similar events. The environment is perfect, but… there is simply a lot today…

Below I share traveler tips and digital nomads for Panama and the popular Bocas del Toro archipelago.

The Panama Papers case helped set the line for (illegal) business

I believe that many properties in Panama were built with not entirely net money (not just corruption). Do you remember the Panama Papers case? Paradoxically, this case of the state of Panama has greatly helped. The government has faced illegal business. Panama used to be like the Wild West. You could do anything (that’s why so many porn sites and gambling are hosted and run from Panama), taxes were low or non-existent and regulation was similar. But in the end, Panama has set a line – what can be, what will continue to suffer, and what is beyond the border, and what it will not overcome with its flexible laws and the leniency of officials.

But Matt Landau says there are still huge business opportunities in Panama City today. Although it may not seem like it, the Panama Canal is very helpful.

Why is the Panama Canal so important?

Because it’s the world ‘s biggest acronym . The Panama Canal has created a freer and freer zone for trade and finance. Panama’s geographical location is perfect.

Personally, I wonder what part of the market Nicaragua will cut , which will complete its canal in a few years. It is largely funded by China. The canal should have a larger capacity than the Panama Canal. Here, cargo ships are waiting for transit for two days. Such a queue is waiting here, so great demand is 365 days a year…

PS Although today we hear about electric cars or the construction of modern tunnels (Elon Musk’s project), I am convinced that shipping has huge potential in the future. In July 2016, I invested in TRTN shares (Triton International Limited leases containers for shipping) and to date (May 9, 2017), this is a 93% appreciation. However, TRTN shares is also a dividend share with a higher 6.48%. You can find more of my thoughts on the Investing page .