Bootstrapping Abroad: why we do it and why it's awesome
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Bootstrapping Abroad: why we do it and why it's awesome
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Re: Bootstrapping Abroad: why we do it and why it's awesome
#2I've done a similar thing as this guy, living in a number of countries for half a year or so, usually in connection with language study (doing remote contract work to pay my way). I've also observed American expats in those places, and in my home country (Poland).
I think it is laudable to live abroad, and in our field we're fortunate enough to be able to choose where to live. But with that choice I think comes a certain responsibility. You can live very well in a place like Thailand or China without engaging with the country past the minimum needed to get your needs met. Basically treating it as your private hotel resort. I've seen many people who choose this route, and I find it pretty repugnant.
If you are going to bootstrap abroad, be careful to remember that the country you choose does not just exist for your convenience. Be respectful of the place, and try to go beyond the role of a self-satisfied expat, which is very easy to fall into.
Re: Bootstrapping Abroad: why we do it and why it's awesome
#3I've done a similar thing as this guy, living in a number of countries for half a year or so, usually in connection with language study (doing remote contract work to pay my way). I've also observed American expats in those places, and in my home country (Poland). I think it is laudable to live abroad, and in our field we're fortunate enough to be able to choose where to live. But with that choice I think comes a cer…
100% agreed- awesome, awesome comment.
Re: Bootstrapping Abroad: why we do it and why it's awesome
#4I wonder if you would end up with tax issues when doing this? As a US citizen would I pay tax abroad, or in the US, how difficult would it be to get the requisite visa, and most importantly, how many idea spots have fiber internet?
It does sound intriguing though.
Re: Bootstrapping Abroad: why we do it and why it's awesome
#5I wonder if you would end up with tax issues when doing this? As a US citizen would I pay tax abroad, or in the US, how difficult would it be to get the requisite visa, and most importantly, how many idea spots have fiber internet? It does sound intriguing though.
The world is a big place, the answers to your questions depend entirely on your circumstances. Visas depend on the country. As a general rule, US and EU citizens can stay for 60-90 days at a time without hassle in many countries. There are many tax consequences to living abroad - hire an accountant or else spend a pleasant few evenings on the IRS website to find out more.
Re: Bootstrapping Abroad: why we do it and why it's awesome
#6I wonder if you would end up with tax issues when doing this? As a US citizen would I pay tax abroad, or in the US, how difficult would it be to get the requisite visa, and most importantly, how many idea spots have fiber internet? It does sound intriguing though.
The US is one of very few countries in the world that taxes their citizens who live abroad.
So yes, technically you'd be subject to pay income tax in both the US and the country you live in, but it is likely that there is a tax treaty with the host country that will let you deduct any local income taxes paid from your US taxes.
In practice, this means that you will pay only one income tax (but file two returns).
Re: Bootstrapping Abroad: why we do it and why it's awesome
#7ok, here's what i like and dislike about living in argentina and starting up a consulting business and building a product on the side.
first, yes, it's cheaper, and yes, the wine i buy is better 100 fold than the states, and yes, i would say i've cut costs by about 40%. my kids didn't belong to a private club and take swimming and tennis lessons in seattle... so we're not taking advantage of the cost savings we could.
but it's still hard: hiring is hard. getting a good cultural fit is hard. building a business that works within the legal framework is impossible. i'm deathly afraid of hiring local talent because it's VERY easy to be sued due to the employment laws of the country.
but it's great: you get a lot of time back in ways i can't explain. it's like you get to ignore a lot of the BS that working in seattle or SF can overwhelm you. explaining the details of why that is would be a longer post, but every tech expat i know in argentina talks about the same thing - somehow you feel more in control of your schedule and your life.
do it when you can hire foreigners, keep your team small, keep your relationships and contacts with people back in the states or europe, and get paid in dollars or euros (or build a product that makes dollars or euros), and can come back once in a while - anything else and it's not such a great deal.
Re: Bootstrapping Abroad: why we do it and why it's awesome
#8ok, here's what i like and dislike about living in argentina and starting up a consulting business and building a product on the side. first, yes, it's cheaper, and yes, the wine i buy is better 100 fold than the states, and yes, i would say i've cut costs by about 40%. my kids didn't belong to a private club and take swimming and tennis lessons in seattle... so we're not taking advantage of the cost savings we could…
I just pulled up your profile, but alas, no contact info :(
Going to Costa Rica next month but I'll be down to South America in January, we should definitely meet up when I'm in town.
Re: Bootstrapping Abroad: why we do it and why it's awesome
#9I wonder if you would end up with tax issues when doing this? As a US citizen would I pay tax abroad, or in the US, how difficult would it be to get the requisite visa, and most importantly, how many idea spots have fiber internet? It does sound intriguing though.
The US is one of very few countries in the world that taxes their citizens who live abroad. So yes, technically you'd be subject to pay income tax in both the US and the country you live in, but it is likely that there is a tax treaty with the host country that will let you deduct any local income taxes paid from your US taxes. In practice, this means that you will pay only one income tax (but file two returns).
You do not have to pay income tax if you spend less than 30 days in the US that calendar year. You do have to pay any self-employment tax, however. The rules are extremely complex and I highly advise consulting someone who understands them.
Re: Bootstrapping Abroad: why we do it and why it's awesome
#10I've done a similar thing as this guy, living in a number of countries for half a year or so, usually in connection with language study (doing remote contract work to pay my way). I've also observed American expats in those places, and in my home country (Poland). I think it is laudable to live abroad, and in our field we're fortunate enough to be able to choose where to live. But with that choice I think comes a cer…
> Be respectful of the place, and try to go beyond the role of a self-satisfied expat
I'd like to hear you expand on this or is it something that you just learn from experience and actual long-term traveling and not from arm-chair reading articles on a site like http://BraveNewTraveler.com? Thanks