Juggling Multiple Homes as a Nomad
Nomad Profile
Grace and I met on the Nomad Train, traveling together through Central Asia. She is both an intrepid traveler and a smart businesswoman – a potent combination! Her expertise is in the tax implications of a digital nomad life, so if you have questions, be sure to check out her non-resident tax consulting and compliance advisory services: GracefullyExpat.
9 Fun Facts
First Name: Grace
Age Range: New to the 40s as of this year! Looking forward to this new decade.
Nationality: Canadian
Nomadic Stance: Full-time/ multiple bases
Last Corporate Job: 2017, working for a Big Four accounting firm in Ireland, when I resigned to start my business and begin travelling full-time.
Current Job: Business owner, Gracefully Expat LLC (US expat tax consulting and compliance)
Favorite Country: Impossible question! Namibia and South Africa are both special places to me.
Next Stop: Cape Town
What do you like best about the nomadic life? Freedom
2 Questions
1) You have several home bases throughout the world. How do you juggle multiple homes?
It is still a bit of a moving target! My boyfriend and I are residents of Portugal, so we rent a house there, and we also have an apartment in Cape Town that is primarily used an Airbnb. Still, we stay for a few months of the year, and this year we built a house in Namibia, where he is originally from.
It can be a challenge coordinating maintenance when we are away, but I’m really happy having multiple places that feel like home, and especially having well-equipped kitchens to cook in.
I went from having no fixed base a few years ago to having multiple bases, and this feels right for where we are in life now. One practical tip is to have trusted people in each location who can help manage the property when you’re away.
2) As an international accounting-tax professional, what are 2-3 financial-related items nomads should be thinking about?
My business and professional credentials are in US tax, and I specialise in working with American expats and digital nomads. For Americans living and working abroad, it’s crucial to engage a tax professional in your country of residence (if any) as well as a US tax expert with international experience.
For non-Americans, I think the biggest challenge is figuring out where your personal tax residency should be. As nomads, we have a lot of freedom to optimise our financial lives, and one of the first choices to make is where to be a tax resident, as that impacts where your business can/should be, as well as taxation of your investments, etc.
It can be difficult to narrow down the options, but begin with what matters most to you, and find the country or countries that align with those goals.
As a nomad or someone thinking of living abroad, how do you approach your finances? Is tax residency part of the equation? What other factors play a part in determining where you choose to live?
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Christened “Wander Woman” by National Geographic, Erin Michelson is a professional speaker and author of the Nomad Life™ series of curated trips and travel guides, including the #1-ranked “Explore the World with Nomads.”