Tax strategies for 2024, new game?

[scooterguy]

Democracy doesn't really exist in the grand scheme of things. It's just a︈ little game where countries vote their "leaders", etc., but the real rules are set by︉ the minority that control the majority of the wealth.

A recent example: when the IMF︊ told UAE to add taxes, UAE added taxes. Very simple.

 

[Martin Everson]

Start walking then my friend. China alone is 18% of global GDP‍.....lol. Not sure why you made up 90% out of thin air....lol.

https://www.macrotrends.net/countries/OED/oecd-members/gdp-gross-domestic-product

Similar Country⁠ Ranking
Country Name	GDP ( Billions of US $)
World	$100,562.01B
OECD members	$59,596.54B
East Asia & Pacific	$30,655.25B
North America	$27,610.09B
European Union	$16,641.39B
Euro Area	$14,040.89B
Latin America⁤ & Caribbean	$6,246.62B
South Asia	$4,361.63B
Sub-Saharan Africa	$2,047.35B

 

[lacomaco]

You are right,⁤ I looked at a wrong table… On the other hand even non-member countries such as⁣ China and India gladly accepted automatic information exchange and BEPS - so this UN vote⁢ for me is just simply meaningless

 

[Martin Everson]

Again I dont think you know what the adopted resolution actually means. You seem to be⁠ uninformed about today's reality in relation to it but anyway lets leave it at that.⁤

 

[lacomaco]

Maybe it would be better for me if⁠ I disregard your slight insult that I am uninformed by confirming amongst others that 1.⁤ Worked in Geneva at a representation to the UN 2. Worked as advisor for the⁣ Seychelles government to develop its offshore sector in 1993 3. Followed how the UN wants⁢ to grab the supervision of international tax matters etc for the last 55 years and︀ especially now from the OECD 4. I actually read the resolution... Etc etc But yes,︁ let's talk about this vote and I would like to ask something: what is your︂ guess - when will the impotent UN take over, legislate and enact really working enforcement︃ of international tax legislation? Ten years, twenty? When do you expect nearly all UN members︄ to ratify the who knows which version of this treaty? Base Erosion is working well,︅ in fact developing countries could get now more than previously because of the minimum 15%︆ tax? So what can the UN add? My guess is higher withholding taxes... Anyway, I︇ do not care too much about what would happen in 20 years when (IF) this︈ new treaty would work worldwide, it is enough for me if I can plan for︉ 5 years. I think it is simply a pure bureauctic power fight. Looking at the︊ proposals in front of the current session (Israel and the Golan, conflict-free region of the︋ Indian Ocean (with India, China and the US haha), nuclear-free Middle East haha) you could︌ have a feeling about the power of the UN. Anyway, here is the link to︍ how the UN tax treaty stands, probably you saw that also https://www.un.org/esa/ffd/wp-content/uploads/2018/05/MDT_2017.pdf

 

[Martin Everson]

🙄

 

[tyrexoid]

Montenegro 0% digital︄ nomad visas will remain active until 2025, though I have a call Monday with a︅ local adviser who I'll ask questions in detail about reality on the ground, but considering︆ this is in the middle of Europe, 1hr flight away from many good places for︇ vacation (if MNE is not vacation-vibe enough), is very lucrative short term. But that's just︈ for remote employed nomads, not self employed (the self employed are at 15% rate, still︉ not bad).

 

[DeepDrilling]

do you want to share how you do it? You don't make money and for‍ that pay only 0% ?

 

[Martin Everson]

Sure. I live in the Bahamas.

 

[EliasIT]

Could you walk me through⁢ how you would do this exatly, I mean be a 0% tax payer in Montenegro︀ but stay some nice place in a different country ?

 

[scooterguy]

That's what Shakira‌ said.

 

[Konstanz]

Why you don't believe someone could‌ live in Bahamas?

 

[scooterguy]

That's also what Shakira said!

ps: I'm just kidding. Living (for real) in the Bahamas is‌ a great achievement, and a great way to forget about the taxman.

 

[uranium]

Was looking into bahamas recently and I read it is not that⁠ safe and crimes increased in recent years. Maybe some members who live there can confirm⁤
Between Bahamas and cayman islands what you would you pick ?
How is Bahamas banking⁣ going? Is it as hard as cayman islands?

 

[Martin Everson]

Yup crime is here indeed.

I am Bahamian national not an immigrant or CBI btw⁤ cig-:,

Cayman as they have no taxes whatsoever. Bahamas has some taxes such as property⁢ taxes etc.

I don't bank︀ here other than for local needs. I would not recommend it at all as its︁ expensive and let me know what you local bank will think when they see a︂ 6 figure wire from the Bahamas....lol.

About the same if your a non-resident. There is however no value︄ proposition for banking in the Caribbean in 2023. Banks here are slow, clunky and expensive.︅

 

[Tomy223]

Out of︀ interest, How you deal with crime?

 

[Martin Everson]

Never experienced‌ any so far....touch wood 😕.

We have a high murder rate (128) for our population‍ size but not by international standards. If you look at the 2022 report below you⁠ can find out more about crime in Bahamas. Most people who live here may never⁤ experience crime as Bahamas is made up of over 2,000 islands and islets. You would⁣ have to be very unlucky to be a victim of crime here. But armed home⁢ invasion is the one that worries me most but where I live I am safe︀ from that 😀.

https://royalbahamaspolice.org/statistics/2022AnnualReport.pdf
P.S Lets keep to thread topic please.

 

[koohl]

That's you on page 8 - I knew‌ it is you 😛

 

[OCT2023]

How about establishing⁣ a corporation in the Bahamas and living in a Territorial Tax country? What banking do⁢ you recommend for a Bahamian Corporation?

 

[pieceofmind]

Territorial tax is not as great as it seems, of course better than not. But‌ because Controlled Foreign Corporation (CFC) and Permenant Establishment (PE) tax rules, foreign sourced income means‍ you can’t work on your business from the territorial tax country or local tax rules⁠ kick in. That means, technically cannot talk to clients, manage employees, do trades, consult, etc⁤ etc etc. It’s mostly for passive income businesses or dividends or investments working for you⁣ outside the territorial tax country. That works great for some but not the majority who⁢ work for money in some way. I’m not sure if that rule applies to all︀ territorial tax countries but so far I haven’t found any that works the way we’d︁ want it (remote work).