What country would you choose to relocate to avoid taxes?
- Thread starter Spinat
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This is some of︂ the best advice that I have read on this forum. Most are looking for the︃ ultimate 0% solution but the thing is that this is going to cause you just︄ trouble. Establish yourself in a low tax residency country within EU and go spend most︅ of your time in the place where you actually want to be. Keep it sensible,︆ pay cash. A lot of people have been doing this since the beginning of Schengen︇ / EU and chances that you are going to get caught are low. I still︈ live in a high tax country but I spend considerable time in the med area︉ because of weather and lifestyle and actually run my business from there. Nobody has ever︊ asked my why I was in Spain for 3 months. As long as you run︋ a legit business, do the paperwork and pay your taxes nobody is going to care.︌
British Virgin Islands Could be an option for you with some benefits below as the reference
- Fast, simple incorporation process and easy annual maintenance requirement
- Modern corporate legislation with flexible company structure
- Full tax exemption for income derived outside of BVI
- No public records of company directors, shareholders or beneficial owners
But the DD they do on you is awful and almost the same as if they had a public register. I would not trust that island all the documents and information they require.
There are better places with less hassle as you may see inside mentor group.
There are better places with less hassle as you may see inside mentor group.
Monaco is great, but it's not cheap. 1 of the requirements for residency is to have a local bank account. In order to get a local bank, the minimum required deposit is 500 000€ and goes up to 1 mEur.
But then you do enjoy 0% tax on worldwide income. It just depends on how much money you have at your disposal.
But then you do enjoy 0% tax on worldwide income. It just depends on how much money you have at your disposal.
I'll tell you a secret about Monaco, the "500k/1M bank deposit" in monaco that everyone keeps parroting is not always required... that's for self sufficient HNWI people.
there are other ways to get the residency... but remember police will check every single application manually.
e.g. as a business owner/CEO you're not asked about that sum if you want to start a business there... provided you have a proven entrepreneurial record, solid business plan and the business will somehow be valued as useful to the country.
Of course you'll be asked proof of a year long rent, office lease etc.
Same if you are a well known VIP from surrounding countries and know friends of friends.
Also another way is if︀ you get accepted into a startup accelerator, the road is much easier.
The issue is︁ that most of those accelerators are all "sustainably chic", if you get my drift.
So they will prefer if your startup is into either:
- animal friendly stuff: making toothbrushes︂ for dolphins, you know it's a big world issue this one;
- orrenting slaves︃ and maids job board for high-skilled people for their yachts & flats;
- or environmental︄ chic: our butt plug will save the Earth from those grams of CO2 you emit︅ from your a*s.
If you don't fit in these criteria your idea will not get︆ validated. Meanwhile the ones judging you are dumping fuel from their private jets flying alone︇ and burning thousands of fuel into their yachts...
If you are into that glam chic︈ fake BS then you're welcome. The moment you're fight the system, you're out. Nobody can︉ go against the Prince.
Monaco is very bureaucratic no matter what people says. Some jobs︊ are well regulated, you need a specific degree, permits, experience etc
No joking, when you︋ get the residency police will come at your address and even if they won't enter,︌ they'll count how many windows there are at the address you put in the form...︍ you can't apply for 3 people in a 10m2 studio (many did this in past).︎
But if you don't have at least close to that amount saved you should really️ ask yourself why you want to move to such an expensive posh jail.
there are other ways to get the residency... but remember police will check every single application manually.
e.g. as a business owner/CEO you're not asked about that sum if you want to start a business there... provided you have a proven entrepreneurial record, solid business plan and the business will somehow be valued as useful to the country.
Of course you'll be asked proof of a year long rent, office lease etc.
Same if you are a well known VIP from surrounding countries and know friends of friends.
Also another way is if︀ you get accepted into a startup accelerator, the road is much easier.
The issue is︁ that most of those accelerators are all "sustainably chic", if you get my drift.
So they will prefer if your startup is into either:
- animal friendly stuff: making toothbrushes︂ for dolphins, you know it's a big world issue this one;
- or
- or environmental︄ chic: our butt plug will save the Earth from those grams of CO2 you emit︅ from your a*s.
If you don't fit in these criteria your idea will not get︆ validated. Meanwhile the ones judging you are dumping fuel from their private jets flying alone︇ and burning thousands of fuel into their yachts...
If you are into that glam chic︈ fake BS then you're welcome. The moment you're fight the system, you're out. Nobody can︉ go against the Prince.
Monaco is very bureaucratic no matter what people says. Some jobs︊ are well regulated, you need a specific degree, permits, experience etc
No joking, when you︋ get the residency police will come at your address and even if they won't enter,︌ they'll count how many windows there are at the address you put in the form...︍ you can't apply for 3 people in a 10m2 studio (many did this in past).︎
But if you don't have at least close to that amount saved you should really️ ask yourself why you want to move to such an expensive posh jail.
It's almost impossible move to Monaco through business incorporation.
About 500k minimum usually is not the case. Usually banks require much more: 1-5 million minimum depending on bank.. and this money has to be invested into securities and kept all time of your residence!
Of course, there are possibilities to structure it , so you can loan back some funds (not for free).
My advice, if you don't have at least 3m euros to invest for residency, dont even think about Monaco !
Besides that it's perfect jurisdiction to remain tax free and live in Europe. You have everything on your doorstep.︀ French riviera, italy, Nice airport has good connections to various main cities.
Location is the︁ main thing. You just can't compare any other tax free countries with Monaco location. It's︂ simply the best location.
Also, many of residents in Monaco own villas in nearby France︃ and they spend much time there.
Monaco is not Sharia law desert country in Middle︄ east or some shithole island like Cyprus
About 500k minimum usually is not the case. Usually banks require much more: 1-5 million minimum depending on bank.. and this money has to be invested into securities and kept all time of your residence!
Of course, there are possibilities to structure it , so you can loan back some funds (not for free).
My advice, if you don't have at least 3m euros to invest for residency, dont even think about Monaco !
Besides that it's perfect jurisdiction to remain tax free and live in Europe. You have everything on your doorstep.︀ French riviera, italy, Nice airport has good connections to various main cities.
Location is the︁ main thing. You just can't compare any other tax free countries with Monaco location. It's︂ simply the best location.
Also, many of residents in Monaco own villas in nearby France︃ and they spend much time there.
Monaco is not Sharia law desert country in Middle︄ east or some shithole island like Cyprus
I've been accepted into a startup accelerator but I'm broke. Can I still incorporate it in monaco?
This is so true. I lost out in this previous startup competition to︀ this "company" that literally made straws out of bamboo. They are supposed to be environmentally︁ chic because they have cool packaging and paint the picture that they are trying to︂ save the world... what a joke.
This is so true. I lost out in this previous startup competition to︀ this "company" that literally made straws out of bamboo. They are supposed to be environmentally︁ chic because they have cool packaging and paint the picture that they are trying to︂ save the world... what a joke.
Invest does mean that you spend / invest the money into some property and may establish a new live somewhere.
Ok, about Monaco so much not correct information here.
I came Monaco 2019 and been here since then 99% of my time.
First you only need a 500ek deposit into a bank account. Not more then that. You can invest this money however you want in the bank. I shoved the whole sum to the BTC tracker.
You need to have no criminal record. No political connection and helps If you are not a media person or celebrity.
You rent a nice place around 100k year (one person) and enjoy quiet life while sipping afternoon coffee by the market.
Zero taxes, zero crime, clean and︀ no stupid people yelling around. Definitely the last resort for a-class lifestyle with the benefits.︁
I came Monaco 2019 and been here since then 99% of my time.
First you only need a 500ek deposit into a bank account. Not more then that. You can invest this money however you want in the bank. I shoved the whole sum to the BTC tracker.
You need to have no criminal record. No political connection and helps If you are not a media person or celebrity.
You rent a nice place around 100k year (one person) and enjoy quiet life while sipping afternoon coffee by the market.
Zero taxes, zero crime, clean and︀ no stupid people yelling around. Definitely the last resort for a-class lifestyle with the benefits.︁
A very woke spot. maybe having a cool fancy funky fintech making the world cashless could also qualify. 😉
I thought they were all in Andorra? I guess maybe the top ones can (just about) afford Monaco.
i know a few of them (cyclist) in Andorra and some in Switzerland. Monaco usually is F1 / motogp / tennis land, yeah there are some cyclist too but it's not #1 spot... it also depends on their citizenship and how their team pays them, if they have children. Usually they live with at least another team mate close by, so that they can train together in the off days.
As I said you can get a residence in Monaco without being a millionaire. But people here continue to repeat the same old BS...
For example I personally know a guy who was accepted there︀ on 150k as employee. Then after some years he started his own business (he had︁ to reapply again, lots of papers and due diligence) and now making millions tax-free (still︂ renting 🙄).
I know another that worked as a luxury hotel staff/manager, he got in︃ as his paid was enough to live there.
Know another that started a business there,︄ he was accepted cause he was already experienced and had good connections (investors already living︅ there).
It's easier for people from the neighbouring countries (e.g. Italy). Harder for people from︆ other country as it's harder for the police/gov to do deep background checks. So unless︇ you bring a big chunk of money as guarantee, it'll be much harder.
As I said you can get a residence in Monaco without being a millionaire. But people here continue to repeat the same old BS...
For example I personally know a guy who was accepted there︀ on 150k as employee. Then after some years he started his own business (he had︁ to reapply again, lots of papers and due diligence) and now making millions tax-free (still︂ renting 🙄).
I know another that worked as a luxury hotel staff/manager, he got in︃ as his paid was enough to live there.
Know another that started a business there,︄ he was accepted cause he was already experienced and had good connections (investors already living︅ there).
It's easier for people from the neighbouring countries (e.g. Italy). Harder for people from︆ other country as it's harder for the police/gov to do deep background checks. So unless︇ you bring a big chunk of money as guarantee, it'll be much harder.
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