WTF Portugal?!

[Marzio]

That is not⁣ what i was expecting so game over for GE HNWI since you need to be⁢ there 182+ days to be considered tax resident.

I misread Sarawak's MM2H program where it says that you need to spend︂ at least 15 days a year in Sarawak.

MY has some interesing tax residency options︃ BTW

Seems like target are︅ wealthy pensioners.

So for youngsters (30+) the options are:

1. NHR while it last
2. MM2H spending at least 90 days / year in MY + fixed deposit + proof︆ of income

 

[backpacker]

Yes, and that is‌ understandle.
The Philippines does not want these hostel/tramp/Hippie people anymore. The idea is to market‍ the country actively as a place to retire for the affluent pensioner. Retirees from Japan⁠ and South Korea are most welcome, than of course US-citizens.
The Philippines understands quite well⁤ that it does not have the infrastructure of Thailand or Malaysia and therefore markets itself⁣ with a slightly lower price tag.
There is more.
With regards to the Philippines the much overlooked Special Investor's Resident Visa (SIRV). I wrote about︁ it before ->

• Avoiding being taxed by my home country if I emigrate and immigrate︂ back after a few years
  
• Best country for a freelancer / digital nomad post-covid
  
• and more; use the search function!
  

SIRV is perhaps the most attractive residence program in Asia︃ for anybody <50 years of age (current conditions). It is kept like a state secret︄ and you will not see any marketing at all. It goes through the Board of︅ Investments (BoI) and Tourism Infrastructure and Enterprise Zone Authority (TIEZA) which are both poorly managed.︆

 

[JackAlabama]

The Phillies would have to massively lower its price tag to︅ even only be remotely competitive to Thailand and Malaysia in terms of lifestyle, healthcare, safety︆ and infrastructure. What is good there is way too expensive and what is cheap, well,︇ is cheap for a reason.
Being the budget option would have been the adequate positioning︈ for it.

As an affluent pensioner having one or the other more serious health issue︉ than a cold, Id go to Thailand or Malaysia every day.

 

[backpacker]

Fair point.
That's the reason why they are cheaper, massively cheaper: Ever compared the rip-off Thai Elite (wich⁢ is just a simple tourist visa) or the pricing of MM2H to SRRV?
SRRV targets︀ the affluent, not the wealthy. As such it is attractive to Japanese and South Korean︁ pensioners who get a true "bang for the buck" with the Philippine option.︂

Medical care is no longer chaotic third world style if you know where to go.︃ There are excellent medical facilities in the Philippines who treat almost everything at a fraction︄ of the price of Thailand. That's what elderly Japanese are looking for and why they︅ prefer the Philippines.

 

[JackAlabama]

Are you facilitating the︁ SSRV?
Yah, but the thai elite visa is quite cheap and often offers all whats︂ needed. It is just 113$ per month but with the caveat of paying all upfront.︃
The SSRV being "true bang for the buck" you are spot on with the old︄ 20k one, but now its stretching it a tad little bit 😉.

For them it︅ is very close to homeland (where medcare is very cheap for them due to health︆ insurance) and there is also another major factor why these elderly gentlemen prefer it which︇ however is true for the other countries as well but never in that extent 😉

 

[backpacker]

eek¤%& That would be a poor‌ man's job.
Paying the amount you mentioned on a per-month-basis over⁤ a period of 5 years or 20 years is all but cheap for the simple⁣ permission to enter and stay in a developing nation like Thailand. Again, Thai Elite is⁢ not even a residence perrmit.

Note the difference:
Thai Elite is fee based = Nothing︀ will be returned to you!
SRRV is a deposit = If you give up on︁ it the full amount will be returned to your personal bank account!
That's definitely true. However, the exact same applies to Thailand. In relation to population numbers even︃ on a much larger scale, although Thailand being more focused on Europeans/Arabs.

 

[Mike Forman]

Quota visa is still the best and not very well know permanent residence in︂ Philippines. No age restrictions, no investment needed (just deposit an amount and later withdraw) and︃ get exempted of the need for a work permit if you decide to work in︄ Philippines (this is the only residence in Philippines you don't need a work permit) .︅

You are not taxed on foreign income and it is easy to open bank accounts︆ in multiple currencies, although none of the banks are very developed, you have to go︇ to the counter and withdraw or deposit USD. Above 9000usd you might get some questions︈ but if you can explain the source of your funds or it comes from your︉ own personal / broker account abroad you just show the remittance.

Most people speak fluent︊ English and some amazing nature and beaches. Infrastructure and food is not well developed compared︋ to Thailand. You can find some housing to live in cities as Manilla and Cebu︌ in gated communities where large nice villas are available.

You can just fly in 3︍ hours to Thailand or any other other Asian country for some change of environment and︎ food.

 

[backpacker]

"Quota Visa" is a type of visa that is‍ far too difficult to get nowadays and inaccessible to newbies anyway. Moreover, it is limited⁠ to a maximum of 50 foreignrs/year. What you describe was valid two decades ago but⁤ is no longer.
Indeed, many banks still operate like 30 years ago. That is one of the reasons why⁢ payment apps like GCash, GrabPay and PayMaya (Maya Bank) have become so popular. These payment︀ apps are more reliable and flexible, run frequent promotions and give significant cashbacks. So, no︁ need to rely on outdated brick-and-mortar banks.
Regarding US-Dollar: No need to go to the︂ counter for depositing and withdrawal of bills if you pick the right bank. Just transfer︃ USD on your USD-savings account, let the bank issue a USD debit-card tagged to that︄ savings account and pay directly in USD everywhere on Planet Earth.
The official limit set by BSP︅ is PHP 500'000.- or it's equivalent in foreign currency. So, right now it is way︆ lower than what you mentioned, due to PHP devaluation.
In reality questions start much earlier︇ when you are not a well-known customer or smaller transfers come in too frequently.

 

[Marzio]

After reading this new post about HNWI in Georgia⁠ i'm pretty sure Gela Barshovi is reading this forum. 😀

Do double taxation treaties apply to⁤ HNWI tax residents?​

Georgia has signed double taxation agreements with fifty-seven countries as of⁣ today. Such treaties apply to HNWI tax residents the same way as they apply to⁢ tax residents under the 183-day criterion.

 

[backpacker]

Maybe he reads this forum.
However, in that case he⁤ should have come up with something better than just these few lines. What he says⁣ is written from a purely Georgian perspective, not taking into account the other country and⁢ the treaties in itself 🙄

A person with a Georgian HNWI tax certificate, not staying in︀ Georgia, and claiming treaty benefits in a European DTT partner country will have a lot︁ of fun. Especially if this HNWI has no further ties to the country except the︂ address of the tax advisor where RS sends this certificate.
Guys, be careful with what︃ some tax advisors claim. Just use common sense. ban-:;

At least he writes it quite good,︄ mentioning the logical caveat of Art. 4.
Anybody who thinks a bit further knows that︅ Art. 4 is enough to put every Georgian HNWI certificate into the garbage can.
If you do need a tax certificate and do not want to stay 183 days, go︆ for Dubai or Cyprus. Much better and safer.