Hi everyone, I am pretty new to this as I am a young professional at the beginning of my career, I hope some of the veterans here can provide some advice for my situation.
I am a Mexican resident who is working as a contractor for a US based company, I get paid around 100k (I might not be much for the standards here, but for a third world country its a lot).
As some of the threads in this forum have mentioned, having any amount of money is a problem in Mexico. With the covid pandemic, insecurity is at an all time high, so having money here basically means asking to get kidnapped or scammed. The banks here are also corrupt, they will give your information to criminals (already happened to me, luckily with an account with much less money) so I want to move my money to an offshore bank.
Additionally, I pay around 30% in taxes each month, and to minimize taxes I have to report expenses. This is not ideal, it basically means I have to spend a lot of money to avoid paying 30% in taxes, it definitely takes a good chunk of the paycheck.
So, what I am asking is, what would be the best setup for my situation? here are some considerations I have:
So in overall, I just want a place where it's safe to keep my assets, and where I pay less taxes. I am trying to plan for the future because I am at the beginning of my career and I think it's important if I plan this early on.
Does anyone have some advice for a possible setup I can do? It would be incredibly helpful.
Thank you so much.
I am a Mexican resident who is working as a contractor for a US based company, I get paid around 100k (I might not be much for the standards here, but for a third world country its a lot).
As some of the threads in this forum have mentioned, having any amount of money is a problem in Mexico. With the covid pandemic, insecurity is at an all time high, so having money here basically means asking to get kidnapped or scammed. The banks here are also corrupt, they will give your information to criminals (already happened to me, luckily with an account with much less money) so I want to move my money to an offshore bank.
Additionally, I pay around 30% in taxes each month, and to minimize taxes I have to report expenses. This is not ideal, it basically means I have to spend a lot of money to avoid paying 30% in taxes, it definitely takes a good chunk of the paycheck.
So, what I am asking is, what would be the best setup for my situation? here are some considerations I have:
- I am already paying 30% in taxes, if possible I would like to move my tax residency to a place with lower taxes.
- Privacy and security are important to me, I would like to open an account on a trustworthy bank.
- I have no problem travelling personally to open an account, I think I would prefer this to an EMI, if possible.
- For the reasons I mentioned above, I would like to move to a more developed country that is peaceful, my ideal would be any place in the EU.
- Due to my work I can request a work visa for the US, but I hear that taxes are much higher there. Also rent is really expensive.
- I have some investments in crypto, and would like to invest more, so any bank that is crypto friendly would be great.
- In the future, I plan on starting a business, so I want a place where I can live and register a business (possibly an LLC).
- It might be too early for this, but I am also considering places where I can invest/buy real estate as a foreigner.
So in overall, I just want a place where it's safe to keep my assets, and where I pay less taxes. I am trying to plan for the future because I am at the beginning of my career and I think it's important if I plan this early on.
Does anyone have some advice for a possible setup I can do? It would be incredibly helpful.
Thank you so much.
