New Antigua tax residency? Just 30 days & $20k flat !?

[sandigoodcontact]

Looking for real world feedback...

Antigua tax residency requires only 30 days per year on island for $20k flat tax. Antigua looks like best option on paper, but not much chatter about it. Am I missing any downsides?

Overall, seems best deal for anyone with income > $500k and wanting to minimize time on island, comparing to cyprus/gibraltar/anguilla/etc.

More info (I'm not affiliated):
https://antiguabarbuda.com/dario-item-tax-residency-program/

 

[Martin Everson]

Why would you want to do this over and above obtaining their normal digital nomad visa?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[lostguy]

I don't get it, sorry?

 

[JohnnyDoe]

Martin Everson said:
Why would you want to do this over and above obtaining their normal digital nomad visa?
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do you get a TIN with the digital nomad visa?

sandigoodcontact said:
More info (I'm not affiliated):
https://antiguabarbuda.com/dario-item-tax-residency-program/
Click to expand...

Is there any official source?

from what I read around, it doesn't seem at all a new program. Some say it has been introduced in 1995.

Last edited: Jun 22, 2022
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[Dandyline]

sandigoodcontact said:
Looking for real world feedback...

Antigua tax residency requires only 30 days per year on island for $20k flat tax. Antigua looks like best option on paper, but not much chatter about it. Am I missing any downsides?

Overall, seems best deal for anyone with income > $500k and wanting to minimize time on island, comparing to cyprus/gibraltar/anguilla/etc.

More info (I'm not affiliated):
https://antiguabarbuda.com/dario-item-tax-residency-program/
Click to expand...

UAE requires 2-3 days and $0 tax.

 

[Marzio]

Dandyline said:
UAE requires 2-3 days and $0 tax.
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Yes but you have to stay 183+ days

 

[Dandyline]

marzio said:
Yes but you have to stay 183+ days
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No, just 1 day every 6 months. If you want a tax residency certificate, maybe 2-3 months, 1 time.

 

[Martin Everson]

JohnnyDoe said:
do you get a TIN with the digital nomad visa?
Click to expand...

Do you need a TIN you should be asking. What do you need one for? I don't get this obsession with TIN's. You don't need one for CRS reporting purposes as its not a CRS mandatory requirement (I discussed in detail in another thread). You also don't need one for residency purposes either.

For education purposes you can find out below each countries domestic rules on TIN's. Many countries do not even issue TIN's and some you use your ID card number instead.

https://www.oecd.org/tax/automatic-...on-and-assistance/tax-identification-numbers/

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[sandigoodcontact]

Martin Everson said:
Why would you want to do this over and above obtaining their normal digital nomad visa?
Click to expand...

Good question. I imagine the normal digital nomad visa would require a more typical physical presence (183+ days?) to qualify for tax residency, compared to the 30 day regime.

Dandyline said:
No, just 1 day every 6 months. If you want a tax residency certificate, maybe 2-3 months, 1 time.
Click to expand...

This thread is helping me see that the UAE is a popular choice for personal/corp tax residency, but since they are getting less friendly (new 2023 corp tax etc), where's the next best option?

Last edited: Jul 1, 2022

 

[Marzio]

Dandyline said:
No, just 1 day every 6 months. If you want a tax residency certificate, maybe 2-3 months, 1 time.
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R u sure? @Fred can you comment on that?

 

[Linski]

Martin Everson said:
Do you need a TIN you should be asking. What do you need one for? I don't get this obsession with TIN's. You don't need one for CRS reporting purposes as its not a CRS mandatory requirement (I discussed in detail in another thread). You also don't need one for residency purposes either.

For education purposes you can find out below each countries domestic rules on TIN's. Many countries do not even issue TIN's and some you use your ID card number instead.

https://www.oecd.org/tax/automatic-...on-and-assistance/tax-identification-numbers/
Click to expand...

Hi, I'd like to read the thread about your detail regarding TIN's and CRS reporting? TIA

 

[Martin Everson]

Linski said:
Hi, I'd like to read the thread about your detail regarding TIN's and CRS reporting? TIA
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Sure read below thread fully.

https://www.offshorecorptalk.com/threads/do-prepaid-cards-fall-under-the-crs.29320/post-131436
You can see on official OECD website also below for each country to see what is required in relation to TIN's.

https://www.oecd.org/tax/automatic-...on-and-assistance/tax-identification-numbers/

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[zzzzzz]

Martin Everson said:
Do you need a TIN you should be asking. What do you need one for? I don't get this obsession with TIN's. You don't need one for CRS reporting purposes as its not a CRS mandatory requirement (I discussed in detail in another thread). You also don't need one for residency purposes either.

For education purposes you can find out below each countries domestic rules on TIN's. Many countries do not even issue TIN's and some you use your ID card number instead.

https://www.oecd.org/tax/automatic-...on-and-assistance/tax-identification-numbers/
Click to expand...

FI always ask for TIN, and if you don't have one you should explain why. If country issues TIN, it's better to have one, just to please the bank and less questions asked.