Countries without exit tax
- Thread starter baio12
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In principle, you can do it with Seychelles, Belize, and US LLCs, but since you are personally taxed on all income, you won't avoid exit tax where you live if you accumulate wealth.
Otherwise you need to relocate and be resident for instant in Monaco, Bermuda, Bahrain, UAE among others.
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Otherwise you need to relocate and be resident for instant in Monaco, Bermuda, Bahrain, UAE among others.
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Now I am curious and interested. How would you avoid an exit tax if you live in a country that has one and you want to move your company to another country where you are also relocating?
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Just as a side-note, also (IIRC) countries like CZ or SK, maybe PL do not enforce an exit tax. However it is not a good idea to go there to start and grow a business, I am afraid.
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
Why it is not good in those 3 countries to start and grow?
I think first country will always tax capital gain when leaving. When you personally stop to be resident.
I don't think there is way to avoid so I asked which countries are without exit tax.
The UK if I'm not mistaken.
You can leave the country anytime and pay zero taxes when you sell the company or even received dividends. You are not a tax resident, so no taxes.
The only caveat - if you come back within 5 years you might have to pay the tax.
From what I heard it also works if you are already a resident of some EU countries - they will tax you if you leave to some zero-tax jurisdiction (like Dubai or Cayman), but not if you move to the UK.
So a gap year in the UK, then somewhere zero/low tax and sell everything.
You can leave the country anytime and pay zero taxes when you sell the company or even received dividends. You are not a tax resident, so no taxes.
The only caveat - if you come back within 5 years you might have to pay the tax.
From what I heard it also works if you are already a resident of some EU countries - they will tax you if you leave to some zero-tax jurisdiction (like Dubai or Cayman), but not if you move to the UK.
So a gap year in the UK, then somewhere zero/low tax and sell everything.
From very to totally unstable legal environment, bureaucratic demands comparable to (or worse than) DE/FR/you-name-it ones but enforced by much less competent personnel, ineffective justice and law enforcement in general. PL used to be slightly better, CZ/SK roughly on par; but I am not following the issues there continuously. (Anyone is invited to correct me, of course.)
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
But the countries have exit tax? That is what it says in Poland - Corporate - Taxes on corporate income.
As I have written, I have not been sure about PL. CZ and SK do not enforce an exit tax, if nothing has changed very recently.
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
UK does have an exit charge on companies leaving the UK:
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg42370
But the topic is quite interesting. I mean nobody wants to invest in a country that is leaving a bad impression when you leave, do you?
Has anybody checked Guernsey, Jersey, Hong Kong, Singapore etc.?
Found exit tax for CZ under different part: Czech Republic - Corporate - Other taxes. SK you are right such tax does not exist.
Do you want to live in the country and run the company there before leaving, and do you want to bring the same incorporated company with you out of the country? Or when leaving will you incorporate a new company in the new country and buy all the assets from the old company? If using the same company then you should also consider where it is easier to run a non resident company, or if the company can be treaty non resident etc company.
This will also affect the answers to your first question. As it appear UK has non exit tax on persons but an exit tax on companies.
Asset sale is possible if old country has no capital gains tax on sale to new country.
Can live in the same country but not necessary. Country should not perform valuation of increase in value of company and charge exit tax on it at leaving time.
The question is which countries have exit tax on the company level. He will then be responsible on his own to not manage the company from another country, either with economic substance or by not being resident anywhere else.
The main problem is that the absence of such taxation is usually harder to prove. Then, there are countries which apply the taxes when you emigrate a company on all hidden reserves without clear rule.
The summary for now is:
In Europe, CZ does not have such a law. Probably most Caribbean and GCC countries won't apply such tax. Also for Hong Kong, I think it does not have it.
The main problem is that the absence of such taxation is usually harder to prove. Then, there are countries which apply the taxes when you emigrate a company on all hidden reserves without clear rule.
The summary for now is:
In Europe, CZ does not have such a law. Probably most Caribbean and GCC countries won't apply such tax. Also for Hong Kong, I think it does not have it.
Yes, it is not a true exit tax but just CIT somehow interpreted to try to serve this purpose, as I could see; and at the first glance, it seems being able to bypass ”“ but this is just my guess. Times are changing. Nevertheless, this is more likely an academical debate, as of this Countries without exit tax
I think so, too.
I have no clue; never needed to check it 🙁
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
smi(&% rof/% smi(&% rof/%
Seriously, I took a few days' vacation to go on a retreat with my buddies deep in the mountains to an exclusive spa and come back here, and I'm starting to think you all are pranking me. 🙄
I'm going to leave this:
Slave owners often provided documents known as "manumission papers" or a "certificate of freedom" as proof that a slave had been freed. These documents formally declared the individual's emancipation. They included details such as the name of the former slave, the date of manumission, and the signatures of the slave owner and sometimes witnesses. These papers were essential for the freed individuals to prove their legal status as free persons a̶n̶d̶ t̶o̶ a̶v̶o̶i̶d̶ b̶e̶i̶n̶g̶ r̶e̶-̶e̶n̶s̶l̶a̶v̶e̶d̶. Apologies, but this last part, struck through, has been repealed by dastardly, weak, self-appointed, useless, unproductive parasites under the ruse of "government."
Cheers to all of you! smi(&%
😉
@jafo , welcome back; and I am happy to see that you seem to be well relaxed smi(&%
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
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