Recent content by Kermit

Current market volatility increases the risk of Norbert's Gambit.

US LLC bank account would wire to offshore entity bank account.

Renters will pay the US LLC. Profits are paid from the US LLC to the offshore parent.

He will want to avoid triggering FIRPTA. Use a US LLC to own the home and have the US LLC owned by the foreign entity.

People move every day. Make sure you can pass the closer connection test to ensure you have more ties to the new country than the old country. Be sure to be in the new country for at least 183 days (a few extra is good) and cut ALL ties to the old country. Also, don't leave any of your personal...

Not sure if this applies to Dubai but in the Caribbean, these programs have a minimum investment level to ensure foreign investment does not price poor locals out of the local real estate market.

Another layer to consider is if you need a tax residency certificate to prove to your country of citizenship that you should not fall under their tax system. It is my understanding Panama requires more time spent in country than UAE.

The only two choices I see are to file returns for all years or pay exit tax and forever be a covered expatriate which will affect how you can gift to family in the US. The returns and exit tax form must be accurate or you will never have peace of mind because they will always be able to come...

The EU's website tags the Dominican Republic as Dominica. Bullying is right! https://www.consilium.europa.eu/en/policies/eu-list-of-non-cooperative-jurisdictions/ Last edited: Feb 25, 2021

Residency is the ability to live somewhere. This does not mean you are a tax resident. You can have multiple residencies. You can also trigger tax resident status in multiple jurisdictions. This is where tax treaties come in. To confirm the status of a tax residency in UAE for banks and fiscal...

I used this service because their prices were reasonable at the time and they seemed easy to work with: https://relocatepuertorico.com/ The process went smoothly without issues but it did take months. In the end, you'll have a contract between yourself and the PR government. Mine did not include...

I was able to get in with Act 20/22 before the move to 60. The 4% corporate taxation isn't entirely accurate. You'll need to also pay yourself a reasonable salary and pay the normal taxes on it. Then you can issue dividends to yourself which trigger the investor status treatment. If you're...

Hi all. American here but no longer feeling American. Or maybe, I just no longer feel America represents me. I'm trying to figure out my next moves. I just want to start fresh and find some freedom to call my own. I appreciate the opportunity to be here and participate. -Kermit

Yes. Be prepared to move. The residence requirements are real.

As of 2017, an individual is a tax resident of Cyprus if one satisfies either the '183 day rule' or the '60 day rule' for the tax year. For earlier tax years only, the '183 day rule' is relevant for determining Cyprus tax residency. The '183 day rule' for Cyprus tax residency is satisfied for...