@xzars you are really GREAT , Exceptional! I'm really proud that I,m talking to all you guys! I am a consultant but most of the times I work permanently (3-4 years) as employee. What can i do remotely? Is very difficult!! I do this; splitting the time between two employers, working part time for one or full for other... And for your last sencence, MAN YOU ARE SO GREAT REALLY!!!!! but impossible to find any job even remote or local despite my CV is exceptional... everything is matter of the people you know...
0% tax residency
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Andorra took me 30m to open a bank account. Granted that might be bc you're EU citizen or other circumstances. 6m for a cpy is not my experience either. And it is a 400K investment for the passive not half a billion. Not advocating for an option but trying to bring some real life experience in the thread.
We moved to Georgia (country) where foreign income is not taxed. So far our setup works very well.
Yes, we moved here so it's not a problem. It's a great country, safe, cheap with perfect weather.
but what are you working on there? How you get income? I assume you are working remotely something etc.
You are very right on this, but I can't find at︊ all any remote work opportunities, can you suggest me any board you found? I can︋ hardly find a local work job nowadays. Everything you say is right but where can︌ I find the remote job is the question.
Portugal could work with a foreign EU trading company, as long as you're nomading and not staying in Portugal for too long? The trading company is not a CFC (because its in the EU and its an active company) and its place of effective management should not be in Portugal.
At least with fintech banks, majority don't want to bank with you if you're not resident in EU anymore.
I was reading annual report of my tax authority (EU) and they mentioned they are also looking into faux residencies.
An example they mentioned: let's say you are Austrian citizen and resident. You become tax non-resident in Austria, leave the country, settle in Dubai and become a resident there. Next year tax authority in︀ Austria receives information on your foreign bank account in Germany via CRS, and their information︁ says you're still resident and tax resident in Austria....so apparently you haven't severed ties with︂ Austria, which means you are faux resident.
I was reading annual report of my tax authority (EU) and they mentioned they are also looking into faux residencies.
An example they mentioned: let's say you are Austrian citizen and resident. You become tax non-resident in Austria, leave the country, settle in Dubai and become a resident there. Next year tax authority in︀ Austria receives information on your foreign bank account in Germany via CRS, and their information︁ says you're still resident and tax resident in Austria....so apparently you haven't severed ties with︂ Austria, which means you are faux resident.
I am a Canadian currently in Georgia. Be careful with this setup. Some "consultants" (say nomad capitalist) claim that foreign sourced income is not taxed in Georgia. But in reality, it is very specific passive income that is tax free. If you manage a foreign corporation from Georgia, that entity is considered Georgian and would be taxed locally. Tax Liability For Foreign Business Owners Living In Georgia |
Why would that be considered︁ a "faux residency?" Doesn't that simply mean that you should be sure to change your︂ residence address with all your banks after gaining a new tax residency, so that your︃ banks report properly?
Very true
As I said here for years those claiming Dubai residency with 2 day year visiting business are probably first in line to get problems.
Everyone thinks they are smarter than the taxman. But the taxman has unlimited︂ time on their hand when it comes to tax fraud. They can go back years︃ and can really make you want to John McAfee yourself. Anybody relocating should actually do︄ so and do so properly and move centre of life away from previous country.
As I said here for years those claiming Dubai residency with 2 day year visiting business are probably first in line to get problems.
Everyone thinks they are smarter than the taxman. But the taxman has unlimited︂ time on their hand when it comes to tax fraud. They can go back years︃ and can really make you want to John McAfee yourself. Anybody relocating should actually do︄ so and do so properly and move centre of life away from previous country.
The country is o.k. for a retiree without any entrepreneurial activity. All others will -with some due diligence- easily find much more beneficial jurisdictions. Further details here -> Questions about Georgia (country)︀
What if you got the HNWI route and never spend any day on the country? Georgia does not have CFC rules and spending zero days in the country will not trigger place of effective management for your offshore company. Yes, you will have to be careful about not triggering tax residency in any other country but aside that it looks very easy to proof that you aren't managing the company from Georgia. Proof is in your passport.
This program is not exactly popular. Of the very few people who showed interest in the program even fewer were considered to be︀ eligible for it. This program is like many things in this country: On paper it︁ looks great, in practice it comes with many caveats.
Still, anybody who is interested needs︂ to rush. Georgia's EU-friends are not pleased by this program wherefore it will be scraped︃ soon (most likely by the end of this year).
Besides that, ask yourself what value︄ this program really has: Which country of interest will accept tax residency based on such︅ a program?
Do take note that a certificate of tax residency based on this program︆ looks completely different to an ordinary certificate of tax residency. It is sort of a︇ handwritten document (looks a bit like a diploma) and specifically mentions on what grounds you︈ received this certificate.
Still, anybody who is interested needs︂ to rush. Georgia's EU-friends are not pleased by this program wherefore it will be scraped︃ soon (most likely by the end of this year).
Besides that, ask yourself what value︄ this program really has: Which country of interest will accept tax residency based on such︅ a program?
Do take note that a certificate of tax residency based on this program︆ looks completely different to an ordinary certificate of tax residency. It is sort of a︇ handwritten document (looks a bit like a diploma) and specifically mentions on what grounds you︈ received this certificate.
Lived in Thailand for 9 years to save on tax, Thai elite visa is super easy and great solution. You pay, 1 day later you become VIP with many nice perks but its mainly worth it for the freedom you get with it.
earnings that are not going inside Thailand are not taxed And If they are kept out for 1 year, later you can bring them in without paying tax.
I have there an apartment and bank accounts,
Not once was asked or︀ mentioned anything about taxes or source of income.
when I lived there I was single,︁ living the dream, unlimited supply of women, beach, luxury life style everything is affordable, quick︂ and easy going, warm weather and good food. Not taking it for granted but︃ as a young guy (now 37), At some point i felt like life passing by︄ me and honestly I got bored. The culture is different, was not able to make︅ life long friends, while you can have european style friends its not for life and︆ always there's some hidden interests around the friendship for some reason. Also, being far from︇ core family becomes harder with the years as everyone gets older. Flying to Thailand and︈ from Thailand everry 3 months was ok but in past 2 years with all this︉ corona it also became , hmm, complicated, not only in thailand, so its also less︊ comfortable.
And last, while Thailand don't care about your source of income, when I wanted︋ to send money to family for example that have western bank accounts, they didn't agree︌ to accept the money saying they don't care if its legal NOT to pay tax︍ in Thailand, they don't want the money. They want regular accounting from western country and︎ proof of any tax payments.
Managed via transfer wise, but that's not comfortable with large️ amounts.
Its great experience, but I learned I enjoy more pay low tax somewhere to be left alone by the global tax greedy authorities and be around people with similar cultural habits. Just my 2cents
Lived in Thailand for 9 years to save on tax,︁ Thai elite visa is super easy and great solution. You pay, 1 day later you︂ become VIP with many nice perks but its mainly worth it for the freedom you︃ get with it.
earnings that are not going inside Thailand are not taxed And If︄ they are kept out for 1 year, later you can bring them in without paying︅ tax.
I have there an apartment and bank accounts,
Not once was asked or mentioned︆ anything about taxes or source of income.
when I lived there I was single, living︇ the dream, unlimited supply of women, beach, luxury life style everything is affordable, quick and︈ easy going, warm weather and good food. Not taking it for granted but as︉ a young guy (now 37), At some point i felt like life passing by me︊ and honestly I got bored. The culture is different, was not able to make life︋ long friends, while you can have european style friends its not for life and always︌ there's some hidden interests around the friendship for some reason. Also, being far from core︍ family becomes harder with the years as everyone gets older. Flying to Thailand and from︎ Thailand everry 3 months was ok but in past 2 years with all this corona️ it also became , hmm, complicated, not only in thailand, so its also less comfortable.
And last, while Thailand don't care about your source of income, when I wanted to send money to family for example that have western bank accounts, they didn't agree to accept the money saying they don't care if its legal NOT to pay tax in Thailand, they don't want the money. They want regular accounting from western country and proof of any tax payments.
Managed via transfer wise, but that's not comfortable with large amounts.
Saved tons of tax and was great experience, but I learned I prefer to pay︀ low tax somewhere and to be left alone by the global tax greedy authorities and︁ be around people with similar cultural habits.
Might retire to Thailand at 60 🙂
Anyways, Just︂ my 2cents
earnings that are not going inside Thailand are not taxed And If they are kept out for 1 year, later you can bring them in without paying tax.
I have there an apartment and bank accounts,
Not once was asked or︀ mentioned anything about taxes or source of income.
when I lived there I was single,︁ living the dream, unlimited supply of women, beach, luxury life style everything is affordable, quick︂ and easy going, warm weather and good food. Not taking it for granted but︃ as a young guy (now 37), At some point i felt like life passing by︄ me and honestly I got bored. The culture is different, was not able to make︅ life long friends, while you can have european style friends its not for life and︆ always there's some hidden interests around the friendship for some reason. Also, being far from︇ core family becomes harder with the years as everyone gets older. Flying to Thailand and︈ from Thailand everry 3 months was ok but in past 2 years with all this︉ corona it also became , hmm, complicated, not only in thailand, so its also less︊ comfortable.
And last, while Thailand don't care about your source of income, when I wanted︋ to send money to family for example that have western bank accounts, they didn't agree︌ to accept the money saying they don't care if its legal NOT to pay tax︍ in Thailand, they don't want the money. They want regular accounting from western country and︎ proof of any tax payments.
Managed via transfer wise, but that's not comfortable with large️ amounts.
Its great experience, but I learned I enjoy more pay low tax somewhere to be left alone by the global tax greedy authorities and be around people with similar cultural habits. Just my 2cents
Lived in Thailand for 9 years to save on tax,︁ Thai elite visa is super easy and great solution. You pay, 1 day later you︂ become VIP with many nice perks but its mainly worth it for the freedom you︃ get with it.
earnings that are not going inside Thailand are not taxed And If︄ they are kept out for 1 year, later you can bring them in without paying︅ tax.
I have there an apartment and bank accounts,
Not once was asked or mentioned︆ anything about taxes or source of income.
when I lived there I was single, living︇ the dream, unlimited supply of women, beach, luxury life style everything is affordable, quick and︈ easy going, warm weather and good food. Not taking it for granted but as︉ a young guy (now 37), At some point i felt like life passing by me︊ and honestly I got bored. The culture is different, was not able to make life︋ long friends, while you can have european style friends its not for life and always︌ there's some hidden interests around the friendship for some reason. Also, being far from core︍ family becomes harder with the years as everyone gets older. Flying to Thailand and from︎ Thailand everry 3 months was ok but in past 2 years with all this corona️ it also became , hmm, complicated, not only in thailand, so its also less comfortable.
And last, while Thailand don't care about your source of income, when I wanted to send money to family for example that have western bank accounts, they didn't agree to accept the money saying they don't care if its legal NOT to pay tax in Thailand, they don't want the money. They want regular accounting from western country and proof of any tax payments.
Managed via transfer wise, but that's not comfortable with large amounts.
Saved tons of tax and was great experience, but I learned I prefer to pay︀ low tax somewhere and to be left alone by the global tax greedy authorities and︁ be around people with similar cultural habits.
Might retire to Thailand at 60 🙂
Anyways, Just︂ my 2cents
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