agree but the majority of people asking here are not multi millionaires. I would say for anyone up to $1 million/year the correct way to do it is to actually move yourself and your economic and private social substance (very important) to your new country. In Belgium some guy was considered still tax resident because he owned an apartment that he rented out. You read that right. the guy had an official paper that said that he could not possible live in that apartment and they still went after him. Sell all your stuff, cancel all your subscriptions, get a new cell number and end ties with your home country as much as possible so they don't have any reason to come after you. I literally read in a Phd paper about this stuff that the Belgian tax authorities are bad losers. They basically have infinite resource to make your life miserable.
I need help with my situation
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I totally agree, that's one of the best suggestions over them all.
Find a country where the tax rate suites you or if you have the money, buy the knowledge needed to reduce your taxes once for all, it is only rare that some can do it, but with sufficient of money it will be possible.
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Tax evasion and tax avoidance are in some countries treated the same. Tax optimization is just another catch phrase which is equal to tax avoidance.
I fully support avoidance / optimization personally if, and only if someone is willing to follow the steps required which in reality means relocate yourself (and family) and cut ties as much as possible with your home country.
Switzerland might seem nice with the low tax rate however life is extremely expensive. Switzerland is only worth it with a net wealth of 10 million and higher.
Below that amount you find out that your home country might be costing you the same or even less. Keep in mind that a good accountant can also optimize everything in your home country and save you a lot.
I say BS - you read to much on the Internet. Expensive compared to what, Bulgaria, Uganda, Romania? Sure- but for people with a good income above the 400K Euro a year it is worth to look into.
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I don't understand why there is so little love here for Andorra, simple tax system max 10%, and if you want big city life you are few hours from Barcelona.Ski in winter, few hours from Spanish beaches if that is your thing. Not crazy expensive for living and real estate. It's my number 1 destination for my planned 2022-2023 move.
I live in Switzerland myself and have first hand experience in several cantons for and with clients; among others Zug, Zurich, Lucerne, Geneva and St Gallen. It isn't as beautiful as it seems anymore. Lots of hidden costs. Tax on worldwide income. A favourable wealth tax nevertheless. Local taxes on income seem nice until you find out all the little extras, for instance being married is more expensive tax wise. Lets not even talk about when there are kids. 3000 per month per kid is normal. Nannies are a little cheaper however not even that much. So I call your 400k bs. Perhaps you are stuck in old beliefs?
Reason why I don't like Andorra is because it looks so run down. Not really appealing to wealth. A little TLC goes a long way. Andorra really needs that.
Behind the superficials it's a nice little secluded country for people in the know.
That is a difficult question to answer as it all depends on wants and needs (personal preference and situation) also when talking about quality of life. It all comes with a price tag.
Personally I like some Eastern European countries, some countries around the Mediterranean, Dubai and some countries in the larger Caribbean area. Price tag is one aspect for me. Opportunity another and more important. I dare say that Switzerland is so over regulated that it is not the best country (anymore?) when it comes to opportunities (which includes top holdings).
Lots of people mention Switzerland these days when it comes to blockchain / cryptos. Lately it became clear that new parties struggle hard to get their finma / sro licenses sorted. Given that finma doesn't have the blockchain / crypto experience in house they consult existing regulated parties. These parties have advised finma to decline several new comers to receive permits to operate their initiatives.
The above is based on my personal situation and the situation of the people I advise.
Ill finish with the following; if your business activities are location independent and you can mitigate / plan your taxes regardless from where you reside and Switzerland was your back up; look at the north of Italy or west of Austria.
Once again; I don't know your situation and what you find important for you.
You bet it's real.. several companies have recently (last 12-18 months) been declined a license because of this.
The Netherlands does exactly the same. If you own any assets in your name in that country the tax authorities will at one point try to make the case that you are a tax resident.
100% true! They did this to a Turkish man they deported! They came, grabbed him in the middle of the night, and deported him. He overstayed his "trip" by 18 months though smi(&% .
In the meantime, he did purchase 2 apartments and was renting them out to 2 couples. Belastingdienst confiscated both of his apartments after they claimed he had to pay them taxes on his worldwide income 😛
They claimed in court they had NOTHING to do with immigration. He can sue immigration if he wants. The guy was deported, got robbed €1.4M, and still owes Belastingdienst about €8M. An amount they "guessed" he owed them based on his business revenue in Istanbul. He has a pharmaceutical wholesale company, and pharmacies, and also exports raw materials to China.
Poor guy!
PS. I wonder what happened to OP. I mean this guy is in Mexico, so if he went to seek "professional advice" in Mexico he's probably buried by now stupi#21 if he truly had amassed US$1M or "Manotas" got him and he's now working for you-all-know-who 🙄
I believe it's pretty much the same for all countries, at least in Europe. I know they do the same in the Scandinavian countries.
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