Long-term strategy for digital nomad
- Thread starter JustAnotherNomad
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Did you answer me? Because I don't think I got any reply. Anyway, I'm going to send another email.
Also I'm pretty damn sure it's not so easy. Even the US has a maximum of... what is it, 90 days per year? before they consider you tax resident.
So if you spend 100 days in the US, 80 days in country X, 80 days in country Y and 4 days in HK/SG, I strongly doubt the︀ US will give up so easily when you tell them: "Oh, I don't have to︁ pay any tax because I registered for residency in HK/SG, where I spend 4 days︂ per year."
I mean, maybe that's how it works, but I'm just really, really skeptical.︃
So if you spend 100 days in the US, 80 days in country X, 80 days in country Y and 4 days in HK/SG, I strongly doubt the︀ US will give up so easily when you tell them: "Oh, I don't have to︁ pay any tax because I registered for residency in HK/SG, where I spend 4 days︂ per year."
I mean, maybe that's how it works, but I'm just really, really skeptical.︃
I have answered you, however, without you providing a contact there which is not throwaway that I can contact you, maybe the answer will not go through. I will answer here instead:
I am also a citizen of your home country. I have de-registered from it and closed all accounts years ago. I do not have a tax ID issued from it, and my ID card display no address in the given country. All my accounts and stuff I had to open in different countries I used a tax ID issued by another country, worked well in most cases so far. I doubt I will︀ ever live there in the future, but if I will, I have no worries because︁ I do not have anything there, literally.
From the way you have described your situation,︂ you have a lot of ties in the countries you have relations and work. Since︃ you cannot commit to actually moving out of this for a considerable amount of time,︄ my approach would be of the following:
1 - Choose between home country, country A︅ and country B, see where you pay less taxes, and settle for it (get a︆ flat, tax ID, accountant, residency).
2 - Choose a country in the vicinity of these︇ 3 countries with the lower possible tax rate (I can think of two, at least)︈ and settle for it (flat, tax id, residency, banks) and spend more time there than︉ in any of the other 3.
You mention you visit your clients, and you are︊ an independent consultant as I understood, if you go for Bulgaria/UAE/Panama, do not actually live︋ there and keep visiting your clients physically, in my humble opinion, you will be walking︌ on thin ice. This may work for some time, and maybe forever, the critical point︍ of risk is when you will want to officially return to your home country and/or︎ buy expensive stuff (real estate, cars) in the places where you actually live, but claim️ you don't.
Another critical point is that you are a consultant, if you were a corporation, where most of the work would not be performed by you and not physically at the same place you are, for example a franchise brand or an IT company, it would much easier to justify whatever arrangement you come up with.
As I have previously guessed, you are looking for solutions that do not really apply to you.
I am also a citizen of your home country. I have de-registered from it and closed all accounts years ago. I do not have a tax ID issued from it, and my ID card display no address in the given country. All my accounts and stuff I had to open in different countries I used a tax ID issued by another country, worked well in most cases so far. I doubt I will︀ ever live there in the future, but if I will, I have no worries because︁ I do not have anything there, literally.
From the way you have described your situation,︂ you have a lot of ties in the countries you have relations and work. Since︃ you cannot commit to actually moving out of this for a considerable amount of time,︄ my approach would be of the following:
1 - Choose between home country, country A︅ and country B, see where you pay less taxes, and settle for it (get a︆ flat, tax ID, accountant, residency).
2 - Choose a country in the vicinity of these︇ 3 countries with the lower possible tax rate (I can think of two, at least)︈ and settle for it (flat, tax id, residency, banks) and spend more time there than︉ in any of the other 3.
You mention you visit your clients, and you are︊ an independent consultant as I understood, if you go for Bulgaria/UAE/Panama, do not actually live︋ there and keep visiting your clients physically, in my humble opinion, you will be walking︌ on thin ice. This may work for some time, and maybe forever, the critical point︍ of risk is when you will want to officially return to your home country and/or︎ buy expensive stuff (real estate, cars) in the places where you actually live, but claim️ you don't.
Another critical point is that you are a consultant, if you were a corporation, where most of the work would not be performed by you and not physically at the same place you are, for example a franchise brand or an IT company, it would much easier to justify whatever arrangement you come up with.
As I have previously guessed, you are looking for solutions that do not really apply to you.
Thank you very much for the detailed answer. You should be able to reply to the address I sent the email from, did you try that? I have some more questions, but would prefer to not discuss them in public.
I tried to reply, if you did not receive it probably it didn't go through. Send a message to that email I have provided with a normal email account that I can actually reply and I will send you an email from a normal account of mine to a normal account of yours.
this is harder than expected. Send another one to this [email protected] and, on the BODY of the mail, write an email address that I can contact you. OR, send me a throwaway account that I can send you my normal email (not sharklasers).
I just sent you an email to the memsg address. Alternatively, you can send me your normal email address to [email protected] .
I have a very similar situation. Was a tax resident of Canada. After a lot research, I moved to Georgia where foreign income is not taxed. As for the company setup, send me a pm if you wanted to know more.
"foreign income is not taxed" -> you mean you can receive dividends from a foreign company tax-free like cyprus non-dom?
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