Options to optimize become a Free citizen.

[FREE CITIZEN]

Good day...A good friend told me about this site and I am looking at what options I have to structure to tax optimize myself and become semi nomadic. (slow travel).

Me...Canadian, mid 50's, single, no dependents, retired with corporate pension. My House and stock holding were liquidated to cash recently before the downturn (so I got out at the right time), to prepare to become a non resident of Canada.

Essentially What countries, structures, or other info do I need to optimize my taxes? Countries to set up as my residency of record for leaving Canada? utilize LLC? (USA? British? Nevis?). Is it advantageous to set up a company structure for my future stock investing? Asset protection? Reliable banking? How best to have access to my money as I Slow travel to different jurisdictions?

Essentially I want to travel on a regular basis and re-invest my house and stocks cash in the most tax advantageous possible as a hedge against inflation eating at my pension (which I can't do anything about, but does not disqualify me from leaving). I would also prefer to leave a little trail as possible financially (with my cash holdings) after I have left, as I don't trust the growing socialist movement in my country to eventually be in need of a larger tax base and convert to taxation via citizenship like the USA, but this is not mandatory, just thinking future proof.

(am I over complicating things?)

Anyways sorry for rambling on...

So what are my options?

Thanks.

 

[Sols]

These questions/threads come up and often the threads go unanswered because they're so extremely broad. I wouldn't even know where to begin.

What do you want out of life? What part of the world do you want to live in?

Because you have to ”” at least on paper ”” live somewhere. It doesn't mean you have to be there all the time. And you'll want to pick a place with a favorable tax regime.

The obvious, easy answer is to take up tax residence in a place with zero tax or no tax on foreign income. You have a lot of options here strewn across the Caribbean, South Pacific, and Middle East with different requirements to obtain residence permit. If you're resident there, banking with banks in Switzerland, Liechtenstein, Singapore, or other jurisdictions perceived as stable/desirable can in some cases be difficult, though. So if you value that, you'll need to plan around that as well. But anything is possible if you can comfortably deposit at least one or two million EUR/CHF/USD.

Or do you want to have your home base in Europe? Maybe Monaco? Cyprus? Malta? Montenegro? Lots of options to take up residence there with little or no tax, and have it be your home base while you gallivant around the world.

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This is the probably the answer to your question.

 

[Marzio]

Take a look at Barbados

 

[EliasIT]

Personally I'm a little younger than you, but made my choice to relocate from a ultra high taxes country to Switzerland. With an income of about 300K euro a year before tax, I can safe 90K every year by relocating.

As @Sols already pointed out, your question is very broad, you need to be more specific.

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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[FREE CITIZEN]

Thanks for taking the time to reply, I am sorry to be vague as really I didn't know how to properly explain myself.

Let me try and be more specific.

I just don't like the direction my country is going atm, too much out of control spending, too much debt, increasing loss of freedoms, our health care system on the brink of collapse, etc, so since I always wanted to retire reasonably young and travel I thought why not kill two birds with one stone.

My income isn't rich but comfortably middle class (just over 100k)

So I am looking for options for places to set up my residency of record (but not someplace that demands too much of my assets being tied up, like putting 100k+ in a bank making crap interest.) So I know that limits me...

I don't demand and fancy lifestyle, in fact I more prefer a more simple way of life with the occasional splurging thrown in. I enjoy photography, so travelling around excites me, to see and photograph new and beautiful places. So I would be comfortable hanging in a cheaper area like S.E. asia for 6 months then visit Europe for a month or two then say south america for 6 months kind of a deal.

So really I don't really have a place in mind to make my residency of record, as I don't plan to be there more then 3 months a year. What are some of the places that would offer me residency that also come with minimal taxes, but also don't require staying too long, or have high costs of tied up funds to qualify?

So what you are saying if I become a resident of a country like a Caribbean or the middle east (Dubai?) I would be ineligible to bank in say Singapore, etc? What are my options? are there good banks in the Caribbean or middle east? (other parts of the world recommended with my income level?)

So ya, I don't really have a preference, I am just looking at what my options are, but at the end of the day I would also rather not have my money in some crap fly by night bank either.

I hope this helps...

Anyways ask me more if you need help offering opinions, I am just trying to figure out what is best for me, to free myself from Canada and start a exciting second half to my life.

 

[Sols]

FREE CITIZEN said:
So really I don't really have a place in mind to make my residency of record, as I don't plan to be there more then 3 months a year. What are some of the places that would offer me residency that also come with minimal taxes, but also don't require staying too long, or have high costs of tied up funds to qualify?
Click to expand...

As a starting point, you might want to look into digital nomad visas. Here's a pretty comprehensive list: 44 Countries With Digital Nomad Visas - The Ultimate List

Some have time limits, some don't.

Look for a home base with a lifestyle, culture, and society that fits your needs. Maybe one that has interesting domestic scenery to explore as well? That might help you feel OK staying longer in the same country to ensure tax residence.

As for requiring to stay long, that's less to do with your new host country and more to do with other countries, and what Canada might get up in the future.

By and large, if you pick a country and spend the majority of your time there and have no ties to Canada, that should be enough to get you off Canada's radar and not be on anyone else's. But these days, a lot of people want to leave no loose ends and opt to stay 183 days per year in one country to erase any doubt where their tax residence is, especially if the Canadian tax office starts tightening its grip in the future.

FREE CITIZEN said:
So what you are saying if I become a resident of a country like a Caribbean or the middle east (Dubai?) I would be ineligible to bank in say Singapore, etc?
Click to expand...

Not ineligible as such, but when a bank does its review of your application to open an account, they will take country of residence into account. If you live in high-risk, irreputable, or unknown jurisdiction affects how banks perceive you.

FREE CITIZEN said:
What are my options? are there good banks in the Caribbean or middle east? (other parts of the world recommended with my income level?)
Click to expand...

There are good banks in Caribbean and Middle East.

But if you were someone who was gung-ho about banking specifically in places like Switzerland or Singapore, it would be a factor to consider.

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This is the probably the answer to your question.

 

[lostguy]

FREE CITIZEN said:
So I am looking for options for places to set up my residency of record (but not someplace that demands too much of my assets being tied up, like putting 100k+ in a bank making crap interest.) So I know that limits me...
Click to expand...

Dubai, Switzerland and even the UK may work well for you.

 

[FREE CITIZEN]

Sols said:
As a starting point, you might want to look into digital nomad visas. Here's a pretty comprehensive list: 44 Countries With Digital Nomad Visas - The Ultimate List

Some have time limits, some don't.

Look for a home base with a lifestyle, culture, and society that fits your needs. Maybe one that has interesting domestic scenery to explore as well? That might help you feel OK staying longer in the same country to ensure tax residence.

As for requiring to stay long, that's less to do with your new host country and more to do with other countries, and what Canada might get up in the future.

By and large, if you pick a country and spend the majority of your time there and have no ties to Canada, that should be enough to get you off Canada's radar and not be on anyone else's. But these days, a lot of people want to leave no loose ends and opt to stay 183 days per year in one country to erase any doubt where their tax residence is, especially if the Canadian tax office starts tightening its grip in the future.


Not ineligible as such, but when a bank does its review of your application to open an account, they will take country of residence into account. If you live in high-risk, irreputable, or unknown jurisdiction affects how banks perceive you.


There are good banks in Caribbean and Middle East.

But if you were someone who was gung-ho about banking specifically in places like Switzerland or Singapore, it would be a factor to consider.
Click to expand...

Thanks again for taking the time... Ya from my reading I simply have to sever most of my ties with Canada and then show residency someplace else to become a non citizen (will utilize the expertise of a professional, anyone recommended that knows my tax laws inside out?). But to be safe i am not against spending the majority of my time in one place for the first year, till I drop off the radar.

I only plan to come back for maybe a month once a year at the most, I am not especially close to my family, but I would like to say hi to some friends. I don't anticipate it being too hard to stay away, I have travelled quite a bit in the past, and never get that home sick feeling... My brain feeds off of new adventure, sights, sounds and tastes.

I will check out then digital nomad list, is there also a retirement visa list for countries? (eligible in my mid 50''s?)

As per banking, could I not just transfer my account from my Canadian bank account to a new country? Does it have to be the country I am resident in? Is it better to look for a bank that has a multiple jurisdiction presence? As a non resident could I set up a Singapore or swiss bank account? Reasonable fees, or limits for funding? All my funds are legit.