(Tax) residency wanted. Down to the real problem of being a digital nomad
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If you're italian consider Malta as self sufficient.
You pay 0% on what you earn outside of Malta. Meaning that if you earn in another country and receive the payment on a bank account outside Malta you pay 0%.
Health Insurance is mandatory but with extremely reasonable prices (less than 500 eur x year).
I read (but warning: didn't verify) that is easy to do "tax" declarations. You don't need an accountant. Just someone who will teach you first how to do it.
It's easy to get residence, if you meet specific requirements, but by reading your messages, it seems that you respect them.︀
Main cons:
The correct solution varies from someone from outside Europe and︄ an European. As far as I know, it can vary even if someone is from︅ Italy vs someone from Austria.
I would think a lot about taking in consideration Dubai,︆ as it has a lot of bloated prices, and some ethical problems. Maybe it makes︇ sense if you have a $1M+ business. But as an Italian, I would check FIRST︈ Malta. Not establishing a company there, but trying the self sufficient path.
As I had direct experience in this, I can tell you that these︍ prices are slightly higher than reality. These are the prices that semi-scammers do for foreigners.︎
Some perspective:
Company setup: 150 to 300 eur. You also find professionals that will propose️ you the same thing for 2000 eur. You can avoid them.
Monthly costs accountant: 80 eur. If you have some connections with locals, 50 eur. Of course, I'm talking about a micro-company without a lot of invoices.
Residence assistance: you can do it alone, without the help of anyone. Just search on Google, and ask to the expats that you'll meet there. If you don't want to do this alone, don't go to an accountant for this. A lot of accountants charge up to 1000 eur. Consult a local lawyer that speaks english. Prices can vary from 50 to 250 eur. But honestly, it's easy︀ to do it alone. You should do it with a consultant only if you don't︁ want to "waste" those 1 or 2 half-days of queues. If your day rate is︂ high, it may make sense.
Real apt prices are correct for a decent place, in︃ the city center. In the capital can be 300 to 500 per month for something︄ decent. 250 for something terrible and old, or particularly far from everything. With 700€ per︅ month you start to get something really nice (almost at a "luxury" level).
In general,︆ I found bulgarians to be way more welcoming and gentle than many other people around︇ the EU. Living costs are low, and the quality of life isn't that bad, there︈ are a lot of interesting (private) services and the main cities are modern enough. Internet︉ connections are reliable and insanely fast.
The catch is that it's cold, too much, for︊ too much time in the year. I hated that.
You pay 0% on what you earn outside of Malta. Meaning that if you earn in another country and receive the payment on a bank account outside Malta you pay 0%.
Health Insurance is mandatory but with extremely reasonable prices (less than 500 eur x year).
I read (but warning: didn't verify) that is easy to do "tax" declarations. You don't need an accountant. Just someone who will teach you first how to do it.
It's easy to get residence, if you meet specific requirements, but by reading your messages, it seems that you respect them.︀
Main cons:
- May be boring spending 6 months there. Maybe this can be reduced starting︁ from the next year, as long as you don't spend enough time in places to︂ become resident somewhere else.
- Need to keep always a real apt for rent, as far︃ as I know. All year.
The correct solution varies from someone from outside Europe and︄ an European. As far as I know, it can vary even if someone is from︅ Italy vs someone from Austria.
I would think a lot about taking in consideration Dubai,︆ as it has a lot of bloated prices, and some ethical problems. Maybe it makes︇ sense if you have a $1M+ business. But as an Italian, I would check FIRST︈ Malta. Not establishing a company there, but trying the self sufficient path.
As I had direct experience in this, I can tell you that these︍ prices are slightly higher than reality. These are the prices that semi-scammers do for foreigners.︎
Some perspective:
Company setup: 150 to 300 eur. You also find professionals that will propose️ you the same thing for 2000 eur. You can avoid them.
Monthly costs accountant: 80 eur. If you have some connections with locals, 50 eur. Of course, I'm talking about a micro-company without a lot of invoices.
Residence assistance: you can do it alone, without the help of anyone. Just search on Google, and ask to the expats that you'll meet there. If you don't want to do this alone, don't go to an accountant for this. A lot of accountants charge up to 1000 eur. Consult a local lawyer that speaks english. Prices can vary from 50 to 250 eur. But honestly, it's easy︀ to do it alone. You should do it with a consultant only if you don't︁ want to "waste" those 1 or 2 half-days of queues. If your day rate is︂ high, it may make sense.
Real apt prices are correct for a decent place, in︃ the city center. In the capital can be 300 to 500 per month for something︄ decent. 250 for something terrible and old, or particularly far from everything. With 700€ per︅ month you start to get something really nice (almost at a "luxury" level).
In general,︆ I found bulgarians to be way more welcoming and gentle than many other people around︇ the EU. Living costs are low, and the quality of life isn't that bad, there︈ are a lot of interesting (private) services and the main cities are modern enough. Internet︉ connections are reliable and insanely fast.
The catch is that it's cold, too much, for︊ too much time in the year. I hated that.
Hi! Thank you for sharing your︅ experience. After long long thinking I'm about to take my decision between Bulgaria and Romania.︆
May I ask you why did you choose Bulgaria instead of Romania (which have lower︇ taxes).
Are you living for real in Bulgaria and which city do you like more?︈
thanks 🙂
May I ask you why did you choose Bulgaria instead of Romania (which have lower︇ taxes).
Are you living for real in Bulgaria and which city do you like more?︈
thanks 🙂
Bulgaria: Income from Bitcoin (and probably any other crypto) is treated as income from the sale of a financial asset!
Romania: I don't know!
Romania: I don't know!
@Fred I might need some help with this! Can you please PM me here or email me at [email protected]
Thanks!
Thanks!
Hello @CyprusLaw ,
I am pulling up this old thread because of the aforementioned pending uncertainty: Did you receive any clarification from GeSY/GHS regarding the discrepancy between Greek and English version of the regulation?
Reference: (Tax) residency wanted. Down to the real problem of being a digital nomad (i.e. post 59 an post 61 of this thread).
I am pulling up this old thread because of the aforementioned pending uncertainty: Did you receive any clarification from GeSY/GHS regarding the discrepancy between Greek and English version of the regulation?
Reference: (Tax) residency wanted. Down to the real problem of being a digital nomad (i.e. post 59 an post 61 of this thread).
Interesting thread, I didn't see it earlier.
You mentioned you can't move to Dubai because there will be extra checks. What are the exact Italian requirements? Is it a specific black list or just any non-EU country etc.?
Would you be able to move first to another EU country for a year and then move somewhere else (like Dubai) the following year?
Paraguay could be an alternative to Panama, which used to be popular with nomads.
I also don't know how difficult it is to get residency in China. I believe all foreigners pay 0% tax in China for the first 5 years or so.︀ And you can reset the counter by being outside the country for 30 days or︁ so.
I haven't dug more into it though, a friend told me, who moved there.︂
Or what about Andorra, which also seems to be popular?
You mentioned you can't move to Dubai because there will be extra checks. What are the exact Italian requirements? Is it a specific black list or just any non-EU country etc.?
Would you be able to move first to another EU country for a year and then move somewhere else (like Dubai) the following year?
Paraguay could be an alternative to Panama, which used to be popular with nomads.
I also don't know how difficult it is to get residency in China. I believe all foreigners pay 0% tax in China for the first 5 years or so.︀ And you can reset the counter by being outside the country for 30 days or︁ so.
I haven't dug more into it though, a friend told me, who moved there.︂
Or what about Andorra, which also seems to be popular?
Thank you for the prompt reply @CyprusLaw .
Even though sad since it means that my initial assumption of a retiree (self-sufficient without business) not being eligible for GeSY/GHS benefits in the first 5 years for residency in CY remains valid. cry&¤damn_(
Even though sad since it means that my initial assumption of a retiree (self-sufficient without business) not being eligible for GeSY/GHS benefits in the first 5 years for residency in CY remains valid. cry&¤damn_(
Where did you actually get︃ this information from? If I'm legally a resident then I have GHS from reading what︄ @CyprusLaw wrote. I would like to see Cyprus decline health care to EU citizens who︅ are contributing to GESY (or not, if for some reason without income) and are residing︆ legally in the country. This would be a major problem due to reciprocity in the︇ EU.
(c) third-country nationals who have legally acquired the right of permanent residence in the︈
areas controlled by the Government of the Republic under the Aliens and Immigration Law:
(d) third-country nationals who have legally acquired the right to equal treatment in the branches of︉ social security under the provisions of the Aliens and Immigration Law;
(c) third-country nationals who have legally acquired the right of permanent residence in the︈
areas controlled by the Government of the Republic under the Aliens and Immigration Law:
(d) third-country nationals who have legally acquired the right to equal treatment in the branches of︉ social security under the provisions of the Aliens and Immigration Law;
This entire case has been discussed at length in︂ this thread. The answer of @CyprusLaw was quite clear: Read post #73.
Compare that with︃ the initial question (post #71 and https://www.offshorecorptalk.com/th...eing-a-digital-nomad.33701/page-3#post-177283 ) and you know it all.
Compare that with︃ the initial question (post #71 and https://www.offshorecorptalk.com/th...eing-a-digital-nomad.33701/page-3#post-177283 ) and you know it all.
Of course, I can (and have to) register for GHS but I will not receive any benefits for the first 5 years. Considering a retiree (self-sufficient without business). That is also what you confirmed here:
If anything has changed and GHS now covers also retirees (self-sufficient without business) I am more than interested.
If anything has changed and GHS now covers also retirees (self-sufficient without business) I am more than interested.
I am Swiss. If it is important: I left Switzerland in the early 90's .... - hence would settle in CY by moving from a country other than Switzerland/EU/EEA
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