What are the real ways someone from a high tax EU country can become a perpetual traveller?
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I watched the video,
TLDW;
1. Cut ties to your home country
2. Move to non CFC country
3. Start offshore company
4. Travel
5. Open corporate account for offshore company
6. Get a company debit card and use it for all of your personal expenses as well
5 can be the challenge. Not sure about 6.
TLDW;
1. Cut ties to your home country
2. Move to non CFC country
3. Start offshore company
4. Travel
5. Open corporate account for offshore company
6. Get a company debit card and use it for all of your personal expenses as well
5 can be the challenge. Not sure about 6.
yeah pretty much. You need a reason to be traveling tho, something as simple as an IG acc about travel is ok.
A YouTube channel/travel blog is ok too.
Why is it an issue? Just dont incorporate in random places.
Go with UAE or SG for example.
You can even get a Wise biz acc set up with a SG corp.
A YouTube channel/travel blog is ok too.
Why is it an issue? Just dont incorporate in random places.
Go with UAE or SG for example.
You can even get a Wise biz acc set up with a SG corp.
Not so much about country of incorporation but more about business activity. For a simple saas company with stripe payments it isnt a problem. For something high risk or crypto related it might be impossible.
There are ways G, look around the forum.
Solid banking for crypto activities is not cheap tho I'll give you that.
Solid banking for crypto activities is not cheap tho I'll give you that.
It depends on how old are you and how much money you are making in your home country. If you are young ( under 35 ) and declaring to the tax authority an average sum of money, one way is to:
1) move residency out from your country of origin to another country. This other country should not be a tax haven, otherwise your home country will likely require proof that you actually live 6 months in that country. This step will cost you money, but needs to be done to cut ties with your home country, and get off the radar. Any country which︀ now offers a remote work visa is ok and generally you need just one year︁ of visa so that you can tranfer residency.
2) open a bank account in your︂ new country of residence and put some money in. Open a Wise account and put︃ as a proof of residence your new country of residence. Activate the Wise account with︄ a transfer from your newly opened account
3) get a Visa for being a Dubai︅ resident. Freelancer visa or Remote working visa are the cheapest options. 3-4k USD a year︆ with an heath insurance. Open a bank account in the UAE. Get a proof of︇ residence in the UAE ( rent the worst flat possible for 400$ a month to︈ get an EJARI ) and open an Interactive broker account. Cancel the rental agreement as︉ soon as you have the IB account.
4) once you are a Dubai resident and︊ your residency has been transfered, you simply need to receive all your money in Dubai.︋ You can move money from Dubai to Wise as it's cheapest for travel.
5) travel︌ as much as you want but never ever bring back residency to your home country.︍ If you want to bring residency to your home country, you should think about moving︎ your official residency to dubai and spend there at least 180 days a year for️ 3 years. After that, you can go back almost safely to your home country
CAVEATS:
1) the above process puts you in a legal vacuum where you are not actually resident anywhere, which means that technically speaking you would still be considered tax resident in your home country. So for this to work you must be pretty sure that your home country is not interested in you, which is the usual case if you are the usual Joe. Lay low. And never break or strain residency rules in your home country, especially based on how much you are making ( if you make 200k a year, they might be interested in you, otherwise they have a long list of bigger,︀ easier fishes to catch )
2) all the money that you are saving in dubai︁ can only be spent in dubai. Let's say you want to buy a house, you︂ can only buy in Dubai, as in any other state you will be asked "where︃ does this money come from?(which means, where have you paid taxes on this money?)" and︄ you will not have a valid answer. If you want to buy something, you will︅ need to get at least 2-3 tax residency certificate that justify the amount you are︆ moving.
3) all this make sense if you are making at least 100k USD a︇ year.
4) If you are making less, you can simply do point 1 and 2︈ and get paid on wise, your new country of residence will usually ignore you or︉ you can hve some clients pay you on wise and some clients pay you on︊ the bank account and pay taxes on that part.
There are lots of moving parts,︋ but in general the first step is to move outside of your country to get︌ off the radar.
1) move residency out from your country of origin to another country. This other country should not be a tax haven, otherwise your home country will likely require proof that you actually live 6 months in that country. This step will cost you money, but needs to be done to cut ties with your home country, and get off the radar. Any country which︀ now offers a remote work visa is ok and generally you need just one year︁ of visa so that you can tranfer residency.
2) open a bank account in your︂ new country of residence and put some money in. Open a Wise account and put︃ as a proof of residence your new country of residence. Activate the Wise account with︄ a transfer from your newly opened account
3) get a Visa for being a Dubai︅ resident. Freelancer visa or Remote working visa are the cheapest options. 3-4k USD a year︆ with an heath insurance. Open a bank account in the UAE. Get a proof of︇ residence in the UAE ( rent the worst flat possible for 400$ a month to︈ get an EJARI ) and open an Interactive broker account. Cancel the rental agreement as︉ soon as you have the IB account.
4) once you are a Dubai resident and︊ your residency has been transfered, you simply need to receive all your money in Dubai.︋ You can move money from Dubai to Wise as it's cheapest for travel.
5) travel︌ as much as you want but never ever bring back residency to your home country.︍ If you want to bring residency to your home country, you should think about moving︎ your official residency to dubai and spend there at least 180 days a year for️ 3 years. After that, you can go back almost safely to your home country
CAVEATS:
1) the above process puts you in a legal vacuum where you are not actually resident anywhere, which means that technically speaking you would still be considered tax resident in your home country. So for this to work you must be pretty sure that your home country is not interested in you, which is the usual case if you are the usual Joe. Lay low. And never break or strain residency rules in your home country, especially based on how much you are making ( if you make 200k a year, they might be interested in you, otherwise they have a long list of bigger,︀ easier fishes to catch )
2) all the money that you are saving in dubai︁ can only be spent in dubai. Let's say you want to buy a house, you︂ can only buy in Dubai, as in any other state you will be asked "where︃ does this money come from?(which means, where have you paid taxes on this money?)" and︄ you will not have a valid answer. If you want to buy something, you will︅ need to get at least 2-3 tax residency certificate that justify the amount you are︆ moving.
3) all this make sense if you are making at least 100k USD a︇ year.
4) If you are making less, you can simply do point 1 and 2︈ and get paid on wise, your new country of residence will usually ignore you or︉ you can hve some clients pay you on wise and some clients pay you on︊ the bank account and pay taxes on that part.
There are lots of moving parts,︋ but in general the first step is to move outside of your country to get︌ off the radar.
Nope, you need first to find country that has a tax treaty with your EU high tax country and at the same time requires to spend minimum days to be considered tax resident there and at the same time that is non-dom or territorial taxation or tax free country.
I used an Ejari, although a bank statement might work as I think a friend of mine used that ( which is bulls**t as bank to not check anything on their side in UAE ). In another thread I read though that to transfer funds out of IB to UAE bank they were requiring a bank statement
That's all done online, you need to enter UAE at least every 6 months to︃ keep the residence permit valid
A non dom doesn't solve many issues in my mind: the part which is not taxed︇ as non dom is still not taxed.
Let's say that you become non dom resident︈ in the uk, and you stay 60 days in the UK and travel around for︉ the rest of the time. you make 150k. 30k is declared in uk, 120k is︊ the non dom part. So you actually paid taxes on 30k, not on 150k. You︋ don't have a tax certificate for 150k, so it's more or less the same as︌ being a dubai resident but nor a dubai tax residemt.
That's all done online, you need to enter UAE at least every 6 months to︃ keep the residence permit valid
A non dom doesn't solve many issues in my mind: the part which is not taxed︇ as non dom is still not taxed.
Let's say that you become non dom resident︈ in the uk, and you stay 60 days in the UK and travel around for︉ the rest of the time. you make 150k. 30k is declared in uk, 120k is︊ the non dom part. So you actually paid taxes on 30k, not on 150k. You︋ don't have a tax certificate for 150k, so it's more or less the same as︌ being a dubai resident but nor a dubai tax residemt.
@karishi, I read in some other post that Gofreelance gives you a few health insurance options in application process, and the cheapest one is around 2750 AED / year. Can you opt-out of this and get even cheaper one somewhere else (I'm not planning to be often in UAE)? How did you manage your health insurance in UAE?
opt out and use orient. it's 800/900 AED and I did it using this site Insurance Deals
Then I have a global health insurance with Foyer for around 1550 Euro per year, which is worldwide ( I strongli advise you to︀ get an helath insurance )
Then I have a global health insurance with Foyer for around 1550 Euro per year, which is worldwide ( I strongli advise you to︀ get an helath insurance )
PT is an internet urban legend.
Actually, if you spend your time traveling you get into way more tax troubles than without a nomadic lifestyle. (that's assuming you are worth some efforts by tax authorities: they will not chase you for a few thousand $)
Don't try to be a smartass.
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Actually, if you spend your time traveling you get into way more tax troubles than without a nomadic lifestyle. (that's assuming you are worth some efforts by tax authorities: they will not chase you for a few thousand $)
Don't try to be a smartass.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
that is the point, try to understand when you become valuable to tax authorities. Usually it's close to 250k, when you reach that point, spend six months in dubai.
yes that one
when you begin your adventure as a digital nomad, you usually make 80k.︁ You willl never have issues for that money, there are fare more low hanging fruit︂ than you.
yes that one
when you begin your adventure as a digital nomad, you usually make 80k.︁ You willl never have issues for that money, there are fare more low hanging fruit︂ than you.
You start the process from abroad and finish it inside the UAE. you can make a SIM as soon as you land, if you don't plan to stay much in the UAE, Virgin is the best one as you can block the plan. They didn't ask me anything as I'm in tech, no portfolio required
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