Why do I need ANY tax residency?

Status
Not open for further replies.
romashkavarashka said:
1) who forces you to report every change of your address to your bank? No one. What if you have multiple bank accounts in multiple countries, would you really report to each of them your address change each time?
Click to expand...

Yes no one forces you to change address on an account it is your choice if you wish to break the banks terms and conditions most times. It is only a matter of time before IP geolocation will form part of CRS reporting under CRS indicia.

romashkavarashka said:
2) Not all banks require a real documented proof of your address.
Click to expand...

Yes I opened my Georgian accounts with no address proof required years ago. Just told them my hotel room at the time. However in 2019 banks where the local law allows it can choose not to follow basic KYC at their peril. Personally I wouldn't want to deal with a bank that does not in 2019 check basic details like a customers address.

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Martin Everson said:
Yes no one forces you to change address on an account it is your choice if you wish to break the banks terms and conditions most times. It is only a matter of time before IP geolocation will form part of CRS reporting under CRS indicia.
Click to expand...

You're talking gibberish.

IP of what? Of a place of a coffee-shop where I'm currently logged in? This morning I'm in one coffee-shop, this evening in another. Next week in another country. In a coffee-shop with my laptop. And so on. "I've changed my address. Now I live in a coffee-shop. But only for this week".

How's my current IP linked to my physical address?
Given an IP, a person may be in the range of hundreds of kilometers. This is how accurate IP is.
IPs get redistributed often and sometimes my own IP shows that I'm in a different country.

And IP can be dynamic, even if I remain in the same place.



Martin Everson said:
Yes I opened my Georgian accounts with no address proof required years ago. Just told them my hotel room at the time. However in 2019 banks where the local law allows it can choose not to follow basic KYC at their peril. Personally I wouldn't want to deal with a bank that does not in 2019 check basic details like a customers address.
Click to expand...

You wouldn't deal with the 2 biggest banks in Georgia? In 2019. My experience.

Last edited: Nov 13, 2019
 
Dagobert Duckson said:
I currently live in a typical OECD country with high taxes (A). I'm a citizen of another OECD country just like that (B). Country A is outside the EU and is not the US, country B is inside the EU. I make my money with an online-based business and with customers around the world. Most of them are neither in A or B. I currently run my business through a local company in A but can easily shift this to an offshore company.

Suppose I give up my current residency in A, set up an offshore company for business, and live as a "nomad", changing location every three months. So I'd be in four different locations each year. Of those, two would be A and B, always, and always just under three months. The others would vary from year to year.

Why do I need any tax residency anywhere? With this nomad lifestyle, I am in actual fact not a resident of anywhere, so I shouldn't be taxable anywhere. What am I missing?
Click to expand...
Look. Internet discussions aside. The tangible, real-world problem you will face when living in EU15 nations without being known as a tax resident in that, or any country, is this:

1. Communal registers in all EU15 nations perform door-to-door checks to see how many people, and sometimes who, are/is living on an address. You can slip through the net for a few months or a few years, but sooner or later someone from the register will knock on the door. Or your neighbors rat you out. Or you yourself call the cops/fire service/the ambulance because you need their help, and they subsequently report the # and IDs of the people living on that address to the commune. It is extremely hard to live on an address in EU15, without the commune's knowledge.

2. The commune will at some point cross-reference the fact that somebody is paying water, gas and electricity bills on that address, but is simultaneously neither registered as employed nor registered as being on benefits. This is one of the most standard, in some cases periodic, cross-references carried out by EU15 communes after a person is registered on an address.

3. When there is a match where someone is spending money to live somewhere, but is not registered as earning money either in that country or elsewhere, the commune forwards this mismatch to the tax authority who will then begin to put 1 or 2 public or private investigators on the case in order to find out where this person's money to pay their cost of living comes from.

These investigators will go through your mail. They will take photos of you entering and exiting the address. They will inventory the value of your clothes, the costs related to your children's schooling, note the presence of a wife or girlfriend and keep track of your other mobile and immobile assets.

And then they fucking murder you. With an estimated tax bill based on your calculated Yearly Consumption Spend, plus 500%. Payable within 30 days. Or face a court summons.

The whole point of that checkmate move is to shake you out of your address and into their office, where you will hopefully come clean and pay a fine much lower than the issued tax bill on the condition that you will not be caught like that a second time.

The whole thing will eat years of your life away and is not worth it. Don't play with EU15 nations if you don't want to pay taxes. Live elsewhere. There is plenty choice. Staying in EU15 is a death sentence.
 
Martin Everson said:
Banks



Banks


The people that ask about nomad lifestyle have never really changed address or dealt with banks often enough. With CRS you will be reported to ever country after ever change of address with a bank. Even if no tax is owed you could end up with i.e half a dozen countries you moved too asking you to file blank tax returns which can be stressful. Yes you could choose in that case to bank in a non-CRS country and use a single address and cross your fingers but nomad lifestyle does not work in 2019. You would be storing up problems for your future without a proper residency.

In your case you need a tax free residency address for banking purposes and then move around and live anywhere you want making sure you pass any local non-resident test thu&¤#.
Click to expand...


@martin: Thank you for your several comments. Very helpful.
 
ontherun said:
Look. Internet discussions aside. The tangible, real-world problem you will face when living in EU15 nations without being known as a tax resident in that, or any country, is this:

1. Communal registers in all EU15 nations perform door-to-door checks to see how many people, and sometimes who, are/is living on an address. You can slip through the net for a few months or a few years, but sooner or later someone from the register will knock on the door. Or your neighbors rat you out. Or you yourself call the cops/fire service/the ambulance because you need their help, and they subsequently report the # and IDs of the people living on that address to the commune. It is extremely hard to live on an address in EU15, without the commune's knowledge.

2. The commune will at some point cross-reference the fact that somebody is paying water, gas and electricity bills on that address, but is simultaneously neither registered as employed nor registered as being on benefits. This is one of the most standard, in some cases periodic, cross-references carried out by EU15 communes after a person is registered on an address.

3. When there is a match where someone is spending money to live somewhere, but is not registered as earning money either in that country or elsewhere, the commune forwards this mismatch to the tax authority who will then begin to put 1 or 2 public or private investigators on the case in order to find out where this person's money to pay their cost of living comes from.

These investigators will go through your mail. They will take photos of you entering and exiting the address. They will inventory the value of your clothes, the costs related to your children's schooling, note the presence of a wife or girlfriend and keep track of your other mobile and immobile assets.

And then they fucking murder you. With an estimated tax bill based on your calculated Yearly Consumption Spend, plus 500%. Payable within 30 days. Or face a court summons.

The whole point of that checkmate move is to shake you out of your address and into their office, where you will hopefully come clean and pay a fine much lower than the issued tax bill on the condition that you will not be caught like that a second time.

The whole thing will eat years of your life away and is not worth it. Don't play with EU15 nations if you don't want to pay taxes. Live elsewhere. There is plenty choice. Staying in EU15 is a death sentence.
Click to expand...
As long as you do not stay more than 183 days in a single country you're good (some variations do exist).

Yes, indeed they are a pain in the a*s ... and banking is a problem.

So get residence papers from somewhere else.
 
ontherun said:
2. The commune will at some point cross-reference the fact that somebody is paying water, gas and electricity bills on that address, but is simultaneously neither registered as employed nor registered as being on benefits. This is one of the most standard, in some cases periodic, cross-references carried out by EU15 communes after a person is registered on an address.

3. When there is a match where someone is spending money to live somewhere, but is not registered as earning money either in that country or elsewhere, the commune forwards this mismatch to the tax authority who will then begin to put 1 or 2 public or private investigators on the case in order to find out where this person's money to pay their cost of living comes from.

These investigators will go through your mail. They will take photos of you entering and exiting the address. They will inventory the value of your clothes, the costs related to your children's schooling, note the presence of a wife or girlfriend and keep track of your other mobile and immobile assets.
Click to expand...
Is this really true? If yes, I will never even consider these countries, it's a privacy nightmare
 
romashkavarashka said:
IP of what? Of a place of a coffee-shop where I'm currently logged in? This morning I'm in one coffee-shop, this evening in another.
Click to expand...

Another one that has zero understanding of indicia in CRS reporting 🙄. Enjoy your coffee....lol

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
ontherun said:
The whole thing will eat years of your life away and is not worth it. Don't play with EU15 nations if you don't want to pay taxes. Live elsewhere. There is plenty choice. Staying in EU15 is a death sentence.
Click to expand...

Exactly.

My motto has always been if you read my posts to get out of EU in general while you still can nai¤%. Also corporate tax harmonization in EU is coming via backdoor whether people like it or not.

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
ontherun said:
The whole thing will eat years of your life away and is not worth it. Don't play with EU15 nations if you don't want to pay taxes. Live elsewhere. There is plenty choice. Staying in EU15 is a death sentence.
Click to expand...

How about a company in the UK for non-residents? Only a company, without living in the UK.
 
Dagobert Duckson said:
@ontherun: but what if you just live in Airbnbs, with friends and such everywhere?
Click to expand...
Possible in much of the world but expect to pay us$150+ per night in EU15. Being invisible in EU15 only works if you have seriously strong finances so that you can afford to pay EUR10k hospital bills out of pocket should you get mowed down into an Austrian canal by an overly energetic cyclist, and end up with a subsequent throat infection due to sewage swallowed.

Sure. Won't happen to everyone. People are free to roll that dice.

Or. Live in Thailand, Georgia(!), Mauritius or Chile where such treatment will sets one back no more than us$500.

I know where I would sleep with both eyes closed at night 🙂
 
@ontherun, again, I'm not looking to *live* in the EU. Visiting the EU once per year for 3 months by nobody's definition amounts to living there, does it? Especially if I move around the EU, as well.

I'm familiar with the other places you mention. None of them are attractive to me in terms of lifestyle, except maybe Chile. For residency or tax residency, sure, as long as I don't actually need to be there much. But if (tax) residency implies a personal presence in excess of a few days per year, I'll probably need to look elsewhere. Chile requires half year presence, no? And it's not tax-free either, or am I mistaken?

Panama would be alright, I guess. Malaysia, too.
 
In any case, I understand now that it's *better* to have a country of residence. I'm not looking necessarily looking for zero tax either, just low tax. I think that gives me a few solid options, like Georgia, Panama, Paraguay etc.

Thank you all for your comments!
 
Dagobert Duckson said:
@ontherun, again, I'm not looking to *live* in the EU. Visiting the EU once per year for 3 months by nobody's definition amounts to living there, does it? Especially if I move around the EU, as well.

I'm familiar with the other places you mention. None of them are attractive to me in terms of lifestyle, except maybe Chile. For residency or tax residency, sure, as long as I don't actually need to be there much. But if (tax) residency implies a personal presence in excess of a few days per year, I'll probably need to look elsewhere. Chile requires half year presence, no? And it's not tax-free either, or am I mistaken?

Panama would be alright, I guess. Malaysia, too.
Click to expand...
you will still not be able to explain to your country's tax authority why your local bank account is able to Spend money (on, at least gas, water and electricity for 3 months a year) while you as a person are not registered as Receiving any money. you will simply stand there choking, unable to give them any reasonable response. one look at you and the tax inspector knows precisely what is going on. they'll then proceed with invoicing you for the value of your bank account's yearly Spend, multiplied by 5 or 10 times. basically an impossible amount. and they will want you to wire it within a few days or go to court. you will have no choice but to come clean. i cannot recommend your approach. not even for 3 months out of a year. don't play with EU15 communes!
 
Martin Everson said:
In your case you need a tax free residency address for banking purposes and then move around and live anywhere you want making sure you pass any local non-resident test thu&¤#.
Click to expand...
In your opinion where would that be? I mean, anything that could be recommend?

Toggle signature

Latest Video Interviews, Offshore Company Resources, Payment Processing Tips & Tricks, Articles and Anonymity Hints only a click away!
Support the Freedom of Speech of our Community

Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
 
I am looking to open a bank account in which to receive funds via SWIFT transfer and then make deposits to a high volume crypto exchange, such as kraken. The account can be in USD or EUR, although I'd prefer an account within the SEPA zone as same-day deposits would be beneficial.

I am willing to register an offshore company for this if necessary, although this should then be in a jurisdiction that has no regulation on the selling of crypto for fiat. Do you have any suggestions?
 
Admin said:
In your opinion where would that be? I mean, anything that could be recommend?
Click to expand...

A certain Caribbean country I am from for example 😉. I know a lot of Indians for example that still use Dubai residency for this purpose although I have my opinions over doing so long term.

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
speedster said:
I am looking to open a bank account in which to receive funds via SWIFT transfer and then make deposits to a high volume crypto exchange, such as kraken. The account can be in USD or EUR, although I'd prefer an account within the SEPA zone as same-day deposits would be beneficial.

I am willing to register an offshore company for this if necessary, although this should then be in a jurisdiction that has no regulation on the selling of crypto for fiat. Do you have any suggestions?
Click to expand...

Open a new thread. I don't think asking a new question under this post is fair and makes it harder to later find thu&¤#.

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Status
Not open for further replies.

JohnnyDoe.is is an uncensored discussion forum
focused on free speech,
independent thinking, and controversial ideas.
Everyone is responsible for their own words.

Quick Navigation

User Menu