The latest episode of our Live Like a King series has dropped! Join Mr. Henderson as we explore luxury living in one of the best value cities in the world-Kuala Lumpur, Malaysia: ruclips.net/video/hGvgJ1FYUlY/видео.html
Step 0 - Inherit Lets kep it real, only a fragment of the wealthy made it thru their own drive, most oft them just are rich per default. Feudalism at its best.
Great content. My preferred structure: Setup a company in a zero or low tax country. Live wherever you want and pay yourself minimum income from your company and pay tax only on this income. Invest through your company.
@@gnorts_mr_alien As the 100% shareholder of the company, any extra spending can be paid as dividends. Of course this amount will be liable to dividend tax.
This approach may have issues. For example in EU you can't legally set up a company and operate it from a different country (even within EU). There's a law that says the tax residency of companies is wherever HQ is (a place where most important decisions are made). So even if I have Irish company but never go to Ireland as a director, the company is due taxes in the country where I live. This may be hard to impossible for the state to prove - but the question is what's legal, not what the state can prove or not. This is effectively what he mentions in the video when he said OECD countries can suck you in even when you try hard not to let them.
I pay zero taxes because I don't file a tax return. I have a poverty level income as far as they can tell. Edit: I pay zero INCOME tax. I pay sales tax all the time. And tipping is a form of tax. And toll roads are a tax. And others. I ask no for no welfare or SS payments from the government. I do not 'live like a king' or a prince. Wise men throughout the ages have chosen to appear as commoners. I follow that principle.
@@soulreedyou should give the welcome to the illegals and Ukraine, not a random person who’s figured out how to keep more of his own money, also contributions are still made while living inside the states, normally way more than someone working a 9-5 and donating to Uncle Sam. So matter of fact, YOU are welcome
I have no problem to "pay no taxes". But I have a problem then if you benefit/use any form of public wealth that a country puts for their tax payer citizens.
@@neodurden6793 Because it isn't fair that some people get robbed and others not and they even benefit from the services paid with it even though they didn't asked for it?
@@CannyValley-bi8nq yes. VAT on goods and services you pay is, indeed, the one impossible to evade. The argument was more focused on all the others I guess
Would you like to learn in-person from the experts about how to legally reduce or eliminate your taxes while capitalizing on opportunities around the world? Join us for the next Nomad Capitalist Live event: nomadcapitalist.com/live
@@autonestegg4195 @nimadcapitalist team I want to waork with you from Bharat 🇮🇳, how can I connect? I have done student visas and helped students in Canads get federal lawyers against racisum and permanent settement as they become Tax residents and Canadian government (CIC) kind of tryed to do illigal work by fooling inncocent international students from India who have clean record. I have many connects in Bharat 🇮🇳 who are business people willing to relocate to TAX free countries. Would be glad to hear. I thank you nomadcapitalist team for giving us so much information which skilled me in various immigration and investment based residency through your RUclips channel. Better than any MBA or PHD can teach 🙏🏼👁️🪐👁️
This is my new favorite video of yours. Wonderful summary of macro and micro aspects that many of us wanted answers to. I know many remote islands of knowledge in this realm but this tied down really how it's done in a streamlined praxis. Thank you!
I think for clarity you don't necessarily need to become a non-resident for tax purposes and pay that exit tax, if you move to a country that has a tax treaty. So for example, with Canada, I could move to Italy and live in one of the regions that have the 7% flat income tax (Sardinia, Puglia, etc.) for 10 years and pay my income tax there and not in Canada. I just cannot be in Canada for more than 6 months in any given year. That is how I understand it!
I had a fear of being the visual minority in another country and now I am becoming a visual minority in my home country. Dipping my toes into possibilities since I might as well embrace and melt into some other nations culture vs living in a nation of multiculturalist aspiration.
I don't mind paying a reasonable amount of taxes, just not the excessive amount I had to pay in the socialist "utopia" of Canada. Combined federal, provincial, municipal, sales etc. claimed 70% of my income. I left over a decade ago, smartest choice ever. In spite of what the hypocrites at the OECD would have you believe it is far from a tax haven. Personal and corporate taxes are 25% and a 7% VAT. It does however have a territorial tax system which means that you only need to pay on income earned in the county and not from offshore. Investments, dividends etc. are not taxed. Therefore you can greatly limit your taxes to a reasonable level. As per your no fixed residency lifestyle, if it works for you that is great, I prefer to have some roots and therefore chose to settle in a low tax country and putter about the garden and raise my own food. But you do you. BTW As to why I consider the OECD to be hypocrites, they are happy to travel the world and hector everyone about taxes, yet their own staff are exempted from paying taxes on their own income. How convenient, as far as I am concerned they can help themselves to a hot steaming cup of shut the f*ck up.
South Africa is combatting this exact problem through their visa application system after the ANC failed to gain a majority, first time since 1994, and were forced into a coalition with some brains. They've been a host for these globalist parasites since 1994 to the detriment of the locals.
Good for you, glad you freed yourself. What drives me crazy are the people who think that paying taxes is somehow noble & patriotic to your country as politicians extract their wealth so they can gorge on citizen's productivity.
Is there a list of top 10 best tax residencies by Nomad Capitalist? Like purely based on the simplicity of the system and low tax rates and the connectivity to the global banking system. Out of those one could then choose which country feels the nicest.
As far as Income Tax goes, here in Australia just write to the ATO an ask them to define 'Income' as you need a Definition in order for you to file your return properly as there is NO definition in the Tax Assessment Act They won't & can't, which then creates an Est opal
@@michaelcryptomooningloa8436 It depends if your PAYG there really isn't any point as you're paying withholding. I'm a Sole Trader so I'm not paying any withholding at all, I haven't done a return so far for 2 years. Unfortunately though everything you buy in this Country retailers add on Taxes, so your still paying Taxes regardless. YT pretty much deletes all my comments regarding topic
St Lucia citizenship is taking longer than a year now. My wife has been waiting a year for her spousal application, which should've taken 3-4 months. Also, talking to other applicants, the interview isn't in person, but virtual.
Thanks for providing info for those of us who don't qualify for 7 figure status. 😊 It is greatly appreciated. However, relocation of any kind is daunting. Have you ever considered offering 'simpler' services for 6 figure clients? A 'lower' tier option assisting with less complicated relocation? For example, offering relocation to specific countries that aren't as time intensive for your staff and that doesn't involve moving a business or changing tax status? I think Nomad Capitalist would make quite a profit from tapping into this clientele. Sure, it's less money per client, but MANY more clients! js.😊
the german tax relies on a simple check: if you got a german adress, you are taxed. your actual residence period means nothing if you own the place or the adress is your parent's home; your absence counts the same as if you were on a long vacation from home which means nothing at all for tax purposes. :p basically you have to cut ties with germany and only visit short term and stay in hotels. dont even try to play shenanigans with german Finanzamt; their patience to catch you lasts longer than yours :p
Currently i am georgian citizen living in Germany with permanent staying. But i can get german passport. Should i get it ? Future doesnt look that bright for germany tbh
@sandrogvenetadze4511 I would get it if I were you. If nothing else, it's a good passport for travelling and you can live easily in other European countries.
Being a quarter yearly moving nomad '90 days and next location' type is a simple way to avoid 'dreaded 183 days' tax residency. 4 locations rotation during each year simple and effective. As what comes to apartments, cars and local bank accounts, having 4 local companies, one in each country and every time living in company owned apartment/house, driving with company owned car and local company's bank card to deal local expenses. Being a visiting star of the corporation, and each time it is the local company which handles expenses... But it ain't cheap I can tell... Annual maintenance fees (and local staff salaries) times four just to keep simple setup in those locations... Easy to burn $1M per annum total just to keep four locations like that operational (in low cost countries) ...
Canada Revenue Agency absolutely love roasting people for paying their living expenses with their corp card. You would get caught, fined, and have their scrupulous attention afterwards. I am talking from my friend's experience: he was naive enough to pay for a snowmobile with his corp card, CRA caught it, audited all his corps expenses and fined him for everything he could not prove to be business expenses. Their goal is to make you pay yourself salary or dividends before spending this money and then they will have their income tax. And no amount of jumping between countries will absolve you of Canadian tax residency as long as you have Canadian income (i.e. a Canadian company which pays you salary or dividends). If a company provides you with some benefits (like you stay in the apartment that belongs to the company, drive their car etc) it is considered as taxable benefits and added to your taxes. Again: tax agencies hate it when you spend corp money on your living directly without declaring it as a taxable benefit, they consider it as a tax evasion.
Your companies still have to be profitable and paying you an average salary for this to be legitimate, or else you’ll be on the hook for tax evasion. But having $160k an income taxed at a $40k rate is still nice, plus whatever other income you have that isn’t liable to income tax
I lived this way for 10 years. Moved to a place with a territorial tax system, sourced no income locally, investments in other regions where the benefits weren't repatriated where i live as that would be taxable locally. I got lucky, Costa Rica allows multiple citizenship and so does Canada. NR73 declaration from Canada that I'm not resident for tax purposes, and since my income wasn't coming from Costa Rica, no taxes locally -- just the obligatory social services contribution every month (hundreds so no issue), to maintain residency. Been here for so long that I can become a citizen with a social studies and civics focused test, but been here 13 years now.
Hi! Big fan! Which country is the best to live in as a RUclipsr? If you become very successful, where would you pay the least taxes whilst living a combatable life? I'm from England and wouldn't be looking to pay no taxes. I don't mind paying some taxes. Just not the extortionate taxes the UK asks whilst destroying the country I used to love.
@@drdemi lowest taxes within Europe, multicultural but with European mentality and processes, great outdoors, reasonably near to a major international airport, and already home for many youtubers from Europe (mostly French and Spanish) - so, great community
I have a Dutch passport with a secondary Dominican Republic passport, I'm a forex trader, stock and dividend ETF investor, my aim is to pay 0 or single digit % taxes if I have to pay. I also like to travel, I was thinking Colombia, Thailand and Malta as home basis. Thoughts?
you want three homes for tax purposes? You are just switching from paying taxes to paying rent then. 😂 joke aside: malaysia has a new program that might be interesting for you ;)
Question for you; if you "enjoy" living for 4 months in Asia, 4 months in Europe and 4 months in Latin America, purely because you have the means and it suits your lifestyle choices, you own property in each of these countries and you enjoy and benefit from all the amenities and advantages each of those regions offers at the various times of year that you choose to reside there, then why would you not want to pay at least some taxes in all of these regions, regardless of your residency, citizenship or tax liabilities?
How do you still get your SS in USA if you renounce your citizenship? What about military retirement benefits? Would you lose those if you renounce your citizenship?
This article covers the most common myths about renouncing US citizenship, including social security: nomadcapitalist.com/expat/myths-giving-up-american-citizenship/
I've been watching you for years and I've always earned under £20,000 I'm currently an apprentice welder and I've been guaranteed a 6 figure salary in 3 years. The thought of giving the government a penny of that makes me sick. Other than maxing out my pension I don't really know how to legally avoid tax and even then I'll be paying tax on the back end
It's not worth sacrificing a 6 figure salary just because you don't want to pay taxes (unless you can get a higher net salary somewhere else). Just save as much as you can *and then* make sure you invest that savings in the best possible jurisdiction. One day, if your salary stops being the most important income, you are free to move. Think long term.
@@Prince_of_Persiaa I'm 24, a father of 3 toddlers and I have a mortgage. I grew up in a household where both my parents were opioid addicts so I don't really want for much. I more or less live off Chicken thighs and beef mince so my food cost is around £80 a week and my mortgage is only £418 a month and I don't go out with friends and I've never been on holiday other than when I go on hiking trips but that costs basically nothing other than the train fare. I don't have an easy life by any means and I'm always having to pull a rabbit out the hat at the end of each month to pay everything but I have a good Future career and around 25% equity in a 95k home
@@Prince_of_Persiaa Honestly, I'm barely surviving. I'm 24 and a father of 3. Thankfully I don't really want for much as I grew up in a household with addicts, so you don't miss when you didn't have. I'm greatful to have food in my fridge and a warm home. I have a mortgage so that brings the cost down, I only pay £418 a month on that and we live off chicken thighs and beef mince, so we only really spend £80 a week on food. I have faith that it gets better though because it's not easy.
Unless you're a 7 figure entrepreneur, you're better off starting a small business and making some deductions before you consider anything to do with foreign jurisdictions.
For banking, just fill in one of your addresses with a utility bill on your name, even though you're not actually a tax resident of that country, shouldn't be a problem for the banks and not for that government either as you follow the 180-day rule.
Thank you for your comment and for sharing your citizenships and residence. Our team and network of professionals would be happy to assist you in creating a holistic plan aligned with your goals and legally avoiding taxes to the extent it is possible: nomadcapitalist.com/apply/
What about the UAE? Wouldn't it be a great strategy to set up your taxes in Dubai, spend the 90 odd days required for tax residency or more, and then avoid spending more than 4-5 months in any other country and make sure that you have assets secured outside of personal registration, if and where possible, outside of the UAE?
@@Ghekko-kw3zzyou don’t need to keep your funds where you live. Live in the Philippines and continue to bank in Juristiction(s) that are strong and lucrative
To become exempt from payin gtax you can change your status from citizen and resident to being a National. It just requires that you learn thoroughly about it before you begin, so that you don't get in trouble.
Do you know anything about a “state passport” vs “federal passport”? There is a group called Destination Freedom who claims that when you apply for a passport and check the box saying you are a “US Citizen” that you are claiming to be a citizen of the District of Colombia and therefore must abide by all federal laws including, paying federal income tax, abiding by federal gun laws, etc. Destination Freedom claims you can apply for a “state citizen” passport which makes you a citizen of your state instead and therefore you have no obligation to pay federal income tax or abide by federal laws. They claim to have been helping clients get state citizenship status for 20 years with zero issues with the IRS. Does anyone else know anything about this and whether or not this is true?
Australian taxes are at 3 levels- federal, state and council. Very complicated. Retirement self managed funds are also taxed Taxed till you have not much to live on
Oh and the worst part is: Unrealized Gains Tax AND The fact that everything is 'valued' under the 'deeming laws' that let the govt pick the highest possible value (if 100% developed or perfected/marketed as they would) I honestly don't see the point in people staying in Australia if they want to succeed and be all they can be.
It's also hard for Australian digital nomads, as unless you can prove you are a tax resident someplace, you are deemed to be an Australian tax resident. So the trifecta approach doesn't really work for Aussies I think 😣
@@matthewnirenberg Australian politicians are self promoting towards a USA government or military industrial complex jobs post retirement from politics eg some sit on the executive board of a USA company selling submarines to the cabinet of politicians whom they headed while in power, and made the buy decision as cabinet members and now selling the subs as salesmen for their new bosses
I live in Australia & it's ridiculous the Taxes But next time your talking to your accountant, ask them why there is no definition of 'Income' in the Tax Assessment Act of (I forgot year)
I'm so done with Australia. Not, I need to stick it out a few more years. Starting a capital investment company through a family trust and then I'll be looking at diversifying into Asia. Also have land in Thailand to move to that place is going under as well slowly
Thanks for your comment! We helped many Australian leave and have a better quality of life and more options. If you want to explore that path, get in touch with our team here: nomadcapitalist.com/apply/
Not in Thailand , if you do not pay tax in the UK you will have to pay tax there. They have an agreement with the UK that if you are taxed in the UK you will not get taxed in Thailand but if you are not taxed in UUK they will tax you at the same 20% twenty percent or 22%in Scotland.so you cannot dodge paying tax other countries may be different.
I’m a Canadian Citizen. What if you were to combine things like self banking through a permanent life insurance policy, as from I understand will grow better than a bank the growth of which will not attract taxes. As well as I’m learning about something called social enterprise which is a way to combine business with a charitable cause, not only could you get tax breaks from that. But depending on what combo type of business or charitable organization you are you can get free stuff, like production software etc. If I am able to legally have my own pocket of wealth held somewhere tax free, this is ideal, I have a way I want to change the world that I am passionate about, so less taxes means more money, which means more implemented change. My last question is, is there anyway to double the advantages with common law our spousalship?
Did you get racketted as an American? I am French, lived in the US for 40 years and with my American husband, we are planning to purchase a manor in Dordogne and semi-retire there in the countryside. The US is crumbling very fast. We have an option trading LLC. It seems that we are going to be a target. Probably will travel to Andorra to see what we can do.... Did you find a solution?
Compare paying no taxes with the situation that someone comes into the restaurant that is owned by you. He orders something eats and drinks a lot and leaves without paying. So what did he just do? He stole money from you as a lot of people would say because he did not pay the food and the drinks. And you as the restaurant owner have to pay the bills (workers, buy ingredients, electricity, water etc.).
Is there a way to move to most countries and move out again without paying an exit tax on your capital gains tax? Could you possibly do that with trust in a country with no taxes whos beneficiary is a company setup in with no tax as well? My thinking here is that the company is broke on paper?
Turns out, that as long as you spend five months or more in a country each year.. there is more broader chance that you will be claimed as tax residence.. in as much as there is census process in the country.
So if I decide to get German citizenship by decent in order to not pay taxes I need to own nothing in Germany and be in country less than 183 days including bank account and brokerage accounts? Is there a benefit to get citizenship?
you wont get a bank account if you dont have an address in germany, if you have an adderss in germany you are automatically obliged to pay taxes even if you are less than 183 days here or even if you move entirely abroad you will still pay taxes to german tax authorities for many years
In the place you're legally tax resident and where your centre of life is. Simple! Like with everything, that's why if you want to live flag theory you have to: 1. Establish tax residency in a 0% PIT country - you have to move your centre of life there and have a home that you return to 2. LEGALLY leave the high tax, tax system that you were in, thus leaving you only in the tax system you entered in point 1 3. Get a bank account in the 0% PIT country, live there for 8+ months and get a local tax file number. 0% PIT countries still issue tax file numbers so you can fill in the space on forms and as part of proving that you're legally tax resident there, even though PIT is 0% 4. Once you've achieved all of that LEGALLY, now you can look at holidaying to several places for a month or two at a time (be careful to not become tax resident due to physical presence in those places), returning to the 0% PIT country you live in after each trip. 5. Congrats you're living the modern LEGAL version of flag theory Its no longer possible to be perpetually traveling and tax resident nowhere, countries will declare you tax resident automatically unless you have LEGAL tax residency somewhere. This is literally a case of "you have to know how to play their game and beat them at their own game whilst complying with all the rules they made". Its intentionally hard because the high-tax countries are desperate for taxes because they're broke welfare states that care more about being dystopian, all encompassing and because they let themselves become welfare states. Remember, when the largest employer in a country is the government, the only outcome is always going to be larger, more bloated government and thus more over regulation (nanny state) and the only way to fund that is higher taxes. Becoming welfare states lets the govt exert more control over the people as they need the money to survive, it also makes it easier to justify increasing taxes "you don't want the poor to starve do you?".
@@matthewnirenberg I agree on everything, but I was really aiming at a practical solution for the insurance thing. In the approach you describe, I wonder about health care on those vacations for example.
I have just started looking into France for a perpetual visitor visa. My understanding France will not tax me if I file my US taxes. Under that scenario my US taxes will be zero or very close to it as it all comes from dividends/capital gains and soon SSI. So am I missing something here, living tax free or nearly in France?
Thank you for your comment! Feel free to reach out-our team would be happy to discuss this with you and help create a plan to optimise your taxes: nomadcapitalist.com/apply/
If i do drop shipping from another country inside the US and the company I'm making the purchase from is in the US but my purchase would be online, the goods would be handled by a 3rd party fulfillment (even the storage and i have no physical presence or worker), am i liable for taxes? Please sir just help me out with this question, it has been bothering me.
I'm not your clientele, but do you have some sort of calculator so US citizens can check to see how much in taxes they would save if they revoked their citizenship for some other passport that does not tax you based on citizenship or worldwide income?
I love your content , always SO informative 💞 I have been looking to relocate recently and have shortlisted it to three , Buenos Aires , Bogota or Santiago !!! Which would you consider the best all round choice ? Would appreciate your take 🙏❤️
I have lived in the three of them. All good choices. Perhaps Santiago a bit safer ... BsAs seems will experience a recovery with the new president. Bogota has a low cost of living but the left govmnt sucks however access from the US or Europe is better.
I read that when you renounce your citizenship US government taxes all your assets including homes at a income tax rate and you have to pay that in order to renounce your citizenship Is that true?
Can I denounce my American Citizenship, move all my $ to Panama, then just slow travel the world, never setting up a residency in another country? Moving around on tourist visas (and extension visas)?
Mr Henderson discusses the African passport and delves into the nuances of citizenship by investment programs, travel freedoms, and investment opportunities in Africa. Watch the full video here: ruclips.net/video/C16NArhXpmI/видео.html
What if, as an American, I live in a tax free country like the UAE? Wouldn't I only need to pay US taxes on the income above a certain amount? I think it's $120k/year or something.. and as a teacher I wouldn't make much more than that
Just came across your channel, like this one alot. And I get it, Im somewhat in that category, travel alot. And want to finally get my tax residency sorted from the UK. I like your idea about just simply disconnect from your 'home' or any in fact, tax system, then perhaps spend 4 months in each country. Like you say, maintaining residency, not necessarily tax residency, some minimal days might apply. And others we've found have a remittance based tax system. Heres the rub though, to actually facilitate such a lifestyle, fluid, awesome, you still have to fiat currency your way around, with receipts of income and expenditure in whatever form you do it (be it as director drawdowns from companies you own etc). But, in order to do that you need to access the financial system, hold bank accounts, which in the case of the UK, requires you to be a permanent resident of the country....to have a bank account there...to receive income via whatever method of generation....to support such a lifestyle....the modified trifector is the only answer, but makes you a tax resident of said country you'd choose as your 'main' country. Its just a case of finding a country that is lower tax than your home country, and moving your financial affairs to it and then deciding how fluid you want to be from a location point of view, and what your visa rules are for your new host country
Thank you for sharing your insights. We would be glad to welcome you at our next live event where you can get started on your Nomad Capitalist journey and learn from the brightest minds in global citizenship, legal tax reduction, international diversification and Plan Bs: nomadcapitalist.com/live
If you're Canadian and you're living in multiple countries, none of which you're a resident of, Canada will absolutely deem you a resident of Canada and you'll need to pay taxes there, particularly if you own property or bank accounts there.
I never paid any taxes neither any spending for retirement; Very simple: I don't live in any country for more than 170 days already many many years! Never buying any properties including homes and cars! It's useless and destroys your real freedom and liberty! Anything could be rented! I rent in 3 countries, and while I'm absent in particular country - I'm subletting apartment where I don't live at the moment! Everything you need for this style of life is Capital, proper investments and proper passport
Australians are trying to leave what's their best option for taxes? I've seen Australia has copied America with chasing taxes. But the details are unclear. What's your studies told you about where australia is at?
And if as a Canadian who has lived and worked the required amount of time to receive Canada pension plan in 20 years when I'm of age, could I still live tax free abroad the majority of the year at that time while receiving my pension?
I'm a argentine citizen, but i have a American citizen and i was a adult and never was forced to pay taxes when i was in Argentina. But now that i paid taxes i don't know if I'm forced if i move from Argentina. I don't know If where talking when you're make a lo money you're forced to pay taxes to the IRS.
so uk citizens can just non dom the tax without need to give up citizenship? i want out of paying tax and to live abroad. but i really need a uk bank account to keep things like PayPal.
Yes but how do you then take money out of that LLC to your country of residence? You'll be paying tax on that income in the end as far as I understand it.
Bahrain is the best option No personal tax No corporate tax Only vat is 10% Real estate is super cheap from $ 1000 to $ 1700 per square meter for high quality apartments One can get a beach front luxury villa for of 500 m2 for aprox $ 1 million The quality of life is great. Waterdronr dining everywhere Fresh seafood Warm friendly people All the options of a modern city where everything is no more than 15 mins drive
The latest episode of our Live Like a King series has dropped! Join Mr. Henderson as we explore luxury living in one of the best value cities in the world-Kuala Lumpur, Malaysia: ruclips.net/video/hGvgJ1FYUlY/видео.html
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Thank you.
@@nomadcapitalist Doesnt a llc overseas you bypass US taxes?
step 1 - have money
Step 0 - Inherit
Lets kep it real, only a fragment of the wealthy made it thru their own drive, most oft them just are rich per default. Feudalism at its best.
lol and enough worth trying to save !
If you don’t have then you dont pay tax 😁
In Germany we ironically say that if your toothbrush is in Germany, you are a tax resident of Germany.
Hahaha...Just proves the Dentist Drill & Bill is less painful than the government tax man...
Still paying the absurd Balfour Declaration
Everybody pays taxes in one or another way... This is 🐂 💩
So true 😂
Ive read that if you have belongings in Germany (as german) you have to pay Taxes here. 😢 best wishes from Stuttgart 😊
Great content.
My preferred structure:
Setup a company in a zero or low tax country. Live wherever you want and pay yourself minimum income from your company and pay tax only on this income. Invest through your company.
👍 I would say 'live wherever you can' 😅
and how do you spend your money? not for investment but fun?
@@gnorts_mr_alienAny additional spending can be taken as dividends at any time. This amount will be liable to dividend tax.
@@gnorts_mr_alien As the 100% shareholder of the company, any extra spending can be paid as dividends. Of course this amount will be liable to dividend tax.
This approach may have issues. For example in EU you can't legally set up a company and operate it from a different country (even within EU). There's a law that says the tax residency of companies is wherever HQ is (a place where most important decisions are made). So even if I have Irish company but never go to Ireland as a director, the company is due taxes in the country where I live. This may be hard to impossible for the state to prove - but the question is what's legal, not what the state can prove or not. This is effectively what he mentions in the video when he said OECD countries can suck you in even when you try hard not to let them.
THANK YOU FOR BEING THE FIRST PERSON TO USE CANADIANS AS EXAMPLES! I always comment and DM about this as a Canadian and I obviously never hear back
Thanks for watching.
ALL CAPS? must be important 😂
I pay zero taxes because I don't file a tax return. I have a poverty level income as far as they can tell. Edit: I pay zero INCOME tax. I pay sales tax all the time. And tipping is a form of tax. And toll roads are a tax. And others. I ask no for no welfare or SS payments from the government. I do not 'live like a king' or a prince. Wise men throughout the ages have chosen to appear as commoners. I follow that principle.
Maybe dont brag on the internet about it
Awesome
Nice
Well in that case.....you're welcome.
For all the benefits you receive from My income taxes
@@soulreedyou should give the welcome to the illegals and Ukraine, not a random person who’s figured out how to keep more of his own money, also contributions are still made while living inside the states, normally way more than someone working a 9-5 and donating to Uncle Sam. So matter of fact, YOU are welcome
My Dad found out how to completely stop paying taxes to the US at age 60...He died.
My dad died at 77,RIP DAD
How about you? Did you learn how? It is possible. (In the US)
💀💀💀
@@makeyourlifeeasier5794 it is possible if you want to learn free of charge
Nah. He was still in for estate tax
I have lived in Peru for 20 years and never paid taxes and never been asked to pay taxes.
I have no problem to "pay no taxes". But I have a problem then if you benefit/use any form of public wealth that a country puts for their tax payer citizens.
@@neodurden6793 Because it isn't fair that some people get robbed and others not and they even benefit from the services paid with it even though they didn't asked for it?
@@neodurden6793 does VAT exist in PERU. Indirect taxation is everywhere...
@@CannyValley-bi8nq yes. VAT on goods and services you pay is, indeed, the one impossible to evade. The argument was more focused on all the others I guess
@@Solizeus would you accept a roommate that doesnt pay rent and bills ?
Would you like to learn in-person from the experts about how to legally reduce or eliminate your taxes while capitalizing on opportunities around the world? Join us for the next Nomad Capitalist Live event: nomadcapitalist.com/live
@@nomadcapitalist will be in touch after I make my first million
@@autonestegg4195 @nimadcapitalist team
I want to waork with you from Bharat 🇮🇳, how can I connect? I have done student visas and helped students in Canads get federal lawyers against racisum and permanent settement as they become Tax residents and Canadian government (CIC) kind of tryed to do illigal work by fooling inncocent international students from India who have clean record. I have many connects in Bharat 🇮🇳 who are business people willing to relocate to TAX free countries. Would be glad to hear.
I thank you nomadcapitalist team for giving us so much information which skilled me in various immigration and investment based residency through your RUclips channel. Better than any MBA or PHD can teach 🙏🏼👁️🪐👁️
breaking news , Trump to end over seas double taxation ,
This is my new favorite video of yours. Wonderful summary of macro and micro aspects that many of us wanted answers to. I know many remote islands of knowledge in this realm but this tied down really how it's done in a streamlined praxis. Thank you!
I think for clarity you don't necessarily need to become a non-resident for tax purposes and pay that exit tax, if you move to a country that has a tax treaty. So for example, with Canada, I could move to Italy and live in one of the regions that have the 7% flat income tax (Sardinia, Puglia, etc.) for 10 years and pay my income tax there and not in Canada. I just cannot be in Canada for more than 6 months in any given year. That is how I understand it!
South Africa is switching their visa system to crack down on this sort of thing so take care with your decision making
To be able to stay in Italy what kind of visa can you get though ?
@@jiti5034 Check out - Elective Resident Visa. For people that don't need to make money in Italy. If you have investment or rental income for example.
That is correct
@@jiti5034 work visa or schengen visa
Great, I could listen to your vast information every evening, mostly do, I learnt so much
Glad you enjoy it!
"They'll find you..." Very true today more than ever before. Thankyou for your 'wealth' of information on these topics! 👌
Our pleasure.
I had a fear of being the visual minority in another country and now I am becoming a visual minority in my home country. Dipping my toes into possibilities since I might as well embrace and melt into some other nations culture vs living in a nation of multiculturalist aspiration.
that's because things like that matter to you. have you ever thought of how the other people feel?
He doesn't need to in his own country & I doubt if any migrants think about him. It's called humans@crescentprincekronos2518
Who cares@@crescentprincekronos2518
Why would you care about how they feel?@@crescentprincekronos2518
@@crescentprincekronos2518
Things like that matter to all the countries these people emigrate from. Don't act like it's not normal.
Congratulations on this incredible achievement! Your dedication and hard work really shine through.
I don't mind paying a reasonable amount of taxes, just not the excessive amount I had to pay in the socialist "utopia" of Canada. Combined federal, provincial, municipal, sales etc. claimed 70% of my income. I left over a decade ago, smartest choice ever.
In spite of what the hypocrites at the OECD would have you believe it is far from a tax haven. Personal and corporate taxes are 25% and a 7% VAT. It does however have a territorial tax system which means that you only need to pay on income earned in the county and not from offshore. Investments, dividends etc. are not taxed. Therefore you can greatly limit your taxes to a reasonable level.
As per your no fixed residency lifestyle, if it works for you that is great, I prefer to have some roots and therefore chose to settle in a low tax country and putter about the garden and raise my own food. But you do you.
BTW As to why I consider the OECD to be hypocrites, they are happy to travel the world and hector everyone about taxes, yet their own staff are exempted from paying taxes on their own income. How convenient, as far as I am concerned they can help themselves to a hot steaming cup of shut the f*ck up.
South Africa is combatting this exact problem through their visa application system after the ANC failed to gain a majority, first time since 1994, and were forced into a coalition with some brains.
They've been a host for these globalist parasites since 1994 to the detriment of the locals.
Good for you, glad you freed yourself. What drives me crazy are the people who think that paying taxes is somehow noble & patriotic to your country as politicians extract their wealth so they can gorge on citizen's productivity.
how did you do it?
Is there a list of top 10 best tax residencies by Nomad Capitalist? Like purely based on the simplicity of the system and low tax rates and the connectivity to the global banking system. Out of those one could then choose which country feels the nicest.
Check out Bulgaria. EU country with 10% tax rate, and they don't care if you actually live there or not.
No Taxes sounds amazing!
What happens if you live on a boat in international waters all year?
you have a situation you become tax exempt the short story were did you grow up america?
in India, Sales NAVY don't pay taxes
Sealand, check ❤
As far as Income Tax goes, here in Australia just write to the ATO an ask them to define 'Income' as you need a Definition in order for you to file your return properly as there is NO definition in the Tax Assessment Act
They won't & can't, which then creates an Est opal
Thanks Andrew. So do you pay tax or you avoid it just via that question to the ATO alone … I’m intrigued. 🎉😊
@@michaelcryptomooningloa8436
It depends if your PAYG there really isn't any point as you're paying withholding.
I'm a Sole Trader so I'm not paying any withholding at all, I haven't done a return so far for 2 years.
Unfortunately though everything you buy in this Country retailers add on Taxes, so your still paying Taxes regardless.
YT pretty much deletes all my comments regarding topic
@@michaelcryptomooningloa8436
YT keeps deleting me comments
@@andrewkerr5296 What is an 'Est opal'? Tried Google which did not help.
@@dharmadasa66
Hard to explain but it's basically a halt in proceedings because one party can't provide fact(s) & or rebuke fact(s)
GENIUS TRUTH TELLER
St Lucia citizenship is taking longer than a year now. My wife has been waiting a year for her spousal application, which should've taken 3-4 months. Also, talking to other applicants, the interview isn't in person, but virtual.
Most interviews are virtual, yes, and it is taking longer.
There’s a thing called island time.
Thanks for providing info for those of us who don't qualify for 7 figure status. 😊 It is greatly appreciated. However, relocation of any kind is daunting. Have you ever considered offering 'simpler' services for 6 figure clients? A 'lower' tier option assisting with less complicated relocation? For example, offering relocation to specific countries that aren't as time intensive for your staff and that doesn't involve moving a business or changing tax status? I think Nomad Capitalist would make quite a profit from tapping into this clientele. Sure, it's less money per client, but MANY more clients! js.😊
I really doubt he would be interested. He charges 20K before he will talk to you
One of the best videos yet
Thank you.
the german tax relies on a simple check: if you got a german adress, you are taxed.
your actual residence period means nothing if you own the place or the adress is your parent's home; your absence counts the same as if you were on a long vacation from home which means nothing at all for tax purposes. :p
basically you have to cut ties with germany and only visit short term and stay in hotels. dont even try to play shenanigans with german Finanzamt; their patience to catch you lasts longer than yours :p
I fled Germany 14 years ago. Haven't been back in 5 years. They'll never get another cent from me except for the fee to get my passport renewed.
@@Axiomatic75 no problem with that as long you are absent for real and only visit family on christmas or so.
no residence maintained = no taxes
Currently i am georgian citizen living in Germany with permanent staying. But i can get german passport. Should i get it ? Future doesnt look that bright for germany tbh
@sandrogvenetadze4511 I would get it if I were you. If nothing else, it's a good passport for travelling and you can live easily in other European countries.
Being a quarter yearly moving nomad '90 days and next location' type is a simple way to avoid 'dreaded 183 days' tax residency. 4 locations rotation during each year simple and effective. As what comes to apartments, cars and local bank accounts, having 4 local companies, one in each country and every time living in company owned apartment/house, driving with company owned car and local company's bank card to deal local expenses. Being a visiting star of the corporation, and each time it is the local company which handles expenses... But it ain't cheap I can tell... Annual maintenance fees (and local staff salaries) times four just to keep simple setup in those locations... Easy to burn $1M per annum total just to keep four locations like that operational (in low cost countries) ...
Canada Revenue Agency absolutely love roasting people for paying their living expenses with their corp card. You would get caught, fined, and have their scrupulous attention afterwards. I am talking from my friend's experience: he was naive enough to pay for a snowmobile with his corp card, CRA caught it, audited all his corps expenses and fined him for everything he could not prove to be business expenses.
Their goal is to make you pay yourself salary or dividends before spending this money and then they will have their income tax. And no amount of jumping between countries will absolve you of Canadian tax residency as long as you have Canadian income (i.e. a Canadian company which pays you salary or dividends). If a company provides you with some benefits (like you stay in the apartment that belongs to the company, drive their car etc) it is considered as taxable benefits and added to your taxes.
Again: tax agencies hate it when you spend corp money on your living directly without declaring it as a taxable benefit, they consider it as a tax evasion.
Far from simple lol.
Your companies still have to be profitable and paying you an average salary for this to be legitimate, or else you’ll be on the hook for tax evasion. But having $160k an income taxed at a $40k rate is still nice, plus whatever other income you have that isn’t liable to income tax
Wouldn't you have to jump between Schengen and non Schengen zones each time as well?
Panama is the best. Only need to go back 1 time every 2 years to remain tax reaidency
Poooool tricks!
Residence and tax residence are not the same. I live in Panama and you need to spend 183 days here to be tax resident.
already too much !
That’s not true.
@@nomadcapitalist I know from several US military personnel that sort of do that, maybe you can make a video about 🤔
As an EU citizen - what about Dellaware which is tax frendly as long as you are not a US citizen
I lived this way for 10 years. Moved to a place with a territorial tax system, sourced no income locally, investments in other regions where the benefits weren't repatriated where i live as that would be taxable locally. I got lucky, Costa Rica allows multiple citizenship and so does Canada. NR73 declaration from Canada that I'm not resident for tax purposes, and since my income wasn't coming from Costa Rica, no taxes locally -- just the obligatory social services contribution every month (hundreds so no issue), to maintain residency. Been here for so long that I can become a citizen with a social studies and civics focused test, but been here 13 years now.
Do do this only between two Countries?
Hi! Big fan! Which country is the best to live in as a RUclipsr? If you become very successful, where would you pay the least taxes whilst living a combatable life? I'm from England and wouldn't be looking to pay no taxes. I don't mind paying some taxes. Just not the extortionate taxes the UK asks whilst destroying the country I used to love.
"I'm from England" sounds so lovely and refreshing. Mostly hear only "UK" these days. 🇬🇧☕
Andorra
@alexsanchezch why?
@@drdemi lowest taxes within Europe, multicultural but with European mentality and processes, great outdoors, reasonably near to a major international airport, and already home for many youtubers from Europe (mostly French and Spanish) - so, great community
Great video, thank you!
Thank you.
Amazing !
Interesting to see such a popular video about what I basically what I do everyday for work
Would like to see you do a Deep Dive into this, from a Canadian point
I have a Dutch passport with a secondary Dominican Republic passport, I'm a forex trader, stock and dividend ETF investor, my aim is to pay 0 or single digit % taxes if I have to pay.
I also like to travel, I was thinking Colombia, Thailand and Malta as home basis. Thoughts?
Yes
you want three homes for tax purposes? You are just switching from paying taxes to paying rent then. 😂 joke aside: malaysia has a new program that might be interesting for you ;)
You can make videos on difference between corporate tax and personal income tax.
One is for corporations and one is for personal income
You as an owner have to pay both taxes.
Question for you; if you "enjoy" living for 4 months in Asia, 4 months in Europe and 4 months in Latin America, purely because you have the means and it suits your lifestyle choices, you own property in each of these countries and you enjoy and benefit from all the amenities and advantages each of those regions offers at the various times of year that you choose to reside there, then why would you not want to pay at least some taxes in all of these regions, regardless of your residency, citizenship or tax liabilities?
How do you still get your SS in USA if you renounce your citizenship? What about military retirement benefits? Would you lose those if you renounce your citizenship?
This article covers the most common myths about renouncing US citizenship, including social security: nomadcapitalist.com/expat/myths-giving-up-american-citizenship/
I've been watching you for years and I've always earned under £20,000 I'm currently an apprentice welder and I've been guaranteed a 6 figure salary in 3 years.
The thought of giving the government a penny of that makes me sick. Other than maxing out my pension I don't really know how to legally avoid tax and even then I'll be paying tax on the back end
is 20,000 enough to survive?
It's not worth sacrificing a 6 figure salary just because you don't want to pay taxes (unless you can get a higher net salary somewhere else). Just save as much as you can *and then* make sure you invest that savings in the best possible jurisdiction. One day, if your salary stops being the most important income, you are free to move. Think long term.
@@Prince_of_Persiaa I'm 24, a father of 3 toddlers and I have a mortgage. I grew up in a household where both my parents were opioid addicts so I don't really want for much.
I more or less live off Chicken thighs and beef mince so my food cost is around £80 a week and my mortgage is only £418 a month and I don't go out with friends and I've never been on holiday other than when I go on hiking trips but that costs basically nothing other than the train fare.
I don't have an easy life by any means and I'm always having to pull a rabbit out the hat at the end of each month to pay everything but I have a good Future career and around 25% equity in a 95k home
@@Prince_of_Persiaa Honestly, I'm barely surviving. I'm 24 and a father of 3. Thankfully I don't really want for much as I grew up in a household with addicts, so you don't miss when you didn't have. I'm greatful to have food in my fridge and a warm home.
I have a mortgage so that brings the cost down, I only pay £418 a month on that and we live off chicken thighs and beef mince, so we only really spend £80 a week on food.
I have faith that it gets better though because it's not easy.
Unless you're a 7 figure entrepreneur, you're better off starting a small business and making some deductions before you consider anything to do with foreign jurisdictions.
For banking, just fill in one of your addresses with a utility bill on your name, even though you're not actually a tax resident of that country, shouldn't be a problem for the banks and not for that government either as you follow the 180-day rule.
sorry, what do you mean? I don't understand.
In Belgium, if you travel and live "nowhere" (aka 3 months here and there), they will assume that your tax residency is in Belgium!
yes but how can they reach you when you are not registered in belgium anymore? also belgium has tons of DDT so they can assume all day long
I’ve never even been to Belgium but from what you said it seems I have tax residency there
What would be a good option for me ? I have Hungarian / Romanian dual citizenship, but a resident of UK for almost 10 years now.
Thank you for your comment and for sharing your citizenships and residence. Our team and network of professionals would be happy to assist you in creating a holistic plan aligned with your goals and legally avoiding taxes to the extent it is possible: nomadcapitalist.com/apply/
Very Informative Thank you Team Nomad
I was below income level and got my covid check form. It had a non tax payer box I checked and signed the form, so I am officially a non taxpayer.
What about the UAE? Wouldn't it be a great strategy to set up your taxes in Dubai, spend the 90 odd days required for tax residency or more, and then avoid spending more than 4-5 months in any other country and make sure that you have assets secured outside of personal registration, if and where possible, outside of the UAE?
you have to be 183 days in the UAE for tax residency and you cannot stay longer than 6 months outside of UAE
Just move to the Philippines, 0 tax on foreign income. Regardless of your income. That's what I did.
Terrible interest rates there but that's the payoff for being both a tax haven & having very tight banking secrecy laws.
@@Ghekko-kw3zzyou don’t need to keep your funds where you live. Live in the Philippines and continue to bank in Juristiction(s) that are strong and lucrative
On what visa?
Same with Paraguay
@@oldestmember2892 retirement is the best, allows local businesses/ work rights.
How is the tax situation in the Czech Republic?
It is getting worse. Since this year they rise the social contributions rates for the next three years.
My parents have been nagging me to apply for citizenship, for years. I just wonder if it's worth it.
To become exempt from payin gtax you can change your status from citizen and resident to being a National. It just requires that you learn thoroughly about it before you begin, so that you don't get in trouble.
Do you know anything about a “state passport” vs “federal passport”? There is a group called Destination Freedom who claims that when you apply for a passport and check the box saying you are a “US Citizen” that you are claiming to be a citizen of the District of Colombia and therefore must abide by all federal laws including, paying federal income tax, abiding by federal gun laws, etc. Destination Freedom claims you can apply for a “state citizen” passport which makes you a citizen of your state instead and therefore you have no obligation to pay federal income tax or abide by federal laws. They claim to have been helping clients get state citizenship status for 20 years with zero issues with the IRS. Does anyone else know anything about this and whether or not this is true?
Thanks for sharing
Australian taxes are at 3 levels- federal, state and council. Very complicated.
Retirement self managed funds are also taxed
Taxed till you have not much to live on
Oh and the worst part is:
Unrealized Gains Tax
AND
The fact that everything is 'valued' under the 'deeming laws' that let the govt pick the highest possible value (if 100% developed or perfected/marketed as they would)
I honestly don't see the point in people staying in Australia if they want to succeed and be all they can be.
It's also hard for Australian digital nomads, as unless you can prove you are a tax resident someplace, you are deemed to be an Australian tax resident. So the trifecta approach doesn't really work for Aussies I think 😣
@@matthewnirenberg Australian politicians are self promoting towards a USA government or military industrial complex jobs post retirement from politics eg some sit on the executive board of a USA company selling submarines to the cabinet of politicians whom they headed while in power, and made the buy decision as cabinet members and now selling the subs as salesmen for their new bosses
@@matthewnirenberg things got out of hand ever since the late Bob Hawke retired
I live in Australia & it's ridiculous the Taxes
But next time your talking to your accountant, ask them why there is no definition of 'Income' in the Tax Assessment Act of (I forgot year)
Interesting and informative 🇯🇲
I'm so done with Australia. Not, I need to stick it out a few more years. Starting a capital investment company through a family trust and then I'll be looking at diversifying into Asia. Also have land in Thailand to move to that place is going under as well slowly
Thanks for your comment!
We helped many Australian leave and have a better quality of life and more options. If you want to explore that path, get in touch with our team here: nomadcapitalist.com/apply/
Thank you for your comment. If you need assistance on diversifying in Asia, our team would be happy to help: nomadcapitalist.com/apply/
Not in Thailand , if you do not pay tax in the UK you will have to pay tax there. They have an agreement with the UK that if you are taxed in the UK you will not get taxed in Thailand but if you are not taxed in UUK they will tax you at the same 20% twenty percent or 22%in Scotland.so you cannot dodge paying tax other countries may be different.
But where is your brokerage and bank account registered at?
Do you have any videos for people with health concerns but want to move around?
Flying from country to country with health issues is really difficult. I am there.
step 1: get an international health insurance
I’m a Canadian Citizen. What if you were to combine things like self banking through a permanent life insurance policy, as from I understand will grow better than a bank the growth of which will not attract taxes. As well as I’m learning about something called social enterprise which is a way to combine business with a charitable cause, not only could you get tax breaks from that. But depending on what combo type of business or charitable organization you are you can get free stuff, like production software etc. If I am able to legally have my own pocket of wealth held somewhere tax free, this is ideal, I have a way I want to change the world that I am passionate about, so less taxes means more money, which means more implemented change. My last question is, is there anyway to double the advantages with common law our spousalship?
I live in France and I got racketted the first year ! Not a place if you get paid more than 84k per YEAR, like the bar for harsh taxation is low
Did you get racketted as an American? I am French, lived in the US for 40 years and with my American husband, we are planning to purchase a manor in Dordogne and semi-retire there in the countryside. The US is crumbling very fast. We have an option trading LLC. It seems that we are going to be a target. Probably will travel to Andorra to see what we can do.... Did you find a solution?
I’m French I’m getting racketted each year. Looking to get out of communism fast.
@@Jehauvv88 Andorra is not an option anymore. believe me!
@@Jehauvv88 As a retired, you will get reasonnable taxation I would say.
Compare paying no taxes with the situation that someone comes into the restaurant that is owned by you. He orders something eats and drinks a lot and leaves without paying.
So what did he just do?
He stole money from you as a lot of people would say because he did not pay the food and the drinks. And you as the restaurant owner have to pay the bills (workers, buy ingredients, electricity, water etc.).
Frankly, I don't have any money for anyone to try and take any taxes.🤔🤭🤫 😅 😉🙄😏
Sending, love and blessings to you ❤
I definitely will be at the Nomad Capitalist Conference in Malaysia next year.
We’re looking forward to welcoming you there: nomadcapitalist.com/live
A good sales man
How much capital do you need to make it worth the effort to become a capital nomad.
Well easy. Is your income tax bill, big enough to live in another country for 6-7 months a year? If YES, get out. If NO, try to reduce the tax.
Is there a way to move to most countries and move out again without paying an exit tax on your capital gains tax? Could you possibly do that with trust in a country with no taxes whos beneficiary is a company setup in with no tax as well? My thinking here is that the company is broke on paper?
Turns out, that as long as you spend five months or more in a country each year.. there is more broader chance that you will be claimed as tax residence.. in as much as there is census process in the country.
So if I decide to get German citizenship by decent in order to not pay taxes I need to own nothing in Germany and be in country less than 183 days including bank account and brokerage accounts? Is there a benefit to get citizenship?
I want to know this as well please.
you wont get a bank account if you dont have an address in germany, if you have an adderss in germany you are automatically obliged to pay taxes even if you are less than 183 days here or even if you move entirely abroad you will still pay taxes to german tax authorities for many years
Where do you purchase insurance if you don't have a permanent residency?
In the place you're legally tax resident and where your centre of life is. Simple!
Like with everything, that's why if you want to live flag theory you have to:
1. Establish tax residency in a 0% PIT country - you have to move your centre of life there and have a home that you return to
2. LEGALLY leave the high tax, tax system that you were in, thus leaving you only in the tax system you entered in point 1
3. Get a bank account in the 0% PIT country, live there for 8+ months and get a local tax file number. 0% PIT countries still issue tax file numbers so you can fill in the space on forms and as part of proving that you're legally tax resident there, even though PIT is 0%
4. Once you've achieved all of that LEGALLY, now you can look at holidaying to several places for a month or two at a time (be careful to not become tax resident due to physical presence in those places), returning to the 0% PIT country you live in after each trip.
5. Congrats you're living the modern LEGAL version of flag theory
Its no longer possible to be perpetually traveling and tax resident nowhere, countries will declare you tax resident automatically unless you have LEGAL tax residency somewhere. This is literally a case of "you have to know how to play their game and beat them at their own game whilst complying with all the rules they made".
Its intentionally hard because the high-tax countries are desperate for taxes because they're broke welfare states that care more about being dystopian, all encompassing and because they let themselves become welfare states.
Remember, when the largest employer in a country is the government, the only outcome is always going to be larger, more bloated government and thus more over regulation (nanny state) and the only way to fund that is higher taxes. Becoming welfare states lets the govt exert more control over the people as they need the money to survive, it also makes it easier to justify increasing taxes "you don't want the poor to starve do you?".
@@matthewnirenberg
I agree on everything, but I was really aiming at a practical solution for the insurance thing. In the approach you describe, I wonder about health care on those vacations for example.
Most places health care prices out of pocket are affordable. In the last 13 years I have spent less out of pocket than most US deductibles.
online
I have just started looking into France for a perpetual visitor visa. My understanding France will not tax me if I file my US taxes. Under that scenario my US taxes will be zero or very close to it as it all comes from dividends/capital gains and soon SSI. So am I missing something here, living tax free or nearly in France?
Thank you for your comment! Feel free to reach out-our team would be happy to discuss this with you and help create a plan to optimise your taxes: nomadcapitalist.com/apply/
If i do drop shipping from another country inside the US and the company I'm making the purchase from is in the US but my purchase would be online, the goods would be handled by a 3rd party fulfillment (even the storage and i have no physical presence or worker), am i liable for taxes? Please sir just help me out with this question, it has been bothering me.
yes only when you go past the exempt threshold
Always a fascinating watch. Am certainly interested in alternative passports of non-major Countries.
One must be a heck of a playa to benefit from your input :)
What do you pay if you give up USA citizenship? Is it an exit tax on income or wealth? Or a fee ?
Hi Philip, check out our article on the 'Cost to Renounce US Citizenship' nomadcapitalist.com/expat/cost-to-renounce-us-citizenship/ hope it helps.
One would guess it's on net assets.
Have you done a video on moving countries with animals?
why? you just get take them with the airplane? or are you afraid that your dog gets eaten in another country? 😂
I'm not your clientele, but do you have some sort of calculator so US citizens can check to see how much in taxes they would save if they revoked their citizenship for some other passport that does not tax you based on citizenship or worldwide income?
Are there any legal ways to avoid any country's VAT when you buy, for example, food and foodstuffs from a grocery store or an online store?
No
yes
Maybe
I love your content , always SO informative 💞 I have been looking to relocate recently and have shortlisted it to three , Buenos Aires , Bogota or Santiago !!! Which would you consider the best all round choice ? Would appreciate your take 🙏❤️
Depends on your financial situation? Do you live on a pention, multi-millions, or starting your life and opening a business?
Bogota and santiago are trash. Buenos aires is king
Buenos aires is the best
I have lived in the three of them.
All good choices. Perhaps Santiago a bit safer ... BsAs seems will experience a recovery with the new president. Bogota has a low cost of living but the left govmnt sucks however access from the US or Europe is better.
@@toti022 Why?
I read that when you renounce your citizenship US government taxes all your assets including homes at a income tax rate and you have to pay that in order to renounce your citizenship
Is that true?
Depends on if you meet the criteria for being considered a covered expat.
Can I denounce my American Citizenship, move all my $ to Panama, then just slow travel the world, never setting up a residency in another country? Moving around on tourist visas (and extension visas)?
Sure.
not sure panama is safe place to put $
Yes, but you'll need another passport first.
Yup has worked fine for the last ten years, but have to ditch ever visiting the US.
Great content as always! I would love to see some focus on African countries and their tax systems and crypto policies
Mr Henderson discusses the African passport and delves into the nuances of citizenship by investment programs, travel freedoms, and investment opportunities in Africa. Watch the full video here: ruclips.net/video/C16NArhXpmI/видео.html
What if, as an American, I live in a tax free country like the UAE? Wouldn't I only need to pay US taxes on the income above a certain amount? I think it's $120k/year or something.. and as a teacher I wouldn't make much more than that
Thanks for your comment. You may find this article of interest: nomadcapitalist.com/finance/do-us-expats-pay-state-taxes/
Just came across your channel, like this one alot. And I get it, Im somewhat in that category, travel alot. And want to finally get my tax residency sorted from the UK. I like your idea about just simply disconnect from your 'home' or any in fact, tax system, then perhaps spend 4 months in each country. Like you say, maintaining residency, not necessarily tax residency, some minimal days might apply. And others we've found have a remittance based tax system. Heres the rub though, to actually facilitate such a lifestyle, fluid, awesome, you still have to fiat currency your way around, with receipts of income and expenditure in whatever form you do it (be it as director drawdowns from companies you own etc).
But, in order to do that you need to access the financial system, hold bank accounts, which in the case of the UK, requires you to be a permanent resident of the country....to have a bank account there...to receive income via whatever method of generation....to support such a lifestyle....the modified trifector is the only answer, but makes you a tax resident of said country you'd choose as your 'main' country. Its just a case of finding a country that is lower tax than your home country, and moving your financial affairs to it and then deciding how fluid you want to be from a location point of view, and what your visa rules are for your new host country
Thank you for sharing your insights. We would be glad to welcome you at our next live event where you can get started on your Nomad Capitalist journey and learn from the brightest minds in global citizenship, legal tax reduction, international diversification and Plan Bs: nomadcapitalist.com/live
What if you left Canada without telling them and haven't done taxes for 18 years... But will move back?
Can we talk more about offshore irrevocable trusts? Since renouncing US citizenship may not make sense for many that can afford to do it.
You may find this video helpful 'Why Foreign Trusts are Better than Domestic Trusts': ruclips.net/video/Zu27xlmDs_s/видео.htmlsi=sDBQeYmlQDG5lk0Q
@@nomadcapitalist Delete the tracking code after and including the question mark
If you're Canadian and you're living in multiple countries, none of which you're a resident of, Canada will absolutely deem you a resident of Canada and you'll need to pay taxes there, particularly if you own property or bank accounts there.
I never paid any taxes neither any spending for retirement;
Very simple: I don't live in any country for more than 170 days already many many years!
Never buying any properties including homes and cars! It's useless and destroys your real freedom and liberty!
Anything could be rented!
I rent in 3 countries, and while I'm absent in particular country - I'm subletting apartment where I don't live at the moment!
Everything you need for this style of life is Capital, proper investments and proper passport
Which passports? Which investment? Do share please.
@@YTAug2030 I have Israeli passport, and investments only in my own trading on Forex, already 22 years ; very conservative and almost no-stress
Which passports? Which investments?
what will you have to show for when you're old? kids? doubt that you can sustain this lifestyle your entire life
@rubiooibur8534 Im already not young-) My children already grew, 30+ years; I can keep this style untill I die;
Top content!
How much money do I need in the bank to do the three countries over the year ?
Australians are trying to leave what's their best option for taxes? I've seen Australia has copied America with chasing taxes. But the details are unclear. What's your studies told you about where australia is at?
And if as a Canadian who has lived and worked the required amount of time to receive Canada pension plan in 20 years when I'm of age, could I still live tax free abroad the majority of the year at that time while receiving my pension?
If you receive a pension in Canada (and CPP, QPP and/or old age security), you'll be taxed in Canada for that pension regardless of where you live.
about getting a second passport, unfortunately, saudi arabia doesn't allow saudi citizens to have multiple passports. any thoughts on that?
We’ve cover a this for years: get a permanent residence with path to citizenship.
What type of client does the Puerto Rico tax loophole makes sense for?
I'm a argentine citizen, but i have a American citizen and i was a adult and never was forced to pay taxes when i was in Argentina. But now that i paid taxes i don't know if I'm forced if i move from Argentina. I don't know If where talking when you're make a lo money you're forced to pay taxes to the IRS.
Please can you talk about the new USA LAW ABOUT THE BENEFICIAL OWNER INFORMATION there is a new site fincen
so uk citizens can just non dom the tax without need to give up citizenship? i want out of paying tax and to live abroad. but i really need a uk bank account to keep things like PayPal.
Remember you can open a US LLC wherever you are from, these are tax free if you dont live there, and then you can get a chase bank easily.
Yes but how do you then take money out of that LLC to your country of residence? You'll be paying tax on that income in the end as far as I understand it.
@@joshdw Depends on the amount and your situation. E.g. if you're a tax resident of a country that doesn't tax foreign income, it's all cool.
Can you tell me more
@@joshdw non-KYC BTC exchange to fiat fixes this.
@@sebastiansupel2310 For example?
Bahrain is the best option
No personal tax
No corporate tax
Only vat is 10%
Real estate is super cheap from $ 1000 to $ 1700 per square meter for high quality apartments
One can get a beach front luxury villa for of 500 m2 for aprox $ 1 million
The quality of life is great.
Waterdronr dining everywhere
Fresh seafood
Warm friendly people
All the options of a modern city where everything is no more than 15 mins drive
How and where to get a job there with no qualifications?
Unless you're queer or trans 😂
what do you mean if you have a foreign business then you dont get taxed in philippines?
Can you give some real world examples of what Australians can do?
earn foreign income as besides aussie dollars
Me, living with my parents, never payed tax in my life:
Hmm, I wonder what country I should move to. These taxes sure are taxing 🧐