How to Travel the World Tax Free
HTML-код
- Опубликовано: 5 мар 2023
- You are tired of paying taxes in your home country. Could you just perpetually travel the world and be a tax resident nowhere? Live your life without paying taxes? Is this even an option?
Today I'm going to tell you how to travel the world tax-free!
How can you live your life as a digital nomad or a perpetual traveler without paying any taxes anywhere (legally of course)? This will depend on your country of origin, as it's easier to escape some countries' tax nets than others.
For example, if you're an American you will have the obligation to pay American taxes as long as you keep your American citizenship, no matter where in the world you live. You can get a foreign-earned income exemption, up to a certain amount but you will still have to file your taxes every year. If you're making lots of money Uncle Sam will want his share, no matter where in the world you are.
If you're from Canada it is possible to cut tax ties to your country, but there are many things to pay attention to. You need to make sure you severed your ties in a proper way, otherwise, you may still be taxable even if you left.
At the same time, you need to make sure you don't become a tax resident in another country. This typically means that you shouldn't obtain a residency permit in another country nor spend more than 6 months per year in any country. The exception is of course tax-free countries, such as UAE.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
..........................................................................................................................................
Get personalized advice about tax, asset protection, offshore banking, residency, and citizenships.
Book a call with Michael:
calendly.com/michael-rosmer?m...
Visit our website:
offshorecitizen.net
Book a call with Michael:
calendly.com/michael-rosmer?month=2021-03
I like that you are Canadian and talk about Canadians. Most RUclips videos focus on the USA.
For real!
Great video , thank you.
Great and very useful information. Thank you!
Glad it was helpful!
Subscribed from Trinidad! 🇹🇹
Hey michael, great vlogs thank you. What about CDN's getting Caribbean residency/passport and banking in the Isle of Man and moving your online remote company from Canada to........?
Thanks a lot for the info
Always a pleasure!
What are your thoughts?
Love this video!!!
Thank you! What are your thoughts on the topic?
This channel is GOLD
Thank you!
Anything you'd like to see next?
We love this. We are driving around the World for 4.5 years and wish we could drop the tax issues. Not to be though as Americans with spouses who are staying in Florida. Enjoying your content and energy. I hope you will enjoy our father-son anthropological travel channel too. I think your mindset and appetite for adventure align with ours. Keep up the good work. - Turtle
I guess you'll need a health insurance with global coverage in that case. Any good option for those with "pre-existing conditions"?
Great video, thank you. But to open, or only to maintain a bank account, many banks ask for 1) Your T.I.N. (Tax Identification Number) 2) A proof of address (utilities bill, ...) in your country of residence, matching the T.I.N..
can you make a video about making a UAE company and then under that create another one in US/UK such that it's easier to work with payment processors? Eventually want to pass on all the money from that US entity to UAE company or personal bank
Sure can do
@@OffshoreCitizen i would be interested also using UAE or Isle of Man (I have UK/CDN Passports) for banking.
Very interesting video, thanks. Does living in a motorhome (1 or more campsite and/or off road wild camping) count as 'long term'? UK citizen, I can apply for Irish passport, thinking of traveling Europe (Currently fully remote US contracts)
A motorhome that's moving from place to place wouldn't tend to be a permanent home
@@OffshoreCitizen :) You know that, I know that, just wondered if there's some countries with some pesky laws that might interpret it otherwise.
Could you outline the best possible option for Australians and Canadians to do this.
It's very individual specific, there is no one size fits all option.
Best is to book a call where we can go over your specific situation and advise on the best solution for you
calendly.com/michael-rosmer/
How would the government know if you have a long term apartment lease?
Great video, thank you.
I'm dual Australian and Swedish, living in Australia, and considering a move to Malaysia (s-mm2h which includes buying a property), but I am mostly interested in the lifestyle you describe.
As you mention, Australia does want to hold on to tax income, is a move to Malaysia a good option, do you recommend looking at other countries or ways to achieve this?
Allting beror på vad du har för inkomstkällor.
Relinquishing be Australian tax residency can be tortuous. I have similar plans
The points the presenter made to prove you are legitimately quitting Australia are valid
Talk to a good accountant who deals with international clients; have a friendly chat with the ATO -I find them helpful if you have nothing to hide. And in the past when I needed certainty about a matter I requested a tax ruling from the ATO
And don’t forget that once you relinquish Australian tax residency it triggers a tax event !
Therefore any unrealised gains on shares, for example, need to be paid irrespective of whether you sold them or not. Plus tax issues with property etc
Lots to cover here. Probably best to schedule a call. We'll go through all the details of your specific situation and then discuss the suitable options. The team and I can then assist through the process
Whats the best resource for figuring out the tax residency rules for each country? Sites like KPMG, Deloitte etc tend to state much stricter rules than are either true, or effectively practiced.
Start with Deloitte then clarify with the actual laws or book a call with us
Nice video, thank you!
My question is: in the case you mentioned, what residency do you tell to banks or entities like healt insurance company for example? If i want to open a bank account or do something i need to tell them my residency , so i don't understand the fact that i could be with no residency at all, in any existing country. Let's take my situation for example: i am italian citizen with residence permit in Bosnia, i am regularly registered also in Itlay as Bosnia resident. Let's say that next year i'll not submit the renewal of residence permit and start travelling wisely. I will be resident not in italy and not in bosnia. Is it possible for an individal to have no tax residency at all?
No tax residency in some cases yes but you can't claim that to a bank so you need your banking set up in advance or need a residency permit and proof of address to give them.
what about having a residency in a no tax o territorial tax country like paraguay? Then having tax residency there would allow you to show that you have one tax residency?
Thanks Michael!
Am I correct in that Malaysia doesn't require tax paid on income earned abroad as a digital nomad?
That's usually the case with digital nomad visas
@@OffshoreCitizen so any other visa you would need to? For example MM2H
the new malaysia DN visa may still mean you get taxed if you are in the country more than 60 days
Interesting video. So like you said, you will qualify as a tax resident if you spend approx. 180 days in a country, but if I'm not wrong that is within a calendar year. So if for example, I would stay 9 months in Spain but from September, I shouldn't become a tax resident right? As I would be in the country during two tax calendar years.
Honestly most countries barely have the resources to police this shit. This is what these 'gurus' never tell you.
How about getting rid of residence ties, by owning that residence, but not in your name- via nevis llc or so? So you dont need to rent it out long term, or if you want to rent it out, do it most profitable way- short term airbnb etc.
Residency can be avoided by simply staying on tourist visa for 60-90 days, and then moving on to another country- rinse and repeat. Most decent to good passports lets you visa free entries for 60-90 days.
Depends where. In some places it's difficult to own through a foreign company. Also note under tax treaties the term is "do you have a permanent home available to you"? You can have this without in being in your personal name.
Granted in many places you can have a place and not create issues but watch place by place
@@OffshoreCitizen Thanks for the answer, and the content, You, Wealthy expat, Nomad Capitalist... yall doing amazing job on these type of contents, keep it up :)
Hi Michael, do you personally do the booked calls or is it a member of your team?
Michael is the one conducting all the calls
@@OffshoreCitizen Great thanks
I love watching a video for 3 minutes before I actually hear what I'm here for
Glad you like it 👍
I keep wondering why it’s different in the United States. Why did the IRS and government make it so they tax you even if you live outside the United States for the entire year for a decade or so and you’re not using the roads in the United States, or the insurance or the fire department, etc..
I thought to break ties with Australia you need to break ties meaning best to be able to show long term lease elsewhere, become a resident somewhere else, stay longer than 183 days etc. On top of not having any ties in Australia itself?
Yes as mentioned in the video Canada and Australia generally do not like you to be resident nowhere. It is a bit different if you're leaving vs arriving though and if you're intending to ever return as a resident or not
@@OffshoreCitizen I’m not Canadian nor Australian, but it sounds like some countries like to own you.
After watching this video, it sounds like not being a tax resident anywhere is a possible and valid strategy.
Before this video, I was under the impression that not being a tax resident anywhere can be potentially dangerous due to the fact that the country you originally left won't like it/allow you to disconnect tax residency if you don't pay taxes anywhere else in the world, and might go after your money. can you elaborate on that a bit?
Maybe checkout the video we made on the topic ruclips.net/video/vJv_pohvYk4/видео.html
Weirdly enough that's one of the only cases where Americans have an advantage over others. They can just always say they are tax residents in the US and that will often suffice to calm down any tax agency
Unfortunately, if you are a resident in some countries, if you are from the United States, you’re required to pay their taxes also + United States if you owe any.
Of course check the latest information was their attorney rather way since I don’t have the latest
Making money is action, keeping money is behavior,glowing money is knowledge
What's the difference in this quote between action and behaviour?
I normally tell people you make money through what you do, you become rich through what you own.
At 03:27 "Nobody cares about Eritrea"
Lots of arrogance coming from a Anglo-Saxon.
Like it or not it's the truth, no country will care about imposing the will of Eritrea outside its borders
I think when he said nobody cares about Eritrea, he just means about the tax situation, not the country in general