This is, for me, one of the most eye-opening channels on RUclips. Bought your book as well, and it is completely remaking the way I view my future. Well done.
Hello David, thank you for your comment. We would appreciate it if you leave your review here: www.google.com/books/edition/_/NW1mEAAAQBAJ or www.amazon.com/dp/B09F16Q6G8?geniuslink=true
I am experimenting with living in Monaco. Don't even think about until you have lived here as a tourist for a significant period. Most people don't stay long.
Great explanation on territorial tax systems! You've mentioned this in a few videos but I wasn't 100% sure how that worked. This video cleared that all up for me.
For Georgia, foreign sourced income is only for individuals not for corporations. So if you have a real estate company with foreign investments it will just be taxed the same as local income. Only not if you own the property as an individual. *someone should make a wiki page out of this and everyone can add/edit. When stuff is more complicated and we get rich we’ll hire NomadCapitalist
Hey Andrew - really appreciate all your videos on NC. Having been a tax-paying UK citizen who has served his country militarily in green and civilly in blue, the platitudes of 'thank you for your service' having no meaning anymore, and a country I wanted to feel proud to be a part of now on the cusp of 50 years of generational implosion due to Brexit, your information and enthusiasm for a financially free existence has added jet fuel to the research I have been conducting over the last few years. If any doubt as to my future needs were ever apparent, despite being in my fifth decade, they aren't any longer. Please keep up the fantastic work. It is inspiring.
Andrew, as a US citizen, how do you avoid your tax liability to the IRS in the US on your worldwide income? As a US citizen, under FATCA, you are required to report your worldwide income (whether it's from Georgia, Malaysia, etc) to the IRS and pay taxes on that in the US (less those taxes you already paid in Georgia, Malaysia, etc).
FYI - US Citizens must always pay tax on their worldwide income. There are some ways to avoid paying income on earned income (salaries, etc.) but there's almost no way to avoid paying taxes on passive income for US Citizens (Puerto Rico is about the only option).
what if you open a TDAmeritrade account in the USA your a usa citizen, but live in Panama and trade options with short term gains of $200,000 year - where do you pay taxes on that income? where do you live to pay no taxes?
How would this work if you lived in Malaysia and your foreign company was paying you as an employee owner there. If you did the work from Malaysia on your laptop is that still foreign source income?
You can watch these videos for YEARS as the tax and economic situations for every country change. Be a "permanent tourist" and keep on moving from one to another.
You might find out that wherever you were last officially resident for tax purposes might still claim you as a tax resident if you do not have a new tax residency. You can’t just not be a tax resident anywhere. Will you get caught - most likely not - but strictly speaking you’ll probably find the last place you lived could technically knock at your door one day with a large tax bill, if you read the relevant tax legislation. On this basis, you might want to be careful about how you “re-enter” the system when you get tired of living out of a bag.
Hi Andrew, I am, really enjoying your video series. if it is possible could you please explain in video about the difference between onshore and offshore account in Hong Kong.
What is your opinion of the Bahamas? You can purchase a home there and that is the start of your road to permanent residency. No local taxes on capital gains, no inheritance, corporate, or personal income taxes, and no tax on dividends and interest. I've not heard you talk about the Bahamas so there must be a reason.🤔🤔🤔
I wish you would talk about the pros & cons of living / working / investing specifically in the Philippines since there are a lot of American as well as other westerners that reside there.
Very impressed. Not hard sell...hire us to be your nomad consultant. I will give your firm serious consideration. Have filled in my initial application questionnaire.
hi andrew! if I have a residential property in us or uk or australia or canada as a vacation house, will these countries tax me on my worldwide income?
If I decided to open an account and start a small business in Dubai or Morocco or somewhere, then do I've to pay taxes in the US or not, if yes what're the requirements..thanks
question: What is "Foreign income"? sounds like a stupid question, but if you work for yourself.. you could be deemed to be operating your business in this country that we're talking about, even though your company is set up in a foreign country. example in portugal even if your company is somewhere else, the tax authorities could consider your income to be portugal income and not foreign income...
Could you tell us more on the way the foreign and national income can be treated in the context of running an online business? As you mentioned in the video if you work from one country it would most probably be treated as a national income, even if the clients and the money come from abroad. But what happens if you spend 6 months in that country and the rest of the time travelling around and working from different countries?
@@nomadcapitalist Thanks for the reply. Nevertheless I am not sure if the situation described with the mentioned video is applicable for EU citizens. It seems like in the EU if you have no formal tax residency (eg. constantly travelling) you have to pay taxes on worldwide income in the country of your citizenship. My initial question is specifically connected with the Portuguese system (NHR status), which applies 0% income tax for the foreign income. I am trying to understand what a foreign income mean in context of a working as a contractor/freelancer for the online business.
Hey man I really enjoy your videos very interesting well I just have a question for you please I live in Belgium and I just have LLC company in the U.S so will I have to inform Belgium about my e-commerce business or won't ??because as you know it's one of the highest tax in Europe. Thank you
I recommend you to talk to a local tax accountant. I have an LLC in the US (Wyoming, no Corp taxes) and I live in Poland while my main client is in Switzerland. I only pay a flat 19% income taxes.
Just found out today that the Singaporean banks here in the Philippines don't have for individual account and just for corporations. We also have anti money laundering law here in the Philippines where if you deposited something greater than PHP500,000, the bank will need to inform the AMLC for the legitimacy of the deposit which is much hassle.
But if you're a US citizen you still must file. You get up to like 100K free of US tax. Anything over you pay US tax regardless of the country you're in.
If you get an MM2H or SRRV visa and retire in Malaysia or the Philippines, then work online for a US company based in the US and receive income in US dollars in a US bank, do we have to pay local tax in Malaysia or the Phillipines? Is that considered domestic income because it is being earned while living in those countries?
So lets say I do that, what if I want to bring the tax free earned money into my home country (which does charge taxes on money earned offshore) later on, will I be charged some kind of tax then? Thanks
Are the digital nomad visa, like the on in Malaysia, considered valid for tax residency ? I know Malaysia will not tax you with the new DE Rantau, does it mean I'm tax liable in my home country even if I stay 2 years in Malaysia?
Hi, I'm not a 6-7 figure entrepreneur so becoming a client is probably not possible right now; But I can probably afford Nicaraguan CBI (30-40K). Then once I have Nicaraguan citizenship is it possible to renounce U.S. and still own a U.S. LLC (as foreigner) to own rental properties in the U.S. but not be taxed as a U.S. citizen?
If I understood the definition of territorial country correct, Thailand shouldn't be qualified that way. If you are a resident (live over 180 days of the year there), you will have to pay taxes on your foreign income brought into the country.
I’m by no means a wealthy person and trying to begin as a perpetual traveler however I’m really confused as this is my first day researching as a PT. my first idea is that I’m thinking of buying in Spain and selling in uk is that a good choice. Currently I’m self employed in uk. I have savings in uk.
I have just returned to the UK for tax purposes because you pay tax on what you earn here but I live in 3 other countries as my work is online. UK is the best for this and has easier admin
I had a question I was born in a country with a tier A passport (as you describe it) and I am intiteled to some eu passports by decent(France Spain Portugal) which passport of the 3 I listied do you think is best. Thanks in advance
@shlomi gta Thank you for the question. It depends on what do you want to achieve by owning one of those passports that you listed. Which of these features you want to achieve: Visa-free travel;Tax freedom;Possibility to hold multiple citizenships;Perception of a certain country;Personal freedom. This video can be helpful ruclips.net/video/wAMvwGFlXj8/видео.html and this blog post too nomadcapitalist.com/nomad-passport-index/
Australian citizens need PR elswhere snd/or tax domicile overseas address estanlished for over 6 yrs! before they / ATO release you or forget about your tax obligation as AUS citizens same as USA citizens MUST declare and pay tax in Australia / USA on ANY and ALL global income as part of a good citizen obligations. Territorial tax country member of OECD with zero tax on foreign income would suit best...
Remember u give residency in Canada u lose free health U can get it back upon resuming residency but not on 0th day but on 91 st day. Also I am.not sure tax residency in malsiya will give health care like malasiyans even if so I dont think health care is free like canada
Why making this seem complicated? Many countries will not tax you for your original home country or any other foreign income sources exept the USA mostly. Even if they do dont let them know. I know 1 us guy paying the taxes to both the usa and the Czech Republic!
Malaysia banks are sucks ...lol... each 10000USD,banks will report to gov.... my Malaysia super rich friend hide all her money in USA and Singapore...lol...
This is, for me, one of the most eye-opening channels on RUclips. Bought your book as well, and it is completely remaking the way I view my future. Well done.
Hello David, thank you for your comment. We would appreciate it if you leave your review here:
www.google.com/books/edition/_/NW1mEAAAQBAJ or www.amazon.com/dp/B09F16Q6G8?geniuslink=true
@@nomadcapitalist Once I'm done the book, I'll be sure to. Thanks.
I am experimenting with living in Monaco. Don't even think about until you have lived here as a tourist for a significant period. Most people don't stay long.
Any reason why they don't stay long?
@@ibanezbuyer It's expensive as hell and one would probably suffer from culture shock if they haven't experienced it before
Monaco is good for a person who not a french citizen with a lot a money!
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Mate, I thought I was smart but it turns out you're the real genius.
Great explanation on territorial tax systems! You've mentioned this in a few videos but I wasn't 100% sure how that worked. This video cleared that all up for me.
Yes..
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Marcelo Stewart Jeremy
For Georgia, foreign sourced income is only for individuals not for corporations. So if you have a real estate company with foreign investments it will just be taxed the same as local income. Only not if you own the property as an individual. *someone should make a wiki page out of this and everyone can add/edit. When stuff is more complicated and we get rich we’ll hire NomadCapitalist
Your latest series of videos have been fantastic!
Hey Andrew - really appreciate all your videos on NC. Having been a tax-paying UK citizen who has served his country militarily in green and civilly in blue, the platitudes of 'thank you for your service' having no meaning anymore, and a country I wanted to feel proud to be a part of now on the cusp of 50 years of generational implosion due to Brexit, your information and enthusiasm for a financially free existence has added jet fuel to the research I have been conducting over the last few years. If any doubt as to my future needs were ever apparent, despite being in my fifth decade, they aren't any longer. Please keep up the fantastic work. It is inspiring.
Nick thank you for the comment. Glad to hear that it inspires you.
I greatly appreciate all of your * free * (and ad free) content! Seriously, brah.
Great information. Can you please do more videos on Africa and best passports?
Australia does indeed require a permanent residence overseas.
Andrew, as a US citizen, how do you avoid your tax liability to the IRS in the US on your worldwide income? As a US citizen, under FATCA, you are required to report your worldwide income (whether it's from Georgia, Malaysia, etc) to the IRS and pay taxes on that in the US (less those taxes you already paid in Georgia, Malaysia, etc).
@Hello World Yes that is the only way.
FYI - US Citizens must always pay tax on their worldwide income. There are some ways to avoid paying income on earned income (salaries, etc.) but there's almost no way to avoid paying taxes on passive income for US Citizens (Puerto Rico is about the only option).
You don't have to report foreign real estate as far as I know.
@@SenorJuan2023 yes you do. You must report everything
@@jordanzimmerman7590 No wonder so many Americans are renouncing their citizenship. The country wants to know every detail of your life.
what if you open a TDAmeritrade account in the USA your a usa citizen, but live in Panama and trade options with short term gains of $200,000 year - where do you pay taxes on that income? where do you live to pay no taxes?
Morning Gold, its 9.32 am over here in MD! Its my day off and I am listening to you as I catch up with my chores. Keep your videos coming.
How would this work if you lived in Malaysia and your foreign company was paying you as an employee owner there. If you did the work from Malaysia on your laptop is that still foreign source income?
oh you are a magician too 04:37 ! very interesting video 👍
You can watch these videos for YEARS as the tax and economic situations for every country change. Be a "permanent tourist" and keep on moving from one to another.
You might find out that wherever you were last officially resident for tax purposes might still claim you as a tax resident if you do not have a new tax residency. You can’t just not be a tax resident anywhere. Will you get caught - most likely not - but strictly speaking you’ll probably find the last place you lived could technically knock at your door one day with a large tax bill, if you read the relevant tax legislation. On this basis, you might want to be careful about how you “re-enter” the system when you get tired of living out of a bag.
Hi Andrew, I am, really enjoying your video series. if it is possible could you please explain in video about the difference between onshore and offshore account in Hong Kong.
This guys a genius
What is your opinion of the Bahamas? You can purchase a home there and that is the start of your road to permanent residency. No local taxes on capital gains, no inheritance, corporate, or personal income taxes, and no tax on dividends and interest. I've not heard you talk about the Bahamas so there must be a reason.🤔🤔🤔
Always a pleasure to watch your productions. Thanks for sharing
As of 2022, Malaysia now taxes any income brought into Malaysia at the internal tax rate.
the gov u-turn that decision..until 2026, foreign income is TAX FREE..dividend and capital gains in the country is also tax free..
I wish you would talk about the pros & cons of living / working / investing specifically in the Philippines since there are a lot of American as well as other westerners that reside there.
Hahah, i can see you from Krasici (across the bay) :) Try Calzona from Recoleta (Tivat) if you didn't already :)
Thanks!
Can you do an update on Malaysia? I think they just introduced a capital gains tax.
There are also payroll taxes to watch out for.
We cover US payroll taxes here: ruclips.net/video/iwTxAN5icbg/видео.html
...but each country does indeed have their own.
Very impressed. Not hard sell...hire us to be your nomad consultant. I will give your firm serious consideration. Have filled in my initial application questionnaire.
hi andrew! if I have a residential property in us or uk or australia or canada as a vacation house, will these countries tax me on my worldwide income?
If I decided to open an account and start a small business in Dubai or Morocco or somewhere, then do I've to pay taxes in the US or not, if yes what're the requirements..thanks
question: What is "Foreign income"? sounds like a stupid question, but if you work for yourself.. you could be deemed to be operating your business in this country that we're talking about, even though your company is set up in a foreign country. example in portugal even if your company is somewhere else, the tax authorities could consider your income to be portugal income and not foreign income...
Great thank you, this can even heal the Planet
Could you tell us more on the way the foreign and national income can be treated in the context of running an online business? As you mentioned in the video if you work from one country it would most probably be treated as a national income, even if the clients and the money come from abroad. But what happens if you spend 6 months in that country and the rest of the time travelling around and working from different countries?
Thanks for the question. I cover this in my book as well as in other videos. You may find this video helpful ruclips.net/video/i-6otVdjCA0/видео.html
@@nomadcapitalist Thanks for the reply. Nevertheless I am not sure if the situation described with the mentioned video is applicable for EU citizens. It seems like in the EU if you have no formal tax residency (eg. constantly travelling) you have to pay taxes on worldwide income in the country of your citizenship. My initial question is specifically connected with the Portuguese system (NHR status), which applies 0% income tax for the foreign income. I am trying to understand what a foreign income mean in context of a working as a contractor/freelancer for the online business.
Could you make a video talk about recent Malaysia foreign income tax beginning 2022. Would like to have your opinion. Thanks
So if Im in Canada and I have a canadian TFSA investing account, can I move to Albania and still trade stocks in that acount and not be taxed?
Hey man I really enjoy your videos very interesting well I just have a question for you please I live in Belgium and I just have LLC company in the U.S so will I have to inform Belgium about my e-commerce business or won't ??because as you know it's one of the highest tax in Europe.
Thank you
I recommend you to talk to a local tax accountant. I have an LLC in the US (Wyoming, no Corp taxes) and I live in Poland while my main client is in Switzerland. I only pay a flat 19% income taxes.
Just found out today that the Singaporean banks here in the Philippines don't have for individual account and just for corporations. We also have anti money laundering law here in the Philippines where if you deposited something greater than PHP500,000, the bank will need to inform the AMLC for the legitimacy of the deposit which is much hassle.
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Marcelo Stewart Jeremy
Could you please do a video on best countries for investors
Message Mr Morris and start up your investment
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His on what's== app
What countries can you invest in stocks without paying taxes?
Legendary.
GREAT INFO !!!! !!!!
Andrew, after you renounced American citizenship, are you now Malaysian citizen? Or you don’t have any citizenship now?
But if you're a US citizen you still must file. You get up to like 100K free of US tax. Anything over you pay US tax regardless of the country you're in.
We cover US taxes for expats in a number of other videos on our channel.
Is KSA a country with 0 taxes for foreign income. Source of the income is outside of KSA.
Appreciate the help.
I heard the problem and headache and of disolving the corporations. Can you talk mor about that?
Suggest some country for Forex trader with no tax please ?
UK has 0 tax on fx trading
Which country can i set up a entity to hold crypto assets in without any major cap gain taxes?
You are brilliant!
What do you charge for your Pvt counsel?
If you get an MM2H or SRRV visa and retire in Malaysia or the Philippines, then work online for a US company based in the US and receive income in US dollars in a US bank, do we have to pay local tax in Malaysia or the Phillipines? Is that considered domestic income because it is being earned while living in those countries?
So lets say I do that, what if I want to bring the tax free earned money into my home country (which does charge taxes on money earned offshore) later on, will I be charged some kind of tax then? Thanks
Are the digital nomad visa, like the on in Malaysia, considered valid for tax residency ? I know Malaysia will not tax you with the new DE Rantau, does it mean I'm tax liable in my home country even if I stay 2 years in Malaysia?
Can't be more vague than that !
add Uruguay to your list, no global tax
What about carrabbian countries?
Those are "zero tax countries" and covered in other videos.
@@nomadcapitalist I already have carrabbian passport along with my by birth citizenship. Which other cbi program should I go for
Hi, I'm not a 6-7 figure entrepreneur so becoming a client is probably not possible right now; But I can probably afford Nicaraguan CBI (30-40K). Then once I have Nicaraguan citizenship is it possible to renounce U.S. and still own a U.S. LLC (as foreigner) to own rental properties in the U.S. but not be taxed as a U.S. citizen?
If I understood the definition of territorial country correct, Thailand shouldn't be qualified that way. If you are a resident (live over 180 days of the year there), you will have to pay taxes on your foreign income brought into the country.
so then just live there 175 days a year and 175 days in another 0% tax foreign income country? Could this feasibly work?
What about Turkey? Thank you
👍👍👍👍 GREAT THANK U !!!
I’m by no means a wealthy person and trying to begin as a perpetual traveler however I’m really confused as this is my first day researching as a PT. my first idea is that I’m thinking of buying in Spain and selling in uk is that a good choice. Currently I’m self employed in uk. I have savings in uk.
I have just returned to the UK for tax purposes because you pay tax on what you earn here but I live in 3 other countries as my work is online. UK is the best for this and has easier admin
Guatemala no income tax on foreign income from any source.
I had a question I was born in a country with a tier A passport (as you describe it) and I am intiteled to some eu passports by decent(France Spain Portugal) which passport of the 3 I listied do you think is best.
Thanks in advance
Get all of them
I can't
And I don't need all of them because they all do the same job for me
@shlomi gta Thank you for the question. It depends on what do you want to achieve by owning one of those passports that you listed. Which of these features you want to achieve: Visa-free travel;Tax freedom;Possibility to hold multiple citizenships;Perception of a certain country;Personal freedom. This video can be helpful ruclips.net/video/wAMvwGFlXj8/видео.html and this blog post too nomadcapitalist.com/nomad-passport-index/
I want to have it for travel and which one of these doesn't have forgin income tax(because I'm Israeli
How can I live in Monaco on a backpackers budget? :)
sleep under a bridge and you eat from the street
You can’t
@@bigman8614 sleep on the beach and earn your money by holding your hand up und look sad
@@bigman8614 but you are a backpacker
Yeah but can I avoid paying the local income tax from my native country by being a resident in a foreign tax friendly country??
Depends on agreements between countries.
No, not anymore.
Australian citizens need PR elswhere snd/or tax domicile overseas address estanlished for over 6 yrs! before they / ATO release you or forget about your tax obligation as AUS citizens same as USA citizens MUST declare and pay tax in Australia / USA on ANY and ALL global income as part of a good citizen obligations. Territorial tax country member of OECD with zero tax on foreign income would suit best...
can you make a video on turkish iqamat card process? Its residence card
if you have German passport, do biz in Singapore , live in USA ...super cheap and nice life... all depends on what passport you are holding...
What biz Do you do in Singapure? May I ask? :)
The US taxes global income so what’s the point?
@@magicalmystical7998i own hospital
@@crossroads670 now this days , you just have to pay .... unless u got a hk or tw ID... in the old days you can hide all money in china ...
Isn't Germany also tax citizens for worldwide income?
Remember u give residency in Canada u lose free health
U can get it back upon resuming residency but not on 0th day but on 91 st day.
Also I am.not sure tax residency in malsiya will give health care like malasiyans even if so I dont think health care is free like canada
It wont be free but you coule get a health insurance that covers you, 0% tax on foreign income + low cost of living compared to Canada should help
If you are a RUclipsr, will u pay 0% tax?
Why making this seem complicated? Many countries will not tax you for your original home country or any other foreign income sources exept the USA mostly. Even if they do dont let them know. I know 1 us guy paying the taxes to both the usa and the Czech Republic!
Philippines Only tax resident citizen.....not alian permanent resident
Om Shantih
Is this a reupload?
No.
Just don’t declarar your income ^_^.
Don't do that. Stay legal. Foreign jails can be dreadful.
Mexico
Not a territorial tax system.
How can i not pay taxes on my forex profits? i live in turkey
Have you recived any advice??
Dhu Meiring oh yeah
Any Good options?
Dhu Meiring well, yeah their are a lot of options
Poor option is China if you are a foreign resident you pay 0 tax on foreign profit but I don't think it works for forex but maybe it works
You must be joking MALAYSIA. ......
Yup.
Malaysia banks are sucks ...lol... each 10000USD,banks will report to gov.... my Malaysia super rich friend hide all her money in USA and Singapore...lol...
USA is a poor choice to hide your money!
by the way ... Malaysia is not safe .... u need watch out , when u go to ATM....lol... worse the place ever....