Tax residency status is one of the most misunderstood topics in tax It can have such a huge impact, particularly in the UK where I am based. There are so many rules that impact where you pay taxes even if you dispose of abroad and then return within 5 years
@@我-j6d why you would need an allowance outside of your home country? The jurisdiction of your home country isn`t valid abroad, you just need to face the consequences of not be able to return back to your home country.
Wonderful explanation with crystal clarity. The significance of these situations is vital to improving one's life chances and prosperity. While Caribbean citizenships and residencies were discussed I was considering how this might apply to eastern EU countries and the various double tax treaties between certain nations. Now this would really be exciting if included how one's business came into play - say an online trading company possibly set up and managed in another neighboring country to minimize taxation and perhaps utilize options for arbitrage and yet another country for investment asset protection...etc. What a confusing tangled web you could weave. Thank you for another great video stimulating fresh ideas of opportunities. F
@@OffshoreCitizen YES SIR!!!! which countries have the least strict rules on the unvaccinated...I hear budapest is still a 10 day self quarantine for new arrivals
Very concise explanation. Thank you. It seems for us Americans that finding a place to renounce is and has been a challenge could you consider a video and maybe a blog on your site that gives the places open to renounce. I know the process and paperwork
Yeah that's been more of an issue lately, lots of places that are normally open are closed or only accepting residents. I think it's worth planning residency around this a bit. For instance Abu Dhabi is open but only for residents
Thanks, many seem to conveniently leave out the fact that buying a passport doesn’t guarantee 0% tax with these Caribbean islands. Residency is what gets you the tax benefits.
I am in Mexico now and curious about the Mexican PR for 20k. I am planning on moving to Thailand on an Elite visa which makes my life so much easier i am happy to pay. I was put off doing the Mexican PR because of having to leave Mexico to go to another country then to the Mexican embassy there, as well as having to stay in the country until the PR paperwork is approved. I hear that can be quite some time, 6 months etc.I qualify financially but any more details on this would be great. If it's better maybe i can do a call with you because i have some tax questions regarding Thailand anyways.
How are you enjoying Mexico? We have videos on both topics. Have you seen those? As there's a lot to cover here, getting on a call would probably be the best first step. I'll guide you on the best solution and we'll go from there 😀
@@OffshoreCitizen Mexico is surprising me this trip, I have been twice before but decades ago. It’s very liveable in certain areas and has developed a lot over the years. I didn’t think I would say this before but I could really enjoy living here full time now. I’ll double check I’ve seen your other videos on Mexico and book a call thanks. Lots of US/CAN expats escaping the madness back home are here now as well.
Depends where you're a citizen and where you want to live. Most CBI countries aren't great to live but if for example you could get Singapore or UAE citizenship then maybe that would be different.
great content as always. thanks for sharing! where would you recommend to go become tax resident for a SaaS startup for lowest taxes and low cost of living?
Tax residency status is one of the most misunderstood topics in tax
It can have such a huge impact, particularly in the UK where I am based. There are so many rules that impact where you pay taxes even if you dispose of abroad and then return within 5 years
Exactly.
Do you have any other residencies?
@@OffshoreCitizen no just Uk resident. Losing UK tax residency is quite hard and requires a certain number of days out of the country
Can you explain what happens in detail if you’re a stateless person with a resident permit. (You got the permit before you were stateless) thanks
How is that possible ? Which country allow you to withdraw your only citizenship without another one?
@@我-j6d why you would need an allowance outside of your home country? The jurisdiction of your home country isn`t valid abroad, you just need to face the consequences of not be able to return back to your home country.
Wonderful explanation with crystal clarity. The significance of these situations is vital to improving one's life chances and prosperity.
While Caribbean citizenships and residencies were discussed I was considering how this might apply to eastern EU countries and the various double tax treaties between certain nations. Now this would really be exciting if included how one's business came into play - say an online trading company possibly set up and managed in another neighboring country to minimize taxation and perhaps utilize options for arbitrage and yet another country for investment asset protection...etc.
What a confusing tangled web you could weave.
Thank you for another great video stimulating fresh ideas of opportunities.
F
Always a pleasure! Thank you for the continuous support, truly appreciate it! 🙏
Great video! You killing it on the flag theory side of the game
Thank you! Happy to hear you liked it!😄
Anything you'd like to see next?
@@OffshoreCitizen YES SIR!!!! which countries have the least strict rules on the unvaccinated...I hear budapest is still a 10 day self quarantine for new arrivals
@@thel7503 latin america
Man! I just invested in Defi Yield from my VC group :D What a small world.
It indeed is! 😀
What would be the options for establishing tax residency without having to reside in a country for long periods through the year?
Very concise explanation. Thank you. It seems for us Americans that finding a place to renounce is and has been a challenge could you consider a video and maybe a blog on your site that gives the places open to renounce. I know the process and paperwork
Yeah that's been more of an issue lately, lots of places that are normally open are closed or only accepting residents. I think it's worth planning residency around this a bit. For instance Abu Dhabi is open but only for residents
@@OffshoreCitizen Love the blog, jam packed with info. But is there a search function? Whenever I wanna dig deeper, can't really do it.
Thanks, many seem to conveniently leave out the fact that buying a passport doesn’t guarantee 0% tax with these Caribbean islands. Residency is what gets you the tax benefits.
Exactly.
Are you interested in any of the Caribbean programs?
So if i take portugal golden visa but if I stay or work in Germany where do I pay tax?
I am in Mexico now and curious about the Mexican PR for 20k. I am planning on moving to Thailand on an Elite visa which makes my life so much easier i am happy to pay.
I was put off doing the Mexican PR because of having to leave Mexico to go to another country then to the Mexican embassy there, as well as having to stay in the country until the PR paperwork is approved. I hear that can be quite some time, 6 months etc.I qualify financially but any more details on this would be great. If it's better maybe i can do a call with you because i have some tax questions regarding Thailand anyways.
How are you enjoying Mexico?
We have videos on both topics. Have you seen those?
As there's a lot to cover here, getting on a call would probably be the best first step. I'll guide you on the best solution and we'll go from there 😀
@@OffshoreCitizen Mexico is surprising me this trip, I have been twice before but decades ago. It’s very liveable in certain areas and has developed a lot over the years. I didn’t think I would say this before but I could really enjoy living here full time now.
I’ll double check I’ve seen your other videos on Mexico and book a call thanks.
Lots of US/CAN expats escaping the madness back home are here now as well.
Michael, can you please do a video about the Mexican PR and tax system?
Have you seen this one th-cam.com/video/caiNRUTJ19Y/w-d-xo.html ?
is there a tax treaty that overrules american tax net? if say i were a tax resident of another country outside the u.s.
If you're a US Person, check out the savings clause.
So Michael, do you recommend not living in the country where one is a citizen?
5 flags/7 flags?
Depends where you're a citizen and where you want to live. Most CBI countries aren't great to live but if for example you could get Singapore or UAE citizenship then maybe that would be different.
You should have added to your topic “source of income “
👍
How did you like the video?
@@OffshoreCitizen your videos are excellent and have an immense amount of information. I appreciate you sharing this information.
Granada? Gre-naa-daa
More like "Greh-nay-dah"
great content as always. thanks for sharing! where would you recommend to go become tax resident for a SaaS startup for lowest taxes and low cost of living?