This Family Cut Taxes 90% by Moving to Europe
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- เผยแพร่เมื่อ 23 มิ.ย. 2024
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In this eye-opening video, we present a real case study on how to live in Europe with near-zero taxes. If you've ever wondered about the secrets behind minimizing your tax burden while enjoying the perks of living in Europe, then this video is a must-watch.
Join us as we delve into the fascinating journey of our client, a successful entrepreneur who has successfully navigated the European tax landscape. We will uncover the strategies, legal loopholes, and expert advice he and his family employed to achieve near-zero taxes in Europe, allowing them to maximize their earnings and live a financially advantageous lifestyle.
00:00 Start
0:15 Leaving the USA with Family
2:28 Where to Move in Europe
7:08 Taxes in Europe
12:47 Challenges
21:50 Our Client's Expectations
30:23 How Long It Takes to Get a Second Passport
39:48 Costs to Get a Second Passport
Nomad Capitalist is the world's most sought-after expert on legal offshore tax planning, dual citizenship, and international asset protection. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best."
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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
I love Andrew and his team, and Nomad Dad is great also. I've learned so much, FREE of charge. So thankful ❤
Well stated. I have traveled to over a dozen countries, but only stayed a week or more in a handful. There is so much to learn. I am seeking out info mostly for my daughter to help set up her freedom. I am curious how the process works for young adults that are under Guardianship and Conservatorship in USA.
Please do more case study videos like this. They are extremely useful and convincing
TLDR:
- Planning in advance can save a lot of trouble and money when it comes to tax issues.
- In Europe, different countries have different rules for who qualifies as a dependent.
- Renting remotely and having virtual tours can be a convenient option for finding a property in another country.
- Getting a second passport can provide more options for travel and freedom.
- If one member of a married couple relinquishes their US ties, the US Top-Up tax on Malta will no longer apply, resulting in additional tax savings.
- The client had French ancestry and was advised to obtain a French passport, which would allow them visa-free travel and eliminate the need for a self-sufficient Visa in Portugal.
- The client's spouse was not immediately eligible for the French passport as they were not French, but could obtain one in a couple of years.
- It could take several years for the parent to obtain French citizenship by descent, and then the spouse and children could follow.
- Malta citizenship was considered but deemed unnecessary as obtaining the French passport was a more cost-effective option for the client.
- The client's banking was spread out across various countries, including the US and Portugal, rather than consolidating all their assets in one country.
- The client was initially unaware of the tax implications for their TH-cam channel royalties, but was advised to handle it through proper tax planning.
- It's important to consider tax treaties and residence status when determining the best option for taxation of income.
- Certain income sources, such as TH-cam ad revenue and royalties, can be taxed differently depending on country of residence.
- It may be possible to lower taxes on income sources through proper tax planning.
- Consider residence options in different countries and tax incentives when planning tax optimization.
- It's possible to enroll in universities in different countries as a resident or citizen.
- Descent programs, such as the ones in Malta or France, can provide additional options for residence and citizenship in Europe.
- After establishing habitual tax residence in one country for at least 10 years, European options for residence and citizenship become more accessible.
There are many reasons to watch this channel, but it is really great that Nomad Capitalist is looking to drive so much practical value for the audience and their clients. Keep it up!
You have to credit Andrew for his commitment and compensation of free tips and guides. He could easily sit with his clients and make tons of money than sitting on front of a camera for TH-cam. Thanks Andrew.
it serves as advertising
@@HigginsLawLLCWinterHaven Absolutely. However, we are still gaining some valuable info without having to pay a penny. Some of us are not in the league to afford his actual services yet but able to learn a lot from his free materials.
The best video yet! Please do more of these. Would love to see a real case study of a day trader who renounced from the USA.
We moved to Portugal 2 years ago. For us it was the way of living not a financial matter. Being in the sun and enjoying more calmer live. Get away from the rollercoaster life we had back in the days and enjoying watching our crypto portfolio stacking.
Oh sweet baby jesus, that youtube royalty tax was so on point. As soon as she said youtube income, I hoped Andrew would jump on it and as always, the Drewmeister delivers.
I got mine set to 0% due to treaty in The Netherlands, but yeah I've seen many people flying off, thinking bye bye taxes and then bam 30%. Aaaaand it's gone (southpark ref. )!
Moved from California to Spain in 2019, cut inflation by 60% and gained citizenship in 3 years while at it 👊
More case studies please - very informative
Another fantastic idea for the channel!
I love this case study! Great to hear an example of one family’s goals and what was involved. Thank you.
Case studies make sense. Keep doing them.
Love this!!! Would enjoy another case study from a project with a little less annual income 😂
Andrew, this format is a superb approach for explaining your firm's services in depth. I highly recommend that you continue doing these case studies. For the first time since discovering your channel years ago, I came to an understanding of how complex the process can be, and why assistance is likely needed for most cases, especially families and those with multiple corporate ties.
Am I wrong in stating that it seems like each country tries to arbitrage the cost-saving Delta Visa v other countries, and then another country comes up with a different plan to differentiate?
And, are you seeing the world moving towards a more homogenous/universal taxation regime and citizenship requirements pursuant to the OWG/NWO globalists at the WEF, or is the nationalistic anti-global accelerating within your realm, making countries compete more readily for citizens and revenue growth via attracting entrepreneurs contacts incentives rather than raising taxes?
Everyone did an excellent job and seemed to work nicely together.
Thank you Andrew and team. .
Thank you, Michael! Happy you be of service to you anytime.
Thank you so much for sharing this case study! I really enjoy the shorter, daily posts. Occasional case study videos also allow us a glimpse into the process of what you do for your clients; hope to see more of these in the future!
Brilliant case study!!
Thanks guys!
nice to have a little more background info - and happy you touched on banking... thanks gang!
Great video, thank you!
Amazing work. 👏 👏 👏
Thanks for showing us this case study.
We appreciate it.
Great video! Great to hear a case start to finish and the benefits. Thank you.
Great info. Thank you NC
Awesome video. Thx for sharing all this knowledge.
Thank you! I can't wait for my visit to Serbia
Great video !!!👏👏👏 case studies ate the best
Really really like the case studies!!!!
1500 euros for a 5 bedroom apartment? Holly smokes! That’s an efficiency in Miami converted from a garage!
Excellent detailed strategy.
9:43 - "And every 750 grand counts, as we know." 😂🤣😂 Indeed it does.
This conversation made me think of the "Panama/Pandora Papers". I'm sure you've spoken about this in brief already, but I would be interested in a longer discussion about how (or whether) those revelations have affected your business. Or perhaps you might just use them for case studies.
p.s. SO impressed with the NC staff. Turning over sensitive documents and entrusting your family's welfare to strangers is only something you do when the team inspires confidence.
p.p.s. More Mozart, please.
This was great. Now I understand you value-add.
Extensive and thorough. Love him❤
This case study is very informative about each step of the process. Thanks for sharing this!
The lady in the pink dress and white blazer(Bottega Dalmut?) is flawlessly dressed, down to the nails. Brava! Loved this episode.
This is my Dude, will come up, so I can use your services. Awesome Man
48:42 Fabulous and informative video! Thanks!
very good study case! thanks for this and hope you do more of them. Malta is also what im thinking on
Yes I Love Andrew and the Awesome Staff
Well done, very good descrition about portugal. Love from Portugal Congrats
Good to see your team.
👌
I can’t wait to consult with Andrew and his team!
Very good insight
Very informative..like the multi person cast
The biggest problem when owning (and effectively managing) your business from a different jurisdiction is Permanent Establishment. Yes, you may try to cover your tracks taking yourself out of the orgchart and give up any salary, but chances are that you are in fact the ultimate decision maker and, should you trigger an audit with local tax authorities, you will be hit with Permanent Establishment. Also, you will need to hire/appoint a new CEO to "replace" you, which ads costs and he himself might trigger Permanent Establishment if he is located in a different country.
PE is the biggest pain in the butt for business owners who still want to be involved in managing their business from abroad.
There are lots of factors to consider that most people have never considered.
Has a Portuguese national, living in norway,! Start small ,you will get big, it is one of the best countries under the radar, no one will bother you and criminality is non existent ! y a prove this message!
This is luxury!!
Great Video!
Could you do one on options for active daytraders to reduce taxation? (I think you were going into the restrictions here in the beginning... setting up multiples companies in Malta...) Thanks!
Awesome! Yeah things can have quite a few moving pieces. You have to get certificates of no marriage, some states will claim you don't have the legal right to access the records, etc.
Thank you! Do you have any recommendations for a service company that does something similar to yours but for smaller budget families?
if you are starting a business in portugal and businesses pay corporate tax in Portugal at a flat rate of 21% of any taxable profits and you add the GILTI tax of 13% (i'm just being conservative) as an american citizen, you are looking at (21% + 13%) a 34% tax rate starting a company in portugal as an american citizen, the tax is still pretty high.
top....👏👏
Excellent case study thank you, how much does a service like this cost?
You can contact our team at help@nomadcapitalist.com for specifics on your case. Initial fees are generally $25,000.
More case studies! -- "their" situation in the US is a lot like mine currently & this shows me that I need to talk to Nomad Capital when I am about to move aboard to Spain and possibly incorporate in Malta.
I'm considering the same plan as you. Did you manage to get advice on avoiding creating a permanent establishment in Spain?
Great! But can you do a case study of a family or retired couple with passive income of more “ average” means! Not just the one percenters! Thanks!
The dream team
This case study format provides relatable information for your viewers. Could you please do one for Canadians interested in going to Portugal who may have descendant rights to the Portuguese (EU) passport.
Thank you Andrew for providing such useful and informative videos.
Stay tuned. We’ll be doing more case studies at Nomad Capitalist Live as well. www.nomadcapitalist.com/live
@@nomadcapitalistlooking forward to it. Thank you!
36:15 Some countries have restrictions on passport by descent, A friend of mine just got her Irish passport and her children thought they too could then apply for Theirs they were wrong, The mother should have applied before they were born not after, So because of that they were not allowed to apply for an Irish passport, as it was here grandfather who she used to justify her request making it thier great-grandfather so they were out of the requirement of only as far back as a grand parent.
The significant part to me is how long it takes to get anything done. I have been waiting for my St Kitts and Nevis passport for over 10 months. They are right, your agents need to push and advocate for you to get anything done. I didn't find getting the necessary documents to be too much of a hassle. The longest delay was getting a medical exam because there was a huge back log due to the CCP-virus limiting hospital visits and exams. It took 9 months to get notified I am approved. One other thing that Andrew and his team didn't mention is that it seems you get nickle and dimed to death with fees. Some seem outrageous. Now I am starting to get rid of stuff that I know won't make the "Escape from USA"
If you would have hired Nomad Capitalist, there would be no nickeling and diming because we present one flat fee.
@@nomadcapitalist Yes, but when I started I had just seen Nomad Capitalist on TH-cam. I looked at the St Kitts and Nevis approved agents and Nomad Capitalist wasn't on the list. Now I know what Nomad Capitalist does I may of chose different but get on the list.
I was wondering that in Europe when they get something like a "self sufficient visa" or any visa that requires to live there just over 6 months a year = is travel time in Europe included in that time? So if they wanted to go from Portugal to lets say Seville Spain for a week does that week in Spain NOT count towards the "days you must live in Spain per year" requirement?
Let’s talk business
I wonder what the minimum requirements are to be able to do that in terms of savings and/or income, type of occupation, etc.
Also whether those requirements are getting higher or harder with time or actually getting easier.
another very good advice: keep solely your own nationality. We have many double nationalities and it creates problems with the authorities.
Last week I had a case of the Turkish tax man ivestigatiing the mixed income of a resident within the EU with a double nationality. Be very carefull with that stupid decision.
Is there the possibility that you make a case study video for retirees settling in Argentina?
more real cases pls
Monaco, liechestein, and switzerland plss
Do you have European citizens case study?
We would be happy to help you if you message help@nomadcapitalist.com. We may be rolling out more case studies later.
I like the political direction Italy seems to be going in. If they can continue to incentivize entrepreneurs they can create a real boom economy. Very good content as usual Andrew but would have been better in a carpeted room without so much echo.
Italy going more socalist dickhead, child poverty worse in northern Europe
Georgia Meloni's work is the best thing happening in politics right now -- anywhere.
@@tdexter4959 can you be more specific please? What is she doing?
@@copacel Restoring common sense, protecting traditional values, and putting the E.U. bureaucrats in their place. (My earlier response was removed. I assume this was done by the tech overlords, not NC. We'll see if this one stays up.)
Does Ireland allow Marijuana?
Excellent video. It is great to see the thinking process you go through and it is great to see how competent the members of your team are.
Your videos are wonderful. Full of ideas. Can you please help me? I am a portuguese citizen but i live in luxembourg working as a freelancer. I am a resident of luxembourg. How do i reduce my taxes? Can you please help me?
Yes, please email help@nomadcapitalist.com and we will be happy to help you.
What is the difference between living in Ireland and Scotland?
Surely having the company in Malta without economic substance there (considering this is an online business with no employee) would not hold very strong if Portugal paid closer attention? No?
You surely can’t move a company from one country to another - You have an exit charge.
you forgot to mention the Global Intangible Low Tax Income (GILTI), which is a special way to calculate a U.S. multinational company’s foreign earnings to ensure it pays a minimum level of tax. GILTI was adopted as part of the 2017 initiative to make it hard for american citizens to form companies overseas after 2017 by charging tax as high as 37%, the policy in the us is always changing
It is, and yet no US person we work with is paying anywhere close to 37% when done under GILTI.
@@nomadcapitalist if the us treats the company as an individual company instead of a corporation, the tax rate would be treated as individual from 0% to 37% just like filinng 1040 as an employee under GILTI
What US doesn't have a tax treaty with Dubai? I know Canada does.
Wow didn't know that. Looks like I have to only own Canadian dividend stocks. Not a problem.
No country has a tax treaty with Dubai because it's a city, but the US does not have a tax treaty with the UAE.
where is your real estate ?
Is there still a version of the Freedom Ship?
There is a wealth tax in Norway. Be aware!
If they bought a couple of properties in spain they are screwed
Some European countries have a wealth tax so be aware !
Southern Europe doesn't, avoid northern Europe to live
Bmw M3 touring 130,000,000 Pte is $70000usd
I cannot manage in India with 10 Units of Electricity every year so I would like to Travel as an ACCA Nomad and gain Citizenship so kindly suggest a suitable plan
Pass away and be reincarnated as a 1st world passport holder. :\
In general europe (most countries are socialist) has the highest taxes in the world, and most expensive energy prices. in some oil producing countries gasoline is almost free.
I dont know the current situation in america, but if they have to move to europe something is seriously wrong ( i know taxes in canada are quite high also)
For the cost of living (food in spain used to be half the price of italy and france but this is changing) and quality of life, spain and portugal are the best choices. but taxes are high
🔺
I can only imagine the bill!
The best clients imagine the savings and value; the clients that struggle focus on the cost.
@@nomadcapitalist It's worth the cost if you can clearly visualise the savings. This works if your income is normally classified as ordinary income. However, not so much if your income is mostly through corporate taxation.
The last place I’d want to be right now.
My advice is to avoid hearsay. Nobody likes to talk about his money, how he made it and where it goes.
Fact 1. the only secretaries in Europe that work really well (a priori and a posteriori) are these of finance in ANY money related domain (business transactions, stock, insurance, real estate,innernet).
Fact 2; Avoid ANY former communist country. Strange enough anti-communists would risk their life for a dollar more)
Fact 3 Tigh bonds on the matter with local specialists and local business owners.Fiscality is a tricky matter.
Today I see: Ireland has first lost a bit of interest and is now regaining it, Eastern Europe clearly lost interest, Spain today gains interest, still very stable is Switserland, and Luxemburg)
Fact 4 ALL banks cooperate generously with authorities to give you over.
I did two local transactions to my son's local account and 7 months later out of nothing I had the tax man on my back.
Caymen's not the Porsche. Where is my Jersey?
Be very well prepraed before moving and doing stupid things. Success !
I´m leaving in Portugal for 5 years now and I´m having very dificult to understant why people wants to move here for tax saving. It´s a Solialist country that hates entrepreneurs and wants keep people miserable with huge taxes!
Been an expat for 23+ years now. Yes, certain countries are quite bureaucratic, but if you haven't worked in Mainland China as an expatriate airline pilot, I am sorry, but you have no clue as to what bureaucracy really means.
I don't miss my times there.
🤣🤣🤣🤣🤣🤣🤣🤣🤣
A consulting/TH-cam/Amazon store business without employees is a bit of an easy case, though, no? Let's hear about something more complex next time, please!
Yeah like the story of some industrialists
Audio would be much better if all 3 had a lapel mic.
It always amazes how stupid leadership is
It has been 16 months since my husband took his biometrics. Still no residency card. 😅 NO WAY 2 MONTHS WITH LAWYER.
This is how it works in Spain/Portugal/Italy. No lawyer/notary = takes forever, and even with lawyer you need someone to ping the lawyer every week.
So .... Parasites then.
UEA has a double treaty with Portugal that basically overrules the blacklist. UEA is better than Malta.
I don’t understand why you think you’re entitled to not pay taxes.
Because he's willing to live in countries where the tax laws don't require him to pay much or at all. Perhaps you should mind your own business.
If you dont agree with his videos where he tries to legally reduce tax bills and improve peoples lives by assiting them in relocating to new countries then dont watch the videos 😂 for example i am an eu slave resident i dont like my taxes going to the corrupt ukraine russia proxy war zelensky fund or to the fake scam eu carbon taxes they suck out of us. Now if you are a commie type good luck keep paying and support ukraine 😂 and the other weird sick EU taxes or the equivalent if you are american whatever you are
I don't understand why any country feels entitled to confiscate the fruits of my labor.
People will better appreciate and move to a country that treats them with dignity and respect, not one that robs them of 30% or 70% of their earnings. Countries therefore have to compete for migrating talent and wealth.
Surprise! Lower taxes is the best possible leverage. That's a no brainer.
An increasing number of people are starting to vote with their feet and places with lower taxes are winning "landslide victories". Then you have the Californias and the UKs of the world literally hemorrhaging some of the most wealthy, productive and overachieving population to the Floridas, Malaysias and Dubais of the world just to name a few.
This video will probably talk about European government programs with 0% or close to 0% taxes in return for residency. That's the only way for countries to tip their toe in a massive pool of successful people trying to flee their shithole jurisdictions who have become leeches feeding on their success.
@ why is he entitled to use all the public amenities that the rest of us pay for?
Haha what a patriot you are. You know the govnt always needs more money, why dont you just give ALL your income to the govnt, they'll gladly take it, it would be a very noble and patriotic sacrifice!
Sorry but, there is no better place to live or do business than the USA
Vat tax 6% " fuel excise not sure , import duty not sure . Check price of bmw m3 in Portugal and usa you not saving money moving to southern Europe
75% home ownership in Portugal, because taxes low . Living in uk " Switzerland & Germany you tax more easily
It was like that in the British Empire
I make 1.4 in rental income minus expenses maybe 1 million. I’m ready to move. How can I make an appointment with one of your specialists? I’m a U.S. resident and speak English and Spanish at a very high conversational level
You can email help@nomadcapitalist.com or visit www.nomadcapitalist.com/apply/.
Brand new M3 touring 130,000,000 pte in portugal = $70000usd