I live in France, a high tax country and have a high earning business offshore and do not pay taxes in France. There are a couple different gaping loopholes and for those that find those they can avoid, not evade taxes.
Would be good for you to clarify the differences in flat tax jurisdictions like Italy vs Switzerland vs Greece et al and how they compare. In one of your vlogs, someone asked if living in Italy and day trading US/UK markets was classed as foreign sourced income ... to which the answer was yes. Is this the same for Swit/Gr etc? The idea of living in Italy with a bank account in Swit (or vice versa) has obvious appeal
@@villagerintheshire @offshorecitzen I am a UK resident trading US markets for some time now and looking for new tax options so i would be interested if there was an update on this?
Why would you want a Swiss bank account there, if Italy has lump sum tax system? Having an offshore bank account would only make sense if you were living a as non-dom in one of the above (UK, Ireland, Malta etc.) countries.
Nice informative video I’m a US/ Australian dual citizen looking to move to Europe or UK Ireland How do you get to live say in Ireland as a non dom resident?
Did I get it right, under the non-dom program, the host country does not apply CFC-rules on the foreign companies owned by the person and controlled from within the country??
Great video, although I think the background music was unnecessary. Any thoughts on what happened with the St Kitts CBI program and Les Khan being removed? along with the price cut that could cause a carribean CBI price war; also the U.S. changed the rules on E2 visas so that you can't just get a CBI then a E2 which makes Grenada less attractive for Amercian renounciants, so I expect that program to get a price cut to 100k as the passport is pretty much the same as Dominica. Also I was wondering whether you could make a video on the Birtish Overseas Teritorries residency programs in the Carribean? I recently found these and they seem attractive because it leads to BOT citizenship in 5 years then you can register as a ordinary British citizen just a year later, and they're all tax free. Also BOT passports have visa free to the U.S. for 6 months with no ESTA like Canadians, so I actually find it more attractive than many EU passports.
St Kitts we were always able to get a lot cheaper so now we're waiting as it's no longer the most competitive. Grenada is mainly attractive right now to Russians who can't get any of the others. Hopefully there will be a price war that would be nice. Can see about some videos on BOT residencies
From experience I can say those five years BOT naturalization sound good in theory. After nearly 8 I'm still waiting. Good luck, it's not straight forward as the text books make you believe. CBI is more motivating for them.
@@KeepingItRealBro Out of curiosity could you elaborate? Like which BOT your in and when you applied did they reject it? I was think of going to Turks and Caicos which offers direct PR and citizen(in theory) after 5 years of residency. Although I might rethink it with alternatives if they aren’t following through on providing citizenship after 5 years.
@@OffshoreCitizen I use a vpn and often pick Iceland ... as a result you get Icelandic advertising. I subscribed to the waitlist for an Icelandic neobank out of curiosity a couple of years ago (Iceland only). Anyway got pinged by an ad for Arion bank which take no residents (remains of Kaupthing) anyway Iceland have 2t of gold for 300k people and have actually jailed a banker, so curve ball offshore possibility? Hence the question.
In countries that use Latin based languages, so to say, the domicile would be exactly your address (domicilio) because domus is home (house is casa) therefore you have words like domotic.
About Cyprus Non-dom can you choose when you want to start the 17 year program? Let’s say you reside 2 years before, applying for it, will it then still count for 17 years or 15 years? And in case you get passport by naturalization will you then lose the the non-dom status or is it possible to remain the non-dom status as well as getting a passport?
I wonder if the non dom works for non remitted income if you run a subscription website, working from home while living in Ireland. People talk about businesses with employees and passive income while digital nomads without an overseas employer can't find much information. Are we Doomed? Google, Stripe and PayPal serving the EU are in Ireland too, not sure if that can also cause problems even if you don't cash out to an Irish account.
i work and have a good salary. I currently live and work in the US, but I work remote. If I were to non-dom in one of the 4 countries listed, how would I be taxed since my income and banking would still be US based? i know this has been said but the audio was a bit low. Quality was good - sounds clear, but really low. I had to turn my volume all the way up.
Thanks for the feedback will note to improve. We'll be doing lots of tests the next month. Re your situation. If you're living and working in one of those countries it will be local income so taxed dependent on the type of income in that country and how it can be treated. Might be possible to be zero in Cyprus if you adjusted lifestyle right. Malta maybe zero depending on your visa. The others earned income will be taxable. Of course if you're American you're always hit with US taxes
If I could comment just one thing, I would greatly appreciate the answer. With the CFC and management and controlled law, I understand that it applies to corporate income tax but I always wish to know whether corporate income includes corporate withholding tax’s such as dividends corporate withholding tax; and also capital gains I assume is part of that CFC and management and controlled law on the corporate side? So basically if I have a company elsewhere but I run and operate that particular company in the UK as an example, now we know that; that company that is elsewhere will be subject to UK corporate income tax simply due to CFC and management and controlled law. What I want to know is whether UK corporate withholding tax specifically and or capital gains tax is also subject to this law same as the corporate income tax, if I am operating and managing the company in the UK?. Hopefully I make sense. Would love an answer. Thank you in advance.
You're combining CFC and management and control rules these are completely separate and different. This is a common mistake people make not understanding the distinction. CFC applies to shareholders not the company. The shareholders will be taxable based on their own local type. Management and control rules determine corporate residency in many countries. And yes under these rules withholding taxes would apply. It is literally taxed exactly the same as a local company.
@@OffshoreCitizen As always, keep up the great work. Much appreciated, I look forward to your next TH-cam video release. You have been a great help, thank you once again. I hope that my comment helps someone else out even though it may seem to be a simple question to some. Again, I appreciate you answering because I think that this will help a lot of people out especially with the clarification on the differences between CFC and management and control.
Hi. Is there any country which allows residents to choose in which sectors they want their taxed money utilized? Like if one can choose out of sectors Education, Health, Transportation, Military, Tourism, Debt, Interest to pay Debt etc. to give 50% Education and 50% Health but not to others and enjoy the benefits of these sectors only.
Do the remittance based system differentiate between savings and income, or is everything taxed like income when it is remitted? If they do differentiate, after what time does income become part of one’s savings?
Depends on the country for example in UK you can't benefit from some of the favorable dividend rules upon remittance though depending on when and the type of income you can do some complicated calculations
Im doing a bit of research on this matter, I appreciate your comment. As a british who lives in Uk and have companies offshores, will he be subject to uk coporation tax if devideds transferred to uk? what about company salary will it be subject to uk income tax if transffered to uk bank? what if the company money stays outside?
Location of bank accounts doesn't matter if you're a British Citizen resident in UK in almost all cases. Generally around the world location of bank accounts rarely matters. Companies are another matter because you've got corporate residency rules, source income rules and CFC rules. Assuming those are not an issue dividends received by a UK parent company from an overseas subsidiary are tax exempt.
No this isn't true for Canada. Canadians are only taxable in Canada if they are residents of Canada. The US is the only substantial country that does citizenship based taxation.
Michael, you have a good voice. Interesting experiment with background music, but please remove it. You don't speak monotonous and the content is interesting and to the point, so there's no risk of falling asleep or losing focus.
Each country has different rules so it varies by country Please book a call through calendly.com/michael-rosmer/ To discuss specifics of your situation
So if I'm living in Ireland as a non dom person, and my foreign investment produces cash what I transfer to my revolut/wise account, can I buy food from them in a supermarket, without worrying about taxes?
When looking to minimize taxes, my rule is NOT to live, work or stay within the EU. It is just not sustainable, it is in a very clear and concise direction of abolishing all tax evasion possibilities. In Malta and Cyprus you end up between either Russian oligarchs (the ones left on this planet) or with mafiosi. If that’s your cup of tea, by all means. There are so many better and more sustainable options outside of the EU, I cannot think of a reason to choose any European country. You’re doomed inside the EU imho.
@@OffshoreCitizen you're confusing yourself. you can have 2 or even 3 citizenship, you can have at least 10 residence permits in different countries. one thing remains unchanged - you can be a TAX resident of only one country. if you, being a citizen of country A, receiving a residence permit of country B, insist on tax residence in country B, then as soon as you receive it, you yourself will run to cancel your tax residence in country A in order to avoid double taxation. at the same time, you can get a residence permit in country B without the right to conduct any economic activity inside this country, while remaining a tax resident of country A. if you manage to get rid of the tax residency of any country, no bank or broker will open an account for you. congratulations, you have become an illegal Gastarbeiter!
@@OffshoreCitizen Honestly if you know the right LEGAL tricks and laws, Serbia & Montenegro offer sooo much better conditions than Cyprus, while being out of the crappy entitled EU.
Is there a way to live in spain and pay no or low taxes elsewhere and just live in spain without the need to spend months in the other tax residence? Maybe live in spain but be tax resident in gibraltar?
Non-Dom Programs
1 UK
2 Ireland
3 Malta
4 Cyprus
How did you like the video? :)
Low basic.
How about if you do some serious research and show how to live in luxembourg or austria with an offshore company.
Malta and Cyprus really take after their former colonizers eh?
@@ishotuknokcan you explain a bit more?
I would pick Malta or Cyprus. UK and Ireland has become third world shitholes
Your audio volume is super low in this video. Thanks for all the great information you provide.
Thanks will correct, going to be doing a lot of tests the next month
The background music makes it a little bit difficult to make out what you're saying sometimes.
I live in France, a high tax country and have a high earning business offshore and do not pay taxes in France. There are a couple different gaping loopholes and for those that find those they can avoid, not evade taxes.
Be careful just because you've gotten away with something so far doesn't make it legal.
how did you set up the offshore business?
Isn't foreign income of a French company not taxed? I thought only domestic French income is taxed for a French company
Yo, bro, can you give me a tip on how to go about it? I live in Spain and looking for a similar thing. Thanks.
sound was really bad in this one Michael
Great info, but sound quality needs improvement.
Precise and informative video, on a somewhat confusing subject. Thank you very much Michael !
Always a pleasure!
Could you see yourself living in one of the countries from the list?
Would be good for you to clarify the differences in flat tax jurisdictions like Italy vs Switzerland vs Greece et al and how they compare. In one of your vlogs, someone asked if living in Italy and day trading US/UK markets was classed as foreign sourced income ... to which the answer was yes. Is this the same for Swit/Gr etc?
The idea of living in Italy with a bank account in Swit (or vice versa) has obvious appeal
Good idea we'll see what we can do
@@OffshoreCitizen Thank you
@@villagerintheshire @offshorecitzen I am a UK resident trading US markets for some time now and looking for new tax options so i would be interested if there was an update on this?
Why would you want a Swiss bank account there, if Italy has lump sum tax system? Having an offshore bank account would only make sense if you were living a as non-dom in one of the above (UK, Ireland, Malta etc.) countries.
San Marino has a non-domicile program too but no content creators talk about it.
Nice informative video
I’m a US/ Australian dual citizen looking to move to Europe or UK Ireland
How do you get to live say in Ireland as a non dom resident?
Did I get it right, under the non-dom program, the host country does not apply CFC-rules on the foreign companies owned by the person and controlled from within the country??
Great video, although I think the background music was unnecessary.
Any thoughts on what happened with the St Kitts CBI program and Les Khan being removed? along with the price cut that could cause a carribean CBI price war; also the U.S. changed the rules on E2 visas so that you can't just get a CBI then a E2 which makes Grenada less attractive for Amercian renounciants, so I expect that program to get a price cut to 100k as the passport is pretty much the same as Dominica.
Also I was wondering whether you could make a video on the Birtish Overseas Teritorries residency programs in the Carribean? I recently found these and they seem attractive because it leads to BOT citizenship in 5 years then you can register as a ordinary British citizen just a year later, and they're all tax free. Also BOT passports have visa free to the U.S. for 6 months with no ESTA like Canadians, so I actually find it more attractive than many EU passports.
St Kitts we were always able to get a lot cheaper so now we're waiting as it's no longer the most competitive.
Grenada is mainly attractive right now to Russians who can't get any of the others.
Hopefully there will be a price war that would be nice.
Can see about some videos on BOT residencies
From experience I can say those five years BOT naturalization sound good in theory. After nearly 8 I'm still waiting. Good luck, it's not straight forward as the text books make you believe. CBI is more motivating for them.
@@KeepingItRealBro
Out of curiosity could you elaborate? Like which BOT your in and when you applied did they reject it?
I was think of going to Turks and Caicos which offers direct PR and citizen(in theory) after 5 years of residency. Although I might rethink it with alternatives if they aren’t following through on providing citizenship after 5 years.
Great video. **Please your volume on this one was extremely low??
Really bad audio, please fix and repost thanks 🙏
Good information..thanks
Always a pleasure! How do you like the list?
isn't Portugal one of them? with their non Habitual residency program?
A random suggestion for a future video Iceland 2.0 offshore banking ...?
Interesting suggestion what inspired you to suggest it?
@@OffshoreCitizen I use a vpn and often pick Iceland ... as a result you get Icelandic advertising. I subscribed to the waitlist for an Icelandic neobank out of curiosity a couple of years ago (Iceland only). Anyway got pinged by an ad for Arion bank which take no residents (remains of Kaupthing) anyway Iceland have 2t of gold for 300k people and have actually jailed a banker, so curve ball offshore possibility? Hence the question.
Great content thanks
Always a pleasure! Would you consider living in any of the countries from the list?
Saw this video with sub titles. Very low voice.
very valuable
Is retired pay and US Social Security income considered Remittance-based income?
thanks so much
In countries that use Latin based languages, so to say, the domicile would be exactly your address (domicilio) because domus is home (house is casa) therefore you have words like domotic.
Very interesting
Yeah it's not a non dom status for tax though and isn't the same as the UK concept
Does non domiciled residency lead to citizenship in these countries?
Thank you for information.
How long will program in Malta can be usefull ?
Technically there's no time limit though intention to reside indefinitely combined with ending your domicile of origin can make you domiciled in Malta
About Cyprus Non-dom can you choose when you want to start the 17 year program? Let’s say you reside 2 years before, applying for it, will it then still count for 17 years or 15 years? And in case you get passport by naturalization will you then lose the the non-dom status or is it possible to remain the non-dom status as well as getting a passport?
I wonder if the non dom works for non remitted income if you run a subscription website, working from home while living in Ireland. People talk about businesses with employees and passive income while digital nomads without an overseas employer can't find much information. Are we Doomed? Google, Stripe and PayPal serving the EU are in Ireland too, not sure if that can also cause problems even if you don't cash out to an Irish account.
I just moved to France from Canada. Any advice on inheritance tax?
Feel free to reach out so we can discuss, not something that could be covered in YT comments
i work and have a good salary. I currently live and work in the US, but I work remote. If I were to non-dom in one of the 4 countries listed, how would I be taxed since my income and banking would still be US based?
i know this has been said but the audio was a bit low. Quality was good - sounds clear, but really low. I had to turn my volume all the way up.
Thanks for the feedback will note to improve. We'll be doing lots of tests the next month.
Re your situation. If you're living and working in one of those countries it will be local income so taxed dependent on the type of income in that country and how it can be treated. Might be possible to be zero in Cyprus if you adjusted lifestyle right. Malta maybe zero depending on your visa.
The others earned income will be taxable.
Of course if you're American you're always hit with US taxes
the sound is too low, i didn't watch after 30 sec.
check the health care if its good or not... low taxes sometimes indicate poor health care .
There seems to be little to no correlation between tax level and level of healthcare. We did a video on this a while ago
Could be worse, could have high taxes and non-functional healthcare (like Sweden).
@@SvengelskaBlondie Non-functional? Care to elaborate?
Domicile
If I could comment just one thing, I would greatly appreciate the answer. With the CFC and management and controlled law, I understand that it applies to corporate income tax but I always wish to know whether corporate income includes corporate withholding tax’s such as dividends corporate withholding tax; and also capital gains I assume is part of that CFC and management and controlled law on the corporate side? So basically if I have a company elsewhere but I run and operate that particular company in the UK as an example, now we know that; that company that is elsewhere will be subject to UK corporate income tax simply due to CFC and management and controlled law. What I want to know is whether UK corporate withholding tax specifically and or capital gains tax is also subject to this law same as the corporate income tax, if I am operating and managing the company in the UK?. Hopefully I make sense. Would love an answer. Thank you in advance.
You're combining CFC and management and control rules these are completely separate and different.
This is a common mistake people make not understanding the distinction.
CFC applies to shareholders not the company. The shareholders will be taxable based on their own local type.
Management and control rules determine corporate residency in many countries. And yes under these rules withholding taxes would apply. It is literally taxed exactly the same as a local company.
@@OffshoreCitizen As always, keep up the great work. Much appreciated, I look forward to your next TH-cam video release. You have been a great help, thank you once again. I hope that my comment helps someone else out even though it may seem to be a simple question to some. Again, I appreciate you answering because I think that this will help a lot of people out especially with the clarification on the differences between CFC and management and control.
But if you're trying secure residency in these countries, you'll inevitably have to be domiciled.
That's not accurate
Hi. Is there any country which allows residents to choose in which sectors they want their taxed money utilized? Like if one can choose out of sectors Education, Health, Transportation, Military, Tourism, Debt, Interest to pay Debt etc. to give 50% Education and 50% Health but not to others and enjoy the benefits of these sectors only.
It's a cool idea but no none I'm aware of these two things are separate
So if you cannot bring in money to a non dom country, how do you pay your expenses there?
Bring money in before you move there which won’t be taxed or only bring in some money and leave a majority offshore
Exactly as Romi said.
Also sometimes people are earning some local income
Do the remittance based system differentiate between savings and income, or is everything taxed like income when it is remitted? If they do differentiate, after what time does income become part of one’s savings?
Depends on the country for example in UK you can't benefit from some of the favorable dividend rules upon remittance though depending on when and the type of income you can do some complicated calculations
@@OffshoreCitizen Thank you
cyprus was already involved in confiscation of customers bank accounts. why do you want to go through that again?
You don't bank there you just live there.
Pick and choose the best of each place and combine them into something better than any single one offers
@@OffshoreCitizen sounds good
Im doing a bit of research on this matter, I appreciate your comment. As a british who lives in Uk and have companies offshores, will he be subject to uk coporation tax if devideds transferred to uk? what about company salary will it be subject to uk income tax if transffered to uk bank? what if the company money stays outside?
Location of bank accounts doesn't matter if you're a British Citizen resident in UK in almost all cases. Generally around the world location of bank accounts rarely matters.
Companies are another matter because you've got corporate residency rules, source income rules and CFC rules. Assuming those are not an issue dividends received by a UK parent company from an overseas subsidiary are tax exempt.
If u are a citizen of Canada or the USA one has to claim all income. This only works if you forgo your citizenship?
No this isn't true for Canada. Canadians are only taxable in Canada if they are residents of Canada.
The US is the only substantial country that does citizenship based taxation.
Michael, you have a good voice. Interesting experiment with background music, but please remove it.
You don't speak monotonous and the content is interesting and to the point, so there's no risk of falling asleep or losing focus.
Thanks
If you are investing and trading crypto from these 4 countries as a non dom, are you required to pay tax on that trading income?
Each country has different rules so it varies by country
Please book a call through calendly.com/michael-rosmer/
To discuss specifics of your situation
Your video volume is too low
Poor sound quality
What happens if after 17 years i decide to stay permanently in Cyprus?
You pay normal taxes
@@OffshoreCitizen But not retroactively? Because it sounds like non-dom is somone who doesn't intend to stay
Make it loud lol
So if I'm living in Ireland as a non dom person, and my foreign investment produces cash what I transfer to my revolut/wise account, can I buy food from them in a supermarket, without worrying about taxes?
No spending in Ireland is considered remittance if spent in Ireland and you generally need to keep separate accounts for the foreign income
Curious if the cash you carry on you through an airport is remittance. Shouldn't be but how is that treated?
Sound is horrible can barely hear you
🤫 I actually like the music...
It's not that bad. A little lower than other videos but the volume button fixed the problem with theee clicks.
@Buck Daman volume is up. Come on really????
@@lucasomalley Nope not for me didn't fix it
Sound was good for me
Wht about trading derivatives like CFDs in Cyprus? How is that taxed? Please help with this?
Great content btw :D
Portugal ftw
Definitely good in some cases
How many pasaport do you have?
Enough
@@OffshoreCitizen 😂
All of them Cyprus best, Ireland better
Cyprus is generally though not always better for tax but Ireland has other advantages for sure
❤
I love listening to this guy if I need to sleep. Boring AF
So, once again it pays to be wealthy and sucks to be poor. Pure filter down economics at work here - which is always BS.
first
You win!
Most of these comments are from the mentally ill.
Thanks for the valuanle discussion.
Speak up 😮😮😮
When looking to minimize taxes, my rule is NOT to live, work or stay within the EU. It is just not sustainable, it is in a very clear and concise direction of abolishing all tax evasion possibilities. In Malta and Cyprus you end up between either Russian oligarchs (the ones left on this planet) or with mafiosi. If that’s your cup of tea, by all means. There are so many better and more sustainable options outside of the EU, I cannot think of a reason to choose any European country. You’re doomed inside the EU imho.
What countries would you suggest?
@@OffshoreCitizen
you're confusing yourself. you can have 2 or even 3 citizenship, you can have at least 10 residence permits in different countries. one thing remains unchanged - you can be a TAX resident of only one country.
if you, being a citizen of country A, receiving a residence permit of country B, insist on tax residence in country B, then as soon as you receive it, you yourself will run to cancel your tax residence in country A in order to avoid double taxation.
at the same time, you can get a residence permit in country B without the right to conduct any economic activity inside this country, while remaining a tax resident of country A.
if you manage to get rid of the tax residency of any country, no bank or broker will open an account for you.
congratulations, you have become an illegal Gastarbeiter!
@@OffshoreCitizen Honestly if you know the right LEGAL tricks and laws, Serbia & Montenegro offer sooo much better conditions than Cyprus, while being out of the crappy entitled EU.
@@Shemhamforaesh What would be such advantages in Montenegro?
@@chanjiratopcare9843Montenegro ~ 25% flat rate for businesses
Is there a way to live in spain and pay no or low taxes elsewhere and just live in spain without the need to spend months in the other tax residence?
Maybe live in spain but be tax resident in gibraltar?
fantastic thanks for sharing useful knowledge yet again! Cyprus looks interesting.
Sure does! Have you ever been there?