Very well said , it does make sense if somebody is in a high tax country but still wishes to be in EU. Accounting costs for a small size business/holding company it is much cheaper than Cyprus. Also life costs are lower because it is not a great tourist destination and people are more business oriented. Banking hard but still feasible SEPA transfers. EMI opening Transferwise account a breeze with a EOOD or OOOD
Thanks Michael, I hope you can do Gibraltar and Singapore soon -- I think those are 2 big ones missing from your playlist. And I know there's no one-size fits all jurisdiction -- but it would be fun anyway to hear you rank all the tax haven areas, in order of where you think's worst to best -- with short breakdown of your reasons each jurisdiction gets the rank you give it. Rankings videos are always popular with newbies to this stuff, maybe get a lot of views. And then ppl in comments section could give their jurisdictions rankings for 2021. I know it's case by case, and so many factors involved, but still... would be fun if there's a way to roughly generalize.
In the US we don't hear much about Bulgaria. Not sure why but I've always wanted to visit Sofia, I expect it to be very bohemian and intelectual city...
If you get a chance you should definitely visit. Once you're in that part of the world I strongly recommend visiting Belgrade, Budapest, Croatia and Montenegro :)
At least legal businesses should be able to open bank account easily otherwise no reason to immigrate or move our business to Bulgaria.we need to find better option.
Isn't foreign banking hard in almost every nation that isn't a massive commerce center? Getting your foot in the door being a pain in the ass just feels normal at this point
It is the most corrupt country in Europe. That means nothing that is written in law can be taken seriously. Wake up before you lose your money to a dimwit Bulgarian mafiadon AKA the government of Bulgaria.
This is pretty specific to Canada so I'm not likely to make a video on that but I did do a video on international tax planning for Canadians where I discuss a bit about how the rules work.
I have been doing dropshipping for 6 Months with a Bulgarian EOOD. So far very happy with it except that the accounting firm requires to keep tracking history / waybills of every single shipment which is a huge pain in the ass.
I'm American currently living in Ukraine and thinking about the location for my marketing business. In consideration are: Georgia (1% small business tax), Ukraine (18% tax but extremely low real estate and labor prices), Serbia (flat rate taxes of $150/mo includes national health insurance - great deal but doesn't include foreign income which is taxed at 40%) and Albania (5% tax deal for software related companies). My biggest concern is credit card processing. We currently use a US-based Stripe account and keep a Square account for backup. We have a revenue mix of one-time billing and recurring billing, so we need a merchant account that can perform like Stripe. Based on credit card processing and tax strategy, here is my current idea: Marketing company formation in Georgia and register for small business 1% tax, a separate company that just does billing services for the marketing company - put that one in Ireland for maximum credit card processing options (12.5% tax but small revenue), then personal residence in Georgia, Serbia or Ukraine for low cost house purchase, excellent labor value and, with the exception of Ukraine, low tax. What are your thoughts?
Australian here. Is it practical to use an overseas LLC in a place like Bulgaria to lower the tax burden from a high salary? If say, your LLC charged your employer for IP, would you need to include VAT in that transaction or would you need to create a local proxy company? How could you bring back and spend that money?
You mention in a lot of your videos that in a particular country or another "is not easy to open a bank account", are you referring to a corporate bank account or a personal one? I am not interested in living in any of these countries, just setting up a corporation. How can these countries attract DFI while making it difficult for companies to open bank accounts?
This refers to corporate bank accounts, even though personal ones are tough to open as well unless you have a residency card. Unfortunately, this seems to be the case in more and more countries. Banking is just a disaster.
Hi, I wanted to ask a question concerning the Double Taxation Treaty between Bulgaria and the USA. I'm a Bulgarian and I'm planning on selling on-demand T-Shirt designs on Merch by Amazon. In order to take advantage of the treaty and have reduced taxation, do I register my UCN(ЕГН) as TIN(Taxation Identification Number) or do I just choose the "I don't have a TIN" option? Or do I apply for a Bulgarian TIN from somewhere?
Hi Michael, I just found your channel, thanks for the valuable information that you provide. I have a question and I'd appreciate it if you could answer. I'm from Greece and I'm a developer who works from home. Due to the high tax of Greece, I'm thinking to transfer my company to Bulgaria. But I still want to live in Greece. What would be the best solution for my situation? Thanks
Could a EU citizen become a perpetual traveller, for legit reasons (want to travel the world for a few years and not be a fiscal resident of anywhere) staying no more than 90 days in each country? Crypto assets and income only plus no need for bank accounts (multiple crypto debit cards if needed).
In theory yes, but in practice it depends on your home country and how they view your situation. We have a video on this: th-cam.com/video/Qi8lSH62VCo/w-d-xo.html If you want more specific advice regarding your situation, you can book a call with Michael: calendly.com/michael-rosmer?month=2021-03
Good evening sir! My name is pankaj Verma.I worked in dubai last 12 year's in transguard group Company as a security team leader.know, presently I resignation. because, I want migrate Europe county.i request to please arrange me suitable job. Thanks & regards Pankaj Verma From Dubai 🇦🇪 Hometown 🏠 India 🇮🇳 Delhi.
Very well said , it does make sense if somebody is in a high tax country but still wishes to be in EU. Accounting costs for a small size business/holding company it is much cheaper than Cyprus. Also life costs are lower because it is not a great tourist destination and people are more business oriented. Banking hard but still feasible SEPA transfers. EMI opening Transferwise account a breeze with a EOOD or OOOD
Exactly. We find Bulgaria to be a sweet spot.
Thanks so much for doing the whole Video about Bulgaria, did clarify a lot of the questions - will contact you soon :) Cheers 🍾
Glad it was helpful! :)
Thanks Michael, I hope you can do Gibraltar and Singapore soon -- I think those are 2 big ones missing from your playlist. And I know there's no one-size fits all jurisdiction -- but it would be fun anyway to hear you rank all the tax haven areas, in order of where you think's worst to best -- with short breakdown of your reasons each jurisdiction gets the rank you give it. Rankings videos are always popular with newbies to this stuff, maybe get a lot of views. And then ppl in comments section could give their jurisdictions rankings for 2021. I know it's case by case, and so many factors involved, but still... would be fun if there's a way to roughly generalize.
In the US we don't hear much about Bulgaria. Not sure why but I've always wanted to visit Sofia, I expect it to be very bohemian and intelectual city...
If you get a chance you should definitely visit. Once you're in that part of the world I strongly recommend visiting Belgrade, Budapest, Croatia and Montenegro :)
There is never a good reason to establish a company in a country where banking is "possibly OK" Banking is the cornerstone of running the business.
At least legal businesses should be able to open bank account easily otherwise no reason to immigrate or move our business to Bulgaria.we need to find better option.
You can still open a bank account. It has just gotten harder unfortunately.
Isn't foreign banking hard in almost every nation that isn't a massive commerce center?
Getting your foot in the door being a pain in the ass just feels normal at this point
It is the most corrupt country in Europe. That means nothing that is written in law can be taken seriously. Wake up before you lose your money to a dimwit Bulgarian mafiadon AKA the government of Bulgaria.
Good video, thanks for sharing your thoughts
Thanks for watching!
You are such a nice person!!
Big big respect!!
Thanks 🙏
So nice of you
You mentioned in another Bulgaria video that a Bulgarian corp can be managed from Canada but still taxed in Bulgaria. Could you do a video on that?
This is pretty specific to Canada so I'm not likely to make a video on that but I did do a video on international tax planning for Canadians where I discuss a bit about how the rules work.
I have been doing dropshipping for 6 Months with a Bulgarian EOOD. So far very happy with it except that the accounting firm requires to keep tracking history / waybills of every single shipment which is a huge pain in the ass.
I agree with you! That part is very annoying.
can i contact you to have some info if you don't mind ?
I'm American currently living in Ukraine and thinking about the location for my marketing business. In consideration are: Georgia (1% small business tax), Ukraine (18% tax but extremely low real estate and labor prices), Serbia (flat rate taxes of $150/mo includes national health insurance - great deal but doesn't include foreign income which is taxed at 40%) and Albania (5% tax deal for software related companies).
My biggest concern is credit card processing. We currently use a US-based Stripe account and keep a Square account for backup. We have a revenue mix of one-time billing and recurring billing, so we need a merchant account that can perform like Stripe.
Based on credit card processing and tax strategy, here is my current idea: Marketing company formation in Georgia and register for small business 1% tax, a separate company that just does billing services for the marketing company - put that one in Ireland for maximum credit card processing options (12.5% tax but small revenue), then personal residence in Georgia, Serbia or Ukraine for low cost house purchase, excellent labor value and, with the exception of Ukraine, low tax. What are your thoughts?
Australian here. Is it practical to use an overseas LLC in a place like Bulgaria to lower the tax burden from a high salary?
If say, your LLC charged your employer for IP, would you need to include VAT in that transaction or would you need to create a local proxy company?
How could you bring back and spend that money?
You mention in a lot of your videos that in a particular country or another "is not easy to open a bank account", are you referring to a corporate bank account or a personal one? I am not interested in living in any of these countries, just setting up a corporation. How can these countries attract DFI while making it difficult for companies to open bank accounts?
This refers to corporate bank accounts, even though personal ones are tough to open as well unless you have a residency card. Unfortunately, this seems to be the case in more and more countries. Banking is just a disaster.
@@OffshoreCitizen Thank you; can the corporation be domiciled and operate from country A and have a bank account in country B?
I live in turkey, but am a swedish citizen, i have a company in sweden but like to open a company in Bulgaria instead, would it be an ideal setup?
Depends on many other factors involved. Probably best to reach out so we can asses your situation
To start a youtube channel with vat based on bulgaria what should i do? im currently living in Greece.
Are you going to move to Bulgaria?
Hi, I wanted to ask a question concerning the Double Taxation Treaty between Bulgaria and the USA.
I'm a Bulgarian and I'm planning on selling on-demand T-Shirt designs on Merch by Amazon. In order to take advantage of the treaty and have reduced taxation, do I register my UCN(ЕГН) as TIN(Taxation Identification Number) or do I just choose the "I don't have a TIN" option? Or do I apply for a Bulgarian TIN from somewhere?
I would like to form Double-Companies in Europe including Bulgaria so kindly suggest how to move ahead with my plans
Please send us a message through our website, so we can discuss this further.
www.offshorecapitalist.com
I'm considering applying for a Pensioners D Visa/Pensioners Temporary Residency. Is my pension from America creates complications with taxes?
Please make a video about options in Lithuania
Will see what we can do, thanks for the suggestion😄
What do you think of Bulgaria?
Hi Michael, I just found your channel, thanks for the valuable information that you provide. I have a question and I'd appreciate it if you could answer. I'm from Greece and I'm a developer who works from home. Due to the high tax of Greece, I'm thinking to transfer my company to Bulgaria. But I still want to live in Greece. What would be the best solution for my situation? Thanks
Now I know why Jews are crying when Greek is born 🙃
Could a EU citizen become a perpetual traveller, for legit reasons (want to travel the world for a few years and not be a fiscal resident of anywhere) staying no more than 90 days in each country? Crypto assets and income only plus no need for bank accounts (multiple crypto debit cards if needed).
In theory yes, but in practice it depends on your home country and how they view your situation. We have a video on this: th-cam.com/video/Qi8lSH62VCo/w-d-xo.html
If you want more specific advice regarding your situation, you can book a call with Michael: calendly.com/michael-rosmer?month=2021-03
Can you help me get residency I don’t now where to start ?
Yes of course. You can book a call with Michael or send us an email with your situation.
i was told that to form a Bulgarian company the director must be Bulgarian
Definitely not the case at the moment
hello sir i want llc ipen in Bulgaria and get trc one year . hoe it is possible.i am in north mavidonia
Hi Pandoray, feel free to send us a message offshorecitizen.net/
What about Saudi Arabia or Bahamas for a foreigner?
For forming companies?
@@OffshoreCitizen companies for tax purposes for foreigners
Good evening sir! My name is pankaj Verma.I worked in dubai last 12 year's in transguard group Company as a security team leader.know, presently I resignation. because, I want migrate Europe county.i request to please arrange me suitable job.
Thanks & regards
Pankaj Verma
From Dubai 🇦🇪
Hometown 🏠 India 🇮🇳 Delhi.