Tax Residency Myths & Reality
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- เผยแพร่เมื่อ 7 ก.ค. 2024
- Get personalized advice about tax, asset protection, offshore banking, residency, and citizenships: calendly.com/michael-rosmer?m...
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Tax residency is one of those topics that people have lots of wrong beliefs and misconceptions about.
Today we are going to clear up some tax residency myths and give you a better understanding of this topic.
You can be a tax resident of multiple places OR you can be a tax resident nowhere. This is completely accurate, and depending on your home country it is possible for certain nationals to be tax residents nowhere.
At the same time just because you're a tax resident in a low-tax country such as Malta, Cyprus or Portugal doesn't mean that you're not a tax resident back in UK, Canada, or Australia.
Just because one country starts considering you their tax resident doesn't mean that your country will consider the same. This is where tax treaties come useful, and unfortunately, many countries don't have them. Also, a tax residency certificate is pretty much useless.
Please be wary that it's not enough to simply gain a residency somewhere in order to not be taxable in your home country.
What about people being tax residents nowhere? How does this work?
Some countries will require that their nationals pay taxes somewhere if they don't pay them in their home country but this is not always the case. Some countries don't care.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
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Normally I tune out anything about taxes but you are engaging and very accessible to someone who does not know this tax language. Thankyou.
Perfect to hear about tax principles
You're awesome. Straight forward, no bullshit advice. Thanks.
Most banks won't open an account for you if you are not a tax resident anywhere.
Not true. Banks won't open an account for you if you don't list a tax residency and provide proof of that residency but not tax residency.
You have a great channel, thank you!
Thank you for the support, Lyle!
What type of content do you enjoy most on our channel?
@@OffshoreCitizen I like how you go into specific subjects that people would be interested in rather than just general information. I would like to see a video where you cover the most developed places with a friendly tax structure for crypto and would be a great place for software engineers. I've been looking at New Zealand and Switzerland and I'm favoring New Zealand because they speak English. Both of these places are some of the most expensive and I would like to know more about ones that are just below that level of cost but still has a bunch of amenities. Thank you and I really enjoy your content I know you've covered a lot of these subjects independently and I'm just trying to piece the information together so a video that kind of covers all of that would be helpful. Thank you and I think your channel deserves a whole lot more interest than it currently has because your definitely putting out great content!
Yeah, I didn't check thoroughly enough on the US Territory that I moved to and the Long Term Capital Gains implications. It cost me big.
Sorry to hear that.
How are you managing it now?
@@OffshoreCitizen I have a message into Michael now. I am waiting on an answer to my proposal.
Excellent information and explanation. Illustrates exactly why structure planning is imperative and should be done from the onset on setting up the company, our personal residency to achieve the overall goals.
Exactly. Happy to hear you've liked it.
You're planing something similar, right?😄
@@OffshoreCitizen Yes and as soon as things open up for travel we will be scheduling corp structuring, CBI and residency calls.
Can I open bank accounts with a St Lucia passport in Mexico or Colombia?
USA citizen considering a possible retirement move to florida, portugal or spain. Well under 110k pension/social sec income, selling current house,look to buy the next house and some invest/banking, leaving new york, initial renting in florida (state tax free residency). As a resident of florida, i would then look for a house in florida, in portugal or spain. Any thoughts on this?
Just to clarify, if an Australian citizen moves overseas and takes all the necessary steps to no longer be a tax resident, would the ATO typically want to know where else you might be a tax resident, for their purposes?
We talk about it in detail in these videos: th-cam.com/video/Xdas1b-8loI/w-d-xo.html
th-cam.com/video/N12UngQItig/w-d-xo.html
Let us know what you think once you check them out😄
It will typically be part of their assessment as to whether you're leaving with the intent to return or not.
I am an Indian but I am working for an Irish company and earning income in ireland in an Irish bank. I’ve been a tax resident of ireland for 2 years. This year I don’t plan to stay 183 days in ireland and become a digital nomad. This means I won’t be a tax resident in ireland or any other country because I will stay 2 months max in one country.
I don’t want to avoid pay taxes but will it be issue that I will still pay taxes in ireland without staying 183 days?
Would highly appreciate your thoughts
Does Canada acknowledge the taxes you paid in another country if there's no tax treaty between them?
Yes, though it's a little more complicated to get the credit and sometimes there's no tax equivalency
hey there,
so i am currently an employee in germany as a software developer and will be asking my compnay to sort of let me do the work remotely and move to cyprus
then how can i remove my tax residency from germany , as i have seen how i will be eligible for a tax residency in crprus from your video only
thanks a lot
I'll see if i can cover that in a video on Germany
@@MichaelRosmer that would be soooooo much awesome
Thanks a lot
@@MichaelRosmer and the content is awesome as always
Why it's a bad idea to be tax resident nowhere?
th-cam.com/video/vJv_pohvYk4/w-d-xo.html
Have you seen this video of ours? Let us know what you think😄
grey hat question: Can you use a country as a 'burner'?
Let's say that you are a citizen of x-western country with aggressive taxing but you're a tax resident of y-country that doesn't really do much tax enforcement.
Let's say that you have some foreign earned income that is significant into foreign bank accounts and let's say that you don't report that income/gains to your tax resident country but instead you leave forever at the end of the fiscal year.
I understand this is very much in the grey hat area of taxes...but I don't see a reason why y-country would tell x-country if they ever found out that this hypothetical person didn't pay taxes?
Or maybe the white hat question is: do countries/jurisdiction share data of tax payers? and if yes, if there is a tax treaty does it mean that they are sharing data? or is there a list/document that I can read that shows who is sharing data with who.
only if u r american
Do you have a telegram?
These are fairly nuanced questions.
The answer to the first one is "possibly" but it has risk.
Regarding the second, no it's not automatic. Automatic information sharing is just at the bank level.
@@MichaelRosmer Interesting. Yeah, I figured that they would be super nuanced. I'll YOLO it - they're very 'disconnected' countries so I have a good feeling (famous last words?)
Thanks for the reply!
@@chocmilkisgood how'd it go?