Some additions to this post.
In all countries except Cyprus it is not possible to obtain a tax residence certificate without a stay of 183 days.
The countries which I no longer consider favorable:
Monaco, Switzerland - very expensive and difficult way
UK / Portugal / Ireland / Italy - not suitable for people having active trading companies
Andorra - a difficult way and 10% tax on foreign income
Possible schemes:
UAE - there are a lot of options to get a residence, from incorporating a company to cheap freelancer visa. It seems nowadays it's quite difficult to get a
bank account in UAE even for residents. One visit per 180 days is required which is also annoying. For the moment on EU blacklist.
Cyprus - it's a good option for the passive
investment income, but it's almost impossible to get other income, such as active company profits, tax free.
Malta - remittance basis taxation and the possibility to get a 5% company tax with proper structuring is quite favorable, however you have to use complex solutions and since some things are overcomplicated in Malta and depend exceptionally on tax commissioner decision it can be a hidden trap. The banks in Malta are very shitty and practicaly non existent.
Georgia - you can be self employed for 1% tax or have a company with 5% tax, no
CFC, no AEOI and no shitty EU directives, however it's a developing country with very low
gdp and your offshore can be considered as resident, though I haven't heard of this rule to be enforced. I haven't heard that someone would move there only to use this system.
Some options in SEA, all have 180 days presence rule to maintain a residency:
Malasya - mm2h programme, there is a possibility to have a tax free residence since it's a territorial taxation country, but a decent deposit.
Thailand - you can get a Thai elite visa and therefore a residency, no CFC and no AEOI, foreign income is not taxed, however the things are unclear for the profits of
offshore company.
Singapore - quite expensive and hard option which is suitable only for startup founders
Lived in Thailand for 9 years to save on tax, Thai elite visa is super easy and great solution. You pay, 1 day later you become VIP with many nice perks but its mainly worth it for the freedom you get with it.
earnings that are not going inside Thailand are not taxed And If they are kept out for 1 year, later you can bring them in without paying tax.
I have there an apartment and bank accounts,
Not once was asked or mentioned anything about taxes or source of income.
when I lived there I was single, living the dream, unlimited supply of women, beach, luxury life style everything is affordable, quick and easy going, warm weather and good
food. Not taking it for granted but as a young guy (now 37), At some point i felt like life passing by me and honestly I got bored. The culture is different, was not able to make life long friends, while you can have european style friends its not for life and always there's some hidden interests around the friendship for some reason. Also, being far from core family becomes harder with the years as everyone gets older. Flying to Thailand and from Thailand everry 3 months was ok but in past 2 years with all this corona it also became , hmm, complicated, not only in thailand, so its also less comfortable.
And last, while Thailand don't care about your source of income, when I wanted to send money to family for example that have western bank accounts, they didn't agree to accept the money saying they don't care if its legal NOT to pay tax in Thailand, they don't want the money. They want regular accounting from western country and proof of any tax payments.
Managed via transfer wise, but that's not comfortable with large amounts.
Its great experience, but I learned I enjoy more pay low tax somewhere to be left alone by the global tax greedy authorities and be around people with similar cultural habits. Just my 2cents
I want to change my residency to a tax
free country or a country with <10% taxation in the worst case. I don't want to live in a shithole like
Vanuatu just to keep my residency.
I see that the only options available are Monaco, Malta, Cyprus non-dom and UAE. What is the best solution in my case and benefits/downsides of each of these countries? Are there any other solutions?
Lived in Thailand for 9 years to save on tax, Thai elite visa is super easy and great solution. You pay, 1 day later you become VIP with many nice perks but its mainly worth it for the freedom you get with it.
earnings that are not going inside Thailand are not taxed And If they are kept out for 1 year, later you can bring them in without paying tax.
I have there an apartment and bank accounts,
Not once was asked or mentioned anything about taxes or source of income.
when I lived there I was single, living the dream, unlimited supply of women, beach, luxury life style everything is affordable, quick and easy going, warm weather and good
food. Not taking it for granted but as a young guy (now 37), At some point i felt like life passing by me and honestly I got bored. The culture is different, was not able to make life long friends, while you can have european style friends its not for life and always there's some hidden interests around the friendship for some reason. Also, being far from core family becomes harder with the years as everyone gets older. Flying to Thailand and from Thailand everry 3 months was ok but in past 2 years with all this corona it also became , hmm, complicated, not only in thailand, so its also less comfortable.
And last, while Thailand don't care about your source of income, when I wanted to send money to family for example that have western bank accounts, they didn't agree to accept the money saying they don't care if its legal NOT to pay tax in Thailand, they don't want the money. They want regular accounting from western country and proof of any tax payments.
Managed via transfer wise, but that's not comfortable with large amounts.
Saved tons of tax and was great experience, but I learned I prefer to pay low tax somewhere and to be left alone by the global tax greedy authorities and be around people with similar cultural habits.
Might retire to Thailand at 60
Anyways, Just my 2cents