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Best combination of high quality of life, entrepreneurial freedom and low taxes
- Thread starter FixieHartmann
- Start date
How keen are you actually on staying in the EU? Otherwise the digital nomad visas might be an option, e.g. Bahamas, Barbados, Cayman etc.
I figured that for me it doesn’t really work because I don’t want to live in a small, underdeveloped island but it might be an option for you if you are traveling all the time anyway.
For instance Barbados is quite nice because neither you nor your company will become tax resident. On the either hand you won’t be able to get a tax file number or tax residency to show to the foreign authorities
I spent 10 months in Barbados
is an awful place , run down , authoritative and expensive … Barbados Is also expecting you to pay tax in home country you came from (on welcome stamp)
if you want beach, and no tax I think Philippines or Thailand way better
p.s. if I was travelling all time I’d get Georgia tax residency myself
I really laughed out loud when reading your reply as it pretty much exactly resembles my opinion of Barbados. Not my kind of bread, but others might like it
Yes I would rather stay in EU for variety of reasons.
I think I narrowed down between Gibraltar and Portugal. From what I have gathered realistically I will have to pay around 15-20% total taxes in either of them, Gibraltar doesnt tax capital gains which is a huge plus but also its a small place and might not be a great base to spent a few months a year (vs Lisbon)
I think I narrowed down between Gibraltar and Portugal. From what I have gathered realistically I will have to pay around 15-20% total taxes in either of them, Gibraltar doesnt tax capital gains which is a huge plus but also its a small place and might not be a great base to spent a few months a year (vs Lisbon)
Actually I just found out that NHR 20% tax rate for self employed of specialized fields is AFTER paying social security...
Which means real tax rate will be much higher than 20%
Which means real tax rate will be much higher than 20%
Yeah, the NHR program looks nice from the outside but as soon as you start to dig you’ll find lots of problems.Actually I just found out that NHR 20% tax rate for self employed of specialized fields is AFTER paying social security...
Which means real tax rate will be much higher than 20%
So whats the angle here then? Cyprus 60 days residency and live less than 180 elsewhere or if longer stay under the radar (e.g. no card transactions, airbnb etc.)?
Others will have more experience with this setup but from everything I’ve read it seems Cyprus is most often recommended when you want to optimize taxes but stay in Europe.
Cyprus is an excellent choice if you relocate there. You can get the tax residency on the 60-day rule.
If you set up a company you pay 12.5% on net profit and No SDC on dividend, as a non dom you will be paying just 2.65% on dividend payments as a contribution to the GHS.
How strictly enforced is the 60 days rule? E.G. do Cyprus taxman check (or care) if people are effectively spending 60 days out of the year there?
just suggstion but do you like Austria? you can live tax free in Austria with Cyprus company, because of tax treaty ((Cyprus Organschaft)) - worth looking into
There are not so strict in actually checking the 60-days, but one of the requirements is that you have a rental agreement in place which has a duration of at least one year, plus you need to be carrying out a business or be an employee in Cyprus. Yourr best structure would be arranging for a rental agreement, setting up a company with you as one of the directors and registering as an employee of the company with a minimum salary. The above will act as evidence of your stay in Cyprus.
PLUS you need to not spent more than 183 days in any other jurisdiction.
So even when I own an offshore company that I control , no taxes to pay ?
only tax on money remitted ?
how hard/easy to get 1 years residency ?
I would prefer to go as far away from the EU as possible. People are living under more and more surveillance.
I think Panama would be a good option, but I would have to hurry because on 5 August the conditions of the friendly countries programme will change and it will be more difficult to emigrate.
I’ve considered Panama for quite a while, but ultimately decided against it because a) my Spanish is s**t and b) I like to build and invest in companies and Panama has such a bad reputation that it seems it’ll be very hard to invest in European companies with a tax residency there.
Yes, I still think (Best combination of high quality of life, entrepreneurial freedom and low taxes) summarizes the options quite nicely.
Weather is quite important to me, so that excludes Switzerland and Portugal - even though if Switzerland was tropical and had nice beaches it'd definitely be number one.
At the same time the general goal of living in a highly developed, democratic, tropical and English-speaking country is still the same. These requirements rule out most of the world and what's left is basically USA, Australia and possibly Singapore / Malaysia.
I've spent longer periods of time in Australia and really like it. However, it is too far away from friends and family to be able to commit to it for the long-term at the moment.
I plan to visit Singapore / Malaysia (hopefully soon), but I expect it won't be my kind of bread.
That leaves the US, especially Florida. All in all I think it is the best option for me, but it will take a while to get a visa. On top of that Covid cases are currently exploding over there, so I am not that keen to move at the moment anyway.
This means for now I'll stay here in the Caribbean, work on my businesses and see how everything goes.
