Hey Friends!
I recently discovered this forum and am grateful for this community.
I have a some questions and have done some search but couldnt find the answer in previous questions.
I have a simple consulting business with income under 200K. I have a US LLC disregarded entity.
I have exited out of Canadian tax system from 2021 and became a Mexican temp resident just last year mid year 2022.
Questions.
1) What is the actual law for a temp resident staying here over 183 days, Does that make one liable for tax on global income?
I hear mixed thoughts on this and I love to hear some discussions on getting clarity. Some say the first 4 year on temp residency its okay but then after full residency if spending more than 183 days and have no other tax res country, can be come liable. Thoughts?
(Note: I am not using their banking system and every thing is paid using LLC and personal Canadian bank for basic personal stuff.)
In the 5472 form when filing it does ask for tax country residency and for my filing last year it was indicated Mexico as tax residency but no tax ID was filed with it.
2) I like to be able to start investing using a brokerage account but currently I am unable to because all the platform require a tax residency country.
I contacted different professionals and some said put the canadian tax id and other said put mexican, and In both cases I feel its not wise to do either.
Do you have any thoughts or feedback on this? Is there a legitimate brokerage account which I do not need to declare my tax residency?
3) Suggestions for no tax or low tax Official residency
I am considering costa rica or DUBAI. I have friends who love their Dubai res card but the idea of having to fly back there every 6 months seems alot of work.
and Costa rica seems may have some structural issue and is not as highly developed. Is there any other options for low tax or no tax ideally in the west so the time zone is the same as USA/Can?
Thank you for your time and support
I recently discovered this forum and am grateful for this community.
I have a some questions and have done some search but couldnt find the answer in previous questions.
I have a simple consulting business with income under 200K. I have a US LLC disregarded entity.
I have exited out of Canadian tax system from 2021 and became a Mexican temp resident just last year mid year 2022.
Questions.
1) What is the actual law for a temp resident staying here over 183 days, Does that make one liable for tax on global income?
I hear mixed thoughts on this and I love to hear some discussions on getting clarity. Some say the first 4 year on temp residency its okay but then after full residency if spending more than 183 days and have no other tax res country, can be come liable. Thoughts?
(Note: I am not using their banking system and every thing is paid using LLC and personal Canadian bank for basic personal stuff.)
In the 5472 form when filing it does ask for tax country residency and for my filing last year it was indicated Mexico as tax residency but no tax ID was filed with it.
2) I like to be able to start investing using a brokerage account but currently I am unable to because all the platform require a tax residency country.
I contacted different professionals and some said put the canadian tax id and other said put mexican, and In both cases I feel its not wise to do either.
Do you have any thoughts or feedback on this? Is there a legitimate brokerage account which I do not need to declare my tax residency?
3) Suggestions for no tax or low tax Official residency
I am considering costa rica or DUBAI. I have friends who love their Dubai res card but the idea of having to fly back there every 6 months seems alot of work.
and Costa rica seems may have some structural issue and is not as highly developed. Is there any other options for low tax or no tax ideally in the west so the time zone is the same as USA/Can?
Thank you for your time and support
