Here is the deal, I'm recently retired (fairly young) with a full pension. My pension provider will send my pension where ever I want, but informed me that a government withholding tax would apply.
I dug a little deeper and noticed that then rate varies from country to country.
For example UAE residency would result in the government taking 25% but a place like (for example) Malaysia (Sarawak visa) would only result in 15%.
The rest of my now liquidized assets from the sale of a couple houses and stocks over the last year (before the economic corrections in both... yeah!) Will be invested back in the stock market once my new residence and banking setup is complete. I will then be travelling, blogging, doing photography, video production, as a side job for another (likely small for a while) income stream.
So I like the idea of setting up my financial base in the UAE, but I don't like the extra tax on the pension. Could I also set up residence in say Malaysia and declare that? If i did that would the pension monies HAVE to be sent to a Malaysian bank or could they then be sent to the UAE or would it be better to set up some form of LLC and banking to manage the situation? Also how does one optimize setting up their stock investments in this situation to minimize taxes?
*Malaysia used solely as a example as it was one of the countries that came up with less withholding when i asked*
So what is the best course to take to optimize my income taxes on my investments, protect my assets (no shitty, shady banks), reduce the reporting of CRS, etc and improve my privacy (I have zero confidence that my home country will not be moving to a more USA style of taxation by citizenship, as they spend like drunken soldiers attempting at building all their socialist dreams and looking for ever more ways to fund it) IE... once my money is out i want it obfuscated as it grows.
I have zero interest of being a resident of Canada again (although I recommend you all visit... in the summer!) LOL
Anyways... I hope this all makes sense? If you were me, how would you manage your escape?
I am also fine if people want to turn this thread into a guide on how to Optimize their escapes from their jurisdictions as well. The the tweaks and pitfalls to be concerned with while trying to optimize their fiances. (well after I get some clarification! LOL)
Cheers everyone.
I dug a little deeper and noticed that then rate varies from country to country.
For example UAE residency would result in the government taking 25% but a place like (for example) Malaysia (Sarawak visa) would only result in 15%.
The rest of my now liquidized assets from the sale of a couple houses and stocks over the last year (before the economic corrections in both... yeah!) Will be invested back in the stock market once my new residence and banking setup is complete. I will then be travelling, blogging, doing photography, video production, as a side job for another (likely small for a while) income stream.
So I like the idea of setting up my financial base in the UAE, but I don't like the extra tax on the pension. Could I also set up residence in say Malaysia and declare that? If i did that would the pension monies HAVE to be sent to a Malaysian bank or could they then be sent to the UAE or would it be better to set up some form of LLC and banking to manage the situation? Also how does one optimize setting up their stock investments in this situation to minimize taxes?
*Malaysia used solely as a example as it was one of the countries that came up with less withholding when i asked*
So what is the best course to take to optimize my income taxes on my investments, protect my assets (no shitty, shady banks), reduce the reporting of CRS, etc and improve my privacy (I have zero confidence that my home country will not be moving to a more USA style of taxation by citizenship, as they spend like drunken soldiers attempting at building all their socialist dreams and looking for ever more ways to fund it) IE... once my money is out i want it obfuscated as it grows.
I have zero interest of being a resident of Canada again (although I recommend you all visit... in the summer!) LOL
Anyways... I hope this all makes sense? If you were me, how would you manage your escape?
I am also fine if people want to turn this thread into a guide on how to Optimize their escapes from their jurisdictions as well. The the tweaks and pitfalls to be concerned with while trying to optimize their fiances. (well after I get some clarification! LOL)
Cheers everyone.