Hello,
I decided to provide an update for those interested following my main post in Q1 2024:
https://www.offshorecorptalk.com/th...-tax-residency-when-you-have-3-4-bases.44506/
Quick recap:
To add layers of protection, I’ve considered or implemented the following:
In reality, I don’t plan to spend much time there annually—maybe 1 to 90 days. This would allow flexibility if Thailand becomes problematic in terms of taxation. Spending 90 days in the UAE would help maintain consistency for tax residency purposes there.
Funds never remain there, but this allows me to clear the first (and most important) stage of cashing out from CEX to a European bank. From there, redistributing funds to other accounts and brokers (e.g., IB) becomes much easier.
For the remaining available time, I might spend 1–2 months per year in Bali (during Thailand’s rainy season) and do some SEA travel.
I would avoid putting funds in the UAE (if I already have physical investments there, it’s sufficient). Currently, I’m considering placing around 10% in Singapore or Hong Kong private banking. However, Singapore seems more difficult to open accounts compared to Hong Kong. I like both because they are detached from Europe/Western systems.
While the Turkish passport isn’t very powerful, it seems like a reasonable choice—you don’t just “give away” money like you do with Caribbean CBI programs, and the process is relatively fast (a few months). There’s also the possibility of changing your first name (but that’s another topic).
This option could potentially be combined with obtaining a third passport through another CBI program via the new Turkish passport.
However, options for citizenship remain limited since I exclude Asian countries (and Africa?), North America (which is useless anyway), and Europe. Therefore, Turkey, Caribbean islands, and Central/South America appear to be the only viable options.
I decided to provide an update for those interested following my main post in Q1 2024:
https://www.offshorecorptalk.com/th...-tax-residency-when-you-have-3-4-bases.44506/
Quick recap:
- French citizen, late 30s, no wife, no kids.
- Spending less than a month per year in France for many years.
- Living abroad since 2013 (Hungary, Malta, and Portugal under the NHR tax scheme since COVID until October 2024).
NHR could still be valid until 2030 if I decided to go back. - Eight-figure wealth.
A) Geographic Areas
1. Thailand
I have moved to Bangkok, which is currently my first choice, and I am happy to be here. I opted for the Digital Nomad Visa (DTV) for now since it was easy to obtain and much cheaper than the ELITE/PRIVILEGE visas (we’ve already discussed this topic extensively). I am perfectly fine staying 180+ days per year in Thailand to establish legal tax residency here and avoid issues with other jurisdictions.To add layers of protection, I’ve considered or implemented the following:
- Declaring some remitted income in Thailand (e.g., rental income or about $2–3K in monthly expenses, around $50K/year). Even though I can likely cover my lifestyle in Thailand from Principle, declaring and paying taxes locally provides more consistency and avoids complications. It's a negligible amount compared to global wealth.
- Possibly switching to the LTR (Long-Term Resident) visa for wealthy global citizens (I meet the prerequisites). However, this requires a $500K investment in Thailand, after which taxes are not applied to remitted money, potentially avoiding headaches if I plan for a longer-term stay in Thailand.
- Staying mobile: If unfavorable laws were enacted (e.g., worldwide taxation), I could remain flexible by staying under 179 days per calendar year in Thailand, combined with the next point.
2. UAE
I am currently exploring the UAE Golden Visa (via real estate) in Dubai as a Plan B. Dubai is geographically well-positioned between Europe and Asia (and close to Africa), providing genuine consistency: real estate ownership and a Golden Visa. It also diversifies into a new region unlinked to Western Europe/America.In reality, I don’t plan to spend much time there annually—maybe 1 to 90 days. This would allow flexibility if Thailand becomes problematic in terms of taxation. Spending 90 days in the UAE would help maintain consistency for tax residency purposes there.
3. Europe
I plan to spend 2–2.5 months per year in Europe (e.g., end-of-year holidays with family in France) and most of the remaining time in Budapest, where I still own some real estate and have a base. Central Europe remains essential for my financial flows since I primarily use two countries to process long-term crypto gains. This setup has worked perfectly for the 10 years I’ve been in crypto.Funds never remain there, but this allows me to clear the first (and most important) stage of cashing out from CEX to a European bank. From there, redistributing funds to other accounts and brokers (e.g., IB) becomes much easier.
For the remaining available time, I might spend 1–2 months per year in Bali (during Thailand’s rainy season) and do some SEA travel.
B) Banking / Investments / Citizenship
1. Banking
As mentioned earlier, my setup in Central Europe is still working well. I also use several EMIs and HSBC Expat. There’s no point in adding more European bank accounts (except possibly in Luxembourg, though opening one seems complicated, or Switzerland).I would avoid putting funds in the UAE (if I already have physical investments there, it’s sufficient). Currently, I’m considering placing around 10% in Singapore or Hong Kong private banking. However, Singapore seems more difficult to open accounts compared to Hong Kong. I like both because they are detached from Europe/Western systems.
2. Investments
I’ve already mentioned Thailand and UAE investments. I’m also considering adding Bali (for leisure, good yields, proximity to BKK for urgent matters, etc.). Turkey is another option for diversification—it’s in a different bloc and offers a citizenship program.3. Citizenship
Unfortunately, I currently hold only one passport—from a high-tax country (France). It seems very difficult or impossible to acquire another strong European passport (Luxembourg, Swiss, Malta) to replace the French one, so I’m exploring non-European options.While the Turkish passport isn’t very powerful, it seems like a reasonable choice—you don’t just “give away” money like you do with Caribbean CBI programs, and the process is relatively fast (a few months). There’s also the possibility of changing your first name (but that’s another topic).
This option could potentially be combined with obtaining a third passport through another CBI program via the new Turkish passport.
However, options for citizenship remain limited since I exclude Asian countries (and Africa?), North America (which is useless anyway), and Europe. Therefore, Turkey, Caribbean islands, and Central/South America appear to be the only viable options.
