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What country would you choose to relocate to avoid taxes?
- Thread starter Spinat
- Start date
I recommend uk, this is after brexit offshore country. Low taxes, privacy and there are some good options about investments.
Could you please share how privacy changed after brexit? What do you mean by that?
That's a very valid question which I hope he can come back and elaborate on.
Hei guys, first post here, great to see a thread talking about this.
I'll share my research in the most interesting low tax countries to live in. I have factored cost of living, difficulty of obtaining residency, minimum days to live to be considered tax resident and whether it's a desirable place to live. I have personally been living in Andorra for a few years now with pretty much my entire income comming from capital gains, so if you have questions about Andorra feel free to ask.
Europe:
Non-Dom jurisdictions are quite interesting - Malta, Ireland, UK, Cyprus. You don't pay anything that's generated abroad, you only pay taxes on the money you actually bring into the country.
UK - might be a bit hard to get residency now with Brexit if you live off passive income.
Ireland - requires 183 days to live there, otherwise it seems like a fine place but high cost of living if you want to live in Dublin.
Malta - Malta has a very interesting programme where you need to have a place rented that costs 10k€/yr minimum AND you need to pay a minimum 15k€/year in remmitance taxes but you don't have a minimum stay in the country to obtain tax residency. So basically you pay a lump sump of 15k plus the 10k in rent and you are free to live anywhere as long as you don't live more than 183 days somewhere else.
Cyprus - there's a 90 day residency but you need to setup a company. Overall I'd choose Malta or Ireland over Cyprus.
Latin America:
Panama - Up until last year it was very easy to get residency there creating a company but they currently require an investment of 200k USD in real state or a deposit - You need to live 183 days for tax residency. Tax free for everything that's generated offshore.
Costa Rica - Similar to Panama I believe.
Asia:
Thailand - they have a program called Thailand Elite which allows you to reside legally there for 5 days for 15k$. You need to spend 183 days there but all the income generated outside of the country is tax free.
Malaysia - they have a program called Malaysia my second home, but last year they significally increased the requirements. I believe you now need to deposit around 200 or 250k $ in their currency (ringit) to obtain residency. You have to reside a minimum of 90 days and everything generated offshore is tax free.
HK/Singapore : I see a lot of people talking about HK and Singapore and even though they seem great places to live in I think that getting residency there is quite hard or it costs much more money than other alternatives.
I'll share my research in the most interesting low tax countries to live in. I have factored cost of living, difficulty of obtaining residency, minimum days to live to be considered tax resident and whether it's a desirable place to live. I have personally been living in Andorra for a few years now with pretty much my entire income comming from capital gains, so if you have questions about Andorra feel free to ask.
Europe:
Non-Dom jurisdictions are quite interesting - Malta, Ireland, UK, Cyprus. You don't pay anything that's generated abroad, you only pay taxes on the money you actually bring into the country.
UK - might be a bit hard to get residency now with Brexit if you live off passive income.
Ireland - requires 183 days to live there, otherwise it seems like a fine place but high cost of living if you want to live in Dublin.
Malta - Malta has a very interesting programme where you need to have a place rented that costs 10k€/yr minimum AND you need to pay a minimum 15k€/year in remmitance taxes but you don't have a minimum stay in the country to obtain tax residency. So basically you pay a lump sump of 15k plus the 10k in rent and you are free to live anywhere as long as you don't live more than 183 days somewhere else.
Cyprus - there's a 90 day residency but you need to setup a company. Overall I'd choose Malta or Ireland over Cyprus.
Latin America:
Panama - Up until last year it was very easy to get residency there creating a company but they currently require an investment of 200k USD in real state or a deposit - You need to live 183 days for tax residency. Tax free for everything that's generated offshore.
Costa Rica - Similar to Panama I believe.
Asia:
Thailand - they have a program called Thailand Elite which allows you to reside legally there for 5 days for 15k$. You need to spend 183 days there but all the income generated outside of the country is tax free.
Malaysia - they have a program called Malaysia my second home, but last year they significally increased the requirements. I believe you now need to deposit around 200 or 250k $ in their currency (ringit) to obtain residency. You have to reside a minimum of 90 days and everything generated offshore is tax free.
HK/Singapore : I see a lot of people talking about HK and Singapore and even though they seem great places to live in I think that getting residency there is quite hard or it costs much more money than other alternatives.
I know, the problem is that the normal visa will only let you stay there for 30 days.
What old regulations? It's essentially like the Elite visa, but for a fraction of the cost. You're also officially allowed to have a remote job.
What are the tax implications with the dtv visa? If one lives more than 183 days or less? Is it better than malaysia, indonesia and Philippines in terms of taxation in your opinion? I'm seriously considering south east Asia but not able to make up my mind on Malaysia to live just for tax purposes until 2026
Very good and valid points, from my research I also noticed that you can offset the higher cost of obtaining residency thru investment by just opening a company in countries like Malaysia and panama, it costs way less amd is much much easier in my opinion. You are not going to be treated any differently when it comes to taxes, foreign income will be tax free??
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If you make money online and get payments to your local bank account you get taxed as in any other country or not?
The rules really depend on the country and vary a lot. But in general, you only pay tax on the money you spend/remit in the country. For Cyprus, you only pay tax on income accrueing or arising in Cyprus. For Ireland, you can remit all money you made prior to become a tax resirent. Malta also taxes capital gains from Maltese source. The UK one will probably be cancelled soon.
As far as I know, the rules are the same as for everyone else. You are only considered tax resident if you spend 183+ days per calendar year in Thailand.
Tax residents pay tax on their global income now. But if you spend less than 183 days there, no tax.
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