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The people that ask about nomad lifestyle have never really changed address or dealt with banks often enough. With CRS you will be reported to ever country after ever change of address with a bank. Even if no tax is owed you could end up with i.e half a dozen countries you moved too asking you to file blank tax returns which can be stressful. Yes you could choose in that case to bank in a non-CRS country and use a single address and cross your fingers but nomad lifestyle does not work in 2019. You would be storing up problems for your future without a proper residency.
In your case you need a tax free residency address for banking purposes and then move around and live anywhere you want making sure you pass any local non-resident test.
Your country tax office will ask you 1 questionI currently live in a typical OECD country with high taxes (A). I'm a citizen of another OECD country just like that (B). Country A is outside the EU and is not the US, country B is inside the EU. I make my money with an online-based business and with customers around the world. Most of them are neither in A or B. I currently run my business through a local company in A but can easily shift this to an offshore company.
Suppose I give up my current residency in A, set up an offshore company for business, and live as a "nomad", changing location every three months. So I'd be in four different locations each year. Of those, two would be A and B, always, and always just under three months. The others would vary from year to year.
Why do I need any tax residency anywhere? With this nomad lifestyle, I am in actual fact not a resident of anywhere, so I shouldn't be taxable anywhere. What am I missing?
This happened to me once. I told them Port Vila, Vanuatu. Dead silence ever sinceYour country tax office will ask you 1 question
"Where are you a tax resident of if not here"
If the answer to that is not a SPECIFIC nation, guess what, you are going to pay taxes there. They will not accept the answer you just are not a resident of australia or canada, etc. You must say a specific nation or else forget it.
That's how it is in most EU countries, if not all. If you give up your residency one place you will have to get it in another country or you will be taxed where you lived before.Your country tax office will ask you 1 question
"Where are you a tax resident of if not here"
If the answer to that is not a SPECIFIC nation, guess what, you are going to pay taxes there. They will not accept the answer you just are not a resident of australia or canada, etc. You must say a specific nation or else forget it.
What happened to your previous tax ID, and why didn't you give it to your broker?PT (= permanent traveler/tourist) lifestyle is no longer possible in the EU, unless you are a citizen of Germany, Austria or certain Swiss cantons. All others will run into problems with banks and other financial institutions. As @hernanday explained, at least some countries won't even let their tax slaves go, unless those slaves can prove they are property of another slaveholder.
Being a PT stopped working for me in 2018. After a KYC-runaround, I was kicked out by my online broker. My P.O. Box address wasn't the main issue, but lack of a Tax ID. Banks too were getting impatient. If one wants to have anything to do with EU financial institutions, the only solution is to get a Tax ID.
This is a generalization and not correct for every country. For example the UK does not care where you are as long as you are not uk resident.Your country tax office will ask you 1 question
"Where are you a tax resident of if not here"
If the answer to that is not a SPECIFIC nation, guess what, you are going to pay taxes there. They will not accept the answer you just are not a resident of australia or canada, etc. You must say a specific nation or else forget it.
My country of citizenship's tax office had declared I am no longer tax resident there, so the broker insisted I must have another tax id. In their way of thinking, one must be tax resident somewhere. I may have contributed to my own demise by keeping my address current in their system. But giving obviously false information about one's address & tax ID does not sound like a good long-term solution either.What happened to your previous tax ID, and why didn't you give it to your broker?
I will add to this, that KYC also makes it impossible as he explains, it has gotten so bad, that banks no longer want to open accounts for Americans in France because they must maintain your account forever because of facta! I was talking to a French banker friend and he told me this is the reason they don't want to open accounts for Americans. Under facta, if you live $500 in your french account, and leave france for ever, they must report on you until your fees are all overtaken your deposit and maintain the records forever. So itt is just easier to not open an account unless the person is extremely rich.PT (= permanent traveler/tourist) lifestyle is no longer possible in the EU, unless you are a citizen of Germany, Austria or certain Swiss cantons. All others will run into problems with banks and other financial institutions. As @hernanday explained, at least some countries won't even let their tax slaves go, unless those slaves can prove they are property of another slaveholder.
Being a PT stopped working for me in 2018. After a KYC-runaround, I was kicked out by my online broker. My P.O. Box address wasn't the main issue, but lack of a Tax ID. Banks too were getting impatient. If one wants to have anything to do with EU financial institutions, the only solution is to get a Tax ID.
Yes, it is a generalization, there is no way I could give an answer for all 190+ nations in the world.This is a generalization and not correct for every country. For example the UK does not care where you are as long as you are not uk resident.
Other countries want an address where you move (don't need to be tax resident there) but will not ask where you move after having moved there.
How did your broker find out about this?My country of citizenship's tax office had declared I am no longer tax resident there, so the broker insisted I must have another tax id. In their way of thinking, one must be tax resident somewhere. I may have contributed to my own demise by keeping my address current in their system. But giving obviously false information about one's address & tax ID does not sound like a good long-term solution either.
Georgians are very kind and simple people. Quite a lot of affordable whores and erotic massage shops as well although they're not on Google maps for some reason
PT (= permanent traveler/tourist) lifestyle is no longer possible in the EU, unless you are a citizen of Germany, Austria or certain Swiss cantons. All others will run into problems with banks and other financial institutions. As @hernanday explained, at least some countries won't even let their tax slaves go, unless those slaves can prove they are property of another slaveholder.
Being a PT stopped working for me in 2018. After a KYC-runaround, I was kicked out by my online broker. My P.O. Box address wasn't the main issue, but lack of a Tax ID. Banks too were getting impatient. If one wants to have anything to do with EU financial institutions, the only solution is to get a Tax ID.
Do you mean tax residency with obtaining a tax residence certificate or just a tax id number? You can get a tax id number in a country with territorial taxation but you'll be not taxed there since you are not living there, is this enough? Because otherwise with 180 days presence rule nomadic lifestyle is out of the question
What about "I have income only from outside of your country and I'm not a tax resident in your country"?you will still not be able to explain to your country's tax authority why your local bank account is able to Spend money (on, at least gas, water and electricity for 3 months a year) while you as a person are not registered as Receiving any money. you will simply stand there choking, unable to give them any reasonable response. one look at you and the tax inspector knows precisely what is going on. they'll then proceed with invoicing you for the value of your bank account's yearly Spend, multiplied by 5 or 10 times. basically an impossible amount. and they will want you to wire it within a few days or go to court. you will have no choice but to come clean. i cannot recommend your approach. not even for 3 months out of a year. don't play with EU15 communes!
When you leave the UK you fill in the P85 form you must specify where you are going too i.e question 12. This is normal you don't vanish without giving info on which country you are going too.
What would happen if you give them another EU country, then you go to that country for a few days, but "change your mind" and actually get a residence in a 3rd country without letting the UK authorities know?
dont go backWhat is your home country? Most high tax EU countries do not let you register as tax non-resident unless you have taken another residency. Furthermore, your home country may wish to tax you for 1,2,3 or 5 years, even after you've left, if your new country of tax residency is a tax haven.
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