How are Taxes Preventing You From Retiring Early

[@intellectualgladiata]

Great video Michael. Here is the difference in Australia between what the government gets and what you get over a career just factoring income and capital gains taxes. Assumptions Income:$100KAUD, income grows by 3% p/a, 20% of your net pay invested each year for 47 years, investment average 7%. After 47 years of work you get $2.78 million, the government over that period got $5.29 million from you in direct taxes, nearly double. By comparison with exactly the same numbers and assumptions in the UAE that $2.78 million becomes $10.72 million.

[@GeoArbitragers-hb3jz]

This is exactly why we left Australia and why we are doing all we can to facilitate our children being able to get themselves into an environment where they are not just tax slaves. Unfortunately a similar situation in most of the western world.

[@lawtutoring]

​@@GeoArbitragers-hb3jzcheck out Armenia, Montenegro or Andorra. While you won't pay zero tax, there is a path to citizenship unlike UAE (although for Andorra it's 20 years).

[@devoutsalsa]

On the topic of Social Security, the system will never be bankrupt. If the pool of money to payout goes to $0, there are three options: raise taxes, raise the retirement age, or lower/freeze the benefits. The system itself will never go bankrupt, although it may certainly degrade in quality.

[@4ivar]

In Sweden, there are old cultural "rules" calles Jantelagen which is akin to what you describe. It says that prople shouldnt try to stand out or make any noise

[@lextor4712]

Interesting! How do they actually call these rules in Swedish?

[@fredriksmedberg421]

That's right. Get back in line 4ivar! ;-)

[@guusgeluk3693]

You get shafted in eu as a self employed person. High taxes high social contributions. Some countries like spain want like 600+ a month so youre allowed to work. This is money you will never see again. You can make a nice retirment fund with 600 a month for 30 years in a index fund.

[@boroxsolid]

Just discovered your videos, so informative. Thank you

[@OffshoreCitizen]

Welcome aboard 🙌🏻

[@EcommerceWithAndrei0]

Question, why you never mention a beautiful country of Latvia? they have 0% on corp tax (same set up as Estonia), beautiful all around weather and pretty low cost of living (compared to the West of course)?

[@reggie69.]

In lavtia and Estonia its 0% tax only if you reinvest all the money. you pay 20% for dividends but the company pays it's honestly more like a dividend withholding tax but its called corporate tax/ profit tax to not be in trouble with the Eu for in reality having zero taxes. I don't think they have dividends tax for individuals

[@FranciszekPawal]

Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.

[@ragnareiriksson4769]

Hi Michael. I'm very much in the group you made this video for and I very much have a "comfort zone" when it comes to other cultures. I'm surprised that you didn't talk about the Italian Impatriati regime, although it has been made less appealing as of this year. They still have the Forfittarie regime, although again, slightly worse this year (but not by as much as orginially intended). And since you mentioned the NHR, doesn't that require you to clarify a bit what's happening with that? But you did say in one of your video's that it's not great for those who want to continue working. I also remember your video on Slovenia, which I found pretty interesting. Show us more options please, especially those "culturally close" to Europe.

[@lucchese20]

Agree. Would also like to learn more about tax schemes in Italy for workers and retirees. 🇮🇹🇮🇹

[@Gorilladome4664]

Hey, thanx for the video...great content as usual! Quick question...contemplating this move near term... question involving becoming a tax resident of Thailand vai physically retiring and moving to Thailand. If I moved my Canadian stock portfolio overseas, say Singapore, to an investment bank, say DBS Vickers, access to NA markets, where a wealth manager took over the management of that account from myself. If the mind of the business remained in Singapore (through an individual trading account only), while Im residing in Thailand full time...then according to Thailand tax laws, those capitals gains would remain tax free if not remitted into Thailand...is that correct? So two points, the mind of the business must be in Singapore and the capital gains must remain offshore? thanx very much!!!

[@doctorstrange69]

Can you talk about the possible advantages of investing in Bank CDs in Argentina anticipating that they switch to the US Dollar?

[@dexterspeights3484]

EARLY RETIREMENT is a legal "get out of jail-free card" against high taxation on active income.

[@fredriksmedberg421]

Great video! What are the top 5 places your Scandinavian clients tend to go to and end up liking enough to stay long-term?

[@user-ov5nd1fb7s]

1. Yes, Europe is morally bankrupt. The laws are made such that they make sure you never get out of your "place". Whatever class your parents were, you need to be that. It is 100% modern serfdom. 2. The returns on retirement plans are not good because they are redistributed to pay for the people who didn't pay into the retirement plan, for one reason or another. Essentially, subsidizing and wealth redistribution. Anyone making more than 50-60k is getting screwed on these mandatory pension contributions and would 100% get better returns in the S&P500. I have no problem with having some kind of a safety social net for people who would otherwise starve in old age. However, it needs to have some limits. I need to know that i have taken care of my retirement before i can help with yours. The US isn't as bad on this. Europe is absolutely terrible. And the sad part is that many europeans think this is okay because they want to have a good "work life balance". That basically means that its a system of the lowest common denominator. Those who work a lot will pay for those who protest 2 times per month to get paid more and work 4 hours per day. Anyone that has the ability to leave Europe should do so.

[@hhuuzzzzaahh]

Could this be a bumper sticker? : In times of change, the one place to be, is not a spot on a map. It is within a fuzzy probabilistic cloud formed by a gazillion aligned neurons that continually seek the next place to be.

[@YellowWhiteEye]

Hungary was/is my choice. Apart from the reasons you have given, another, often ignored criteria is political stability. Here in Hungary the people are pretty resistant to marxist/leftist and other bullshit ideologies and the government is highly focused on economic development of the country. You do not really get this in e.g. South America, where the political landscape changes every 5 years or so.

[@zeroflaghu]

Wow, have you checked hungarian inflation? Good luck with that stability too.

[@wdc1040]

I believe I recently read that the US cancelled the Hungarian double taxation-treaty as of 1-1-24.

[@elsbells8545]

Every tax reduce is better 😂

[@ywueeee]

we need crypto related vidoes ser

[@OffshoreCitizen]

Noted. Have you checked some we made previosly on the topic?

[@ywueeee]

@@OffshoreCitizen yes, all the old company setups are now not worth it (ex: uae, 9% tax) we need newer options to cash out