How to Move to a Tax Haven and Pay Zero Tax

[@gianniferrari1122]

I feel like too many people ask Andrew how to save money on taxes, but they dont want to pay the high prices to live in luxury places, or even 150k for St Kitts. The problem isnt the taxes folks, its the MONEY. Get the money up! Always love your videos Andrew. Will give you a call in the future when the millions are in the pocket for you to help me live the oligarch lifestyle. I think you should come out with some Tshirts, I'd buy one. Just make sure the material is soft ;-).

[@nomadcapitalist]

Thanks Gianni, looking forward to working with you.

[@epvb6361]

So if one has EU passpprt ans St Kitts & Nevis passport: how can one justify in to the European Union tax authority that the 500.000 € he's transferring each year from SK&N to euros is taxed correctly in SK&N?

[@unlocrealty4605]

$150k is considered high?

[@luffebassen]

@@epvb6361 If you live 6 months and 1 day in St.kitts then thats your primary home and where you will par your taxes.

[@evanalmighty9444]

@@luffebassen Do you know by any chance what happens if you spend 9 months globe trotting not spending more then a month in each country then spending 3 months in st.kitts

[@jamesjersey1014]

Just admire how open minded person you are. Wish more people think that way. I would love to see video for options for family with school aged children .

[@ColinTalksCrypto]

Thanks for mentioning Puerto Rico. It's a great solution for those who do want to keep US citizenship and be able to start getting 0% on capital gains, 4% business taxes, no exit tax (because you're still a US citizen). You have to live in Puerto Rico for 183 days per year. Best solution imo for those who DO want to be able to be in the USA for a significant amount of time each year (up to 182 days each year).

[@nomadcapitalist]

Sure, Puerto Rico is definitely one option.

[@ColinTalksCrypto]

​@@nomadcapitalist Thanks. I mentioned you several times in one of my recent KZbin videos on Puerto Rico. I recognize that every person has unique desires when trying to solve their lifestyle and tax situations and a "one solution fits all" is not going to work. Thanks for the videos you do. If you're bored and want to hear me shout you out a few times, check out my puerto rico videos.

[@johnbrian1046]

I read that some of the winners in crypto circa 2017-2018 took advantage of Puerto Rico's tax policies. How was that possible when they started their crypto investments years earlier? Puerto Rico's capital gains tax allows for tax free, even if the original investment was made in 2012, and grew for 6 years? If that's true, then anyone can go there with their work 401k, then.

[@thefireman2854]

@@johnbrian1046 Not really. 401k are taxed as ordinary income, not capital gains. Contact a tax advisor familiar with US and PR. My guess is that a person would owe taxes as if they were still in US. Because they made a deal with Gov. when they started 401k and did not pay tax on money going in. I always say it is better to do a Roth IRA first and then look to 401k and standard brokerage accts second.

[@JD-jy4tt]

Hard to tell what to do when you're business isn't big yet.

[@ericeverson5956]

Plan ahead especially if you are a US Citizen:)

[@nomadcapitalist]

Eric Everson Yep. But doable. 😊

[@nomadkickbox4049]

Plan 2 rip US Passport in half!

[@albertl.9146]

Yep, that's why I rushed to renounce, and have NO regrets of it!

[@nomadkickbox4049]

Amen - Freedom from Draconian Taxation!

[@albertl.9146]

@@nomadkickbox4049 Good! I didn't even need to do that because I conpleted the proper process and in 1.5 months after applying the US Embassy issued me the walking papers and just double hole punched the passport for me.

[@DMX-PAT]

Fantastic video, more videos!! I'm Canadian, so a video for the dummies to the north would be much appreciated. Can't tell you how informative I found this top be, despite only owning property in the states. I like your breakdown of each individual country, and their policies. Again if you could touch on some of the British Overseas Territories it would be awesome, maybe Bermuda?

[@lauraaugustine6142]

Seconded!

[@snowbunny1001]

I third that motion! 8D

[@ckanner1]

Great video Andrew. This is one of your best in a long. Greatly appreciate all the information.

[@nomadcapitalist]

Thank you so much Carl!

[@basskraz]

super supportive! I appreciate you making this easier to understand

[@dlukton]

One of the best videos yet.

[@nomadcapitalist]

Thank you!

[@t.l1357]

Thank you so much. These videos are so helpful Andrew.

[@nomadcapitalist]

Thank you for the kind words.

[@_jamesbradley__]

Usable information and so helpful. Thanks so much 😎👍

[@nomadcapitalist]

Thank you James!

[@thinksuzen]

Would like to know more about other US territories like Guam regarding their viability as a tax haven. Hard to find straightforward information anywhere except old articles from the early 2000s online. Please do a video on this! It would be so helpful!!

[@Anonymoose66G]

Guam, US virgin Islands, Puerto Rico, American Samoa and Northern Marianna Islands Are relatively good for taxes however there just not worth living in, some also have weird regulations for foreigners, land ownership, regional legal systems and tax law. Also American Samoa is blacklisted as a tax Haven by the European Union so if your a physical company it mightn't be a good idea to move there. The better of the 5 are definetly Puerto Rico, American Samoa followed by Guam, Northern Marianna Islands and The US virgin Islands. (US Virgin Islands, Northern Marianna Islands and Guam have high corporation and relatively high income tax rates, however I believe there may be corporation tax structures to lower them substantially. (Even then it's still not really worth it (unless you want to keep US citizenship) in which case I'd recommend Puerto Rico, since it's also closer to the US, the downside is the unforeseeable future, it may become a state or have changing tax regulations, thus I'd recommend British or French overseas territories, or independent sovereign nations like Malta.

[@LotusesGalaxyOcean]

New topic idea? I was researching different health systems and where the best hospitals in the world are. Many are in the USA but there are several in Thailand. Comparing the systems, tiers, and efficiency of health care in different locations would be great. That matters a lot for a long term residence choice and is hard to find unbiased facts on. Some supposed best of lists still have Canada and the UK high up even though the system in those places has major problems.

[@nomadcapitalist]

Thanks Carol, we'll consider the idea. :)

[@gu3sswh075]

Spain is #3 in the world if I'm not mistaken

[@andreainnesmichailov7169]

amazing!! another amazing video!! thanks Andrew!🐣

[@nomadcapitalist]

Thanks for watching.

[@mrlds3202]

Invaluable information, thank you Andrew!

[@cr6129]

Excellent video! Thanks Andrew! I plan on moving to PR soon. Then maybe renounce later

[@nomadcapitalist]

Thanks and good luck on your journey.

[@gvyong]

Andrew raises awareness of tax implications of citizenship, residency and place of incorporation, and these are different, separate components. What I would hope to see addressed in future videos are the quality of life aspects in the low tax or tax haven countries. The Caribbean gets battered by hurricanes all the time. What kind of school quality and eco system do kids have access to in Malta? Can I get access to quality and affordable healthcare? Can I fit into my new country, if I am of a different race, ethnicity or religion, or don't speak the language quite well? Sentiments towards 'rich' expats or immigrants? Etc.

[@RyanLackey]

As a stepping stone, Puerto Rico Act 22 0% capital gains makes the "unrealized capital gains" exit tax problem a whole lot easier, assuming all your gains are PR or aged into PR.

[@christiancalderon3821]

6 months living nyc during winter season and 6 months in PR

[@gu3sswh075]

Ryan Lackey just curious, how they be Puerto Rican related gains? Would this be from real estate only?

[@RyanLackey]

@@gu3sswh075 Many factors, depends on when you acquired. As a PR resident, your public market trades are PR (and thus 0% if act 22). US real estate is always taxed in the US. etc.

[@tonycns]

St. Kitts and Nevis sounds ideal. Just waiting for my lottery winnings to arrive before staring the CBI process in St. Kitts and Nevis

[@3rdworldtrillionaire46]

Sell your dog shed you are living in and Bob is your uncle.

[@Xeneon341]

Well presented. Thanks, Andrew.

[@nomadcapitalist]

Xeneon341 Thanks 🙏

[@Xeneon341]

@@nomadcapitalist Hi, Andrew. You mentioned in your video that Thailand is a territorial tax country, but the "international taxation" page in Wikipedia says they're residential. Are they wrong?

[@TkGz]

i like the board explanation, it will be helpful if you use it in next videos.

[@ab1577]

Peter schiff has moved to Puerto Rico

[@MgtowRubicon]

Puerto Rico is a nice stepping stone to reduce taxes and learn Spanish. Then you can research South America for changing your citizenship; most of that continent speaks Spanish.

[@ab1577]

@@MgtowRubicon totally agree

[@ChanaElisheva]

He was well established and quite wealthy when he moved, and he moved to an expat community with a lot of amenities. That changes the quality of the experience quite a bit.

[@gu3sswh075]

HSM-18 - what's your alternative, move where the locals are? Do you know how dangerous that would be?

[@danielluster732]

I want to live in a tax haven someday and pay zero tax. B-) I love to live in St. Kitts and Nevis, esp., for the sake of citizenship by investment. B-)

[@garciatunion]

Great vlog as always! I would like a video about Top Residences by fewer days allowed, thanks a million!

[@ameliagranata5392]

I especially appreciate those who are in the small wrist club. I too have excess band left over after I secure my watch on my wrist! great videos

[@BucketListTravellers]

Funny you should mention Nicaragua - we've been living in Nicaragua since the start of the Covid pandemic. We were briefly considering applying for residency or citizenship so we wouldn't have to apply for visa extensions month to month. Perhaps this is something we should look into further!

[@MeGawOOt99]

If your a US citizen, and want to keep your citizenship. You can also move to another state to reduce your income tax. Assuming most of your work is computer or internet-related or at least mobile/flexible work. You can't do anything about the federal tax but you can reduce your state tax.

[@nomadcapitalist]

US citizens have several options to drastically reduce the federal tax rate. Saving state tax is stepping over dollars to pick up pennies.

[@trique9776]

I made all of my money, and now I am relocating to France and become semi retired. Reason being, I am moving there with my spouse, we are going to start a family, and I don't want to pay for health care, education, and car transport for my family. I'll let France pay for all of these things and relax!

[@Boristien405]

Could you do a video on the best option for a US Citizen that is ok paying 1-10% of income but doesn't want to take 5+ years or just move constantly?

[@gu3sswh075]

Boristien405 what you could do is transfer 100% of your income, before taxes, into real estate and you can buy and sell properties I think within five months but I'm not 100% sure how long it is if you continue doing that over and over and over you could literally not pay any taxes at all for the rest of your life. I think it's called the 1031 exchange. I don't know if this just applies to tax free states such as Florida and Texas, or if it applies to the whole country. But definitely do some more research on the 1031 exchange based on federal and state laws

[@Marie-hi2lf]

Could you make a video on the pros & cons of Puerto Rico for non-US citizens?

[@EngineerDJ_Julius]

In the United States, wage taxes are definitely above 30% ! That shit is outrageous, that of itself will drain most entrepreneurs

[@kristinazoe370]

in Germany its up to 65% tax

[@LoAcosta09]

It is not mentioned in the video, and maybe is not that sexy as other countries but Kuwait is still 0% taxes, the only country left in the Golf and the most powerful currency in the world. Qatar just launched a program where companies can be 100% Foreign Ownership and they haven't implemented VAT yet. The Golf has changed a lot, and it's more open to westerns. It's nice over the winter ;)

[@GTOberfest]

This channel is amazing.

[@ChanaElisheva]

Fantastic video with useful information! Thank you, Andrew.

[@nomadcapitalist]

Thank you for commenting.

[@hamzah.7317]

please do more white boards :D great video even for me a None US

[@nomadcapitalist]

Hamza Hmidi Thanks, Hamza

[@tobias3383]

Puerto Rico is 0% taxes for personal income. 4% business tax.

[@Stoneface_]

Mike T. Damn that’s great.

[@christiancalderon3821]

I am Puerto Rican. Once you pay off your mortgage NO MORE PROPERTY TAXES 😎

[@todoldtrafford]

Christian Calderon no property tax ?

[@myyntisuurvisiiri]

This video is awesome! :) Thanks.

[@DirtyInstrumentals]

This was very helpful. Thnx Andrew

[@nomadcapitalist]

Glad it was helpful!

[@danielpatty9485]

Your videos have been quite helpful. Thanks

[@nathanielatfield5706]

Nevis LLC and trusts are good one and move your profit to a nevis LLC private plane or taxi company 😂. Nevis LLC is one of the best in the world. then live in a country which doesnt tax on forgien income. That would be my plan caymen tax resident is only 90 days and I would travel to diffrent countries every couple of months depending on the requirements of that country.

[@paulbhangal6828]

Great video do you have a video similar for Canadian resident

[@markparham7434]

I was thinking bahamas for both company and personal, would seem like a great lifestyle

[@markparham7434]

Pat Aherne is that the only downside really? Looks beautiful

[@Undisclosed86467]

​@@markparham7434 Flying out each time there's a real hurricane threat might get old

[@asssets]

Need to watch this 100 times to catch all details, good content. How about family and kids life aspect?

[@Wise101]

Just bring the family and kids with you. It will cost you a bit extra to get them a new citizenship and passport from a CBI country like st kitts and nevis but it will ultimately be worth it if you are making enough.

[@nomadcapitalist]

Thanks, Michael. Check out a few of our recent videos on moving with kids.

[@KevinMcC_7]

Can you please do a video on the specifics of operating an offshore company by the books? For example can I still run my business from my home in Florida but still get outside of US business tax net?

[@ticktock2383]

Instead of wanting Andrew to answer questions, please Google and do your own research. Information changes constantly.

[@FJF119]

Excellent point ....................

[@azazeellucifer684]

This is by far your best video. Excellent work 👏

[@confid123]

What if one is in a country that taxes only residents on their world-wide income, but not non-residents who are taxed only on their income derived from the country? What is the place with a reasonable cost of living and low taxes that a resident of this country can move to to avoid or minimize capital gains tax?

[@MortgageNoteBuyer]

Luv this video...the best one yet❗

[@possessionfriend946]

Tax havens for Brits whilst retaining British citizenship and no residency restrictions. Don't mind if single digit Tax ? - suggestions please

[@kagl2468]

Well explained ,I would like to know why you didn't like Vanuatu. As a Australian, this is more of a option. Maybe Malaysia.

[@hackinglife9710]

Subscribed. Great content

[@nomadcapitalist]

Welcome aboard!

[@110gotrek]

I wonder if there are any opportunities for high-tax countries like Belgium. I do like the BVI, but I don't think they have double-tax agreements with Belgium. And Belgium's nearly 0% capital gains tax is amazing btw.

[@nomadcapitalist]

Business Crusader There are opportunities for anyone looking to go where they’re treated best.

[@sanjaypandey1365]

Sick and tired of cold weather

[@liammcdonnell3435]

Andrew you say if you're trading or earning passive income, you cannot reduce taxes much, why is this?

[@cyborgge1]

Hi Andrew, I like your videos. I am going to retire hopefully the end of the year in Canada, want to become a full-time trader/investor and pay either no tax or less tax on capital gain or income from investment, what are my options about where I should get a residence to do that? I'm thinking about moving to either Andorra or Portugal, any advice would be appreciated.....

[@maxsutherland7179]

US citizens with personal worth (not just cash or liquid assets, but rather total assets) of more than $2m will have to pay an exit tax of 25% on the amount over $2m to renounce their US citizenship.

[@ab1577]

I have an israeli passport and just got a Portugal passport as well, because I've proved my Jewish family lived there 500 years ago.

[@nomadcapitalist]

Good for you! :)

[@reaper98765]

Great information !!!!

[@aarayacr]

Great video!! I am from Costa Rica!!... Thanks for the heads up!

[@martinsinclair55]

Ecuador $20,000 gets you residency. 3 years later passport

[@blazuhhh]

martin sinclair do you have to recide there or do you just have to own a home or have a base of operations?

[@christiancalderon3821]

Im an American but, my mother is from Ecuador. I think...I don't have to pay for it🤔

[@thefireman2854]

@@christiancalderon3821 Have your Mother contact the embassy where she lives...or the closest. They will tell her how you can become a citizen too.

[@azizaomar4508]

Hi Martin, how about the tax laws of Ecuador? Capital gains tax, sales tax, personal income tax. Internet income tax, etc ...

[@davidbicknell2359]

us citizenship mostly question of best for children, one ten, twins two

[@billmane226]

Thanks. But for non us citizen where should I choose in US ?Wyoming or delaware

[@shirasaali]

Great video

[@carl___________]

Wow, a lot of information in 16 minutes. Thank you, you’re doing a great job 👏!

[@scorpiescorpie887]

What would be the best way in your opinion to reduce taxes if you're a trader living in the US?

[@MageRanger]

Thank you Andrew. I do have a question though, If someone did manage to achieve this on their own due to their own drive and will following your advice from your book, website and KZbin, (and they had a nationality that you work with such as UK), and they achieved your income requirements (i.e $100k+), would you help them check if they managed to do things correctly, and need any optimisation?

[@nomadcapitalist]

Mage Ranger It’s always better to do it right from the beginning. Happy to help anytime. www.nomadcapitalist.com/apply/

[@MageRanger]

Thank you very much Andrew

[@Lelievreshistory]

I have no use for this information at all I'm broke but, I've watched at least half dozen videos why am I watching another.

[@firstjohn26]

What are some good options for active traders?

[@markastor6740]

Bottom line, there’s no quick fix. You have to get citizenship in another jurisdiction and then you can renounce. Then for the next seven years, the United States is going to continue to tax you on any income that you derive from the United States. Andrew, please correct me if this incorrect.

[@rexthefrenchie8568]

you can live in Singapore and make money in china ,get payed in cash .just like jim Rogers... you pay 0 taxes.... set up your company in Miami.

[@hurolinci5986]

good run-through.

[@nomadcapitalist]

Thanks

[@KRParr]

In a future video, can you discuss how adding an off shore insurance company to a strategy works?

[@callofdutymobile1074]

This was made just for me lol Belize and Canyon Island need one more lol

[@nicolagauthier]

What would be a good solution for a Canadian?

[@gigglypuff3589]

Is this applicable for Canadian citizens too?

[@romanvansanchez1]

Thank you!!

[@geraldlofton]

Good Video ....Great Break down...👍🏿

[@Travelmastertips]

I feel like listening to the same information again and again .....

[@andreaciampi9394]

Hello. Unfortunately Monaco does not grant you citizenship after 12 years of residence, takes a long time and it really depends on the government, basically you have to prove over many many years to be worth being granted the passport. I know because i live and grew up in Monaco. The residence status is three level: temporary residence for three months, ordinary 5 years and privilege 10 year residence.

[@ap-hv9uh]

The Netherlands is one of world´s biggest tax have. Hundreds of corporations have move there to avoid paying taxes.

[@gekkegerrit5245]

You mean business tax, right? Because the people who live here are getting f*cked by the tax authorities.

[@onnasun8122]

Nice!

[@healingfear]

What about other US territories like Guam?

[@aprilm6586]

It is still US territory so you still pay US taxes .

[@interesteraser]

Please correct me if I'm wrong: You don't need a CITIZENSHIP somewhere once you renounce your US citizenship. You merely need a passport of another country. So I can (1) Offshore my business to Panama or Malaysia or somewhere else (2) Get a passport from Mexico/Russia/Bulgaria etc etc... (3) Renounce my US citizenship (4) Have 2-3 homes I bounce from throughout the year and pay ZERO taxes both PERSONAL and CORPORATE. Am I wrong???

[@zeels6458]

All right. Genuine question here : how is this not tax evasion ?

[@moicus29]

Because, you're leaving your previous country. Probably for most of the rest of your life. Spending most of your time outside US. Why would you pay for something you aren't participating in?

[@azizaomar4508]

This is tax avoidance. Which is legal.

[@tymills9709]

When should I start focusing on moving both company & myself overseas? I'm a US citizen making around 100k/yr online with all my team not in the US aswell.

[@blyat7276]

i would love to know the answer that question aswell

[@MartinN1711]

I am in same situation but from Europe. If you work online you can try Panama: USD currency, 0% income tax on income generated outside Panama, around 1500 USD for company establishment + bank account, 30-100USD / month "maintenance" of company and bank account.

[@moribundmurdoch]

Can you redo this video, but add the variable where the person is a dual-citizen of the UK looking to become a non-domicile person living part-time in Ireland, Malaysia, and Whatnot? Is Airbnb an option for all other residences besides your main residence in a 0-10% tax country?

[@thehundredthmonkey5972]

Do you have content where you discuss more about Malta?

[@nomadcapitalist]

Hi Steven, Thanks for your interest. Maybe you will like to watch these videos kzbin.info/www/bejne/rIaydn-MdrCAgZI kzbin.info/www/bejne/eqa6iXl_fatgldU

[@thehundredthmonkey5972]

Nomad Capitalist awesome thank you

[@thelivenetworkerteam-felic8865]

I don't hear you talk about Belize much anymore. Do you still recommend it?

[@davidmacgown321]

How does costa rica compare to puero rico tax wise and quality of life wise?

[@stoltfitness]

Andrew if you want help with the video editing. Happy to help for free I'm not looking for anything.

[@stoltfitness]

Love your content.

[@mrflyingsourcer3515]

Hard to get into the BVI but the Caymans is also a British overseas territory....

[@jannyleaf]

Have you worked with any farmers wanting to invest in agriculture abroad?

[@Undisclosed86467]

Teak

[@drygordspellweaver8761]

So once you renounce your US citizenship you can no longer freely live in US? or even visit? What about own real estate etc?

[@FLANNELSHIRT]

You can visit, you just have to apply for a visa for a longer stay, as a citizen of another country.

[@robertcapel6580]

I’m middle class now, and can’t afford to buy a citizenship but hold assets that may bring me into the millions. How do I protect myself from capital gains as a us citizen ?

[@TheThisisliving]

BUT if your income is made from American properties the U.S. goverment will tax you as well as another country taxes compounded. Did I miss something?

[@WallStreetIceCream]

what about Indonesia ?

[@baliyogatravelretreats]

If you are more than 6 month in Indonesia, you fall in the category of being a tax resident. And legally you should obtain a NPWP ... a Tax Identification Number. This regulation includes expatriates. This regulation has not been enforced in the past due to the reliance on individuals having no source of income outside their employment or whose earnings fall outside the minimum level for inclusion in the tax scheme. The tax office requires all expatriates resident in Indonesia to register with the tax office and obtain their own separate tax number (NPWP) and pay monthly income taxes, file annual tax returns, and pay tax on their income earned outside Indonesia, less tax paid in other jurisdictions on the additional overseas income. The government defines an individual taxpayer, who is required to register for NPWP and file income tax returns, as: The Indonesian personal taxation system is based on worldwide income Not a tax haven.

[@walterbiondi8074]

How about the US Territory of Guam? There is a movement on to make Puerto Rico a US state. . . but not Guam. Also, Okinawa was claimed by the US as a US territory but the US agreed to allow Japan to administer, tax, and govern the island. There are many US citizens who have retired to Okinawa. Would Guam or Okinawa have tax haven benefits for those US citizens deciding to relocate themselves and their business to either Guam or Okinawa?

[@gustavo3322]

Or you can move to Puerto Rico, and apply to the citizenship of the country you want to move to. While waiting you will be paying low taxes in Puerto Rico. Then after you get that citizenship then renounce the US citizenship and move to that country. Also Puerto Rico has its own citizenship. If you like this comment subscribe to my channel. I will be working on tech videos. 😁

[@ShibaSoftware]

I am a U.S. citizen with a remote online business based in south dakota. I am curious as to whether any of this information has changed in the past 3 years, particularly concerning Puerto Rico?

[@Morgan-Zolko]

What about Montenegro? I was told by this tax expert there that if I live there for over 183 days of the year and renounce my US citizenship, I will reap their 9% tax rate