"The Nomad Tax Trap": How to Actually Reduce Your Taxes

[@nomadcapitalist]

What questions do you have about becoming a Nomad Capitalist? Comment below with your suggestions or ideas for new topics you want us to discuss. Also, if you enjoyed this video, give it a thumbs up and click on the subscribe button.

[@4brigger]

I’d like to know how to utilize my “non-entrepreneurial” six figure income to become independent of it, financially speaking. I’d love to utilize all your “global citizen” strategies, although my income is static and dependent on my ability to remain in one location. Are there any specific strategies; from an investment standpoint, that would be most beneficial when trying to free myself from the necessity of a localized income?

[@lordsushi]

I have never been so excited to watch a finance video !

[@nomadcapitalist]

jorge antonio Awww 🥰

[@jalapenohiway]

You consistently produce quality content. I'm glad to see your channel & subscribers growing, Ty for everything! ✌🏽

[@nomadcapitalist]

Thanks JP!

[@AparicioTomas]

Conclusion: don't own properties unless you want citizenship if you don't want to get tracked by governments. You can today use offshore banking solutions and e-banking to cover your day to day life anywhere in the world. I guess the key is to have your assets invisible from governments in countries you may live.

[@Sirjohnny]

I am an international speaker and always worrying about some country trying to tax me for generating income in that country, so suggestion on how to handle my speaking business.

[@robstone4537]

The Australian tests are fairly clear. 183 or less days and must pass the Domicile test: don't maintain a home in Australia and must have a fixed or habitual place of abode overseas. They are quite clear that if you have no fixed place of abode and move from country to country then you are still domiciled in Australia. The superannuation test only really applies to government employees working overseas to ensure their super is paid in Australia and they are still tax residents. The tricky part is ensuring you don't fail the Domicile Test. If you are a contractor working overseas earning a tax free income but your family still lives in Australia and you return home once every three months for 2 weeks to visit them, you area tax resident. A safe bet is to rent out your house when you leave and don't have any property leased in your name (boat mooring is the famous one, but I would include a storage facility for your possessions or keeping a car/boat/caravan registered in your name) and ensure you have a lease in your name or live in a property you own in the other country.

[@rubensnogueira3199]

Residence rules are quite a tricky issue. Examples: * France: if you have French income and spend more days in France than in any other country (even if it is 2 weeks or less), you are tax resident * Germany: if you have an empty bedroom at your parents or any other place in Germany, even living 100% abroad, you are tax resident I consider the "perpetual traveller" concept a fallacy. It's much safer to define a country of residency (in a tax-free place like Dubai, for example) and then keep travelling, being careful about the local laws for each place you generate income from. That's why a consultancy work, like the one from Nomad Capitalist, is so important.

[@valuenomad9388]

In Germany its rather easy, do your Abmeldung (unregister) and cancel your Steuernummer. Don't keep a bank acc in the country.

[@rubensnogueira3199]

@@valuenomad9388 You don't even have to close any German bank account, but the Abmeldung won't be enough if you keep a "backdoor" to Germany - an empty flat or a bedroom at your parents.

[@topaciot]

Rubens Nogueira Once you do your “Abmeldung”, you’re out of the system. The mandatory health insurance cancels automatically and you won’t be tax liable to the “Finanzamt”. If you own property, you’ll only have to pay property tax.

[@tccco9738]

Superb video. I love it 👍🏻

[@vincecorleone]

what if i unregister from the netherlands, healt insurance stops straight away, and if I get my tax papers done in paraguay. i dont need to live there. correct ?

[@ericeverson5956]

Where did you get the intro music & who is it?

[@hugoboss1983]

What happens if you are a US Citizen and you fall into another tax net from another country? Do you pay tax in both places or only where you are residing?

[@MarkRose1337]

You pay tax in both, though the IRS may allow some/all of the tax you paid to be deducted. Talk to a professional.

[@hugoboss1983]

Thanks for the reply@@MarkRose1337

[@gn2650]

Is there any tax residency that allow me to not pay social security?

[@CesarIzaguirrePaz]

I still have my VoIP Yealink phone in Brazil :) Blessings.

[@AparicioTomas]

It would be nice a video about how cryptocurrencies can impact the offshore economy and ways to hide or move capitals without government intervention. I'm fascinated about the power of it, despite the aggressive volatility of prices and inconvenience for reserve value, crypto is still a Swiss army knife.

[@samastolt]

Yes ha VoIP