Top 10 tax havens in the world

[@Cobra-dc6mf]

1. UAE 2. Tailand 3. Argentina 4. Panama 5. Malta 6. Andorra 7. Spain 8. Portugal 9. Chile 10. Greece

[@OffshoreCitizen]

Which one of these would you like to go to?😄

[@ipalermo6509]

Argentina?

[@MrAmhara]

Argentina, Greece, Spain ? You are joking! Right? LOL

[@lucasfootball637]

Argentina is insanely cheap right now for foreigners (Buenos Aires and Istanbul are the 2 cheapest world class cities in the world) and a fantastic country. I've travelled all across the world and Argentina is an amazing to visit and live for a foreigner (extraordinary weather, food, great people, culture, women, nighlife and nature). On top of that it's still a relatively safe place (nothing like the rest of Latam, only Argentina, Chile, Uruguay and Costa Rica are safe places there). But from a tax standpoint Argentina is very unattractive. It's actually a tax hell. Chile is more expensive and from a tax standpoint it is also becoming a tax hell as they're about to increase taxes even more in 2022 and introduce a very agressive wealth tax (copied from Argentina's wealth tax introduced in 2021). The only south american countries attractive from a tax standpoint are Paraguay and Uruguay. Paraguay is kind of a shithole though. Uruguay is a good place, it's a good trade off.

[@MrAmhara]

@@lucasfootball637 Chile, Argentina and Costa Rica are not safe at all. I have spent plenty of time in those countries.

[@samladybird6834]

Top 3 are 1. Dubai; 2. Thailand; and 3. Malaysia. Thanks for sharing.

[@OffshoreCitizen]

Always a pleasure ☺ Anything you'd like to watch next?

[@mattball7074]

@@OffshoreCitizen Best companys (low tax) that are best to obtain banking OR Bermuda companies

[@alexg6702]

What about Uruguay which doesn’t get a lot of attention? It has territorial taxation along the lines of HK and Singapore, low local taxes and stable banking system including some international offerings (Swiss, Andorra etc…). A Latam safe haven and only short hop over to Buenos Aires for some big city action.

[@MichaelRosmer]

It's not a zero tax country. Have you spent much time there?

[@skranz7790]

The country of Georgia, especially if you own an IT business of some sort that focuses on clients outside of Georgia. Dividends can be distributed tax-free if structured correctly. However, even if the company structure is not optimal, Georgia only has a 5% withholding tax on dividends.

[@MichaelRosmer]

Yeah Georgia has an appealing tax structure for businesses the problem is their financial infrastructure has gotten much worse so banking and payment infrastructure are weak.

[@skranz7790]

@@MichaelRosmer Ah, I hadn't heard that. Briefly in what ways has the financial infrastructure there gotten a lot worse? I was pretty much banking (no pun intended) on Georgia being one of my flags as I structure the means to ultimately renounce US citizenship.

[@MichaelRosmer]

@@skranz7790 I did a video maybe 10 months ago or something about how much harder banking has gotten in Georgia, that's the heart of it. They have eased up a bit since corona made them need money more but it's still not great at all good chance they close your account, don't allow certain types of transactions, etc. Then you've got a complete lack of credit card processing there, high rates, not much established fintech, not good for things like Paypal. It's a country with a lot of potential and for people who didn't need anything more than banking like say affiliates and crypto people it was really good for quite a few years but in the last 2 years they've really tightened up a lot and now we're very cautious about how we use it.

[@skranz7790]

@@MichaelRosmer Excellent. I'll check out the video. Thank you for the great info!

[@SJ72BE]

What for HNWI where to go? So where tax on investment income is extremely low or does not exist.?

[@trillionairecapitalist4905]

Speaking of Montenegro do they have withholding tax?

[@guyslifehacks5179]

What do you guys think about Puerto Rico as a tax haven?

[@MichaelRosmer]

For Americans it's the best for everyone else it doesn't make nearly as much sense.

[@tw9419]

This is awesome info! Very useful when considering where to relocate 😁.

[@tw9419]

Panama is probably my favorite from the list. 😎

[@MichaelRosmer]

@@tw9419 oh yeah what do you like about it?

[@venusreena2532]

@@tw9419 .. Heavy rains there

[@vimalcurio]

@@tw9419 how about now?

[@flyheli]

Thank you so much for adding the Spanish option... never heard of that before...I will start packing soon :)

[@snterp]

Not so fast...

[@vimalcurio]

@@snterp why not

[@andreferrer9350]

I am a physician that wishes to work in Luxembourg. Is there any tax easing in that country?

[@MichaelRosmer]

I'd say Luxembourg isn't great and isn't terrible but it depends a little on how you structure the income if that's an option to you at all. Generally, as an employee you've got less options available to you than if you're operating through a business.

[@andreferrer9350]

@@MichaelRosmer thank you for such a quick answer! I think about either open a company and offer my services (at least that is an option here in Brazil), or simply be a self-employed doctor, which sure confers more options than employed life. Luxembourg attracted me especially for the calm way of life, stability and european accessibility. It is what Europe should be. But as I already hate brazilian taxes, if I ever move there, I will look for ways of tax reduction. What is the minimum income rates that you work with?

[@MichaelRosmer]

@@andreferrer9350 I love Luxembourg it's a beautiful country/city that in my view is highly underrated and you don't hear much about. You would typically need to be Innu the 6 figures usually over 200k/yr to justify working with us but for specific little things you're always able to run then by us.

[@andreferrer9350]

@@MichaelRosmer Thank you! Yes, beause of the lack of attention, information about Luxembourg residency and citizenship is very scarce. I would love a video about reducing taxes in european countries, including Lux. I will be more in contact after I am further in my journey, especially my french haha!

[@MichaelRosmer]

@@andreferrer9350 thanks for the feedback. I definitely do aim to cover all the European countries eventually. They really need to be covered one by one since each has different rules. I think I've done about 8 of them so far if you want to search for them in our channel. It will be a while before I get to Luxembourg as I won't be there for a while.

[@lerryperry]

Did you mention Georgia?

[@matinbali]

Best place for crypto tax benefits?

[@MichaelRosmer]

Great question, I'm actually going to make a video specifically on the best places for crypto. There are a bunch but Portugal is quite great.

[@matinbali]

@@MichaelRosmer cheers IAM in Australia and a huge portion of tax they like to keep for their own luxury holidays and homes. Also freedoms getting striped away. Looking to become a resident of another tax friendly country

[@MichaelRosmer]

@@matinbali totally feel you very few countries are as anal as Australia. Reach out and we can discuss. I also recently filmed a video recently about this subject that we'll release soon

[@maxflight777]

Portugal

[@ytsdebunker9368]

@@matinbali Same here Mat. Looking at Portugal so I can enjoy the fruits of my crypto with my family, rather than having the ATO target me forever when they know I have crypto. Don't feel like giving the incompetent police state government more money to enslave a once free Australia.

[@danielmersha9287]

What is the best strategy for a virtual tax & accounting firm? Serving clients virtually from a different country and all clients are US Residents. I'm willing to move my business to another country and make it my primary residency! I'd like to start 2022 just like this!

[@thefrugalgolfhackthailand5430]

I have Thai Elite Visa. Worth every penny.

[@OffshoreCitizen]

Happy to hear that! Still there?

[@thefrugalgolfhackthailand5430]

@@OffshoreCitizen Yes Still here... just chilling and getting fatter during lockdowns.

[@gbessone]

One thing that should be mentioned in this video is the minimum stay necessary for each country. Puerto Rico is good only if you are willing to spend 183 days a year (which for many people its a no no)

[@OffshoreCitizen]

You're right! Thank you for the suggestion. We'll keep it in mind next time

[@gbessone]

@@OffshoreCitizen Maybe you should do a video "Best tax havens with short stay requirements"?

[@OffshoreCitizen]

Great idea! Thank you for the suggestion! Added to the list :)

[@gbessone]

@@OffshoreCitizen Looking forward to it!. I think for true nomads the stay requirements can be a dealbreaker

[@EmceeMe]

Doesn't Panama make you renounce your citizenship ??? I don't consider that easy to move to at all lol...............

[@JOHNDELGADO2024jdtrading]

dual citizenship American and Peruvian How will the taxes be in UAE for a company im planning to open there i will only do paper work there because i am a commodities trader and just sell containers of goods transactions will be made at UAE or American banks what ever is more convenient

[@macaccount4315]

Switzerland is the best for taxes and quality of life ❤

[@tinglestingles]

Good to know.

[@Mancayy]

Are business owners the only ones that qualify for the Puerto Rico program? Can a remote worker in a salaried position move to Puerto Rico and utilize those tax advantages?

[@MichaelRosmer]

Unfortunately not it needs to be through a business or investments

[@maxflight777]

A great video. I admire your knowledge. Thanks for posting. (However ? UAE quite livable? ? Really ? Just for a year perhaps , but not long term !)

[@OffshoreCitizen]

Thanks! I find UAE is one of the most liveable tax havens, plenty of people spend decades and it's only getting easier and better year after year.

[@hengyan6232]

sound a little too soft..

[@mrzwerus]

i would not like to live in dubai, unless i have family in dubai, reason, it is too hot for outdoor sports, or my daily habits

[@MichaelRosmer]

Useful observations, I definitely opted not to move to Dubai because there's 5 months that are virtually unbearably hot. That being said, I would consider living in Dubai in the future depending on how the world evolves as there's a bunch I like about it. Where would you like to live?

[@mrzwerus]

@@MichaelRosmer I’m Dutch, most rich people from the Kingdom of the Netherlands stash their money at the Dutch Antilles and if they are very wealthy people open a small office at the British Virgin Islands

[@MichaelRosmer]

@@mrzwerus unfortunately, those things don't work so well anymore

[@ansleygoyau3478]

Best place for ecommerce?

[@OffshoreCitizen]

This depends on many factors. Where are you from, your clients, your products. There's no one size fits all. The best if you want to go into what's best specifically for you is to book a call and we can go over your specific case to guide you on the best option calendly.com/michael-rosmer/

[@ayushbarua8059]

Singapore is best

[@OffshoreCitizen]

We love Singapore! :)

[@Juznik1389]

Heard that Singapore is hard for instance for people that hold crypto and want to move there and start a bank account. Is it true?

[@TC-yx1qt]

None of this really helps US Citizens though right?

[@MichaelRosmer]

The last one is for Americans

[@vimalcurio]

Lol

[@billyosullivan807]

What about an EU and US dual national? Do the tax benefits get negated because of the US citizenship?

[@haroldbridges515]

He missed the way that an American can live in France without paying any French income tax.

[@MichaelRosmer]

What way is that?

[@haroldbridges515]

@@MichaelRosmer Under the terms of the tax treaty between the US and France, "national pensions" from the US to a French resident are taxable only by the US, not France. Turns out that "national pensions" includes not only Social Security, but also distributions from IRAs, both TIRA and Roth. So, a middle-class American retiree who has adroitly managed to get all his financial assets into his IRAs so that his entire income consists only of SS and IRA distrbutions, will not pay any income tax in France. The very rich, with non-IRA assets worth more than 1.3 million euros would still be subject to the wealth tax however. But it's even better than that. Everyone who is resident in France can get the Sécurité Sociale health insurance. The tax that pays for your Sécu is based on your income, but that also excludes "national pensions," i.e. SS and IRA distributions. So, our American gets the Sécu free as well. It only remains to purchase out of pocket a "mutuelle," private insurance that covers the 20% of of health care costs not covered by the Sécu. The mutuelles are cheaper than the American equivalents that cover what Medicare does not. And these benefits are not time-limited. After five years of French residence with a carte de séjour, our American can either get permanent residence or citizenship in France. His US-sourced "national pension" income would remain untaxed by France.

[@lvishal]

use a mic when u speak pls....

[@shifa3684]

😇