Thanks for the video. Could you please share how to get an accommodation contract and health insurance while being outside of Albania. Both are required for the online application.
Sure thing. With the accommodation requirements you don't need to have the full 12-month duration secured at the time of your application. So, you can use an Airbnb (or something similar) for this address. I'd suggest securing an Airbnb for 1-2 months to cover the beginning of your stay. This will give you the address, and it will give you time to shop around for an apartment (regardless of the country, never pay for a regular apartment until you're in town and can inspect it). As for the health insurance, you need coverage that's good for the entire year, and covers at least $30K. I'm including a link as an example that highlights some of the more recognized providers, but your best bet is to Google "Digital Nomad Insurance." Then fill in your specific information and choose Albania as your location. I''d check out a few different websites just to shop around for the best price. www.marketwatch.com/guides/insurance-services/travel-insurance-for-digital-nomads/#:~:text=Some%20travel%20insurance%20policies%20may,coverage%20while%20you%20are%20traveling.
Thanks 👍 Very helpful. One more requirement a bit confusing to me is "Albanian Bank Account". Not sure how a bank would allow to have an account without physical presence of applicant. I googled a few options but didn't find any.
@@zainulabdeen4948 The bank application will probably take a bit of work on your part. There are some banks in Albania that allow foreigners to open a bank account with a passport and proof of accommodations. So, you'll need to lock down the temp rental first. Then, you will need to email local banks and tell them you are applying for a DNV. The bank will be able to tell you what to do after that. Some banks in Albania include American Bank of Investment Banka Kombetare Tregtare Credins Bank United Bank of Albania Intesa Sanpaolo Bank ProCredit Bank Raiffesen Tirana Bank Union Bank It might take emailing a few banks, because some might want a proof of residency permit (which, naturally, you won't have until you receive your DNV).
It is NOT 15% on top of what you pay to the US because of these two lovely things called the Foreign Earned Income Exemption which means about the first $125k in earned income can be taxed by the US at a 0% rate, and also the Foreign Tax Credit which does not require any double tax treaty and IN FACT a double tax treaty specifically excludes US citizens from benefiting under it, so the foreign tax credit is what you get under a double tax treaty. The foreign tax credit is a dollar for dollar deduction of US taxes owed for foreign taxes paid. There are a few caveats, but as long as it is an income tax, it 99 times out of 100 is a dollar for dollar alleviation of US taxes owed. You will owe the same amount.
The bank application will probably take a bit of work on your part. There are some banks in Albania that allow foreigners to open a bank account with a passport and proof of accommodations. So, you'll need to lock down the temp rental first. Then, you will need to email local banks and tell them you are applying for a DNV. The bank will be able to tell you what to do after that. Some banks in Albania include American Bank of Investment Banka Kombetare Tregtare Credins Bank United Bank of Albania Intesa Sanpaolo Bank ProCredit Bank Raiffesen Tirana Bank Union Bank It might take emailing a few banks, because some might want a proof of residency permit (which, naturally, you won't have until you receive your DNV).
Thanks for this info. Is there an alternative in Albania, such as setting up a company similiar to what can be done in Montenegro or in Bulgaria with their Trade Representative Office (TRO)?
Well, it depends what all you're looking for. But, if you're looking to remain in Europe, Malta has 0% taxes on a DNV...though cost of living is much higher (and Malta recently increased its minimum monthly requirement to about $3,800). So, if you want something more comparable to Albania or Montenegro, I'd say consider Hungary. It does have a 15% tax, but it has a tax treater with the U.S. so that would take care of itself, plus Budapest has probably the most affordable cost of living for any capital in Europe.
@@SK-XIIX Correct. While I haven't been able to confirm if there is any kind of grandfathering-in period in Albania for the 0 taxes paid under $150K, the current tax changes mean you would pay an extra 15-23% taxes on top of what you would pay in the U.S. Now, if you are from the US, Albania does give travel visas good for an entire year, so you could stay in Albania for a year, leave for 3 months, then return, though that can be challenging if you have a larger business operation (or other things to move with you). In terms of a long-term digital nomad visa though, Albania is no longer a great option.
Thanks again for taking the time to respond in such detail. The situation is further complicated at my end as I'm not from rhe US, which limits stays to 90/180 days, necessitating a Schengen shuffle or some other such arrangement. I'll do more research, but once again I want to say I appreciate the info you've given.
This is for foreign earned income. With a digital nomad visa all your income would originate within the US (very few digital nomad visas allow you to earn income from work within the country), so the FEIE doesn't factor into this. Realistically, the only way this would work is if you're from the US and your contract work is based in other parts of Europe.
You are not correct. I live in Greece and file the FEIE for my remote job based in Arizona. I filed a 2555 tax form and I received all my federal income tax back up to $125,000 earned
Thanks for the video. Could you please share how to get an accommodation contract and health insurance while being outside of Albania. Both are required for the online application.
Sure thing. With the accommodation requirements you don't need to have the full 12-month duration secured at the time of your application. So, you can use an Airbnb (or something similar) for this address. I'd suggest securing an Airbnb for 1-2 months to cover the beginning of your stay. This will give you the address, and it will give you time to shop around for an apartment (regardless of the country, never pay for a regular apartment until you're in town and can inspect it). As for the health insurance, you need coverage that's good for the entire year, and covers at least $30K. I'm including a link as an example that highlights some of the more recognized providers, but your best bet is to Google "Digital Nomad Insurance." Then fill in your specific information and choose Albania as your location. I''d check out a few different websites just to shop around for the best price.
www.marketwatch.com/guides/insurance-services/travel-insurance-for-digital-nomads/#:~:text=Some%20travel%20insurance%20policies%20may,coverage%20while%20you%20are%20traveling.
Thanks 👍 Very helpful. One more requirement a bit confusing to me is "Albanian Bank Account". Not sure how a bank would allow to have an account without physical presence of applicant. I googled a few options but didn't find any.
@@zainulabdeen4948 The bank application will probably take a bit of work on your part. There are some banks in Albania that allow foreigners to open a bank account with a passport and proof of accommodations. So, you'll need to lock down the temp rental first. Then, you will need to email local banks and tell them you are applying for a DNV. The bank will be able to tell you what to do after that. Some banks in Albania include American Bank of Investment
Banka Kombetare Tregtare
Credins Bank
United Bank of Albania
Intesa Sanpaolo Bank
ProCredit Bank
Raiffesen
Tirana Bank
Union Bank
It might take emailing a few banks, because some might want a proof of residency permit (which, naturally, you won't have until you receive your DNV).
It is NOT 15% on top of what you pay to the US because of these two lovely things called the Foreign Earned Income Exemption which means about the first $125k in earned income can be taxed by the US at a 0% rate, and also the Foreign Tax Credit which does not require any double tax treaty and IN FACT a double tax treaty specifically excludes US citizens from benefiting under it, so the foreign tax credit is what you get under a double tax treaty. The foreign tax credit is a dollar for dollar deduction of US taxes owed for foreign taxes paid. There are a few caveats, but as long as it is an income tax, it 99 times out of 100 is a dollar for dollar alleviation of US taxes owed. You will owe the same amount.
Hi, how about the bank acc requirement if you apply offshore?
The bank application will probably take a bit of work on your part. There are some banks in Albania that allow foreigners to open a bank account with a passport and proof of accommodations. So, you'll need to lock down the temp rental first. Then, you will need to email local banks and tell them you are applying for a DNV. The bank will be able to tell you what to do after that. Some banks in Albania include American Bank of Investment
Banka Kombetare Tregtare
Credins Bank
United Bank of Albania
Intesa Sanpaolo Bank
ProCredit Bank
Raiffesen
Tirana Bank
Union Bank
It might take emailing a few banks, because some might want a proof of residency permit (which, naturally, you won't have until you receive your DNV).
Thanks for this info. Is there an alternative in Albania, such as setting up a company similiar to what can be done in Montenegro or in Bulgaria with their Trade Representative Office (TRO)?
Well, it depends what all you're looking for. But, if you're looking to remain in Europe, Malta has 0% taxes on a DNV...though cost of living is much higher (and Malta recently increased its minimum monthly requirement to about $3,800). So, if you want something more comparable to Albania or Montenegro, I'd say consider Hungary. It does have a 15% tax, but it has a tax treater with the U.S. so that would take care of itself, plus Budapest has probably the most affordable cost of living for any capital in Europe.
@@The_Son_Of_Grey But not inside Albania? Am I reading you correctly on this? Thanks.
@@SK-XIIX Correct. While I haven't been able to confirm if there is any kind of grandfathering-in period in Albania for the 0 taxes paid under $150K, the current tax changes mean you would pay an extra 15-23% taxes on top of what you would pay in the U.S.
Now, if you are from the US, Albania does give travel visas good for an entire year, so you could stay in Albania for a year, leave for 3 months, then return, though that can be challenging if you have a larger business operation (or other things to move with you). In terms of a long-term digital nomad visa though, Albania is no longer a great option.
Thanks again for taking the time to respond in such detail.
The situation is further complicated at my end as I'm not from rhe US, which limits stays to 90/180 days, necessitating a Schengen shuffle or some other such arrangement.
I'll do more research, but once again I want to say I appreciate the info you've given.
thanks so much
Just go to Georgia and get 0% on income from abroad and 1% for the rest for up to like 100k (when you will simply open a new business).
Guys i need some information , 1st, do Albania suppose to be a part of Schengen in near future ? do Albania offer PR to Digital Nomads ?
There have been rumors about Schengen, but I doubt that's going to happen anytime soon. I'm not totally sure what you mean by PR.
2028
Just file the FEIE and you get all your US federal tax back in your return, however you will still have to pay Albanian 15%…..
This is for foreign earned income. With a digital nomad visa all your income would originate within the US (very few digital nomad visas allow you to earn income from work within the country), so the FEIE doesn't factor into this. Realistically, the only way this would work is if you're from the US and your contract work is based in other parts of Europe.
You are not correct. I live in Greece and file the FEIE for my remote job based in Arizona. I filed a 2555 tax form and I received all my federal income tax back up to $125,000 earned
ua-cam.com/video/fmM_h2Ew-no/v-deo.htmlsi=A-lY5P9JL_uHvQgg
Do a UA-cam search for:
“5 rules of foreign earned income exclusion”, and she will explain it to you in depth
Also why would anyone want to live in Albania, when you can live in Greece and only pay 7% on your US based income for up to 15 years?