Would you like more tax-friendly country options? In this video, we reveal the best tax-friendly countries close to home-so you don't need to move far away in order to reduce or potentially eliminate your taxes: ua-cam.com/video/AX2i8zAGsVU/v-deo.html
It is good you mention this issue of using banks. It is often very difficult to get money transferred in and out of "tax havens", because everyone thinks such places are "suspicious". Even here in Bulgaria, where I live, my brokerage account suddenly closed my accounts, because Bulgaria was all of a sudden considered "suspicious". Likewise, my parents sold an apartment in andorra and struggled for many months to get the money out of the country.
@@Zeprius Well, it was my parents. They tried to transfer the money from Andorra to their bank account in either France or Norway. I am not sure if it was the Andorran bank or one of the other banks that were making the problems. The money was from a registered property sale, so the funds were easily traceable.
@@Zeprius You would be surprised by how much scrutiny one gets, simply residing in a "suspicious" country. People in Norway will not even answer the call, when they see I am calling from a Bulgarian number. And many of my emails are immediately placed in their spam folder, due to coming from Bulgaria.
Have lived in LatinAM 25 years as an American expat...running several enterprises, most have been online, currently based in Venezuela focused on our boutique exclusive adventure tours for successful men, ...have paid zero income tax...stay under the radar as much as possible ...
Going through residency right now for Guatemala. Extremely straightforward process, territorial tax system, friendly locals and very well situated geographically with a stable economy and currency. Worth a closer look!
It's true that they've LOWER tax like 7%-9% (even local) income tax and 0% worldwide tax (territorial) tax, that's even better than Paraguay's 10% tax? While most people GURUS DO NOT mention often about wow! After do tons of R&D readings spend many days doing homework to realize how wonderful it is: more population, more fun, more or also AFFORDABLE good quality of living as Paraguay and yet even pay LOWER TAX than 10% (Paraguay should be the lowest all of those gurus teach you, until you pay me to teach or read many days of R&D works to realize Guatemala is EVEN LOWER TAX under 10% or 7% wow, way better!). For FAST PR and get a citizenship, its CBI only costs about $60k while Paraguay gets FAST PR costs $70k in about 10 yrs, both are good but Guatemala seems better: more populations, more sexy girls/young and work forces, also low cost of living. Paying extra 3% of your income $1M/yr means ALOT of saving: 10% vs 7% even for LOCAL SOURCE INCOME, while 0% tax for worldwide income wow. The only drawback is u getta learn to speak Spanish. I'm from CA, USA & eager to move out of the US & pay as little tax as possible & cut all red tapes/fill out tax forms, no more USA & CA tyranny :)!
Also, another downside is you've to live in there like 180 days to keep the PR, while Para only needs 1 days per 1-3 yrs. It's not easy to relearn another language for many retirees or45+ older people! I hope all of my info given here is correct from my memory :)! Cheer & share:)!
Another point to consider is that in some countries, especially in the EU (and likely many other places), it’s illegal to fully own or be a majority partner in a business outside of the country without paying the associated corporate taxes in your country of residence. For example, in France, you cannot legally operate an offshore company without reporting its profits and paying the corresponding French taxes. Many "offshore specialists" might say it’s a "grey zone," but in reality, it’s simply illegal, as confirmed to me directly by the highest tax authorities. So, you can’t reside in one country and run your business elsewhere without complying with the local tax laws in many cases.
Guatemala... 7% is the highest personal tax rate. It is 5% for low income and 7% after about $20,000 US...but also territorial. Extremely nice areas like Antigua, or Cayala. And, (though I love Mexico) much safer than Mexico in spite if the state department saying differently.THough corporate tax is a little high at 5% of gross, or 25% of net. Depending on Regime.
Remember that there is withholding tax from many countries on dividends and interest so a lot of these haven countries will have no tax on non territorial income but you will just lose the tax at the source instead
I did a three year CD as a foreigner, and no one mentioned anything about taxes. I'm just a tourist, but when we come to Ecuador, we have interest waiting for us. I know about the 5% taxto take your capital back out. At 10% simple interest, it's amazing to have your life paid for when you visit without touching your capital.
Colombia is def high tax. They even have a wealth tax. Also, you should talk about Spain's idea of a 100% tax on property purchases by non-EU citizens. More and more countries will come up with this kind of madness, as local people are priced out of the real estate market. As soon as you own a home in a place, they effectively have you "by the balls". They can impose super high real estate taxes, sales fees, etc. and there is nothing you can do about it, if you are not a citizen and thus not allowed to vote.
There are some pretty important countries you can not enter without a Visa on a passport from the country of Chile. Including the England, Scotland and Wales.
Andrew, I say this as an Argentinean. Moving to Argentina or spending some months a year there is a terrible decision, insane crimes level, rude people ( at least in the big cities ) crumbling infrastructure. To anyone "unfortunate" enough to have a passport from a Western country I advice you to do your own research and carefully think if Latin America is such a great choice as Andrew says.
Chile 🇨🇱 and Argentina 🇦🇷 look more attractive to live in . Lots of culture, beautiful outdoor places ect. My best friend lives in the US. She and her family moved from Columbia. Her father who was a dentist, is driving a cab for extra income, alot of crime and corruption in Bogata
I prefer life in Argentina. But Chile is safer, thus more expensive. Three years ago, Argentina was so cheap. Living like a king on $1500 a month for two.
None of those countries are as fun as Colombia, which is a very rich culture in many ways, and breathtaking nature. There is crime all over the world even in Europe is getting out of control.
@@pedromachado568 well best depends on opinion. its in my radar for some time now, thats why i wanted to learn more abt tax system. I was adviced to hire a lawyer to take care of the tax system bcs of how complicated it is..
Good thing you didn't recommend Puerto Rico. Moving there for Act60 is a total mess, don't listen to any of those financial gurus promoting to move to Puerto Rico.
My taxes in El Salvador (wher I am living) are negligible, but since my rental income originates from Austria, I am subject to the highest tax bracket there.
It seems if the bulk of your nest egg is in IRA’s or 401k’s the cost to expatriate is greater than 50%. (39% income + 15% exit tax). Are there any strategies for those of us in this situation?
What about doing a video on IBCs where you can incorporate in a jurisdiction and pay no tax at all. Youstill have to pay tax to whatever jurisdictions yoiur business makes money in bu the company itself is exempt in the jurisdiction where it is incorporated.
Brazil is a political mess right now, because the subject being taxes is understand why wealthy nomad capitalists wouldn’t be incentivized moving there.
@ He does videos as in a day in this city or country bla bla, asked him several times, no response. You have a beautiful country, my daughter is half Colombian, I love Colombia as well, would like to visit Brazil soon, I’m trying to move earnings online and leave UK, had enough 17 years here.
ince he didn't explain it, I will. Stay away from Brazil. The Brazilian passport is pretty good, not the best but definitely B-tier. However, the country has extremely high taxes, and living there can be very challenging. I’d recommend avoiding it.
I am not sure it is a great idea to train people to get to "0%" taxes... if you take that to its end, you are recommending poor people pay for your roads and police officers and bridges. I would like to pay a reasonable amount of taxes in order to you know, have stuff in my society. You know, everyday stuff like fire fighters...
Would you like more tax-friendly country options? In this video, we reveal the best tax-friendly countries close to home-so you don't need to move far away in order to reduce or potentially eliminate your taxes: ua-cam.com/video/AX2i8zAGsVU/v-deo.html
It is good you mention this issue of using banks. It is often very difficult to get money transferred in and out of "tax havens", because everyone thinks such places are "suspicious". Even here in Bulgaria, where I live, my brokerage account suddenly closed my accounts, because Bulgaria was all of a sudden considered "suspicious". Likewise, my parents sold an apartment in andorra and struggled for many months to get the money out of the country.
Was it difficult to get it out from Andorra? Or was it difficult to bring it in to Bulgaria?
@@Zeprius Well, it was my parents. They tried to transfer the money from Andorra to their bank account in either France or Norway. I am not sure if it was the Andorran bank or one of the other banks that were making the problems. The money was from a registered property sale, so the funds were easily traceable.
@@Zeprius You would be surprised by how much scrutiny one gets, simply residing in a "suspicious" country. People in Norway will not even answer the call, when they see I am calling from a Bulgarian number. And many of my emails are immediately placed in their spam folder, due to coming from Bulgaria.
Have lived in LatinAM 25 years as an American expat...running several enterprises, most have been online, currently based in Venezuela focused on our boutique exclusive adventure tours for successful men, ...have paid zero income tax...stay under the radar as much as possible ...
Ecuador has a tax treaty with Canada, but not the US. It makes for low tax for Canadians specifically.
Please explain?
Going through residency right now for Guatemala. Extremely straightforward process, territorial tax system, friendly locals and very well situated geographically with a stable economy and currency. Worth a closer look!
It's true that they've LOWER tax like 7%-9% (even local) income tax and 0% worldwide tax (territorial) tax, that's even better than Paraguay's 10% tax? While most people GURUS DO NOT mention often about wow! After do tons of R&D readings spend many days doing homework to realize how wonderful it is: more population, more fun, more or also AFFORDABLE good quality of living as Paraguay and yet even pay LOWER TAX than 10% (Paraguay should be the lowest all of those gurus teach you, until you pay me to teach or read many days of R&D works to realize Guatemala is EVEN LOWER TAX under 10% or 7% wow, way better!). For FAST PR and get a citizenship, its CBI only costs about $60k while Paraguay gets FAST PR costs $70k in about 10 yrs, both are good but Guatemala seems better: more populations, more sexy girls/young and work forces, also low cost of living. Paying extra 3% of your income $1M/yr means ALOT of saving: 10% vs 7% even for LOCAL SOURCE INCOME, while 0% tax for worldwide income wow. The only drawback is u getta learn to speak Spanish. I'm from CA, USA & eager to move out of the US & pay as little tax as possible & cut all red tapes/fill out tax forms, no more USA & CA tyranny :)!
Also, another downside is you've to live in there like 180 days to keep the PR, while Para only needs 1 days per 1-3 yrs. It's not easy to relearn another language for many retirees or45+ older people! I hope all of my info given here is correct from my memory :)! Cheer & share:)!
Another point to consider is that in some countries, especially in the EU (and likely many other places), it’s illegal to fully own or be a majority partner in a business outside of the country without paying the associated corporate taxes in your country of residence. For example, in France, you cannot legally operate an offshore company without reporting its profits and paying the corresponding French taxes. Many "offshore specialists" might say it’s a "grey zone," but in reality, it’s simply illegal, as confirmed to me directly by the highest tax authorities. So, you can’t reside in one country and run your business elsewhere without complying with the local tax laws in many cases.
I’m ready to see the Oman Live Like a King.
For the Middle East, Oman seems the most livable, with green hillsides and not just desert!
Very Good Information
On VAT, Brazil just passed a bill that will get it up to 28%, the highest in the world
Chile Passport's main downside is no visa-free travel to Australia but the tourist eVisa is relatively easy and fast to get.
Strange considering so many Australian mining companies operate in Chile.
Right now I consider Europe is the Tax Hell except for Monaco.
Thank you, Andrew, we appreciate you.
Guatemala... 7% is the highest personal tax rate. It is 5% for low income and 7% after about $20,000 US...but also territorial. Extremely nice areas like Antigua, or Cayala. And, (though I love Mexico) much safer than Mexico in spite if the state department saying differently.THough corporate tax is a little high at 5% of gross, or 25% of net. Depending on Regime.
thanks Andrew, this one is one of the most transparent and informative videos so far. Should we be worried about Trump/Panama beef?
I wonder why Brazil never make to those lists. Is it a complete tax hell?
For citizens and foreigners, yes.
Yes. And probably a foreigner will have a harder time dealing with it than the locals that are already used to some of the tax regulations.
Now yes. Almost communist.
Good vid!
Remember that there is withholding tax from many countries on dividends and interest so a lot of these haven countries will have no tax on non territorial income but you will just lose the tax at the source instead
back to great videos thank you
Ecuador has 0% tax on 6+ month CDs and 2% tax on
Hello , "CD" is Certificate of Deposit ?
I did a three year CD as a foreigner, and no one mentioned anything about taxes. I'm just a tourist, but when we come to Ecuador, we have interest waiting for us. I know about the 5% taxto take your capital back out. At 10% simple interest, it's amazing to have your life paid for when you visit without touching your capital.
@@BOULDERGEEK right because there were no taxes on a 3-year CD ... only 2% taxes if it's 6 months or less
Pay as an employee on a small salary. Not as a business owner.
In Peru you are taxed normally from your international income, which can become an 30%
Colombia is def high tax. They even have a wealth tax. Also, you should talk about Spain's idea of a 100% tax on property purchases by non-EU citizens. More and more countries will come up with this kind of madness, as local people are priced out of the real estate market. As soon as you own a home in a place, they effectively have you "by the balls". They can impose super high real estate taxes, sales fees, etc. and there is nothing you can do about it, if you are not a citizen and thus not allowed to vote.
There are some pretty important countries you can not enter without a Visa on a passport from the country of Chile. Including the England, Scotland and Wales.
Andrew, I say this as an Argentinean. Moving to Argentina or spending some months a year there is a terrible decision, insane crimes level, rude people ( at least in the big cities ) crumbling infrastructure. To anyone "unfortunate" enough to have a passport from a Western country I advice you to do your own research and carefully think if Latin America is such a great choice as Andrew says.
That tootbrush joke was a comment by a viewer in another video. Would be good to mention the username
Thanks
Chile 🇨🇱 and Argentina 🇦🇷 look more attractive to live in . Lots of culture, beautiful outdoor places ect. My best friend lives in the US. She and her family moved from Columbia. Her father who was a dentist, is driving a cab for extra income, alot of crime and corruption in Bogata
Chile is BEAUTIFUL, definitely see myself raising a family there. Argentina has some work to do still.
I prefer life in Argentina. But Chile is safer, thus more expensive. Three years ago, Argentina was so cheap. Living like a king on $1500 a month for two.
Argentina is an awful decision unless you want to live surrounded by crime. I say this as an Argentinean citzen
None of those countries are as fun as Colombia, which is a very rich culture in many ways, and breathtaking nature. There is crime all over the world even in Europe is getting out of control.
@@BOULDERGEEK it is still cheap if you find a way to get USD inside the country and you exchange on the black market.
how about Brazil? why skipping it? it is just the best country to live...
Not sure if the best, but still quite good. The tax system is a big mess and it's very complex though.
Brazil is garbage, it's just a communist dictatorship
@@pedromachado568 well best depends on opinion. its in my radar for some time now, thats why i wanted to learn more abt tax system. I was adviced to hire a lawyer to take care of the tax system bcs of how complicated it is..
Have you ever been to Brazil before? I have more than once. Crime is our of control. Almost get mugged more than once
@@fernandomaurosambranicaval9755 been in Brazil many times, at least 5 weeks every year, never had any incident.
Good thing you didn't recommend Puerto Rico. Moving there for Act60 is a total mess, don't listen to any of those financial gurus promoting to move to Puerto Rico.
My taxes in El Salvador (wher I am living) are negligible, but since my rental income originates from Austria, I am subject to the highest tax bracket there.
why is Belize bad?
What’s a better choice Latin America or Spain?
Wheres the best place and cheapest simplest to live and pay no to little taxes if you want to trade stocks ?
Actually in Costa Rica right now there are protests about gentrification going on... the locals dont want you to move here
It would be nice if you could mention the implications for retirees in your videos.
You might find this video helpful, we discuss retirement and living overseas and healthcare: ua-cam.com/video/9Q1TlqJe6oc/v-deo.html
It seems if the bulk of your nest egg is in IRA’s or 401k’s the cost to expatriate is greater than 50%. (39% income + 15% exit tax). Are there any strategies for those of us in this situation?
curious which countries regular Canadians prefer
What about doing a video on IBCs where you can incorporate in a jurisdiction and pay no tax at all. Youstill have to pay tax to whatever jurisdictions yoiur business makes money in bu the company itself is exempt in the jurisdiction where it is incorporated.
Colombia with simple tax regime you pay between 7% to 11% I think is low
Colombia, yes, yes, Caribbean.
Always skipping Brazil. Why?
Who knows? He’s avoiding my home country Romania, as well.
@@japanluv Interesting observation indeed
Brazil is a political mess right now, because the subject being taxes is understand why wealthy nomad capitalists wouldn’t be incentivized moving there.
@ He does videos as in a day in this city or country bla bla, asked him several times, no response. You have a beautiful country, my daughter is half Colombian, I love Colombia as well, would like to visit Brazil soon, I’m trying to move earnings online and leave UK, had enough 17 years here.
One of the worst tax systems in the entire world. Maybe just not worth the hassle...
Why was Brazil not mentioned, the largest country in Latin America?
Yes, it is the definition of tax hell. Brazilian here, love my country but not tax friendly
Lots of this may change when the digital banks(xrp/xlm) come online.
not in brazil, i imagine.
Paraguay ?
ince he didn't explain it, I will. Stay away from Brazil. The Brazilian passport is pretty good, not the best but definitely B-tier. However, the country has extremely high taxes, and living there can be very challenging. I’d recommend avoiding it.
Dominican Republic 100%
You can do the same thing in America if you just take the plunge and stop paying income tax 😂
I am not sure it is a great idea to train people to get to "0%" taxes... if you take that to its end, you are recommending poor people pay for your roads and police officers and bridges. I would like to pay a reasonable amount of taxes in order to you know, have stuff in my society. You know, everyday stuff like fire fighters...
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