Five Ways to Pay Zero or Low Tax

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  • Опубліковано 12 вер 2024

КОМЕНТАРІ • 121

  • @grapplerke
    @grapplerke 5 років тому +15

    US citizen. Holding company incorporated in Cayman and raised capital through this vehicle. Subsidiaries in SG, HK, TW. Currently living in Taipei but plan to relocate to KL. Plan is to raise more series of funding and never be that profitable (reinvest in the company and be revenue focused). Original seed investors can exit through new long-term focused institutional investors such as family offices. I can live on a 100-210K salary (joint filing) and just focus on long term capital gains, legally.

  • @EngineerDJ_Julius
    @EngineerDJ_Julius 4 роки тому +20

    I'd rather live in a low tax country than a "zero tax" country. From the looks of it, the zero tax countries have a lot of conditions such as buying an expensive house and other investments

  • @hanna0322
    @hanna0322 3 роки тому +1

    US citizen. My husband and I started looking into ways to lower our taxes after being told yesterday from our CPA that we have to pay an additional $120K on top of what we already paid (more than a couple hundred thousand) for the year 2020. This is insane. We thought we paid enough that we will probably get some returns. Oh boy, we were so wrong. We must pay $120K more. Wow.... I mean.... Honestly, mega-rich people won't even pay as much as we do. News says tax the 1% tax the 1%, but those are the friends of the government. IRS, for some reason, tries its best to get the last penny from people like us, though. Company net income DOES NOT MEAN is our salary, but we're taxed as our income. This is the way it is under S-corp. If we change to C-corp, then double taxation. It's a lose-lose for us, right? We never tried to lower our taxes up to this point. It's time to find legit ways to save us money. I'm sure there are much better ways to spend our money than giving it to IRS. Funding planned parenthood, lab-grown meats, tent cities/homelessness in big cities. Not sure where to start. This is the first video I'm watching.

  • @happiness839
    @happiness839 4 роки тому +2

    Poland has lump sum taxation in the form of a tax card. As far as I know you pay a specific amount based on the type of trade/business you have, the population of where your business is located, and how many employees you have. You pay the tax every month or every quarter. Based on what I read about it, taxpayers using the tax card are exempt from the obligation to keep books/accounting records, file tax returns, and making advance payments for income tax. Not everyone is eligible for the tax card but a lot of people are.

  • @nomadkickbox4049
    @nomadkickbox4049 5 років тому +5

    Thailand & Dominican Republic are low tax countries if all of your income is from dividends in your portfolio - which is 10%

  • @lungeloshandu6459
    @lungeloshandu6459 4 роки тому +5

    Thank you so much. Great info. So which country would you advise for a Forex trader who is willing to relocate to a beautiful country that pays no tax while traveling the world a couple of times a year?

  • @BucketListTravellers
    @BucketListTravellers 3 роки тому +8

    It sounds like when you take into account the cost of entry, the "zero tax" countries are just taxing you in another way.

  • @zeltrix
    @zeltrix 5 років тому +9

    Once agin thank you Andrew. Really appreciate your time and effort getting all this info. Incredible my friend

    • @nomadcapitalist
      @nomadcapitalist  5 років тому

      Thank you, glad that you like our channel. :)

    • @zeltrix
      @zeltrix 5 років тому

      Please do me favor. If I asked before I do apologize. Please do some research on leaving South Africa there are several thousand people here in South Africa that would like some info and your incredible intelligence and advice. It will really be highly appreciated. Always such a pleasure to listen to you. I share your info with many friends. I’m a chef and owner of 3 restaurants. We open 3 times a week with high turn over of foreign customers. You really inspiring.

    • @stanleymasterson1135
      @stanleymasterson1135 3 роки тому

      @@nomadcapitalist The problem is you have to upend your life and leave the US with all of these options. The goal is to find a way to STAY in the US while paying little or no tax,. Answer THAT for us please

  • @EngineerDJ_Julius
    @EngineerDJ_Julius 4 роки тому +7

    In the United States, I don't even want to discuss state taxes of CA and NY ...

    • @jeffb.140
      @jeffb.140 3 роки тому +1

      @@triquepersonalwork6369 US has crazy high property taxes though. In essence you can't really own real estate in most states but just have a perpetual lease with 2-3% taxes.

  • @aimebabi2184
    @aimebabi2184 5 років тому +11

    Thanks for the value sir. As I have my business in Canada and at the same time considering to lower my taxes in the Caribbeans, does that mean I will pay taxes to both governments since I definitely have to register the companies or that's not the case? Thank you for taking the time to reply.

    • @gu3sswh075
      @gu3sswh075 3 роки тому +1

      Aimé Babi - you pay taxes based on where you made your money. If you have an Airbnb business in the Caribbean, you would pay the local taxes of that country. The money you make in Canada could just be sent to your Caribbean country (assuming there both under the same parent company) and effectively transfer your Canadian earned income, into the carribbean.
      It all depends on *where* you make your money

    • @rayfinkle9369
      @rayfinkle9369 3 роки тому

      @@gu3sswh075 You seem knowledgeable about this. I want to start an online e-commerce business that sells to Americans (I'm also a citizen). Could I potentially move to Cayman (and set up a residence, or whatever), and then register the website/business as originating there? Then I could potentially qualify to only have to pay taxes on all my earnings via Cayman's tax laws (and none from the US)?

    • @karlhedderman9742
      @karlhedderman9742 3 роки тому

      @@gu3sswh075 what about cryptocurrency?

    • @rayfinkle9369
      @rayfinkle9369 2 роки тому

      @@RomilCPatel Thanks, Romil. I'll look into that next. Although it's likely I'll just incorporate in a no tax state now, while leaving my high tax state entirely. Might as well nudge myself in the right direction.

    • @rayfinkle9369
      @rayfinkle9369 2 роки тому

      @@RomilCPatel I'm actually Puerto Rican and considered getting the citizenship by descent previously. But I live in Asia and travel everywhere else most of the time. Ultimately, I don't want to be tied down in PR. Perhaps if the time commitment didn't apply.

  • @epicurean1868
    @epicurean1868 5 років тому +11

    I think Switzerland is a great country.
    Clean, safe and a very solid banking sector. 🇨🇭👍

    • @nomadkickbox4049
      @nomadkickbox4049 5 років тому +2

      Switzerland is great if all your passive income is royalties like Roger Moore or Tina Turner!

  • @tinglestingles
    @tinglestingles 5 років тому +14

    Jersey, Channel Islands... is quite a nice place

    • @JC-ee6pc
      @JC-ee6pc 3 роки тому

      Also Alderney, Sark, Guernsey; it's good that they are just over the water from the UK.

    • @tinglestingles
      @tinglestingles 3 роки тому

      @@JC-ee6pc Yes, very nice but even smaller.

    • @JC-ee6pc
      @JC-ee6pc 3 роки тому

      @@tinglestingles I would love to move to Sark or Alderney, in Alderney it would be easier to buy property. But Sark is BEAUTIFUL........

    • @tinglestingles
      @tinglestingles 3 роки тому

      @@JC-ee6pc I'd prefer a more nomadic life after varying levels of 'house arrest' in England.

    • @JC-ee6pc
      @JC-ee6pc 3 роки тому +1

      @@tinglestingles Exactly, this is becoming tiresome isn't it? I read that in Fuerteventura they have live music over there and the police are relaxed about any Covid rules. Oh England, what a mess.

  • @ivanchouuuu
    @ivanchouuuu 3 роки тому +3

    That`s why i still keep my Bulgarian passport , Thank you Andrew

  • @whome5810
    @whome5810 5 років тому +5

    Subscribed!

  • @mynameisjeff5478
    @mynameisjeff5478 4 роки тому +3

    What if your a day trader

  • @alecreinders7128
    @alecreinders7128 5 років тому +3

    do you have any videos talking about puerto rico...?

  • @danielluster732
    @danielluster732 5 років тому +2

    I shall pay zero tax whenever I get the chance, esp., in countries like Montenegro, Panama, Bulgaria, or even Georgia (the country), or possibly Monaco, the United Arab Emirates, or Vanuatu. :-) I hopefully will get a Swiss bank account (in Switzerland). :-)

  • @LotusesGalaxyOcean
    @LotusesGalaxyOcean 5 років тому +6

    And if you are American what then? All of this is great except if you are a US citizen and then what....?

    • @dlukton
      @dlukton 5 років тому +3

      Yeah, that was my question also. I'm pretty sure that US citizens are out of luck on this (although there may be an option for Americans who can set up a legitimate business in Puerto Rico, and also live there 6 months/year).

  • @sirbob614
    @sirbob614 5 років тому +3

    Beware of territorial tax countries, it's not as simple as is presented here. I can't comment on other countries but I had a limited Hong Kong company, and the process for applying for the exemption on foreign source income is very expensive in accounting fees (on top of the regular audit fee) and troublesome to apply for each year, and the main issue is that you need to prove to the Hong Kong IRD that you've paid tax elsewhere to be able to claim the exemption, so if you're paying zero tax elsewhere, good luck... not happening, at least in my experience. Interested if anyone could elabourate on how to make this legally work?

    • @irfannadeem9664
      @irfannadeem9664 5 років тому

      @@GrahamWinship Georgian sourced income ?? Why paying tax in Georgia if it's from another country? Could you clarify??

    • @irfannadeem9664
      @irfannadeem9664 5 років тому

      @@GrahamWinship you mentioned you are paying a tiny amount of tax in Georgia ..srry if I was mistaken .. My first language is not English..

    • @irfannadeem9664
      @irfannadeem9664 5 років тому

      @@GrahamWinship now I understood ..thanks for ur reply .have a great day ..

  • @woodypognon589
    @woodypognon589 5 років тому +2

    Hi Andrew.. I wanted to first let you know I really love your content keep up the good work! I have a question if you renounce citizenship can you acquiring resident alien status in the US if needed?

    • @mikenephilly
      @mikenephilly 5 років тому +2

      Why would you want to do that in the first place? That doesn't seem to make sense. If you're a resident alien, you'll have almost the same, if not exactly the same, tax obligations as a citizen. You might as well keep the citizenship and continue to enjoy the extra rights that come with it.

    • @culpd
      @culpd 5 років тому +3

      I agree with @Michael Bane. How would you benefit to switch from citizen status to resident alien status?

    • @creamtm5
      @creamtm5 5 років тому

      More so for personal reasons , let's say a loved one gets sick in the future.

    • @MarkRose1337
      @MarkRose1337 5 років тому +1

      @@creamtm5 Then why not just keep the citizenship? If you have a green card you still have to pay taxes to the IRS regardless of where you live.

    • @creamtm5
      @creamtm5 5 років тому

      I would love to know if it's possible or not

  • @letsnotgothere6242
    @letsnotgothere6242 4 роки тому +3

    Most of these won't work if you're a US citizen bc of double taxation, right?

    • @dlukton
      @dlukton 4 роки тому

      I think that it DOES work if you're living in a zero-tax country or a low-tax country; you just set up a corporation in a zero-tax country (not necessarily the country that you're going to live in), then pay yourself a salary; you can then take advantage of the FEIE. What I'm NOT sure about is what the rules are for US citizens who own a corporation in a zero-tax country, and who live (at least 7 months/year) in a TERRITORIAL tax country.

    • @Undisclosed86467
      @Undisclosed86467 3 роки тому

      @@dlukton I just consulted with an expat CPA today. He said you can't use FEIE if you pay yourself through an offshore corp. Of course, he could be mistaken. Time to review FEIE requirements.

  • @Asian_Connection
    @Asian_Connection 5 років тому +1

    Have to update some of your videos for the change in the US tax reform.

  • @ivars5730
    @ivars5730 4 роки тому +2

    Is there anyway to also have a place in the us to live and still avoid income tax?

    • @dlukton
      @dlukton 4 роки тому +2

      I believe so. If you have a residence permit in a zero-tax country, I believe that you could spend as much as 5 months per year in the US, and still take advantage of the FEIE (foreign earned income exclusion). So you could set up a corporation in a country that imposes no income tax or corporate tax; and then pay yourself a salary of $107K in the zero-tax country that you're going to be a resident of (you could also pay your spouse a salary of $107K tax-free). You'd have to live in the zero-tax country for 7 months per year.

  • @kurtjensen5798
    @kurtjensen5798 3 роки тому

    I would suggest Zug/Zurich, Switzerland or Prague, Czechia if you are in Europe.

  • @ivars5730
    @ivars5730 4 роки тому

    So if I was making all my money in the US will any of these steps still work? Or would I need to move my entire business as well and myself to one of these areas?

  • @Theone99123
    @Theone99123 5 років тому +2

    The US tax code is amazing too
    I mean if you make less than 35k as a salary your capital gains is 0
    So take no salary and take money out of a company as capital gains tax free.
    Are you aware of that Andrew ?

    • @Meleeman011
      @Meleeman011 5 років тому +4

      still pay social security, and medicare, as well as state taxes. including property tax on your vehicle and land if you got it.

    • @nomadkickbox4049
      @nomadkickbox4049 5 років тому +3

      The US tax code is amazing if you are not a citizen of US! The average joe or jane is giving away over 40% of their income in taxes and foreign investors with his or her money offshore who invests in the US legally pays almost 0% in taxes!

    • @Kauffman578
      @Kauffman578 5 років тому

      @@nomadkickbox4049 can you provide more information?

    • @nomadkickbox4049
      @nomadkickbox4049 5 років тому

      So big corporations can legally no capital gains if on paper almost no income is generated!

  • @bibty1000
    @bibty1000 4 роки тому

    can you explain how a US citizen working as an independent contractor for US businesses while living in a country that does not tax foreign-earned income can reduce tax legally?

  • @karlhedderman9742
    @karlhedderman9742 3 роки тому +1

    Say for example i move to Portugal for 6 months sell my cryptocurrency for 0% CGT and move back to my home country. Will i have to pay the CGT when i sell again?

  • @rubensnogueira3199
    @rubensnogueira3199 5 років тому +3

    Now that's an incredibly good starting point for any tax discussion! Wonderful!
    Some points to consider:
    1) zero-tax countries are not that bad: as long as they keep that status, any real estate investment you make over there will tend to increase in value (not sure about UAE, though) because the demand will continue/increase
    2) IMO, someone who doesn't have $ 250k to invest (e.g. in Dubai real estate) and/or a decent income should not be thinking of tax optimization - the perpetual travel costs might be higher than just staying at home and paying regular taxes. If someone LOVES to spend money on flights, hotels, etc., that's another story...

    • @irfannadeem9664
      @irfannadeem9664 5 років тому

      Just look up free economic zone in UAE .. register a business and pay 0 tax ..travel ..

    • @chevalcabre3972
      @chevalcabre3972 5 років тому +2

      @@irfannadeem9664 Exactly ! Shams or RAK can help you... from 5000eu create à freezone, with emirate Id + resident visa for 3 years. 0% on company and 0% on world personal revenue... Just know that you need to enter in Emirates country (Dubaï for example) minimum 1 day all 6 month to keep your investors visa valid. You have the rigth to live in hotels also, no need to buy or rent a property :) buy to rental property in Dubaï is a ROI of around 8-12% also... ;-)

    • @nomadcapitalist
      @nomadcapitalist  5 років тому +2

      Thanks Rubens. :)

    • @user-vx2wp1ez5s
      @user-vx2wp1ez5s 5 років тому +1

      Nice overview in the video and insightful comments from Rubens. I have some Arab friends and they always say the UAE is a great place to have 20% of your wealth. In other words, the structures there are superb, but the longer-term risk profile is higher than most Westerners appreciate.

    • @rubensnogueira3199
      @rubensnogueira3199 5 років тому

      @@user-vx2wp1ez5s when you say "longer-term risk", is it meant for the real estate market? Or is it for business in general? Dubai only attracts me as a place to park $250k in order to have a tax-free residency, nothing else, so if I can recover that $250k back, it's good enough. But I imagine that people might want to stay there permanently and do business.

  • @chrisucl
    @chrisucl 5 років тому +8

    What's your view on Cyprus? (Republic)

    • @davidwalz94
      @davidwalz94 4 роки тому +3

      Cyprus is one of the best places to become non-dom in as a digital nomad.

    • @nicoleteixeira6064
      @nicoleteixeira6064 3 роки тому

      @@davidwalz94 I always thought that was just Malta I didn't know it applied to Cyprus too.
      Malta is nice for awhile but it's just too much concrete and no real beaches to be honest. Very few.

  • @mgmailggmail6431
    @mgmailggmail6431 3 роки тому

    Can you please talk about taxes in Mexico if you’re a Canadian citizen and u wanna invest in Realstate in Mexico please

  • @Undisclosed86467
    @Undisclosed86467 3 роки тому

    This only applies to Americans if we first acquire a second citizenship then renounce. Otherwise, we get to pay taxes on our worldwide income. Or am I missing something?

  • @dlukton
    @dlukton 4 роки тому

    The tax rate in Panama isn't all that low when the payroll tax is taken into account.

  • @ChrisAthanas
    @ChrisAthanas 3 роки тому

    What about the Foreign Earned Income Exclusion

  • @nomadkickbox4049
    @nomadkickbox4049 5 років тому +3

    All the rich dudes are living in the 0% tax countries already - so price of admission is going to be expensive!

  • @mikek1681
    @mikek1681 3 роки тому

    I retired 10 years ago...have a 7 figure net worth and a 6 figure annual income. I have paid zero U.S. federal income tax for the past 9 years, and less than $1,000 in state income tax over the entire period. I do pay property tax and the usual local sales tax on selected purchases. Can I do better?

    • @jrcat2258
      @jrcat2258 3 роки тому

      How?!?!

    • @mikek1681
      @mikek1681 3 роки тому

      @@jrcat2258 One more thing -- I take the standard deduction. The key is to generate income from investments that are tax protected in one way or another. There's a variety of them out there. Use them to keep taxable income under $80, and then capital gains and some dividends are tax free.

  • @mq7010
    @mq7010 2 роки тому

    2:20
    I need the link please of: No control co operation rule

  • @valuetraveler2026
    @valuetraveler2026 2 роки тому

    Personally I would avoid the UK - tax authorities not friendly

  • @elsbells8545
    @elsbells8545 5 років тому

    Good advise...

  • @williamfarrell2958
    @williamfarrell2958 5 років тому +1

    Whats the best place for a poker play to live, that is close to the USA?

    • @culpd
      @culpd 5 років тому +3

      William Farrell If you watch more of these videos, you’ll see that the answer to what is “best” depends on many factors; for example: your citizenship, how many days/yr you spend in the USA, in what country you earn your income, and what are all of your personal objectives (eg minimal tax, climate, culture, etc). These videos are also a marketing tool. You can pay several $K to get personalized assistance, which might be worth it depending on your financial situation.

    • @chevalcabre3972
      @chevalcabre3972 5 років тому

      Dubaï 1 day all 6 month and you are an Emirates resident at 0% of tax... For poker i also listen Malta and Luxembourg

    • @nomadcapitalist
      @nomadcapitalist  5 років тому +1

      Hey William, take a look at this video for more info about offshore strategies for poker players: ua-cam.com/video/1u4NFZtOWBE/v-deo.html

  • @orkhankhalafov2793
    @orkhankhalafov2793 5 років тому

    Why you never mention Baltic countries as low tax jurisdictions? You don't even pay CIT till you distribute your dividends there.

  • @JohnMac3837
    @JohnMac3837 4 роки тому +5

    Why pay taxes when the government can just print it ALL!!!!! Welcome to utopia.

  • @usasupra23
    @usasupra23 4 роки тому

    I became a 1099 sub contractor in 2019 and want to know if I can buy let’s say 3 $1k gift cards to give to my clients as a thank you and then write off those gifts for 2019 to reduce my taxable income? Can I also write off car repairs and maintenance since I need to drive to client locations as well as write off the $.058C a mile with those repairs? I have no business name since it’s a short term contract for 2019 and is my SS number.

  • @whatservicetojoin8593
    @whatservicetojoin8593 4 роки тому

    How do u legally avoid hotel taxes when staying in usa ??????????

  • @financialprivacy4425
    @financialprivacy4425 4 роки тому

    intertesting video!

  • @onsjohn51212
    @onsjohn51212 4 роки тому

    Does this apply to US citizens as well?

    • @nomadcapitalist
      @nomadcapitalist  4 роки тому

      Yes, watch this: ua-cam.com/video/P2YBaKHyGX8/v-deo.html

  • @avoidtaxonline
    @avoidtaxonline 4 роки тому +2

    Five ways to pay low tax: contact the Shark

  • @epicurean1868
    @epicurean1868 5 років тому +2

    Bulgaria 10%flattax

    • @XuMePa84
      @XuMePa84 5 років тому +4

      + 5% dividend + social security depending profit. Is not that simple and cheap.

  • @stanleymasterson1135
    @stanleymasterson1135 3 роки тому

    The problem is you have to upend your life and leave the US with all of these options. The goal is to find a way to STAY in the US while paying no tax,. Answer THAT for us

  • @cavallopazzo340
    @cavallopazzo340 5 років тому

    Hi Andrew (or anyone who can answer this question). What's the difference between getting a tax consultation from you compared to one of the big consulting firms (e.g. KPMG, Deloitte, Ernst & Young, PwC)? Is it that you also take the personal tax location into account? Thanks

    • @nomadcapitalist
      @nomadcapitalist  5 років тому +4

      Hi there! The difference is that we offer holistic plans to people we work with, covering all aspects of their life in order to go where they're treated best and save more of their own money.

    • @cavallopazzo340
      @cavallopazzo340 5 років тому

      @@nomadcapitalist Ok, I see. Thanks. Unfoturtunately I'm not a citizen of a country that is eligible to use your service :-(

  • @chrismccullough5107
    @chrismccullough5107 5 років тому +1

    👍

  • @angus7278
    @angus7278 3 роки тому

    Get elected President of the USA

  • @UltronDCUO
    @UltronDCUO 3 роки тому

    You can just do it illegally

  • @financialprivacy4425
    @financialprivacy4425 4 роки тому

    intertesting video!