Destinations, Tax Havens, and Countries to "Escape" To

[OzGrinder]

Singapore has no tax on foreign earnings and it is considered the safest most orderly country in the world.

Yes, I second this. Many of Australia's rich are moving to Singapore for 2 reasons, tax benefits and proximity to Australia. However I thought Japan was the safest most orderly country in the world?

Either way you wouldn't know the difference, both very safe. What amazed me was how orderly they are when you consider how many people are there crammed into such a small region, it's bizarre, total cultural thing. What is there obsession with standing quietly in long queues for hours without complaint to see/buy the most banal things?

 

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[Vigilante]

Look out, Mr. Obama, a tax revolt has begun in America led by Mickelson & Woods | Fox News

 

[Brander]

Not many people know but Australia among many is a bonified tax haven if you have foreign income AND you don't live there more then what's required you to be a "resident for tax purposes". And that time is surprisingly long. But no.1 for me is Switzerland in that regard (spend winters in the Med though), especially if you have a EU passport like I do.

Being a US citizen is of course a big hindrance in all this as the US government officially doesn't care if you still live in the US or not, they just demand their dowry, regardless. So you have to decide for yourself if the laziness of you gov is large enough to forget these rules exist.

 

[Astute]

It's not tax that I really object to, it's public money being squandered by incompetent morons who don't realise how much power they have or destruction they cause. Politicians and leaders who never really have any life experience. They go to good schools, good universities, get a degree in politics or history, and then milk the system dry and retire with country estates.

Here in the UK our government don't realise the purchasing power they have and will happily spend 2-3 times what a product is worth. National construction or infrastructure projects are costly, over run and deliver a worse service than what they originally stated.

So if/when I do start to make a serious amount of cash I imagine that's something I want to avoid. I don't want to see my hard earned money go to waste, or go to people who don't deserve it.

Strangely I would be happy to pay 40-50% tax somewhere if I didn't have these problems and had a great lifestyle, I think there are a few Scandinavian countries where you can still find this, and I could very well see myself ending up there. But at the moment many other Western countries seem to be run by people who are out of touch and don't grasp that their smartest people will go somewhere else.

 

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[Kak]

What do yall think about st kitts and nevis? You can "invest" money in their country by spending over a certain amount on a home or land and they grant you economic citizenship for it.

I am kind of loving the idea.

 

[Stu_Hefner]

If funds permit. I would travel around. Probably base myself somewhere like Monte Carlo or Abu Dhabi and then just travel where I feel like. Philippines, areas in Thailand and Singapore are good for those in Australia. I have outsourced workers in Philippines also, so it would be good to travel there and thank them for there work in a cool way.

 

[Big Daddyhoo]

I think there are a few Scandinavian countries where you can still find this

Count Finland out.

 

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[GlobalWealth]

What do yall think about st kitts and nevis? You can "invest" money in their country by spending over a certain amount on a home or land and they grant you economic citizenship for it.

I am kind of loving the idea.

It is a large amount of money out of pocket. Even with the investment program you are still paying about 200K (plus the investment) for citizenship. There are other options at a much lower cost.

 

[Kak]

Oh wow, I didnt realize that. That is steep.

I know a lawyer in roatan that said if I established residency there for 6 months, learned the national anthem and spanish I would easily be able to get citizenship. Maybe that is a better bet.

 

[andviv]

I know a lawyer in roatan that said if I established residency there for 6 months, learned the national anthem and spanish I would easily be able to get citizenship.

Another factor to keep in mind is how 'good' is your passport.

It is not a secret that certain citizenship are 'better' than others in regards to travel flexibility.

Trust me, having a Latinamerican passport sucks. Only Argentinian, Chilean or Uruguayan passports are somewhat useful. The rest? Welcome to the third world, you need visas to go anywhere, and they are usually painful to obtain.

 

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[GlobalWealth]

Only Argentinian, Chilean or Uruguayan passports are somewhat useful.

I have contacts for Chilean and Paraguayan. Also Panama is good. DR is ok.

 

[Kak]

What do yall think about italy? I can get family tree citizenship and they dont tax on foregin sourced income, but they might start.

 

[GlobalWealth]

What do yall think about italy? I can get family tree citizenship and they dont tax on foregin sourced income, but they might start.

Much better option.

 

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[BeingChewsie]

What do yall think about italy? I can get family tree citizenship and they dont tax on foregin sourced income, but they might start.

RE Taipan and I did that. We were able to do it through his grandfather, who was not yet a US citizen when his mother was born here in the US, and she never renounced her right to Italian citizenship, so the line was not broken. Getting all the paperwork was a bitch and it took about 9 months. Edited to add: You need to be patient, the wheels of governments turn very slowly and plan on a year to 18 months (in total). Once you start getting your paperwork together, you may want to contact your local consulate and ask what the wait time is for an appointment, if it is like 6 months, you should book the appointment as you are gathering the paperwork and getting it translated and so on. They can be really picky about names matching and many of our ancestors changed names or went with more americanized versions, all of that has to be "proven" and accounted for too. It is a process like everything worth having.

If you want a quick way to check on the line you can use ancestry.com. They can at least give you a start on finding the paperwork. They have copies of the census and copies on naturalization cards and so forth, if you sign up for the worldwide, you may be able to pull copies of your ancestors in Italy. It just makes it easier when ordering copies of the original docs from the various goverment agencies, if you have the file number or document number it makes it much, much, easier.

Hope that helps!!

Sue

 

[speedyexe]

Anybody here actually have an company in non-tax or low-tax country? If Yes please tell me all details like cost of living, food, etc...
We are based in Poland where tax is 19% or 32% based on type of business, im thinking about moving to Estonia, California, Delaware or New Zealand, most interested in California, if somebody have company in California please provide some info

 

[hatterasguy]

Meh the third world is the third world. I don't want to live in any country with a stray dog problem, or where I have to worried about getting shot/kidnapped if I walk the streets at night and I'm white. I have sailed all over the Caribbean, generally its extremely pretty, and a great place to visit. Its also the third world and mostly very poor. Jamaica comes to mind here, but what a pretty country.

The Caymen islands are pretty much like the 1st world so they are nice. But they are an expensive place to live. Its like living on Long Island so if you have $2m to spend on a house and can afford it, great. Tropical paradise and no taxes. Just stay away from the cruise ship people.

I'd love to sail out to the Pacific next and see what those island countries have to offer.

Curacao would be a great island to do business at, and maybe live for a bit. It's the working class island of the Caribbean, and very European since all Americans go to Aruba.

 

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[Mike39]

most interested in California, if somebody have company in California please provide some info

If your looking for lower taxes then where you are currently living, look elsewhere

 

[Bond]

How about Mauritius?
Seems forgotten but I read somewhere that it's a good place too.

 

[speedyexe]

If your looking for lower taxes then where you are currently living, look elsewhere

I know but also I don't want to be in eastern europe all my life. Thats why idea with California, I know taxes there are high, I rather was thinking about making company in Delaware and live in California. BUT i never was there thats why im writing here

 

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[Kak]

I know but also I don't want to be in eastern europe all my life. Thats why idea with California, I know taxes there are high, I rather was thinking about making company in Delaware and live in California. BUT i never was there thats why im writing here

If you want beach and sun. Florida is better off than California.

 

[St.Alpine]

I know but also I don't want to be in eastern europe all my life. Thats why idea with California, I know taxes there are high, I rather was thinking about making company in Delaware and live in California. BUT i never was there thats why im writing here

Look at Malta.
They have great business laws and taxes.
You are paying between 12%-4%.

Setting up a company there takes 2 days.
Due to the british past, you'll find a sound infrastrucure.
Malta is especially interesting if you are in online gaming, general ebusinesses
and financial services.

I know a guy, I wanted to buy an online business from,
who is a resident there and has incorporated all of his online gambling
businesses there.

 

[speedyexe]

Malta and Florida looks good to me thx for reply.

 

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[Whiphsh]

It LOOKS like a DARN good place. Cost of living is low too. Seriously, what about taxes?

EDIT: Mauritius

 

[GlobalWealth]

Anybody here actually have an company in non-tax or low-tax country? If Yes please tell me all details like cost of living, food, etc...
We are based in Poland where tax is 19% or 32% based on type of business, im thinking about moving to Estonia, California, Delaware or New Zealand, most interested in California, if somebody have company in California please provide some info

No/low tax and California in the same message.....bwahahahahahahahahahah

But yes, I have a company in a no-tax jurisdiction.

 

[GlobalWealth]

The idea is not to have the company registered where you live. Register the company in low/no-tax jurisdiction and live in a country that does not tax foreign source income. voila, tax free.

 

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[speedyexe]

The idea is not to have the company registered where you live. Register the company in low/no-tax jurisdiction and live in a country that does not tax foreign source income. voila, tax free.

Hi GlobalWealth, as I can see You are based in Latvia

1) Can You tell Us what low/no-tax country worked for You?
2) Do you still live in Latvia and is Latvia does not tax foreign source income?

1a) To register in low/no-tax country do we have to get citizenship and rent an place there?
1b) Did you registered company in low/non-tax country by yourself or do you use some third party company to do it for you?

2a) What about employees that are hired in Latvia by You but working for company based in low/non-tax, do they pay tax in Latvia (in terms of living there) or they are hired on somekind non-tax agreement and they don't need to pay anything to Latvia?
2b) How do You deal with health insurance/retirement pension for workers? (In Latvia? or In low/non-tax country? or maybe some other insurance system?)

btw. Can you recommend some good books in this subject?

 

[GlobalWealth]

1) Can You tell Us what low/no-tax country worked for You?

There are several that are quite good, but it depends on what type of business you run. For most virtual business, Belize or Seychelles is very good.

2) Do you still live in Latvia and is Latvia does not tax foreign source income?

Yes, I live in Latvia

1a) To register in low/no-tax country do we have to get citizenship and rent an place there?

No.

1b) Did you registered company in low/non-tax country by yourself or do you use some third party company to do it for you?

This is my business. We register offshore companies in several jurisdictions

2a) What about employees that are hired in Latvia by You but working for company based in low/non-tax, do they pay tax in Latvia (in terms of living there) or they are hired on somekind non-tax agreement and they don't need to pay anything to Latvia?

I don't have employees in Latvia.

2b) How do You deal with health insurance/retirement pension for workers? (In Latvia? or In low/non-tax country? or maybe some other insurance system?)

This is a non-issue for me.

btw. Can you recommend some good books in this subject?

There aren't really any books on this subject. At least not any good ones.

 

[The-J]

There aren't really any books on this subject. At least not any good ones.

Do you feel that there may be a place in the market to write a good book on this subject?

Many so-called 'self-employed' people out there are often being completely boned by taxes. This could be especially good for the growing ex-pat community at large that makes their money from things like internet marketing, day trading, poker playing, etc.

Also, would you recommend that an ex-pat get rid of their American citizenship? I'm an ex-pat living in Canada (who knows where I'll go next) but currently ineligible for a Canadian passport. I know they tax foreign income above a certain threshold no matter where you live, no matter how many days out of the year you spend out of the US.

 

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[Kak]

Do you feel that there may be a place in the market to write a good book on this subject?

Many so-called 'self-employed' people out there are often being completely boned by taxes. This could be especially good for the growing ex-pat community at large that makes their money from things like internet marketing, day trading, poker playing, etc.

Also, would you recommend that an ex-pat get rid of their American citizenship? I'm an ex-pat living in Canada (who knows where I'll go next) but currently ineligible for a Canadian passport. I know they tax foreign income above a certain threshold no matter where you live, no matter how many days out of the year you spend out of the US.

Get on his email list. It will help you out.

 

[GlobalWealth]

Do you feel that there may be a place in the market to write a good book on this subject?

No one wants to write that. No one wants a giant bullseye on their back.

Many so-called 'self-employed' people out there are often being completely boned by taxes. This could be especially good for the growing ex-pat community at large that makes their money from things like internet marketing, day trading, poker playing, etc.

We do a lot of education with our conferences and newsletters so I think we are doing this already.

Also, would you recommend that an ex-pat get rid of their American citizenship? I'm an ex-pat living in Canada (who knows where I'll go next) but currently ineligible for a Canadian passport. I know they tax foreign income above a certain threshold no matter where you live, no matter how many days out of the year you spend out of the US.

This is a personal choice. If you renounce for tax reasons though, you will never be able to enter the US.