GlobalWealth
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Hi @Malcolm_X
This is a pretty complex topic and really outside the scope of a forum conversation due to the nature of personalized planning.
Each person's situation is different and thus someone's solution could potentially create problems for you without knowing all the details.
In each situation, you need to consider; citizenship, legal residency, tax residency, nature of business, location of clients, how you get paid, among a dozen other factors.
For Bulgaria, it could be a decent option depending on the situation. As @jonahsr stated, the taxes are low but you really need to consider CFC rules, which can be incredible confusing.
In fact, I am speaking at a Digital Nomad conference in Bulgaria in May on exactly this topic.
For Estonia, I don't normally recommend this to my clients except in special circumstances. Estonia did a good job marketing their e-residency program but the reality is it is a well-marketed project with very little benefit for most people. There is an ENORMOUS amount of bad information about Estonian companies, most of it promoted by some well-known but entirely ill-informed blogs.
I've read countless articles and had dozens and dozens of client calls about how Estonia has zero tax, or tax holidays, or doesn't tax foreigners, etc. All of this is incorrect.
The main thing most people tend to ignore or forget is the person's tax residency, which may or may not be the same as their legal residency. With CRS in full effect now and enforcement in place for a few months now, this is critically important.
PM me if you want to chat.
This is a pretty complex topic and really outside the scope of a forum conversation due to the nature of personalized planning.
Each person's situation is different and thus someone's solution could potentially create problems for you without knowing all the details.
In each situation, you need to consider; citizenship, legal residency, tax residency, nature of business, location of clients, how you get paid, among a dozen other factors.
For Bulgaria, it could be a decent option depending on the situation. As @jonahsr stated, the taxes are low but you really need to consider CFC rules, which can be incredible confusing.
In fact, I am speaking at a Digital Nomad conference in Bulgaria in May on exactly this topic.
For Estonia, I don't normally recommend this to my clients except in special circumstances. Estonia did a good job marketing their e-residency program but the reality is it is a well-marketed project with very little benefit for most people. There is an ENORMOUS amount of bad information about Estonian companies, most of it promoted by some well-known but entirely ill-informed blogs.
I've read countless articles and had dozens and dozens of client calls about how Estonia has zero tax, or tax holidays, or doesn't tax foreigners, etc. All of this is incorrect.
The main thing most people tend to ignore or forget is the person's tax residency, which may or may not be the same as their legal residency. With CRS in full effect now and enforcement in place for a few months now, this is critically important.
PM me if you want to chat.
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