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2021-06
2021-06

@whirledover [CANCELED ACCOUNT]

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๐Ÿ—ฏ Forum topics

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How do taxes work for perpetual travelers?


by @whirledover |  | 5 comments

Hereโ€™s a question (actually a bunch of related questions) thatโ€™s been a bit of a thorn in my side lately. Iโ€™ve already combed this forum as well as several others but would love some more insight from more knowledgable people.

So, here goesโ€ฆ

Background: Iโ€™m a perpetual traveler and havenโ€™t stayed in a single country longer than 6 months for around 5 years now. Iโ€™m a non-US person so no IRS worries but my country of citizenship (Korea) has a residential tax system and since I havenโ€™t claimed residency anywhere else, it seems possible for my government to claim me as a tax citizen.

Which brings me to my first question: At what point does forming a solid business structure to cover your taxable a** become worth the hassle? $100K/year? At $200K/year? I sort of feel like most governments wouldnโ€™t bother with this because itโ€™s relatively โ€œsmall fishโ€ - thoughts?

And that brings me to another question: If Iโ€™m not needlessly spending time worrying and I should finally pull the trigger and set something up that makes me more โ€œlegitโ€ - even if it requires paperwork - whatโ€™s my best option? Hereโ€™s what Iโ€™ve come up with:

Set up an offshore company - Iโ€™m leaning toward RAK Offshore since it seems to have no paperwork requirements and has no taxes - and use that to hold and re-invest the income I receive while paying myself a nominal amount every month, like $3,000, which I then file Korean (income) taxes for. This makes sense in my head since thatโ€™s roughly the amount I spend every month anyway but would this qualify as tax evasion?

Last question: for all of you who are perpetual travelers and arenโ€™t filing tax returns with your country of citizenship/last tax residency - what are you doing in terms of investing the money youโ€™ve saved? From what Iโ€™ve read, banks will report accounts that hold over a certain amount to the country of the account holder and online brokerage accounts seem to be the same.
Oh, and is the money accrued (without being reported tax-wise) considered black money?!

Okay, Iโ€™m done for now. Apologies for writing a book - Iโ€™m not so learned on this topic. Would appreciate any insights. Thanks in advance! :slight_smile:

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๐Ÿ—ฏ Forum replies

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What's the weirdest thing you travel with?

 

by @gigigriffis |  | 21 comments

I was thinking about packing today and Iโ€™m curious: whatโ€™s the weirdest thing you guys have in your bags? Nomads are, by nature, minimalists, but Iโ€™m sure we all do it differently. I have a friend who travels with BASE jumping gear, another a sequin dress. So, whatโ€™s the most unusual thing in your bag?

Mine is probably that I travel with a dog.

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Any opinions on where to live in Spain?


in Spain by @jjuter |  | 9 comments

I am thinking about living in Spain a few months but do not know much about it. Any advice would be appreciated.

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Am I being silly by worrying about getting Zika in Bali? ๐Ÿ˜•


by @metamas |  | 5 comments

Bali was at the top of my short-list of places to go DM for 1-3 months until I saw it had the โ€œZykaโ€ tag on Nomad List :scream: . Iโ€™m not super read-up on the whole state of Zyka, other than occurrences of infection being on a decline (for now), but I am a worrisome enough person about such things that it has got me reconsidering. Though, it still seems to not be stopping the rate of DMs visiting Baliโ€ฆ

Is there cause for large concern here, or I am just being a nut? โ€ฆItโ€™s been known to happen pretty frequently over such things :anguished: :face_with_thermometer: :mask:

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How do you avoid getting charged large fees by your bank when withdrawing overseas?


by @creative_nomad_ |  | 14 comments

Hi All,

My question is about banking when it comes to being overseas/working etc. How do you avoid getting charged large fees by your bank when withdrawing overseas?

Iโ€™m originally from Australia and do my banking still in Australia. I live in the UK and most recently was living in Vietnam where I found I had to withdrawl money just to get charged very large amounts from my Aussie bank.

How do you get around this? What can you recommend.

Thanks

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Anyone know good foreign currencies to hold?

 

by @worldtravel |  | 22 comments

Iโ€™ve done a lot of research on foreign currencies and which are good to holdโ€ฆ its pretty complicated. it seems obvious, swiss franc, hong kong dollarโ€ฆ but when you look at if you want to open a swiss bank account they require a very high minimum balance, can charge you just to hold swiss francs, etcโ€ฆ anyone have a deep understanding of this stuff?

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I'm beginning my Nomadic journey - what advice do you have?


by @jacob_tr |  | 8 comments

Hello Everyone,

On January 8, I set off on my Nomadic Journeys. I have a one way ticket to Iceland booked for a film shoot, and a flight into mainland Europe on the 20th, and from there I have no idea, and I am completely on my own.

What advice do you have? Right now I am feeling everything, from bad to good about it all, really can feel that safety/wool from underneath me get pulled away, I know Iโ€™m jumping out of my shell here.

(To give some background, Iโ€™m starting my nomad journey after having started a successful business, so financially I am set. Itโ€™s the question personally, mentally how do you cope in the beginning of leaving everything and going?)

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Is anyone using Charles Schwab vs N26 banks?


by @mary_oleksiuk |  | 11 comments

Hi nomads! Iโ€™m trying to figure out all props and cons of using Charles Schwab vs N26 banks. Is anyone using those banks? If yea - what you like/dont like about it. And if income is mostly in US which one is better to open?

Thanks

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3 Months in India, Any Suggestions?


in India by @yuvalbarhai |  | 16 comments

Hello everyone!

I want to DN India for 3 months (or more) and the country is huge so Iโ€™m not sure how to start planning this, maybe you guys can help :slight_smile:
My major concern is the internet, from what Iโ€™ve read itโ€™s really bad - is that true?
What am I looking for:

  1. Spiritual oriented towns.
  2. Near (or in) some beautiful nature (doesnโ€™t necessarily have to be near a beach)
  3. Decent speed internet. I can deal with unreliable internet that wont work all day long, but I canโ€™t handle really slow internet.
  4. 1 month stay in each town.

What am I NOT looking for:
Big cities like New Delhi.

Time - can be anytime of the year.
Weather - I donโ€™t mind hot weather, but donโ€™t want below 0 weather.

Any suggestions would be highly appreciated, if what Iโ€™m looking for is even possible. Thanks! :slight_smile:

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