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Are there any taxes in HK?


by @mikedolev | 5yr  | 6 comments

Hey guys, Iโ€™m Mike and Iโ€™m in the process of moving to Thailand right now, I plan to register my company in Hong Kong and I heard thereโ€™s 16.5% taxes from some people and some people told me they pay 0% taxesโ€ฆ

Whatโ€™s true here?

How much taxes do you actually pay in HK?

Thanks! :smile:

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As other people have said, Hong Kong has a territorial tax system.

This article that I wrote a few years ago gives a good overview of incorporating in HK and the positives and negatives of doing so.

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@anywow | 5yr

Just mentioned this in another thread, but might be useful here too:

This podcast from Tropical MBA is an interesting listen on taxes for location independent businesses. Whilst not directly related to HK companies, itโ€™s still worth a listen.

http://www.tropicalmba.com/tax/

j

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@mikedolev The corporate tax rate is 16.5%. Income from activities arising outside of HK can potentially be tax-free. I say potentially as you still have to apply to Inland Revenue to get this status - itโ€™s not as clear cut as a lot of people make it out to be. Youโ€™ll also have to file audited financials every year, which is a major headache.

There are far better options out there. I honestly donโ€™t know why the Digital Nomad community has such a hard-on for Hong Kong companies, IMHO.

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@oskar | 5yr

@international_man
Could you tell us about these better options out there?
thanks

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@Oskar Sure - BVI and Marshall Islands with Banking in Singapore are what I prefer. Much better if youโ€™re not an American. Both these structures have no audit or reporting requirements. Merchant accounts are a bit trickier, but doable. I know this is brief, but hope that helps. If you have any other questions, just ask!

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@pau | 5yr

Iโ€™ve been told its 0% as long as you donโ€™t have any activity there, but I cannot say it for sure!

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Read and participate in 14,009 discussions on Nomad List

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What's the best thing to do with your phone/ your phone number when travelling?


in Poland by @davda1546 | 6d 5 days ago | 6 comments

Hey, hope everyone is well!

We're leaving in a month to go travelling. Our first destination is still to be confirmed, but will likely be Poland or Slovakia. We will be moving around every month or two to different destinations.

The question we have is: what do people do with phones/ phone numbers when hopping from country to country? Ideally we'd just like one number for the whole trip (even better, the number we already have) wherever we go, rather than getting new SIMs with different numbers.

This is just so it's easier to keep in contact with family/ clients/ etc.

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Best place in Portugal near cool nomads, good surf, and a great cowork spot


in Portugal by @joelnicholson | 11d 10 days ago | 6 comments

Hi there, title says it all. Canadian nomad hoping to find the city/town in Portugal with great, consistent surfing, a solid coworking spot, and a fun group of young nomads. Please recommend!

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How to learn a language without taking a formal class?


by @zakamercury | 18d 17 days ago | 3 comments

How to learn a language without taking a formal class, while traveling in different countries?

What advice can you give me?

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Where do I get good legal advice/support to have a long-term stay?


in Lisbon, Portugal by @mzorrilla | 1mo 1 month ago | 1 comment

Hello, everyone!

My idea is to stay as low as 6 months and as long as a year (maybe, who knows) over Lisbon after doing some analysis from many cities in Europe.

I'm an Argentinian and Chilean (both nationalities) so... no Euro-pass for me (getting my Italian nationality could take 2 years easily). I'm also a remote worker and I have a really good income (I work for a Silicon Valley company) so I can show more than enough resources to stay in the country.

Everything I see online doesn't inspire me much confidence (most sites looks a bit scammy) and this is not a "vacation stay"... I want to be clear my head far away from Argentina right now. If someone has a good website, recommendations, etc I will super appreciate.

Thanks in advance!

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Remote worker in Amsterdam: taxes and legal status?


in Amsterdam, Netherlands by @think | 2yr 1 year ago | 1 comment

Hi all,

I am moving to Amsterdam in January and looking for advice regarding legal status.

I work for a small French company. They agreed to let me move to Amsterdam as a remote worker starting January. :v:

However, they have no business entity and no employee in the Netherlands, so we have no idea how to set up the whole thing legally speaking. Should I remain an employee of the French entity, should I charge them as a consultant/contractor?

Of course, I am looking for a solution that is both simple and with minimum taxes :stuck_out_tongue_closed_eyes:

Thank you for your help!!
Steph

PS: If you can recommend a good accountant that is competent on the topic, I an happy to pay for the service too!

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Where to pay taxes if self employed non-resident of the UK, travelling Europe?


by @jadi4nd | 3yr 2 years ago | 5 comments

Hi, I know there are a few posts around this topic but none of them quite answer my questions.

I am British and currently a resident in the UK.
Next year I am going to become a non-resident and spend over a year traveling mostly around Europe, moving every few weeks never staying anywhere longer than a month. (My first venture into becoming a digital nomad!)

I am remote, self employed, software developer working mostly for one client based in the UK.

Where am I liable to pay taxes?
From what I have read I will not be liable to pay taxes in UK, can anyone confirm this?
If not the UK then where if I am moving every few weeks?
If possible I want to avoid starting a company as this seems unnecessarily complicated for my work setup.

Thank you in advance for any help :slight_smile:

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How do taxes work for perpetual travelers?


by @whirledover | 3yr 3 years ago | 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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How to best set up your taxes, residency and and business as a digital nomad?

 

by @theglobalcitizen | 4yr 4 years ago | 60 comments

The purpose of this post is to discuss the benefits, downsides, and challenges of setting up an international business.

Comment with what you want to know, or with what knowledge you can offer others based on your experience.

  • Do you want to set up an offshore company but donโ€™t know
    where to start?
  • Do you have questions with setting up legal entities or bank accounts?
  • Do you have questions with regards to paying taxes and residency.

Before becoming a DN I worked in Dubai as a corporate service provider. I helped 100s of international entrepreneurs to set up their companies, engage in tax planning and obtaining residency. Most of them in Dubai, but also in other jurisdictions like Panama, Hong Kong & Seychelles.

Share your biggest struggles or tips!

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If you don't have a residence, where do you pay taxes as a European citizen?

 

by @mpp | 4yr 4 years ago | 68 comments

While his type of question has been asked before, please bear with me as the existing threads donโ€™t match/answer my questions.

tl;dr

German citizen working as a consultant for a US startup and moving perpetually every < 3months.

  • (Where) Do I pay taxes when I technically donโ€™t have a residence?
  • Is it allowed by European/German law to not have a residence?
  • Are there countries where you can get a residence w/o staying 6 month/year or large investments, that do not tax non-remitted foreign-sourced income?
  • Can you recommend a good European/German tax advisor who could give a professional opinion?
  • Do I need to start a company to invoice an US company for consultancy work?

less short version:

Inspired by this community & @levelsio, Iโ€™m in the process of becoming a digital nomad myself. The one issue that is currently blocking me is sorting out what the best way to handle taxes is. Iโ€™ve been offered a job by a US startup, they want to hire me as a remote consultant (contractor). Iโ€™m not limited to a location and free to move where/as often as I want.

As the German tax authorities are known for not joking around, I want to make sure I handle the tax issue correctly. My research so far leads me to believe that as long as I donโ€™t own any property in Germany or do any business there, I should be fine with not paying taxes there. Switching countries at least once every three months also should be sufficient to not create any tax obligations in the respecitive countries.

While in theory this sounds like you donโ€™t have to have a residence anywhere and are not obliged to pay taxes, I have a hard time believing that this is not covered by International/European/German law. Did anyone (ideally European/German citizen) consult a tax advisor / lawyer on this and can give an educated answer to this? Iโ€™d also be thankful for recommendations for good tax advisors specialized on this topic.

Last but not least, as I havenโ€™t freelanced before: Do I need to start a company to be able to invoice the US company for my consultancy work or could I just do this as an individual?

Sorry for this rather long post, thanks to everyone whoโ€™ll take the time to answer <3

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Canadian resident looking for advice on reducing taxes


by @yesmad | 4yr 4 years ago | 4 comments

My girlfriend and I are Canadian residents that make a full-time income online, though affiliate commissions and ad revenue. As of right now, we have bank accounts in the US and most income is earned in USD.

The thing is that our income taxes are quickly rising to the point that itโ€™s absurd and would be well worth the time and money spent to reduce them somehow.

Can anyone comment on our options here?

Weโ€™ve considered moving around and not staying in any one country long enough to owe taxes anywhere, but that seems very difficult as a Canadian resident:

Reading up on the stipulations for being a โ€œresident for tax purposesโ€ in Canada, they basically want you to sell all of your belongings and cut ties with your family in order to not be a taxed resident. Is this true?

Another option weโ€™re interested in is incorporating in an offshore country that has low or zero corporation taxes. Does anyone have any suggestions here?

Iโ€™ve been looking into setting up a Canadian corporation, but the corporation tax is still upwards of 15%, plus youโ€™re taxed on what you take out of the corporation.

If anyone here has knowledge about any of this Iโ€™d love to hear your advice.

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Advice on remote working, taxes & moving to another country


by @magalhini | 4yr 4 years ago | 4 comments

Hi there!

I realise this isnโ€™t the right way of asking for legal advice, but Iโ€™d appreciate some initial loose pointers on where to go and what to do.

Iโ€™m currently working for a company which is UK-based (full-time contract), where Iโ€™m paying my taxes, own bank accounts, and so on. However, being a remote worker, Iโ€™ve been working from Berlin this year and for personal reasons, I really donโ€™t want to move back to the UK.

So, being aware that I would need to spend at least 90 days in the UK if I want to continue to legally work, what are my options to avoid this entirely?

  • Should I register as freelancer in Germany and have my company employ me as a freelancer? Would this exempt me from the 90 days rule? If so, what would happen to my pension scheme in the UK?

  • Should, if itโ€™s possible at all, still be employed by this company (non-freelance) but pay my taxes in Germany instead of the UK? Again, is this wise and would it exempt me from the 90 days in the UK rule? (the company has no German affiliate)

Funny enough, I canโ€™t find an available accountant in Berlin to ask all of these questions, hence why Iโ€™m hoping some of you wise folks would point me in some direction :slight_smile:

Thank you!

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Should I elect my LLC as an S-Corp for taxes, I'm a US citizen in Europe?


by @robetus | 5yr 4 years ago | 3 comments

I have an LLC formed in Portland, Oregon. I am the only member and do not ever plan on adding more members. Should I elect to have my LLC treated as an S-Corp for my taxes? I am a US citizen living in Europe but I do not qualify for the foreign income exclusion yet. Can anyone give advice that has made this election? I know that as an S-Corp I can pay myself a reasonable salary based on the companyโ€™s income and then pay the rest to myself in dividends that are exempt from certain taxes.

If I chose to pay myself 70% of the companyโ€™s income as my salary am I required to pay myself the other 30% in dividends or can I leave that 30% in the companyโ€™s coffers for legal fees, large chargebacks, and the like? Thank you for reading and with any help provided.

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Can I adjust my US taxes for the foreign income exclusion?


by @wanderingdev | 5yr 5 years ago | 7 comments

I am a US citizen working for a US company living abroad. I plan to qualify for the foreign income exclusion this year and Iโ€™m wondering if it would be ok to adjust my taxes now so I have less withheld and get paid more now. I could use an extra $1200 cash a month instead of paying it to taxes and having to wait to get it back next year. Does anyone else do this? Thanks!

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Question about taxes for a UK citizen


by @neutron | 5yr 5 years ago | 7 comments

I have the opportunity to move away from the UK (working online), but Iโ€™m wondering whatโ€™s the best way to manage my taxes?

Should I set up a limited company in the UK (which I could claim back taxes)? My company is quite small, so Iโ€™m guessing the 10k per year limit for income tax might work for me. If so, would I need to spend a certain amount of time in the UK per year?

Or, would it be better to become a nomad and not be taxed at all. Although Iโ€™m wondering about what will happen to my UK pension/NHS benefits etc? Will I be able to come back to the UK whenever I want and continue to benefit from these (will I just pick up where I left off)? If I go down this route will I need a hongkong bank account and company registered in panama (or somewhere?). Would I need to become resident in one of these countries in order to obtain these things?

Cheers

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