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gk18d
Thailand is our strong preference, knowing a few people who have done exactly this.
vztuxnivdq thank you, that scared the shit out of me but it let me understood that I need to seriously do something about it. Do you know somebody or somewhere I can get actual professional advice on that besides DIY reading on the web? I will be moving my company to SG but I need to sort my tax residency out. My goal is to move my residency in a place where I can pay low taxes but at the same that doesn't "require" me to stay physically there for long periods of time

<@U02B3ADAF8W> Thailand sounds good to me because it's a place I enjoy living. How long do you actually need to live there to maintain the tax residency?
I heard Maybe Co is working on something like that. I can't post links yet but you can search for it, the founder is Josh Pigford who also made and sold Baremetrics last year
i like personal capital. although it doesn't do some things that it seems it should, like precious metals. but overall pretty happy with it.
You could just use mint and only use the home screen.
I think the only third party service IB supports is mint so I am not sure you have a choice.
i do have precious metals added manually, but it seems silly for me to put in $10k worth of gold, then manually have to update it up or down, vs. put in 5 troy oz of gold, and let PC look up the price of gold for me and do the math.
interesting, wasn't aware IB had an API like that
gk17d
pnofoeeyyxf How long you need to be somewhere to maintain tax residency is as much a perception of where else you are.
For example, the UK has rules about tax residency, and even if you were in thailand 300 days, you could still be a UK tax resident if you didn't pass certain criteria.
If you take employment under a thai company (however you manage to achieve that), it solves the UK requirement for tax residency aboard. ๐Ÿคท I couldn't comment if the same is true of Italy but it should be easy to find out.
also you need to remember CFC law, your personal residency country needs to be OK with you having an SG company abroad, that all depends on the tax treaty related to CFC, you need lawyers/accountants to check that
Portugal personal <> SG company is a great solution
vgygtcdngu Portugal personal and SG company sounds pretty good but it throws me off that I would have to spend 6+ months in Portugal. Nothing against it, I'm just more into SEA.

By the way, I've found "Residents in Portugal for tax purposes are taxed on their worldwide income at progressive rates varying fromย 14.5% to 48% for 2021". Haven't dug deeper yet but the max of 48% seems high as well
wtnjgcgzdmg talk to westonbridge.com|westonbridge.com about that, the law states intent to live, which means you need to own or rent a house with intent to live some day
NHR gives you 10-years of 0% tax on foreign dividends, so literally effectively 0%
as nicely as I can say this, you need to go more in-depth with this, it seems you're missing keys parts of information, you need to talk to more accountants and lawyers
gk15d
khfhdmawch Why do you like US for a company, btw? I've never really heard someone advocate it before.
can anyone recommend nomad-friendly life and disability insurance? Iโ€™m based in the Netherlands, but would prefer something more like safetywing or similar
tutjfbxdor yes I totally agree with you, I definitely to talk to accountants and lawyers. Are there known websites/lawyers that are experts with more countries instead of talking with country-specific accountants? ("flagtheory" comes to my mind, not sure if they are legit/good/reliable)
qqfp literally any startup lawyer will tell you to set up a Delaware company, it's the default
the 2nd option is a UK company and the 3rd would be Singapore
Delaware has the best legal protections and pro-business courts I think
similar to Singapore
gk14d
pesyiojfma Okay, then yeah, I understand. ๐Ÿ‘ You're thinking litigation and protection, and interacting with other entities, as a startup would.
I mostly aim for not interacting with anything else, low corporation tax, and accounting regulations which aren't burdensome. That explains the different perspectives.
I've found my UK companies an increasing pain the last 5 years, but since they cater to actual physical customers, I don't have any flexibility with them. For anything else, I've liked Seychelles.
Revolut Black Card comes with around 10K euros of health insurance.
which is neither life nor disability insurance ๐Ÿค” thanks though ๐Ÿ™‚
Can anyone recommend any cards with international rewards? I use AMEX when in the UK but then I miss my cashback when I'm anywhere else ๐Ÿค‘
naz13d
I'm giving Curve a try currently with aim to move off Revolut Metal plan.
gk12d
I've been mostly using a crypto_com card for the last few years. 5% cash back on everything for the one I have. 1% cash back on everything for the free version.
Good exchange rates, too. Also free spotify, netflix, prime, 10% back on expedia, and loungekey+guest
I also use a curve with it. Curve has slightly better exchange rates, but not by much.
insct Careful with Curve if you plan to become a non-EU resident at some point, they'll close your account, no questions asked
They did this to me when I lost my card and asked to ship a new one overseas, they could only accept shipping it within the EU
wxmv Did you put stake 40k CRO to get it or you did this before they change policy from CRO to USD staked?
I was wiling to go for it but 40k is not a small amount for a card where the support is almost non-existent and the conversion rate (local currency to USD) isn't so great
gk12d
stagloegv I got it when it was an MCO card, and at the time I staked something like 200k MCO. I bought hours after the big crypto crash ๐Ÿ˜ˆ
gk12d
ypnydpbmp I wouldn't get $40k of CRO unless there's a major dip in the currency.
Few corrections:
โ€ข Support is really good at this level. Fast responses and really good handling. Private member isn't bad either
โ€ข Local currency to usd hasn't been bad for me. Close to mid market
gk12d
โ€ข 12% interest paid weekly on the $40k is actually worthwhile on it's own. You just have to buy it when you know it will inflate from where you are.
gk12d
I'd recommend just starting with the free one and seeing how you get on, and have a lurking order in the exchange to buy if it ever dips silly low again ๐Ÿคท
> I bought hours after the big crypto crashย :smiling_imp:
Wow, nice move! :smile:
> Support is really good at this level. Fast responses and really good handling. Private member isn't bad either
Oh gtk, I thought that was the same as the crappy one that responds 2 months later lol

> 12% interest paid weekly on the $40k is actually worthwhile on it's own. You just have to buy it when you know it will inflate from where you are.
It's 12% CRO, if by the time you sell your CRO the market has crashed, it's not so fun anymore lol

> I'd recommend just starting with the free one and seeing how you get on
I have the free one. It's great but I wouldn't replace Revolut with it because of the exchange rate that is much below Revolut ๐Ÿ˜ž . Are you using this card in your day to day operations in every country you visit?
I rarely keep cash on me, when needed probably less than $100 but I was wondering.

Do you prefer same size bills like the USD or different size like the EUR?

I much rather the USD system but I can see the EUR practicality.
gk12d
I'm a bit OCD with this, but it helpos. I fold them up in thirds individually and put them between cards in my Marksman ultra slim wallet. In that sense, I prefer different sizes, because it's easier to quickly get exact money without sorting. ๐Ÿคท
gk12d
The new marksman version doesn't look as slim though, they've put the elastic through the inside ๐Ÿ˜ž
I prefer cashless. When I must carry cash, I have an easier time with same size notes, but I know different sizes are helpful for the blind so I don't mind.
I never carry cash unless I need it for a specific something. When I'm in the US I do carry cash because of constant fear I need to tip someone for something. In my experience, Australia and Canada have the best โ€œbillsโ€ or notes as we call them. Made of plastic so they stay in good condition for a long time. US money is all the same size and all the same colour making them a nuisance to sort, especially when trying to find an appropriate one to use as a tip. Euro is fine but the higher value notes are too big.
I never carry cash in the US but if you go to Asia or something, you need cash to make any small purchases like eating out at street vendors, so at that point I do carry some cash
coins suck
gk11d
Yeah, I think it goes without saying that we all prefer to have no cash. OTOH Croatia ๐Ÿ˜
Nice yes I'd be cautious using all those tax haven countries like BVI Bahamas Bermuda Seychelles they're all getting on US and EU anti tax evasion/avoidance lists and you'll probably get flagged in the future and maybe audited, that's why I try to go for first world legit countries like Singapore, Portugal
I hate cash and I curse coins to burn in hell. Weโ€™re not freaking pirates trading with doubloons anymore! When cash is necessary I prefer same size. Color is more than enough for me to identify denominations
Ah, I should read better the terms of that insurance.
thnks
I also basically never carry carry cash around and any spare coins I come across I tend to save until I can bring them to a bank.

As for bills I prefer EUR-type bills because they're easier to grab. EUR coins are the worst, though. The size of the 1c and 2c piece is a joke.

(Bonus I'm in ๐Ÿ‡ฆ๐Ÿ‡น and most restaurants/takeaway places still don't take cards. _sigh)_
ropcsjrcruussi Interesting, even pandemic didn't change that? Here on Malta (which is quite backwards in many respects) last year nearly every small joint started accepting Revolut transfers.
Nah. We were on lockdown for forever. No one really bothered
There was a time in the USA where you needed to carry cash if you took taxis because their stupid visa systems would go down all the time but this was before uber.
Funny how a little competition fixed that! ๐Ÿ˜„
I'm looking through Investopedia for ways to improve my financial literacy and they mention couple podcast. Had you have heard anyone of them?
gk5d
Finematics is really good on youtube.
gk5d
Khan Academy is really good for everything from simple to quantitive. I used it a lot to teach people black scholes formula.
gk5d
e.g "khan academy" Finance playlist has everything from interest to shorting, collatorized debits and credit swaps, compound interest, etc. I think there's a few hundred topics, and he's a very clear educator simple_smile
Look for Javier Mtz Morodo's podcast.
I think it's called rockstars del dinero.
He led GBM+ and now Bitso's growth.
Can anyone explain to me why US companies are so reluctant to be paid by wire transfer (ACH in USD). It took me multiple emails with my hoster before they would give their bank details so I can pay THEM. Are they scared of fraud after sharing those details? In Europe most companies have bank details on their website or letterhead. So this is unusual for me. man-shruggingquestioninterrobang
โ€œRational Reminderโ€ by Ben Felix is my favorite. You will find many great past episodes.
Usually US companies are paid via payment processor, it protects both sides as if there's a dispute the processor will handle it
I get that for B2C, but it seems expensive for larger B2B transactions.
Easier and faster to process, and generally people want to pay with a credit card as well. Provides protection and rewards
From what I have heard, once you have the details the other party can do a withdrawal just as easily in the US. So companies are careful about using it. Some have accounts setup so once the deposit clears it's immediately moved to another account to keep the balance at $0.

That and America is just really slow and old in their banking practices and uses from my experience.
Depends on the amount. Anything less than 5k most people just prefer CC and eat the fees. US banking system is horribly outdated. ACH is probably less common than mailing checks
I do so many wire transfers. There are several reasons why wires are annoying. They are expensive, smaller companies don't actually know the info they are supposed to give, and they are often hard to track, who sent them etc..
Accounts receivable can be lazy, a credit card usually means they have to do less work.
Interesting. And roughly what I expected.
When they sent me their bank detail, it took me a while to find the right numbers to use for the transfer. They have so many names. Fedwire, ABA, ACH,..
yeah there is something called "ACH debits" which works just like "ACH deposits". Basically if someone has your ACH account number he can create an authorization to pull money from your account. That's pretty scary and stupid but I used to do that back in the days where I was pulling money from my friend account (with his authorization ofc)
Long shot but does anyone know a neobank (or similar with good forex rates and doesn't cancel your card at slightest suspicion) with a euro account that accepts wire transfers, has a debit card, and accepts residency outside of Europe/US/UK (Uruguay specifically). Currently using revolut but since I'm no longer a resident of Europe I'm just just waiting for them to eventually close my account.
Did you give Wise a shot? They're not really a bank but they could cover your use case
I'm no longer a resident of the EU for 2/half year now and to this day I had no issue with Revolut. I agree with you it's great to have a backup plan tho but hardly anything matches the offer of Revolut.

Before I leave France I asked them and N26 the same โ“ What happens if I'm no longer a tax resident of France and I move to a country that you do not support?
And they responded:
N26 We'll need to close your account
Revolut Just don't change your address

lol
I have 2 friends who moved to Taiwan and changed their tax residency in the app over there and Revolut didn't ask for them to close their account either
When they ask for your tax doc the support will help you click the right buttons to just say "I don't have any tax ID to provide"
> Did you give Wise a shot? Theyโ€™re not really a bank but they could cover your use case
They dont have debit cards though :confused:

> Iโ€™m no longer a resident of the EU for 2/half year now and to this day I had no issue with Revolut. I agree with you itโ€™s great to have a backup plan tho but hardly anything matches the offer of Revolut.
Oh thatโ€™s good to hear! With all the talk of them closing accounts iโ€™ve been sort of expecting it to happen but maybe i dont need to look for alternatives in such a rush then.
and currently it really doesnt seem like any alternatives exist for my residency. feels like ive looked at all of them
Same for me, my residency is French Polynesia so I believe it's even worse than being in Uruguay ๐Ÿ˜…
i bet
We _at least_ have one neobank here, but it doesnt have euro accounts so iโ€™d lose ~2.8% on forex vs using Revolut + doesnt support apple pay + app is lacking quite a lot + cant wire money from there. Worst come to worst at least it exists and they wont willy-nilly cancel the cards like the banks do.
but thanks for the input. now im more comfortable using revolut
You sure? I have a Wise debit card that Iโ€˜ve used for over a year without any problems. Not sure where you got this from..
> Weโ€™re sorry, cards havenโ€™t reachedย Uruguayย yet
-Wise
like most crypto cards and neobanks they dont issue debit cards to residents outside of EU/US/UK/AU/SG etc
Do you still have a European address on your
Passport? Then just have it send there and pick it up
nice that worked. Do you know their policies on residency? I guess itโ€™s the same situation as Revolutโ€“they might cancel the account if they realize itโ€™s not my residency anymore?
You have to realize that they want to maximize account creation. On top of that, and as opposed to Revolut, Wise is not a regulated bank, so they don't have to comply with many of the reporting requirements Revolut and other banks do. I don't wanna rule out that they might ban you but so far I didn't have any problems whatsoever
(And I used my debit card all over the world)
thanks, sounds like the kind of backup i was looking forโ€“even less likely to ask for a proof of address
I see. Thanks for the background. Europe has that too, but the process needs a payment processor and takes 1-2 weeks to go through. SEPA direct debit.
Yeah and you need a "mandate" to authorize someone from pulling money from your account, but with ACH you don't lol
I may have just found an alternative to Revolut with good exchange rates and 0 fees top up via debit/credit card Wirex
also works with crypto
I'm waiting for the debit card to be delivered. So far the only drawback I found was that you had to use a VPN connected to your country of residence to top up with debit/credit card
everything else on the free plan looks great
you can also top up USD, EUR or any other fiat you want
hmm, you set your residency as france even if itโ€™s not?
Oh, I see they support significantly more countries than the others! costra rica, uzbekistan etc. Sadly no uruguay ๐Ÿ˜•
thatโ€™s great to know though, thanks! Seems this is one product to actually check updates for
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