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The free $1000 a month currency exchange on Revolut is great. After that Wise has a lower exchange fee.

I have unlimited exchanges and some travel insurance etc with Revolut Metal which is about $130 a year
I've pulled the trigger on Revolut. I'll be trading dollars for Euros. I figure even if I don't make more than 3% trading, I am still saving on the credit card fees and ATM fees when I'm in Europe. Speaking of ATM fees, is it true - there are no ATM fees with Revolut?
is this saying that if I have a revolut atm card, I can take out money in a foreign currency in a foreign country with no conversion fee?
I use it currently for the virtual credit cards, and seems to work great
It says there are no fees up to $1,200 a month out of out-of-network ATMs. I am curious to know what current users have experienced.
I just signed up yesterday and have begun trading some USD for EUR (to see if I can generate 5% value on it in anticipation of a trip in March/April).
VWCE and VUSA
will they actually do it tho
Yes iโ€™m buying Vusa on LSE using pounds at the moment from interactive brokers.. wondering if they have an actual difference.
Just checked, cannot have access to vwce and vti cause they are us indexes, and as a european non-professional you cannot have access.. do you guys use a US based broker for your etfs?
cgphywsbcvscoy I am not sure they have a choice.
unemployment is under 5%, there is no reason for this.
And other countries will increase putting pressure on them to.
klim29d
I had savings account + debit card in TD bank
jooo28d
I recently asked a tax law firm (in HK) about this. They asked a couple of question about the details I gave before giving a quote (hourly + estimated hours to figure it out). They charged 500 USD per hour.
They also gave a smaller quote in case I wanted a cursory look, which was nice.
tom28d
Anybody incorporated an LLC in Delaware while not being an American nor residing in the states?

Itโ€™s my tax agentโ€™t suggestion and they say I wouldnt be tax liable since my clients are outside of US and I am not residing there. No taxation on dividends either.
tom28d
I am curios to know as well. I used to have a personal bank account with Bank of America back in the day. But I had social security number when opening it.
I have a Delaware C Corp and don't live in the US, and know a bunch of non-US residents with C Corps and LLCs in DE too.

I wouldn't recommend anyone to incorporate in the US unless they raise capital from US investors or contract for the US govt. Otherwise, don't. Compared to the UK at least, there's too much bureaucracy and lots of things cost more time/money as a result.

Are you contracting for different companies from the EU (I see you're from Czech Republic)? Keep it simple and do it via a local company. Most importantly, keep in mind that the taxation of your own personal income may be more important than the jurisdiction of the company you use to invoice your clients.
I don't agree. I have a single member LLC in Wyoming (Delaware is good only for corporations) and I'm paying 0 in taxes (because I'm non-US and my income is non-US sourced). The bureaucracy is also fairly minimal, just the tax forms to fill out by the end of the year. That also unlocks tons of perks to incorporate in the US like access to great bank accounts with rewards, tons of free credits for cloud services etc... You have to be careful how you do it tho. You do NOT want to create a C Corp or S corp but a single member LLC (considered as pass-through in regard to taxes). Also you need to be careful on how your country of residency taxes the LLC income (most countries in Europe will tax the LLC income directly)
When done carefully you can make your life tax-free (100% legal) like I did. I don't pay taxes on my LLC nor as an individual.
With a US LLC you can also accept pretty much any currency over the world by coupling it with Stripe
tom27d
I agree with cdwifbbhf saving X % of money makes having to deal with bureaucracy worthwhile. At least to me.
btw, where did you set up your personal tax residency if I can ask? I see you are from EU as well.
All the perks above you'd get with a UK company, and I'm sure some EU countries as well. And non-UK residents can also incorporate in the UK and run the business without having to come here. Probably the same in other EU countries.

Banking Free, instant transfers are standard over here. In the US you have to pick your poison free ACH transfers that take days to clear, or expensive wire transfers that take at least one business day.

Re bureaucracy, the biggest problem I have is the use of fax machines in this time and age. I experienced this from the get go my EIN didn't arrive within the usual timescale and I needed it to open a bank account, so I called the IRS. They refused to read it out to me or send me an email. The only option was to have it faxed (faxed! I'm a millennial and I'd never seen a fax machine until then). I wasted half a day looking for a fax machine and having it faxed, including the hour I was on the phone waiting for the fax at the end (most of which was just waiting on hold). They made me declare I wasn't using an online fax service so you really, really need the physical thing in from of you.

The bureaucracy is most notable when you're getting started, though, as you'd expect. I agree the ongoing procedures should be minimal in most cases, but the fact that you have to deal with the federal and state governments each year does add complexity/time/costs -- again, compared to the UK.

Btw, I'm comparing the two as someone who founded a Delaware C Corp (using Stripe Atlas) and a UK limited company (using 1st Formations) at the same time in early 2019. Both companies have been actively trading since. I know an S Corp or LLC can make the taxation simpler and cheaper, but just about everything else is the same as a C Corp.

But back to the original point regarding taxation where the OP lives for tax purposes is crucial here. He can certainly invoice his customers via a US/UK company without paying corporate tax in the US/UK, if there's a double taxation agreement between the US/UK and his country of residence... But he'll eventually have to extract those funds in the form of salary and/or dividends.
> btw, where did you set up your personal tax residency if I can ask? I see you are from EU as well
I'm actually not from the EU, I'm from French Polynesia and there is no income tax there
> The only option was to have it faxed
On that I agree, it's pretty antiquated but there are workaround such as using services like www.efax.eu/ .
On my side I was able to avoid 99% of the bureaucracy by just using this service www.firstbase.io/br />They do everything for you.

> But back to the original point regarding taxation where the OP lives for tax purposes is crucial here.
Yes very important, that could completely defeat the purpose of having a pass-through LLC. I would say Sort out your tax residency first then take care of the company after that.
I've seen claims of 0 tax before but little explanation. You might owe 0 US tax but like as mentioned above your current residency will matter more, for CFC laws and personal income tax
tom27d
rygwjwnwzrwyof I see, thanks for all the info. I do business with a UK company, therefore looking outside the UK.
tom27d
yes, you are all right the personal tax residency plays the crucial role here. At the moment, it seems like Cyprus would be the best option for me (and only 60 days a year to become the tax resident over there) and this Wyoming LLC looks good also
For Americans based in the EU, whatโ€™s the cheapest process you follow for getting money to your EU bank account?
Not an American, but when I transfer USD I always use CurrencyFair. Fee is around ~0.35% plus a small flat fee. You can also use their exchange to set your own rate, which is even cheaper if another user is looking to transfer the other way at the same time
Happy to send a referral, probably gives some more discount
Maybe an overkill, but with interactive brokers you can convert even relatively big amounts for low fees, and deposit and withdraw from/to US/EU accounts
In comparing USD->EUR on currencyfair.com|currencyfair.com and wise.com|wise.com just by entering various amounts it looks like Wise does significantly better. Or am I missing something?
I'm a UK resident working remotely for a Swedish company. They pay all international contractors in dollars. I created a US wise account to reduce the fees. I still incur a fee when transferring from Wise to a UK bank account, which I'm happy to live with but there also seems to be a fee before it reaches my Wise account from JP Morgan. Is there anyway around that?
I think your employer has the option to pay that wire fee themselves or to make you pay it. It's a US bank account thing, as the US charges for wire transfers. Did you check with them?
Why do they pay in dollars / from a US account if they are Swedish though?
Can't they pay you in Euro directly to your EU wise account?
How about a revolut account? They have good conditions for a multi-currency account.
No idea why they do this but it's universal across all contractors and nothing I can argue. They can pay the fee then!
It's the way it works when you pay to and from a non-US bank in USD, it's called "intermediary bank fee", that's because all USD transactions have to go through the US
the way you could avoid it would be in your case:
โ€ข To convert from USD to EUR in Wise, then send that EUR to your UK bank
โ€ข Create 2 different Wise account, one personal, one business and keep your USD in your personal bank account
โ€ข Open an account in the US
โ€ข Create an LLC (which can be very low cost and tax efficient when properly structured, even 0 tax in some cases) which will allow you to open US business bank accounts such as Mercury and Brex
Wise is has a US bank representative that's why you don't have this intermediary bank fee.
In almost all cases, transferring USD to your UK bank will incur this fee
Right now CurrencyFair shows 7โ‚ฌ more than Wise when I enter $10,000, I guess it fluctuates also depending on what they think the current market rate is. I also usually use the exchange market and set my rate higher, but still such that it's the first that'll be used if somebody else wants to convert. I think that has saved me a few more hundred over the years, although the market can also move against you in that case...
You are talking about a different problem, I think UK8TNHBT5. His company is sending from a US account (JP Morgan) to his US account (Wise).
I previously worked in the US and always had this fee too when my employer paid me to my US Wells Fargo account. As I said, if you do any wire transfers from a US account, you usually have the option to choose who should pay the fee (you or the recipient). Even PayPal does this too.
Ah correct, I misread sorry. In that case just tell your employer to use ACH payments slower but 0 fees most of the time :)
About once per month, chase locks me out of my accounts, and I have to call in to regain access. This has happened throughout this year that I've been. nomading. Has anyone experienced this? And is there a solution? The customer service agents have no idea how it works.
Access your accounts with a VPN set in the states?
hmm, good idea
Does anyone have a good blog / article on being a full nomad without citizenship, or one of the nomad programs?

I'm looking for a comparison on pro/contra, taxes, how easy it is, how to do it, what the difficulties are (banking and insurance comes to mind)
Background Coming from germany and will probably start freelancing. But I'm not in germany anymore so it doesn't make sense to set up everything there (lots of bureaucracy and taxes)
Estonian e-residency might be what you are looking for. I wonder what the other options would be.
gabo19d
in terms of no citizenship, that would highly reduce your travel options, as you wouldn't have your passport but something instead of it

in terms of no tax residency, that's something I keep noticing that comes up with Germans a lot, apparently you can renounce your tax residency without proving the existence of another. Not many countries do that, so you might as well check out German blogs on the topic
Oh I thought citizenship and passport ownership is not linked? Don't I keep my german passport?
gabo19d
e-residency is about running a company elsewhere and making it easy to set up/manage, but you still have to pay taxes in your tax country for your foreign earned income (unless that's not taxed ofc, based on local tax laws)
gabo19d
the only way to lose your citizenship is to renounce it (no idea how that works) but then you wouldn't be eligible for the passport of that country
I personally need to have my citizenship somewhere else, otherwise I have to pay german taxes, no matter where the company is registered. That's why I wanted to have a look into other options.
gabo19d
but there are only 2 countries doing citizenship-based taxation (US and Eritrea) so that's not really a useful move
gabo19d
I think you mean residency not citizenship
oh ya sorry
gabo19d
also residency + tax residency are not fully linked
that's a very good hint, thanks!
gabo19d
as I hear it's possible to sign out of the German system and just not be a part of anything, however most banks/financial institutes require a residency you can prove so it can bring issues on how you receive your money
I think it's not that easy
But thanks, more thinks to look up ๐Ÿ˜„
gabo19d
in general it's a rather complex topic that depends on a lot of factors
โ€ข your income level (at higher income more fixed costs and lower percentages make sense)
โ€ข your personal flexibility to stay long enough in a specific country (Portugal is an option with a foreign company, like Malta)
โ€ข the ease of your home country's tax system to let you go - also what else that includes meaning that if you renounce your residency, does that make general bureucracy a lot more complex e.g. when renewing passport
gabo19d
a lot of people in Lisbon do the NHR system, not sure about the details. but may be worth looking into
Check out the Nomad Capitalist on YouTube they have some pretty relevant stuff for you
oxyc19d
I'm quite sure Germany follows the 6 month tax residency rule. If you're out of the country for 6 months per year you're no long tax resident as long as you prove you are tax resident of another country. same rule apply to become a tax resident of other countries but some (such as Paraguay, Switzerland etc) have less/shorter requirements. But you'll always need a tax residency somewhere or else the the last residency would most likely claim the tax
oxyc19d
Personally I'm a Finnish citizen but tax resident of Uruguay where I have no tax. But to remain tax resident (and not trigger money laundering flags) Uruguay requires me to either have ties (I guess citizenship/family?) or reside 6 months of the year here (if I purchase a house it's 3 months I think)

In my case, it was all very easy and Finland didn't require proof of the new residency until 2 after I stopped paying tax. If I wouldn't have been able to prove that my Uruguayan tax residency began when I stopped paying taxes, Finland would have asked for back taxes for sure. In Uruguays case, even if I was 2 years late I got the tax residency certificate based on my immigration entries.
Citizenship and residency are different things, there are very few cases and it's very difficult to lose citizenship. Basically if you have a birth certificate, you are a citizen of that country by default. Pretty sure that's true for all UN nations. You don't have to have a passport to be a citizen, not everyone has a passport, but they can still vote in their country sort of thing.

Only a few cases of not having any citizenship happen, (think that movie "Terminal" with Tom Hanks where his country doesn't exist anymore and so he has no home country and lives in the airport).

Even most ex-pats can return to the country of their birth after 30+ years and their home country will recognize their citizenship.

It's not possible to "renounce" citizenship from all of the countries where you have citizenship. Your citizenship will permanently be where you last had it.

It's possible to become a citizen of more than one country, US/CAN have many dual-citizenship people, you can vote in either, and you have to pay taxes in one or the other (there are specific details about that)

Residency on the other hand, isn't tied to citizenship at all, you can have residency in multiple countries, and it's often difficult to get rid of but not as difficult as citizenship. In Canada for example, residency is determined on a case by case basis. If you are a Canadian resident, even if you have been out of the country for 10 years and never been back, they may decide to keep your residency just because you have distant family that still lives in Canada and you may one day decide to return. You might have a bank account in Canada and so they use that to keep you as a resident. It's all super subjective.

Residency doesn't really mean anything and the only real value to being a resident somewhere is with regards to taxes, if you are a citizen in one country and don't want to pay taxes there anymore because you don't live there, it helps your case to show residency somewhere else. Residency can be a stepping stone to getting a citizenship/passport for a new country, but it also comes with the downside of you might have to start paying taxes in that new country. Again, it all depends on how well you can convince the government of your own country that you don't have to pay taxes there.

Citizenship only really helps in a few things, some countries can't refuse their citizens to enter at the boarder. Some countries won't let you vote in an election unless you have citizenship. Some countries won't let you own property unless you have citizenship. Then there's getting multiple passports.

It all varies.
wqnxklgog check Bulgaria. still EU and easy to do if you get property there (thatโ€™s why tons of nomads now have a base in Bansko, itโ€™s really cheap). if you join the facebook group of the coworking thye have there, tons of people are discussing this (lots and lots of germans)
I thought about this. If you can VPN via your home connection at your parents' place (I think Tailscale does something like this) then they might recognize that you're still based in the US. I suggest this because I'm not sure if a regular von would bounce around too many IP addresses which might trigger their anti fraud algorithms
If not, or if the set up is too complicated, yeah just try regular VPNs
Cyprus 60 days rule residency
Hey Hauke, depends on your setup. If you're not registered in Germany anymore, do not stay in the country for an extended amount of time, and don't derive income (such as dividends or rent), then you do not have to pay taxes.

There's a group on Facebook called 'Staatenlos Mastermind' where they talk about it in more detail.

As a German (since we don't impose taxes based on citizenship like the US or require you to become tax-liable somewhere else like France or Switzerland), you can get away with being a so-called perpetual traveller.

Somewhat of a legal grey zone because you could be liable for tax in the countries you're travelling in. Germany, however, won't impose any demands.

If you want peace of mind and minimize your tax bracket, then Dubai's probably the best. I have a few friends who are either incorporated there (requires you to set up a business) or use their digital nomad visa (and an Estonian e-residency for invoicing purposes).
With regards to your initial โ“ check out the staatenlos.ch|staatenlos.ch blog.
Thanks alot! Will look into it
Does anyone have a crypto debit/credit card they use and like? Ideally Iโ€™m looking for something that can spend stablecoins directly, rather than having to deposit or manually exchange from fiat. Perfect would be if the coins could be earning interest while not spent. Iโ€™m based in Europe,
What's the easiest way that someone can get started investing in Vanguard stocks & bonds indexes? He doesn't have US or EU bank account
It's very much dictated by your country of residence, not where you have bank accounts.

It'd dead easy in the UK and you don't even pay tax on the profits (if any) if you use so-called ISAs.

But I know it can be difficult in other places, like the EU, where you need a 6-figure investment... unless you use a broker.
jayetoskpoeysn thanks... Bad news then ๐Ÿ˜ž But to use a broker, it doesn't matter where you reside?
If you're based in the EU, I believe you can use a broken from anywhere in the EU.

That's about all I know about the EU. I'm based in the UK but I've been looking into the EU side because I'm moving there soon.
I use Degiro as a broker and so far so good
khzexlgjqsrrfa what stock indexes have you picked on degiro?
as indexes, Vanguard S&P 500 and All-world
1. Create interactive brokers account
2. Buy lots of VWCE
3. profit ?!
not using one yet but I'm looking to start soon too with similar requirements
I'm keeping an eye on $LUNA, I believe they're planning to release something like that but it's only speculation at this point
Interactive Brokers is the best option in many countries ..
I use Crypto .com and I like it very much, because you get up to 8% Cashback and more benefits, depends on which card you have. So you earn money, when you spend money and you can spend your cryptos without having to transfer it to your bank account. In combination with the โ€šCurveโ€˜ App you can also use Apple Pay or Google Pay.
The way taxes work in your country may affect how you analyze particular funds, too
I use interactivebrookers.com|interactivebrookers.com and afaik works in many countries outside USA
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