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Thanks for InteractiveBrokers. Interesting. I will definitely look at that. Yeah I could put in investments that would be fine too.
please clarify with Wise support, it sounds shady. if you can provide proof of funds they should explicitly state what is the limit
yeah, IB is perfect option. I use it as well. ETFs all the way
zcdmjrzuakk Does this work if you are tax resident somewhere else? Or you move around enough to only owe to the US?
Yeah. Iโ€™ll check on Wise.

Another thing with Wise is that no debit card available in Pakistan. So only way to use money from Wise is to transfer into a local bank account in local currency. And use that local debit card.
So it would be like a cold storage, If I use that and expenses would be in local bank account.
Also Do you have experience using InteractiveBrokers with Wise? Do they allow it with their US or other bank details?
Consider Estonian e-residency and setting up a business there with a Wise account.
> Also Do you have experience using InteractiveBrokers with Wise? Do they allow it with their US or other bank details?
they might require additional documents when sending money through Wise, but other than that it works fine. when topping up IBKR account amounts must match precisely, otherwise they'll decline payment
Thanks alot :+1:. Will look
vkjoclhvvzlco yes was considering it, emailed the estonia representative to ask more about it.

Got to know that there is no tax treaty between Estonia-Pakistan. So my income will be taxed as a salaried person at 20% in Estonia + Iโ€™ve to pay income tax in Pakistan too. This is personal taxes, that will be doubled. Unfortunately haha
As they make director take salary + it's how to draw the money out for personal use other than dividends. As I understood
What if you have a company in Pakistan that sells services to the company in Estonia? Then there is no salary to you from the Estonian company. Might be complex, just an idea, have zero experience with companies in Pakistan.
Interesting take. Yep, I think this could work.

It would be
โ€ข I invoice my client to Estonia
โ€ข I invoice Estonia from Pakistan
โ€ข I take salary in the Pakistanโ€™s company and pay tax in Pakistan
Have to take legal advice on this, as Iโ€™ll be the director of both companies. But could work
Will check, thanks. Both if I can handle this without registering any corporate. Or corporate way
You could also consider the UK ltd or llp. You won't pay UK corporate tax unless you have UK clients.
And you can get a Wise business account
qptxeznvpicqow probably, itโ€™s just US tax code.. the way it works is this:
โ€ข in USA, 12% of income goes to medicare and social security (programs for the elderly mostly)
โ€ข in USA, when youโ€™re employed, your employer pays half and you pay half (6%)
โ€ข in USA, being employed, federal rate is graded by income (but letโ€™s say average 18%) and state rate is variable (but letโ€™s say 6%) and then that 6% is a total of 30%
โ€ข when youโ€™re self-employed, if you file as S-Corps, you pay yourself a reasonable salary (say $60k) and pay the 12% medicare and social security on it
โ€ข when youโ€™re self-employed, if you file as S-Corps, you can pay yourself after reasonable salary in distributions not taxable by medicare and social security
โ€ข when youโ€™re self-employed, if you make your business your lifestyle you can do weird stuff like say, โ€œI need to go to Costa Rica to research my market because they are digital nomadsโ€ and it becomes a deduction which is like 33% off the pricetag in later tax savings plus you get to do something fun
i swear i will eventually make a video on this.. but yes that and R&D tax credits is how i paid about 19% instead of 30%
i try to maintain friendships so that when we hang out itโ€™s a business expense since we talk shop
โ€ข when youโ€™re self-employed, if you make your business your lifestyle you can do weird stuff like say, โ€œI need to go to Costa Rica to research my market because they are digital nomadsโ€ and it becomes a deduction which is like 33% off the pricetag in later tax savings plus you get to do something fun
this seems hard to get away with unless your business is simply marketing to nomad clients??
So you pick a business marketing to nomad clients lol ๐Ÿ˜‚
I tried to expense my woodworking hobby saying I wanted to r&d embedding technology in furniture but accountant wouldnโ€™t let it fly
I experienced the same problem with Malta. It has been 6mo now.
wasnโ€™t sure about the correct channel, but super interested to know if people here are making any recession plans (in north america or worldwide?).. tried starting that thread over in #_jobs-talk
jnic12d
Sadly at this point there's very little in the way of recession-proof assets to flee to to avoid inflation
if you can travel to Georgia ๐Ÿ‡ฌ๐Ÿ‡ช it's a good place to setup an offshore bank account. I've been banking there for 3 years now without any major issue and you can even have a private banker for like 100-200$ per year
Ignoring reality. Hodling. Invest more in cheap assets. Wait 2 years.
crying a bit
most of my business money is in cash and I've been meaning to put it in an investment account so my recession plan is to continue being slow to do that
Just do longterm DCA in index funds and you're fine
Buy the dip, long term it's ~ 2yrs. People are calling for short recession 2 quarters.
keep on investing in index funds. pocket the earnings once we're out of recession
weird that it applies to existing customers too โ€” I would think the bottlenecks are KYC etc
No one has mentioned this but... slow down spending. Also, if before you should've had 6+ months' worth of expenses as an emergency fund, try saving more. And I mean _saving_ not investing in stocks or gambling in crypto. ๐Ÿ˜›
Not a fan of saving too much cash. things are cheap now. even if the market crashes further. A longterm investment plan historically outperforms any recession.
As long as you still have a cache income from your regular work, just invest what you can spare.
jnic11d
You're right, but 2 years might be optimistic for recovery. The dotcom crash took almost 8 years to fully retrace in equities, and this time central banks can't lower interest rates to stimulate growth, because they need to raise them to control inflation.
jnic11d
They're now treading the line between eroding everyone's savings through inflation, or people losing jobs and homes (and slowing economic growth) through interest rate rises.
> Not a fan of saving too much cash. things are cheap now. even if the market crashes further. A longterm investment plan historically outperforms any recession.
> As long as you still have a cache income from your regular work, just invest what you can spare.
That's why it's an emergency fund... what happens if you lose your job (and it isn't easy to get back on the market in a recession) or have to cover something expensive out of pocket (and if you're traveling overseas, you normally don't have the safety net of your home country, depending on where you're from)?
Keep in mind you should have dividends reinvested
> what happens if you lose your job
Ah yes. I'm generally talking from a DN/Entrepreneur perspective. we're kinda survivors and know how to get a flexible income
> Keep in mind you should have dividends reinvested
that's just non-dividend bearing stocks with extra steps
How so?
Money that's paid out as dividends would otherwise be used to prop up the stock price, so a corporation is forgoing a little bit of increased stock valuation in exchange to pay out their shareholders. A stock where you sell a little bit every month functions like it bears dividends, and a dividend-bearing stock where you reinvest every penny functions like it does not

it's a bit of a simplification since there are effects based on where the money comes from and at what rate you realize those fluctuations, but anyone with a blanket rule to reinvest dividends is probably better off looking at non-dividend-bearing stocks to spare themselves some taxable events
Intuitively if you're the only one re-investing then you're forgoing the upside of the dividends while also suffering the reduction in stock value that's equivalent to everyone else selling a bit each month, but as with most things in economics the intuitive thing is usually wrong and I don't know how much of a real effect that has
just met an asset manager from the UK and his opinion is that this recession is gonna hit hard. so maybe cash out isn't that bad of an idea atm.
That makes sense dqjqdonrhikk my portfolio is just a vanguard etf which pays out dividends.
> cash out isn't that bad of an idea
0% return (cash) with 12% inflation sounds better to me than 8% loss (falling stock market) with 12% inflation, but in all honesty it's laziness that's kept my money in cash, not market analysis. I just never got around to setting up the business investment account (apart from my retirement account) and I felt bad about it but the way things are looking now I think I'll continue to take my time
where can i exchange USD for Euros in Belgium? Seems like the banks asks a bunch of requirements to exchange currency
No idea but just google currency exchange on google maps. Usually you will see some private companies show up in most major cities. If not the airport or train station (maybe not the best rates there though).
TRAVELEX
Im living in SEA until this all blows over. Cutting expenses to pretty much bare necessities.
> I thought I would get in trouble as some point actually.
<@U02PADP03JT> I'm curious if your IT department didn't lock you out for being in other countries. Did you use a VPN to connect every time or something like that? Or did your company simply not care?
> it's a bit of a simplification since there are effects based on where the money comes from and at what rate you realize those fluctuations, but anyone with a blanket rule to reinvest dividends is probably better off looking at non-dividend-bearing stocks to spare themselves some taxable events
wow, I didn't fully realize that but that's an interesting idea.
I thought re-investing dividends is the thing to do. btw, american ETFs by law have to pay dividends, to use accumulating ETFs you would need to use for example Irish ETFs. No taxes but a bit higher expense ratios ๐Ÿค”
Dividends reinvested in a bear market would be better performant than non dividend based stocks though I would think or prob work out similar
I'd think similar, although there is some "market timing" that comes from issuing the dividend and then reinvesting that acts like a sell + buy (almost a daytrade), which can sometimes be good and sometimes be bad depending on the state of the market
I think if you're sufficiently in-the-know you can probably take advantage of it, I wouldn't trust myself to come out on top though
How do those others compare to the free atm fees for schwab?
Not sure, my understanding is that schwab is for US clients, and the others for EU clients. Revolut/Wise usually have good exchange rate, and free withdrawal allowance of 200โ‚ฌ, but you pay the atm fee if it has one. Also, revolut has a exotic currency fee of 1% on withdrawals which applies to for example Thai baht
hey guys, i get quite frustrated with investing and was wondering if there is a way to set up a company/trust as a nomad that allows me to rebalance my portfolio without being worried about the law in what ever country i am staying at the moment.
Donโ€™t invest as an individual, invest as a company entity, that is basically the way. As for rebalancing you will need to figure out which tax jurisdiction you like for your company and all the consequences of you owning and operating the company in relation to where you are registered personally.
Agreed - unless you are staying over 6 months in places it's not anything I'd worry about, and even then I wouldn't worry much.
404237388924059648 you generally don't have to worry about taxes in countries you are visiting as a tourist. You only have to worry about the country in which you have tax residency
That changes after a certain amount of time in each country, which varies by country
I have not tried this myself yet but there are big international banks that could allow you to open bank accounts anywhere they have a presence. Banks like HSBC and Citibank have premier accounts that offer that. Also it is free to do international funds transfer between your accounts. I have the HSBC one and am planning to open a US account soon through them.
not sure if this is the right channel. my tax residency is in the Philippines and my client is based in the US. my question is, if I open a US bank account to make it easier for my client(s) to pay me, what are the things I should be aware of for opening the US bank account? what I am actually trying to avoid is potential double taxation (and other hidden costs).
got the answer from here ustax.bz/us-banking/
If you can use Wise that might make it easier for you - you get a US account number they can pay to with it.
What if you're away and didn't spend enough days eg 183 days in your home country?
Has anyone done a financial comparison of being a self-employed nomad vs full-time office employment or transitioned from self-employed to a full time job? I could be taking a full time job and in Amsterdam and so my nomad journey could be coming to an end ๐Ÿ˜ž and iโ€™m weighing up the pros/cons.
There was a time I could be making 1.5x or 2x my income if I switched to an office job and so I did.

I regretted every minute of that and went back to remote after a few months.

Is not about having to commute to the office everyday (I actually enjoyed being around my coworkers) but after the first 2 months I started feeling trapped in that city.

Is not that I wanted to go anywhere but I just didn't have the option and that sucked.

Pro was that I was saving money as I rented an apartment instead of living on airbnbs and hotels but other than that it really sucked for me.
The same happened to me, but I was working remotely and had a fixed home. Felt stuck and next month I'm back on the road. You can do it for a while but there is a time limit
That depends on your home country, but usually you don't lose tax residency in your home country unless you become tax resident somewhere else
(UK you only have to spend 16 days a year to keep it as long as you have other ties to the country)
So the theory. Pretty difficult to open bank accounts, brokers etc. Without residency...
Financial comparison is hard without specifying where you would be.
In most cases, if you don't have residency anywhere, you are considered a tax resident of the country you are a citizen of.
which would be worst case, thus I'm looking for the right model to set up a holding of some sorts
Are there any recommendations of banks (preferably digital oriented) for us-expats that are residents of a different country?

In terms of ease of remote use, opening the account, fees and such?
I couldn't be happier with my e-Company based in Estonia. Even if Iโ€™m applying for the Portuguese NHR now. Glad to help if anyone has doubts ๐Ÿ™
tom2d
I am happy with Wise
I tried using them but they wanted proof of living either in the US or EU, did it change?
I got a residency in Panama and broker in U.S.. But itโ€™s a bit bureaucratic. You could get an LLC in US and open a broker acc with that.
But ask your tax advisor if that works for you ๐Ÿ˜…
My team/org/manager don't care. They actually find it funny to ask where I am, because I'm always in a new place when they do ๐Ÿ˜‚ I'm not into hiding stuff/lying
Wise is available in PH and should definitely be the best option
What stops you from further scaling your business to the point that it makes more than any employer could reasonably pay you?

I see that youโ€™re in SaaS, so there should be plenty of opportunity out there (depending on what you do exactly).
Keep in mind that this business is liable for taxation in Portugal. They will claim that center of operation, because you live in the country, is actually conducted in Portugal and not Estonia.

NHR is aimed at freelancers and retirees and not company owners.

Other than that fully agreed - been very happy with my e-residency as well.
hcxtwcilpczv I think it depends on where you are but scaling a SaaS business to make more money than you can get from some of the big players is very difficult if you are looking at 250k/year and in some cases 400k/year.
But I would say anything under 120-150k, you could scale up remote work to that point fairly easily now.
They work in more than just US/EU, so should be fine?
ctkkaqegg You ever figure this out?
I applied from NZ and was able to setup an account, just check if they provide accounts for the country you are citizen of or wherever you are a resident.
iabrpqif What is NZ? (it shows me tons of New Zealand stuff) ๐Ÿ˜…
Yes, the strange land at the end of the world called New Zealand ๐Ÿ˜„
Will it accept people of out NZ? And is it good for digital remote usage?
Sorry for any confusion, I meant I applied for Wise from NZ
Ohh, my bad! I'll check it out.
wmqpqlpvclhsgj I think that you need to show up in person to the โ€œprimary locationโ€ first to pick up your physical keycard and welcome package but then you can go to any location worldwide all while locking the low price. It sucks cause you need to actually travel to that destination but you end up saving a couple hundred bucks a year so it's worth it.
Thanks man. dqkjwcmus
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