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Where is the best place to open a bank account in Europe?


by @julien | 3yr  | 7 comments

Hello the community,

I am thinking about opening a business bank account in another country outside of France.
I live in Paris and I work as a freelancer. The taxes on my salary are very expensive (around 85%). I would like to know if there are better options for bank accounts within Europe.

Thank you in advance for your help.

Regards,

J

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@tomchentw | 3yr

Great choice +1. The current pitfall is they donโ€™t support debit cards atm (theyโ€™re experimenting it with a small group of users).

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@tieubao | 3yr

Iโ€™m trying the borderless account of TransferWise. Theyโ€™re looking good

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@ibobriakov | 3yr

85% income tax - this sounds pretty insane, man.
Are you at least getting adequate amount of services from government in return?

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@julien | 3yr

Yes. :slight_smile:

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@julien | 3yr

Thank you @jacobjay and @benmcdonaldnz for your answers. It is very helpful!

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@mcdonaldben | 3yr

Many western countries have CFC laws

So even if you own a company in another country with low tax it will not change the amount of taxes you need to pay in Franace

https://www.tax-news.com/news/France_Reforms_CFC_Legislation____57003.html

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@jacobjay | 3yr

In France you are obliged to declare your personal foreign accounts so that the taxman knows where your money is. Having a bank account in another country doesnโ€™t excuse the need to pay personal taxes in your country of residence, I am based in France and know only too well as an expat that the regs and scrutiny here are heavy compared to say the UK, although some of this may be changing.

The best way around it is generally to form a company in a country with generous deductions and low corporate tax rates (and preferably โ€˜small businessโ€™ accounting rules that reduce your accounts-filing requirements to only the annual totals), then run as many expenses through it as possible (even potentially your home rent) before paying yourself only a nominal salary/fee, thus reducing your tax obligation (in France this would have to be <30.000โ‚ฌ).

The UK may not be the best, but it is pretty easy, but also Estonia I have gathered. There is no actual requirement for an incorporated company to have its bank in the same country or even currency. Although which bank will open you a business account is another matter, so you could in fact have a UK company with a French business account, however a TransferWise borderless โ€˜accountโ€™ is probably perfectly adequate.

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Read and participate in 14,056 discussions on Nomad List

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How to ship bikes from US to Europe?


by @ld | 9mo 8 months ago | 3 comments

Hello,
Iโ€™m preparing to travel again to Europe, but this time I want to bring our bikes. 2 road bikes. Iโ€™ll be traveling from USA to the Milan or Rome airport.

Iโ€™d appreciate hearing your thoughts, experience and tips on traveling with a bike. I plan on being fairly stationary with our location and staying in one spot for 2-3 months, then (hopefully train) to another spot for 3 months, etc. So itโ€™s the initial international flight Iโ€™m most concerned about. But realistically, I think a regional flight will be inevitable with the bikes, too.

I know a bike box will be huge and we will have to break down the bike, thankfully our bikes are fairly light weight. Iโ€™m expecting it to be a huge painโ€ฆbut I think the reward of having a good bike to roam around with will be invaluable. Especially since we will be staying in rural areas and donโ€™t want to rent a car.

General range of cost?

Anyone bring their bike and glad they did? โ€ฆWish they didnโ€™t?.. :stuck_out_tongue:

Thanks!

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Anyone know an accountant for Canadian nomads/expats?


by @noam_lightstone | 10mo 9 months ago | 16 comments

Hey guys, this was my first year as a Canadian nomad.

As far as I know of, Canadians donโ€™t pay taxes if they do not live in the country for 6 months.

But Iโ€™d like to talk to an accountant or someone who does Canadian taxes specifically for expats and nomads to get clear on the rules and for help on my return coming up.

Does anyone know someone who specializes in Canada who can help? Iโ€™ve seen plenty of US recommendations but none for us canucks.

Thanks guys!

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What's the best bank account for a global nomad?

 

by @barrybjjoubert | 1yr 1 year ago | 25 comments

Dear all
As a wanna be nomad figuring out a way to get free of the rat race, I was wondering what is the best bank account to have while travelling the globe? I need an account where is easy for me to receive payments from all over the world and it also need to be a bank that I can find almost anywhere in the world. I want to avoid carry cash on me if itโ€™s possible.

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Recommendations for UK/Scotland accountants that understand remote businesses?


by @eduardoyi | 1yr 1 year ago | 1 comment

Looking for recommendations for reliable accountants who understand how remote businesses with off-shore freelancers and clients work. Thanks!

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Is there a US bank for easily creating new business checking accounts remotely?

 

by @tylertringas | 2yr 1 year ago | 23 comments

Every accountant is going to tell you that you really should be keeping separate accounts for all your businesses and even projects that may one day become businesses. But in my experience setting up a new account associated with an actual business entity is a pretty annoying process involving an in-person visit to a bank branch, proof of residence in that branchโ€™s region, etc. Has anybody seen a bank that letโ€™s you easily create a simple business checking account online and more importantly that would let you add additional accounts and transfer funds between them?

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Iโ€™m a U.S. accountant who works with Americans who live abroad, ask me anything!

 

by @olwagner | 2yr 2 years ago | 100 comments

Hi everyone,

If you have a U.S. tax question or would like some U.S. tax insight on your business/structure, ask away!

I have been preparing tax returns for US citizens abroad since 2012. I can answer any question in US tax with an international flavor. I operate 1040abroad.com and I have maintained a blog at taxsamurai.com

I look forward to answering all your questions. And if you are in Ho Chi Minh City in December, letโ€™s meet !!!

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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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USD bank account


by @piovella | 3yr 2 years ago | 9 comments

Hey guys,

Iโ€™m in the beginning of my nomadic life. I currently have a UK account in GBP currency but most my clients pay me in USD either via Upwork or Transferwise. I was wondering if you know if there is a better way to deal with the fees?
I was looking at opening a USD account but the fees are ridiculous (I looked at HSBC).
Not sure if this is useful information but at the moment Iโ€™m still working as an independent freelancer. I havenโ€™t set up a company yet as am looking for the best option for that.

Thanks

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How do I open a business account in Hong Kong? Proof of business?


in Hong Kong by @omar | 3yr 3 years ago | 6 comments

Hello guys, I was wondering if anyone had any experience in opening a business bank account in Hong Kong. Iโ€™m getting all the paperwork ready to incorporate in Seychelles and open the bank account but the agency that is helping me says Hong Kong bankers are getting more picky. They are asking me for business โ€˜proofโ€™ since iโ€™ve always ran my sites as an individual I wonder if just proof of payment from ad networks is enough. If you have any advice it would be much welcomed.

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European bank account for non resident


by @theunisk | 3yr 3 years ago | 5 comments

I hold South African/Portuguese dual citizenship, however I was born and (officially) reside in South Africa. Any recommendations for a nomad friendly european bank account ? Ie, one that does not require residency, proof of address, or have easy ways to get around these.
I will not be using it much for day to day expenses, more as a way to hold euros and be able to transfer between accounts. My US bank account has very high fees.
I am in europe for the next week or two (currently Italy) and hope to be able to get one before I leave.

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Celebration of New Year's eve 2017 in Europe?


by @mary_oleksiuk | 4yr 3 years ago | 1 comment

New Year 2017 is coming :slight_smile: Iโ€™m wondering where digital nomads going to celebrate it? And whats special plan do you have?
Iโ€™m still at phase of planning for New Year and cant decide a place in Europe where to go :smiley: Italy, Spain, Portugal?

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Low cost + Nomad community in Europe?


by @joaoalbertofn | 4yr 3 years ago | 8 comments

Hi Guys! Iโ€™m planing to kick start my Nomad Life style in July, and Iโ€™m researching cities in Europe that can provide three things:

  1. Low cost (Iโ€™m earning money in Brazilian Real, not Dollars). Especially regarding rent.
  2. Some kind of Digital Nomad community and Co-working spaces.
  3. Security. Low criminality.

All other characteristics (Weather, english speaking), are not as important as the ones above.
=D

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Does anyone know an accounting & remote company admin in Bulgaria?


in Bulgaria by @akisl | 4yr 3 years ago | 9 comments

Hey,

Iโ€™m looking for a remote accounting and company admin office in Bulgaria for handling a limited company fully remotely with 1-2 invoices per month max.

If you happen to know any, let me know.

Thank you!

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What's the ideal digital nomad places in Europe?

 

by @mrwhite | 4yr 3 years ago | 22 comments

Hello.

I am looking for doing about one month of solid work; I have previously worked out of Chiang Mai and I am looking for something simlar:

  • Good coworking place
  • Cheap rent
  • Good food

But in ideally in Europe.

In other words: What are good digital nomading places in Europe? In particular something that is not too dark and cold this of time year.

โ€“ Christian

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Where to easily open a personal/business account in SE Asia?


by @jakub | 4yr 3 years ago | 0 comments

Hey guysโ€ฆ Iโ€™m from a EU country but in the past 6 years I spent there just 3 weeks.

I have a bank account in Australia, since I spent there over 4 years. Now Iโ€™m mostly in Thailand or travelling around.

Because of my experiences

a) PayPal froze my account for several weeks until I was able to give them documents that are very difficult to get if Iโ€™m no longer in Australia

b) when applying for a tourist visa to Australia just to pick up rest of my stuff - itโ€™s supposed to be done within 48 hoursโ€ฆ well it took them 3 weeks just to ask me for additional details (that I already gave them with the application anyway) - I lost my tickets and bookings - of course no way to email them, call or whatever

This made me think about the fact that I have all my money in Australia. While Iโ€™m doing nothing illegal I canโ€™t risk that some โ€œofficerโ€ with a bad day decide to freeze my account to investigate whatever and Iโ€™ll be left with nothing for who knows how long. Not to mention they usually canโ€™t grasp the concept of perpetual travelling.

So my question - anyone has RECENT experience with opening a bank account in SE Asia? Either personal or business (thinking about UK LLP or US LLC)

It seems that

a) countries such Singapore has assumption that everyone and his dog is laundering moneyโ€ฆ $500 at a timeโ€ฆ

b) Thailand with lazy and incompetent staff where you ask to open non-resident bank account just to be told โ€œdonโ€™t haveโ€ โ€ฆ you point on the 3x3 metres huge board behind them listing interest for non-resident bank account - answer โ€œaaah, yes yes canโ€™t open, new rulesโ€ (even while having a Thai with me)

Thanks!

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Non US residents, can you share your testimonial about your US business bank account?


by @nouk | 4yr 3 years ago | 4 comments

I am looking for testimonials of non US resident nomads who incorporated their company in the US & have a business bank account at a US bank.
I would like to know if the process has been difficult if you have been denied a business bank account because of your status as a non resident alien. If you were successful i would like to know if you are able to do everything that a US resident could do with the business bank account. For instance, i would like to know if you are able to do international wire transfers to the country where you reside.

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What is the best voice service in Europe?


by @que | 4yr 4 years ago | 6 comments

Hello, what is the best voice service to use in Europe? I plan to move around to different to countries. Iโ€™m wondering what people are doing?

I was thinking of using Appleโ€™s Sim for data, but that doesnโ€™t include voice.

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Where should I set up a home base in Europe?

 

by @tylertringas | 4yr 4 years ago | 22 comments

Hi folks,
Iโ€™ve been nomading for about 2 years straight and Iโ€™m looking to switch it up a little bit. This year Iโ€™d like to set up a home base somewhere while still being able to travel around 50% of the time. I thought I would just put my current thinking here to to see if anybody had advice or input on it.

First, why have a base at all? For me it boils down to three reasons:

  1. Gear. Rock climbing, skiing, diving, trekking (and if youโ€™re me, cooking) require specialized gear. I have some of that stuff in storage in the US and Iโ€™m tired of over-paying to rent sub-par equipment. Looking for a spot to store my gear and easily swap it out as needed based on seasons.
  2. A comfortable default spot for work. Sometimes you just want to sit in one spot for a month or more and just crank on a project. I want a great setup that I know I can default back to when I really just need to focus on work.
  3. Community. Nomading is great and this community is excellent. But Iโ€™d like to have my cake and eat it too, being part of a local and nomad community.

So Iโ€™m looking at Barcelona, Berlin and Budapest. No I donโ€™t have a weird thing about cities that start with โ€œBโ€ - it just worked out that way.

Iโ€™m likely looking for a 1 bedroom apartment in the city center (i.e. Gracia, Mitte, District VII). It needs to be either (1) cheap enough that I wouldnโ€™t feel awful about traveling while still paying rent, maybe max EUR 800-900/mo (2) Or, easily Airbnbโ€™able if Iโ€™m gone for a while. Also looking for โ€œforeigner-friendlyโ€ setup without an extensive bureaucratic leasing process.

So my questions:

  1. What are the sites/processes for finding long-term apartments in these cities?
  2. Anybody seen any interesting other solutions to this? Like dedicated nomad housing? Sweet group housing around this idea?
  3. Anybody already have a setup like this that theyโ€™d care to share?

Also if anybody loves this idea and wants to chat about finding a bigger place together Iโ€™m open to the idea.

Thanks!

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Good Bank Account / Prepaid for travel?


by @dondizzler | 4yr 4 years ago | 5 comments

Hey guys, iโ€™m a Canadian resident. I have a corporation registered in Canada, and all of my income flows through this account and eventually into my personal account. Iโ€™m considering either opening a second Canadian account or an offshore bank account for the purpose of travel. My goal is not to change my business structure or avoid taxes, but simply to make it easier to make purchase worldwide.

Iโ€™m planning to do some travel in Asia and eventually South America. I know that in many countries, fraud can be a problem. Not only will I have to fight with my back to keep my account from being locked (they tend to be cautious when it comes accessing your account internationally) but iโ€™m also concerned about having my card duplicated and used illegally.

What iโ€™m looking for is some kind of bank account or prepaid card I can use to travel with. The idea is that I would transfer money to the account online, then withdraw the balance in cash to pay for my expenses. Because there will never be a balance on the card, I wonโ€™t have to worry about fraud. Iโ€™d also like to see if there is a way that I could reduce the fees I pay on currency exchanges or withdrawing in a foreign country.

Anybody have any suggestions?

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Hong Kong accounting costs


in Hong Kong by @mapiactravel | 4yr 4 years ago | 1 comment

I am looking into setting up an LTD in Hong Kong.

There would be 2 owners and around 250 invoices per month (no sales in HK).

What would be a realistic annual cost?

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