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Which is the best US state for establishing residency for mostly passive income?


by @nihilista | 5yr  | 2 comments

I figure it might be a good idea to change my state residency before I leave in order to lower taxes, if this is even possible and legal. Perhaps Nevada that doesnโ€™t charge income tax? (Iโ€™m currently in CA.) If I return to the US I am pretty sure Iโ€™d want to live in AZ, however, so Iโ€™d have to change residencies again.

Most of my income is passive from rental properties and investments. My accountant knew very little about this. Any good source of info out there? Thanks!

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Delaware has a court system specifically designated for solving business issues. Itโ€™s called the Court of Chancery. Thatโ€™s one of the main reasons Delaware is so popular (among others)

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@yako | 5yr

I am by no way an expert on this, but I know people who chose Delaware. I have no idea why, but many โ€œwealthyโ€ people chose it for their taxing. Hope it helps.

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Read and participate in 13,914 discussions on Nomad List

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Introduce yourself โ€” who are you, where are you and what do you do?

 

by @coffeeshopceo | 4h 4 hours ago | 669 comments

tl;dr: introduce yourself in this thread.

We must all get sick of the same backpacker travel questions when we meet new friends, I know I do.

You know the ones - where are you from, whereโ€™ve you been, where are you going, what do you do, how long have you been doing it - etc.

The novelty of answering these questions wears off after maybe a week, but theyโ€™re nonetheless insightful and no matter how much we hate them, we find ourselves asking others.

So letโ€™s bring the dreaded backpacker questionnaire to NomadForum and introduce ourselves shall we?

**

  • whatโ€™s your name?
  • where are you from?
  • how long have you been away from home?
  • what do you do?
  • where are you currently?
  • where are you going?
  • what has been memorable for you so far?
  • will you go home anytime soon?
  • what have you learnt during your time as a nomad?
  • [insert your own question here]

**

No need to answer them all if you donโ€™t want to :smile:
But the more you shareโ€ฆ The merrier!

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Anyone wants to learn to sail in the Mediterranean? (Sep or Oct)

 

by @viktor | 3d 2 days ago | 1 comment

I'm thinking about taking a sailing (yachting) course in the Mediterranean Sea this coming September or October. Thus far from my research, it seems that most courses are held in locations with not many digital nomads. My thinking is that it would be more fun to go to a place with like-minded people. Therefore, I'm wondering if anyone else is interested in taking a sailing course in the Mediterranean this fall? If not, do you know a location that offers good sailing courses, where there is also many digital nomads / nomad infrastructure?

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Where do you work from in Lisbon? ๐Ÿงณโ˜•


in Lisbon, Portugal by @dominiksobe | 5d 5 days ago | 1 comment

Hi everyone,

I am going to move to Lisbon in July and I was wondering where you guys work from? Do you have any recommendations for working on a budget? Any good cafรจs or cheap coworking spaces?

I did some research and found some coworking spaces for > ~ 100โ‚ฌ p. month which is pretty reasonable but too much for me right now.

Thanks!

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What are the best blogs by individuals who have started businesses in Southeast Asia?


in Thailand by @haiducii | 8d 8 days ago | 0 comments

Hey everyone,

Looking for blogs by individuals who document their progress/business in South East Asia - ideally Vietnam, Cambodia or Laos - but also Thailand/Myanmar too.

Thank you,

Haiducci

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How to get SMS verifications for banks while traveling?

 

by @jackgopack | 9d 8 days ago | 37 comments

Any suggestions for seamlessly receiving SMS Verifications from US financial institutions and other sites while traveling internationally continuously? Wonโ€™t keep my US Verizon account due to cost and currently plan to use local sims at each destination (T-Mobile and Project Fi are NOT an option as they terminate for continuous roaming). In summation, I wonโ€™t have a US mobile account.

Unless Iโ€™m missing something, which is very possible, this appears to be the single most complex issue Iโ€™ve encountered in my preparations, and one that no one addresses. I would greatly appreciate any possible solution that works 100% of the time. Canโ€™t afford surprises in this regard. Many Thanks! Jack.

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Bali to focus on attracting remote workers when the island reopens for tourism


by @levelsio | 16d 16 days ago | 0 comments

When reopening for tourism, Bali says it will focus on attracting remote workers to choose the island as their workplace:

"We will focus on a new pattern of how Bali is not just for leisure, but indeed to work in Bali as well"

thebalisun.com/bali-tourism-will-target-digital-nomads-and-those-who-work-online/

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Any Estonia e-residency company viritual office provider that accepts cryptocurrency?


in Estonia by @64tankman | 1yr 1 year ago | 0 comments

I previously use Profia. Contract is ending and I want to have someone who accepts crypto payment instead.

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Estonia E-Residency & CFC


in Estonia by @edusantorini | 2yr 1 year ago | 7 comments

So, Iโ€™ve been looking into e-residency and moving my business to Estonia the past few weeks.
Iโ€™m still a tax resident in Germany and therefore fear Iโ€™ll be suspect to CFC laws. I somehow canโ€™t find any reliable info on this and I donโ€™t feel like reading through the whole law, so just wondering if anyone knows how CFC laws in EU countries come into practice. What taxes do I need to pay exactly? As soon as I cash out (dividends), as far as I can see I need to pay 20% income tax in Estonia. Then what? Of course, I would need to pay income tax in Germany. What taxes do I need to pay besides these?
And if I keep the money in Estonia/reinvest it, am I right that I wouldnโ€™t need to pay any taxes at all? Only for the money I cash out of Estonia/the business?

Iโ€™m by the way not doing this to evade taxes, taxes are secondary. I primarily simply want to move my business activities out of Germany + the all-digital concept and the bookkeeping service of agencies like leapIN are interesting.

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Malta- Ordinary Residency


in Malta by @lukasbergner | 3yr 2 years ago | 0 comments

With 2018 right around the corner, the first thing I am going to do is find a new home base. The single most important factor on which I decided where I want to go was tax advantages. Right now, after reading several posts on this forum, itโ€™s probably going to be Malta. I am from the EU which should make the process pretty easy.

I read a few posts on here which answered a lot of questions, but what I am looking for is mainly confirmation on that what I am planning to do works like I think it will.

1. Is a postal address sufficient for gaining and maintaining residency?
I already know that you are supposed to spend more time in Malta than in any other country to gain tax residency. However Iโ€™d rather rent an Airbnb for those months instead of a renting out an apartment for the whole year. Ideally Iโ€™d get a post box to have a permanent mailing address. Would that work?

2. What exactly is foreign sourced income?
So as I understood it, you donโ€™t pay taxes on foreign sourced income which is NOT remitted to a Maltese bank account. My main income comes from websites so the income is sourced from E-Commerce stores, none of them in any form related to Malta. Iโ€™d still work on this while in Malta, although the income is pretty much passive. I am aware that itโ€™s beneficial to pay at least some tax to avoid complications.

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Working remotely in New Zealand and getting permanent residency?


in New Zealand by @mmorris | 4yr 3 years ago | 4 comments

Soโ€ฆ Trump is Prez. The world looks to the US as a role model. He doesnโ€™t think Climate Change is real. Weโ€™re [email protected]#$ed.

Canadian Citizen here. Was considering Costa Rica for a long term solution, but they wonโ€™t deal with the impact as well. We were always fond of NZ and my parents spend at least 3 months of the year there along with knowing some citizens.

Questions:

  1. How can we gain a Permanent Residency Visa? It seems the Skilled Migrant Category makes the most sense as I am a Systems Analyst (by NAFTA requirments) and my wife could probably qualify as a Nutritionist/Naturopath/Counsellor. Anyone have experience with this path?
  2. I currently work for a US non-profit remotely. Does NZ allow for this? do I need a job in NZ to be considered for the Skilled Migrant Category? Can I work for the US org while my Permanent Residency is processed?

Thanks!

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How are Americans managing residency requirements?


by @opt | 4yr 3 years ago | 11 comments

Thanks to the forum and many hoursโ€™ worth of reading, I have a number of puzzle pieces, but am having some difficulty putting them all together as a cohesive plan.

This was evolving into an epic post (of heroes and dragons), but I think the crux of the thing is: everything basically requires a physical/street address somewhere in the US, correct? How are you doing this now, given current conditions/requirements?

For business formation, for a business checking account, and even for a personal account, itโ€™s all about the physical address. For example, I believe Iโ€™ve read here that Charles Schwab (often recommended) may no longer be accepting addresses from mailing services such as Earth Class Mail and Traveling Mailbox, street-based or not. Correct? And thatโ€™s simply for a personal accountโ€“business stuff is always more complicated.

Assuming a โ€œfriends and family planโ€ is not an option, what to do?

One thing I think would work is to rent a cheap room or apartment in some state and use that as a base, but thatโ€™s an added cost/pain, and I donโ€™t believe thatโ€™s what most people are doing.

This also has me wondering if it isnโ€™t better to simply find a cheap domestic location and give up on the international plan. (But that sux.)

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How to best set up your taxes, residency and and business as a digital nomad?

 

by @theglobalcitizen | 4yr 3 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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Anyone here who doesn't officially have a residency?


by @absokim | 4yr 3 years ago | 16 comments

Hi everyone,

Is it illegal to not have a residency?

Iโ€™m from Sweden and make all my money online. Now Iโ€™m going to become a non-resident for tax purposes.

My thinking is that I want to live in Australia for a few months of the year and then live in 2 other places a year. Basicallyโ€ฆ Iโ€™m looking to escape tax and not have an official residency anywhere. At the same time, Iโ€™m gonna take great care avoiding to stay long enough in each place so Iโ€™m not obliged to pay tax.

The thing isโ€ฆ On the visa into Australia I have to type in residency, and when I donโ€™t legally have one, what the heck am I suppose to type in?

Could I just type in my old address in Sweden? (Or maybe my parentโ€™s address). Or would that be considered illegal seeing I donโ€™t live there but more importantly I donโ€™t have residency there anymore (though I will of course always remain a citizen)?

Curious to hear your thoughts about this and if maybe someone is already doing this and living without an official residency.

(The ultimate goal with all of this is of course to avoid giving away half of my hard-earned money every month while being able to live a more comfortable life in 3 places a year)

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Is Panama a good destination for tax residency for digital nomads?

 

in Panama by @anonym | 4yr 4 years ago | 23 comments

Iโ€™m from Europe and is looking for a country where I can declare my residency, mostly for tax purposes. Panama seems to fit everything. The plan is:

  • Get permanent residency using โ€œFriendly Nations Visaโ€
  • Create a company and get a work permit
  • Get clients to pay me in that company

Since Panama has territorial tax, all income earned outside Panama has zero taxation.

Is it just that good or is there some hidden catch? I live in a Scandinavian country and they just hate to let people go. Will there be problems in paradise?

The plan is to visit Panama once a year and after five years get a passport.

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How to avoid Tax Residency/Wealth Tax in Spain?


in Spain by @palimpalim | 4yr 4 years ago | 4 comments

Iโ€™m planning to move to Spain this year, but Spain has a wealth tax for worldwide assets over 700.000โ‚ฌ if you are classified as a resident which I want to avoid.

Iโ€™ll try to be a short as possible:

  • I am a german citizen and Iโ€™m renting a flat in London, UK but havenโ€™t stayed there a single day in 2016. (110 days in different countries in Asia, 10 days in Spain, 30 days in germany)
  • I own a flat in germany that I rent out to tenants (limited tax liability for the rental income in germany), but besides that I donโ€™t have any income except for a few dividends from my stocks
  • I am planning to fly to Thailand for 2 months beginning of December 2016

Although I am renting the UK flat until December 2016 I prefer not to be in UK, which would mean that I would not be classified as a UK-resident because I would not meet any of the automatic UK or sufficient tie tests.

Iโ€™d like to move to Spain as soon as possible but would be willing to stay out of it for x weeks to avoid being classified as a resident and save wealth tax.

Can anyone help me in this matter? whats my best line?

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Where do I pay tax as a U.S. citizen with Spanish residency making money from my book royalties?


by @chrisryanphd | 4yr 4 years ago | 1 comment

Iโ€™m an author, US passport, Spanish residency. I could live anywhere (or nowhere), but Iโ€™m unsure what the best option would be. Iโ€™ve been told I should pay tax in the country where I wrote the book, where I reside when the money is paid, where I reside when the advance is paid, etc. Nobody really seems to know. Any other writers facing these issues? Thanks.

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