I am a US citizen but plan to live in Europe and travel around for a few years.

[wrbtrader]

I will be paying federal income tax no matter what country I visit/live. But I am trying not to live in a taxable state and so claim residency in an income free state like WY, TX and wondering if I even have to to live there for any amount of time.

If I stay in a country longer than 3 months, I will have to get a special visa or some sort, but will have to pay taxes there if I am not working in that country? I trade by profession

Just call those states (WY, TX) because some states in the past 10 years have changed their qualification rules for residency.

You'll need to live there (pretend you live there with the help of a trusted friend that resides there) but I do not know how many months to qualify.

wrbtrader

 

[Robert Morse]

Just call those states (WY, TX) because some states in the past 10 years have changed their qualification rules for residency.

You'll need to live there (pretend you live there with the help of a trusted friend that resides there) but I do not know how many months to qualify.

wrbtrader

The one I posted you do not.

 

[invortex]

The long arm of the IRS will follow you wherever you go.

I have no problem paying my federal income taxes and corporate taxes if any. But I won't have a state of residence, I guess? So no state income tax. And if I get a mailing address in an income tax free state like TX or WY then they won't care where I am living. My question is is it that simple?

 

[wrbtrader]

I have no problem paying my federal income taxes and corporate taxes if any. But I won't have a state of residence, I guess? So no state income tax. And if I get a mailing address in an income tax free state like TX or WY then they won't care where I am living. My question is is it that simple?

I traveled, traded and lived abroad after college and the military in the U.S.

Lived the longest in Portugal, Brazil, South Korea, Japan, France while a citizen of U.S. and France.

Find yourself a good tax accountant (a young one) in the state you will be a resident that understands the U.S. treaties tax law involving expatriates because the U.S. has treaties with some countries that will reduce or exempt you from taxation...assuming you're paying taxes in the country your traveling/living/trading from.

Also, keep backup of all of your tax info online in which you have a close family member or friend that has access to the info too just in case something happens to you while your abroad but not able to do your taxes.

P.S. Keep a low profile while abroad and traveling especially if one of those countries you'll be living in is Cuba.

wrbtrader

 

[invortex]

Not true, here is the correct length of stay for American citizens:

Americans can stay in the Schengen Area for a maximum of 90 days within an 180 day period.Many people get confused when it comes to the 90/180 rule. But, the rule is very simple. The 180-day period keeps rolling. Therefore, anytime you wish to enter the Schengen, you just have to count backwards the last 180 days, and see if you have been present there for more than 90 days throughout that period. Any stay longer than 90 days requires a residence permit.

So I could technically live in Spain for 90 days then go to Portugal for 90 days then back to Spain?

 

[wrbtrader]

The one I posted you do not.

Correct...I'm a resident of South Dakota even though I don't live there. I maintain my residency there via family members help...lived there in the summers with family.

wrbtrader

 

[GRULSTMRNN]

No you cannot. Please read again carefully. The 180 day is a ROLLING window and also the jurisdiction for visa and immigration purposes is SCHENGEN not an individual country. Within any 180 day window you can stay a Max 90 days in Europe but exceeding this you need to leave Europe. So, you can't just leave Europe for 1 day and then come back and stay another 90 days, but you can come back 1 day later and stay for 1 day as you will again reach the 90 days within the past 180 days

So I could technically live in Spain for 90 days then go to Portugal for 90 days then back to Spain?

 

[ESgambler]

I was told repeatedly by my tax accountant as well as another CA accountant that I don't have to pay any taxes during those years that I claim non-resident status while living abroad. I'm not a US citizen and I've no investment inside my country and therefore, I don't need to pay any tax at all in my country, including any profit gain from my Futures account with a US brokerage firm. I'm still not sure about this and I wish what they told me is true.

 

[GRULSTMRNN]

You are not a US citizen nor resident. Then you are not subject to US taxation. Period. By the way if you hold a green card then you ARE a resident for tax purposes and must pay American federal income taxes even for income derived abroad.

I was told repeatedly by my tax accountant as well as another CA accountant that I don't have to pay any taxes during those years that I claim non-resident status while living abroad. I'm not a US citizen and I've no investment inside my country and therefore, I don't need to pay any tax at all in my country, including any profit gain from my Futures account with a US brokerage firm. I'm still not sure about this and I wish what they told me is true.

 

[HobbyTrading]

I was told repeatedly by my tax accountant as well as another CA accountant that I don't have to pay any taxes during those years that I claim non-resident status while living abroad. I'm not a US citizen and I've no investment inside my country and therefore, I don't need to pay any tax at all in my country, including any profit gain from my Futures account with a US brokerage firm. I'm still not sure about this and I wish what they told me is true.

Your remarks are too generic and don't specify which country/countries are involved in your situation. Each country sets its own set of laws and rules for their citizens and residents, so it depends on which countries' rules appy to you.