Successful traders: why don't you move to a 0% capital gains tax country?

People can go to Bulgaria for two possible reasons :
  1. they want to do business with low taxes
  2. they have no money for a decent holiday

You can eat good food and live in a excellent flat or house in Sofia. If you can afford it.

Well I went to Bulgaria on business. I wanted to take a stroll outside my hotel after dark and the security guards advised me against it. There were other joys on the trip, on day 1 we were in a park and we witnessed a middle aged lady crouching down and crimping one off. Oh yeah I forgot to mention the roads are so bad that our vehicle got a broken wheel, not a puncture a broken WHEEL. I am sure there are good points I just couldn't find any. lol.
 
I don't know because I never received any trustable information. Besides of that there are many aspects that can influence the level of taxation in Jersey but also in the country where you live. If you have American nationality it is possible that the construction you want is free of taxes in Jersey but will be taxed in the US because they might reject this construction.
You should first clearly describe what you exactly want and then go to local advisors.

I needed about 18 months of continuous communication and searching before I had a solution. I contacted very specialised and big lawyers companies, but starting a fund is unknow area for most of these companies as I experienced. Finally I went with my project to the fiscal administration and asked about the actual taxation rules for this construction. It was trial and error.
Another posibility is Bulgaria. Flat tax rate 10% for companies but also for personal income. Receiving a licence is again almost impossible, but you can open a regular company and trade the money from your company. Question is what will happen if you take money out of your company? You will pay again 5% taxes in Bulgaria, but if you don't live there you might receive an additional taxation from the country where you live. In Europe there is fiscal transparancy so free exchange of information between European countries.


Bulgaria is no go for me either, its right next door to Greece and I am not sure Bulgars are any more diligent about paying taxes than their cousins the Greeks. Its also not developed enough and as a former so called reformed communist nation I am sure its super corrupt....
 
Bulgaria is no go for me either, its right next door to Greece and I am not sure Bulgars are any more diligent about paying taxes than their cousins the Greeks. Its also not developed enough and as a former so called reformed communist nation I am sure its super corrupt....
I have a few friends who have companies in Bulgaria for several years already. Size of the companies varies between 50 and 250 people. For profit, cheap labour and low taxes, Bulgaria seems to be excellent. They live and work in the same area. For protection but also because in these villages they offer al lot of jobs to locals. These locals help to protect them too. But it is true, this is not a western type of live. Bulgaria has the biggest number of startups from all European countries. Almost all are foreign companies who start up.
 
As a resident of Latvia this seems plausible (about Bulgaria). But I'm a trader, work for myself and trade in other countries. I mainly socialize with other expats and local friends of my wife. After 4 years I have no regrets. Yes, corruption is widespread, but where isn't it? According to Transparencu International, just slightly more corrupt than USA :) Bulgaria is ranked 77th, just a tad more than Italy and Spain....

Anyway, we are digressing....
 
As a resident of Latvia this seems plausible (about Bulgaria). But I'm a trader, work for myself and trade in other countries. I mainly socialize with other expats and local friends of my wife. After 4 years I have no regrets. Yes, corruption is widespread, but where isn't it? According to Transparencu International, just slightly more corrupt than USA :) Bulgaria is ranked 77th, just a tad more than Italy and Spain....

Anyway, we are digressing....

Corruption is a good sign. :D:D
I see that most countries that are not or almost not corrupt have very high taxes. All scandinavian countries are in this group.
Very corrupt countries probably don't even know the word "taxes". :cool:
Or they can pretend not to know it for some money.
 
Yes, because most Scandinavians "are happy to pay taxes". I'm Scandinavian myself. I think the causuality is different. Honest people pay taxes. In general honesty is more prevalent in Norway then Latvia....
 
In general honesty is more prevalent in Norway then Latvia....

Haha I dont doubt you for one second. Would your Latvian partner agree? She prob does lol. Often people in poorer countries are friendlier (not latvia) and i always wonder are they genuinely friendly or do they have another agenda.

I would wager that it is not only honesty people display in Norway but a sense of belonging and community as a nation. Hence people think they are contributing to society by paying tax. This is opposed to a poor country where everyone is on the shaft as they are worried about finding their next meal or paying the landlord.
 
As a resident of Latvia this seems plausible (about Bulgaria). But I'm a trader, work for myself and trade in other countries. I mainly socialize with other expats and local friends of my wife. After 4 years I have no regrets. Yes, corruption is widespread, but where isn't it? According to Transparencu International, just slightly more corrupt than USA :) Bulgaria is ranked 77th, just a tad more than Italy and Spain....

Anyway, we are digressing....

and that tad more is the difference between a nation with well established legal system and a nation who is in the process...
 
There are pros and cons. In total, I rate Latvia a better place for me to be right now. The authorities has a lot less influence here. In Norway they know absolutely everything about me. Quite scary.
 
Haha I dont doubt you for one second. Would your Latvian partner agree? She prob does lol. Often people in poorer countries are friendlier (not latvia) and i always wonder are they genuinely friendly or do they have another agenda.

I would wager that it is not only honesty people display in Norway but a sense of belonging and community as a nation. Hence people think they are contributing to society by paying tax. This is opposed to a poor country where everyone is on the shaft as they are worried about finding their next meal or paying the landlord.

Very interesting question :

* for the first question : just observe how they behave toward their countrymen who are at a more disfavorable situation than themselves, or what they do if they are asked ( against money for instance) to mistreat someone.
You always have to consider individual behavior : there are good and assholes everywhere

* the second one : I have noticed that poorer people have much more "traumas" they have not worked on , so are more likely to adopt a "dog eat dog mentality".
Just in some particular cities of Scotland I saw "real" solidarity, but I discovered that was due to their people have a strong historical education about "social justice", "civil rights", "methods of perversion used on their former chiefs and the consequences for the people" ( aka highland clearances - potatoe famine - mass immigration to America , vs "chiefs" corrupted and turned into alcoholics so that they's sell out their "subjects" means of subsistence). All of this remembered with folks songs like
"bring back the people".

It is really about local culture/individual characteristics. So one can not really generalize.
 
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