Tax residency for a true (non-American) digital nomad?

ChipShotTrader said:
Again, so unnecessarily complicated. If you are trading full-time (non-US citizen), simply establish a BVI corporation, and trade through it. You are no longer a "tax resident/tax home" of anywhere, your offshore entity now is.

If you actually own businesses/other on Canadian soil, then a whole different story, as you have to follow their laws. Please do consult with a professional attorney.
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And how do you draw profits from the BVI?
 
virtusa said:
I can confirm from personal and real experience that what you tell is true. In Europe you will always be taxed SOMEWHERE, no matter where you go or how long you stay somewhere. For each possible scenario there is a taxation rule.
In Europe the rule is that if you don't stay anywhere for 183 days, you will be taxed in the country from which you have your nationality. Maybe if you become stateless it might work, but that will cause a lot of other problems. I have somewhere the text but am too lazy to try to find it.

Check a professional tax advisor as for each country there are different possible rules and depending on the kind of income it can change again. A professional tax advisor will only give you an advice for a specific and very detailed situation. But if afterwards you change your situation slightly it can change your fiscal situation completely.

Best is also to ask a ruling from the country where you want to go, if not you are NEVER sure that what the tax advisor told you, will be accepted. Tax advisors give only advice, the finance ministry will decide what you will pay.

The most simple thing you can do is move to Monaco. Deposit between 500k and 1000K on a Monegask bank account, maybe they ask even more and rent a flat. Starting price for a flat is around 5k a month for a very small flat. You need to pay 4 months rent in advance (3 as guarantee) and hope they will rent to you which is never sure.

The cheapest solution in Europe is to go to Bulgaria. 10% flat fee, and very small contribution to social security. You should live there at least 183 days a year.
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Jabal Ali free zone is even easier.
 
tonyf said:
Jabal Ali free zone is even easier.
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Surely easy, but not attractive for many reasons. Most North African and Middle East countries have undemocratic governments with a lot of corruption and very repressive islamic laws. You cannot trust Courts if you have any legal problem.
I have a friend who lived there for several years, but left because of the very unsafe feelings she had.

Here you can read about your "paradise":
https://theculturetrip.com/middle-e...ticles/11-ways-you-can-get-arrested-in-dubai/

https://www.prisonersabroad.org.uk/news/prison-life-in-the-united-arab-emirates

https://www.thesun.co.uk/news/4665976/8-ways-to-get-arrested-in-dubai/
 
virtusa said:
Surely easy, but not attractive for many reasons. Most North African and Middle East countries have undemocratic governments with a lot of corruption and very repressive islamic laws. You cannot trust Courts if you have any legal problem.
I have a friend who lived there for several years, but left because of the very unsafe feelings she had.

Here you can read about your "paradise":
https://theculturetrip.com/middle-e...ticles/11-ways-you-can-get-arrested-in-dubai/

https://www.prisonersabroad.org.uk/news/prison-life-in-the-united-arab-emirates

https://www.thesun.co.uk/news/4665976/8-ways-to-get-arrested-in-dubai/
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Who said anything about living there? I have only been once to set things up and that's it.
 
virtusa said:
Surely easy, but not attractive for many reasons. Most North African and Middle East countries have undemocratic governments with a lot of corruption and very repressive islamic laws. You cannot trust Courts if you have any legal problem.
I have a friend who lived there for several years, but left because of the very unsafe feelings she had.

Here you can read about your "paradise":
https://theculturetrip.com/middle-e...ticles/11-ways-you-can-get-arrested-in-dubai/

https://www.prisonersabroad.org.uk/news/prison-life-in-the-united-arab-emirates

https://www.thesun.co.uk/news/4665976/8-ways-to-get-arrested-in-dubai/
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"Here you canread aboutyour "paradise"

And making comments like this one does not make you smarter.
 
tonyf said:
Who said anything about living there? I have only been once to set things up and that's it.
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In EU almost all countries require you to move physically to Dubai if not they will tax you in your native country. Just go there for setting things up will not work for EU.

You did not mention either that is was NOT about living there...
US citizens that have a company in Dubai have to report that in the US (beneficial ownership and worldwide income taxation in the US) and have to pay taxes on it in the US.
 
virtusa said:
In EU almost all countries require you to move physically to Dubai if not they will tax you in your native country. Just go there for setting things up will not work for EU.

You did not mention either that is was NOT about living there...
US citizens that have a company in Dubai have to report that in the US (beneficial ownership and worldwide income taxation in the US) and have to pay taxes on it in the US.
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Keep digging :).
All I can say is that there are ways.
 
tonyf said:
Keep digging :).
All I can say is that there are ways.
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I have my solution already, and almost sure cheaper than yours.
Official and living in a beautiful place.
I don't need all these fake constructions (anymore).

If you open a bank account in Dubai (for your company), that bank has to ask you to fill in a form of benificial ownership. So the US will know about you in Dubai. If they don't do that and the US catches them it will be a huge fine. Some EU banks had fines running in the hundreds of millions.
 
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tonyf said:
And how do you draw profits from the BVI?
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God, I can't even believe I am bothering to answer this, but here it goes.

A legal firm will set up an offshore corporation. The BVI is pretty popular.

They usually also offer bank account opening services in the name of the newly formed BVI Corporation.

You then trade through this BVI Corp. by setting up a brokerage account in its name. You then connect this brokerage account to the bank account of the BVI Corp. Since they are both in the same name, there will be no issues. The bank will offer you a debit card, and also a credit card if you desire (all banks are different, but this is usually the way). You do not need to live in the BVI, nor live where its bank account is located.

AND that's how you draw profits from the BVI!!!
 
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