Trading Around the World in Co-Working Places

kmgilroy89 said:
How does this impact taxes? Say you want to trade from We-Works (or similar) around the world staying for less than 90 days (or whatever the maximum time they allow before a VISA, 30-180, but less than 183), are you obligated to pay taxes on those profits? Does it matter if you're a FINRA licensed professional trader?
Specifically:
North America:
Mexico, Canada
South America:
Colombia, Ecuador, Peru, Brazil, Argentina, Chile
Europe:
Iceland, Ireland, UK, Spain, Portugal, France, Belgium, Netherlands, Germany, Poland, Switzerland, Italy, Austria, Czechia, Denmark, Norway, Sweden, Finland, Croatia, Romania, Greece, Turkey
Asia:
South Korea, Japan, Thailand, Malaysia, Singapore, Indonesia, Philippines
Oceania:
Australia, New Zealand, Tahiti
Africa:
Egypt, Morocco, South Africa, Botswana, Tanzania, Kenya, Rwanda
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I think it depends on which country is your tax country, i.e. the country that you ultimately pay your taxes to. It doesn't matter where you made your money but if your tax country is USA then it's US tax laws that apply.
 
kmgilroy89 said:
For me personally, this is just nonsense. Almost all the money I've earned in my life so far has come from trading. Income fluctuates drastically year to year. If you're bringing in mid six figures one year you're paying six figures in taxes. Then you can have a shit year where you're flat or lose a little and pay little to nothing. If you're trying to build wealth taxes slow you down a lot. I get that taxes are necessary, but right now I'm trying to build wealth so I can be financially free and never have to worry about working a "real job". I don't know the prospects of this for a living in the long-run. AI might takeover the game completely and leave little edge. I have to make now while there's still opportunity.
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I don't see the logic behind your point. If your main objective is to build a retirement nest egg, why the heck are you spending all your money on travel? Unless you call yourself one of them Instagram nomads with no purpose in life other than bragging, what's the point? Settle down and save, for crying out loud. :rolleyes: (Sorry if I came across as abrasive, but I see too many vain individuals on social media. I just had to vent.)
 
Seems OP wants the freedom from taxes but still have the uses of what much of other people's tax revenues pay for.
 
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kmgilroy89 said:
This year I'm an American citizen living in FL. My lease is up in May and I expect to spend significant time traveling. ... I am considering moving to Puerto Rico though in December. With their rules you don't pay any capital gains, but you're not allowed to have any other tax residency.
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FYI, you can't just move to Puerto Rico and stop paying IRS capital gains taxes. You have to apply for Act 60 residential status, and the whole process takes about 5 to 6 months to complete. Once Act 60 status is granted, you should conservatively spend at least 6 months a year in PR, but can get by with as little as 4 /12 months with certain exemptions.
 
"Ireland’s Immigrant Investor Program grants visas to foreigners who invest heavily (roughly $450,000 to $2 million) in local enterprises, listed real estate trusts, or cultural initiatives."
 
DaveV said:
FYI, you can't just move to Puerto Rico and stop paying IRS capital gains taxes. You have to apply for Act 60 residential status, and the whole process takes about 5 to 6 months to complete. Once Act 60 status is granted, you should conservatively spend at least 6 months a year in PR, but can get by with as little as 4 /12 months with certain exemptions.
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Yeah, I would do that. I would spend at least 153 days of the year in PR and less than 90 in the USA. I would basically avoid PR from August-November every year and take a couple of months throughout the rest of the year to go elsewhere. Idea is to move there in December this year. Probably going to South America for a couple of weeks in May, but then I will be traveling the States and Canada this summer as I still have my car here. So for 2023, I mostly just have to make sure Canada does not come after me.
 
kmgilroy89 said:
I get that taxes are necessary, but right now I'm trying to build wealth so I can be financially free and never have to worry about working a "real job".
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From your posts, it looks like you've never worked a "real job", which is very admirable and kudos to you for that. If you're making 6 figure profits then well done and again i dont think you ever need to worry about "working".

Taxes, in some form, are inevitable. We may not like paying em, but consider the sacrifices you make emotionally, relationship-wise etc by being a nomad in order to save on tax. Im quite nomadic - but i do it cos i genuinely enjoy exploring the world, and not for tax reasons. And my income now comes almost purely from trading too.

Also, you seem to think that if you spend 90 days in some country on your laptop in a WeWork building then somehow the authorities in that country will know what you are doing. This is totally inaccurate.
You could be in Bangkok for 3 months and no one will know, or care, whether you are trading or banging an endless supply of cuties.

Dont let the tax tail wag the dog. Travel, explore, have adventures, trade, pay taxes with a smile on your face cos it means youre making profits.....and enjoy a beer on the beach in Bali.
 
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