Can you Be a Tax Resident of Nowhere?

Рет қаралды 10,875

Күн бұрын

Get personalized advice about tax, asset protection, offshore banking, residency, and citizenships: calendly.com/michael-rosmer?m...
You can visit our websites for more information about us: offshorecitizen.net & www.offshorecapitalist.com
Can you Be a Tax Resident of Nowhere? This is the question that I often get by many.
Not every country will allow you to be a tax resident nowhere. Some countries require that you're a resident in another country in order to maintain a non-resident status in your home country.
However, there are lots of countries that don't care, and they let you be a tax resident nowhere.
If you qualify for this, what can consequences be like? Does it make sense to do?
Banks may ask you for your tax residency. However, they're not necessarily looking for facts but for a paper that shows what they want to see.
Some banks might even ask to prove that taxes have been paid. I especially noticed this in Spain. For this reason, it is a good idea to keep a tax residency in a zero-tax country, such as UAE. Banks will accept this, as this is a known fact.
What about a tax residency certificate? You typically will not need one.
So can you actually be a tax resident nowhere? Yes, you can!
However, we don't encourage people to do this. We always advise having a residency somewhere in case any problems or questions arise.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
Feel free to join our community!
Don’t forget to subscribe to our channel
/ @offshorecitizen

Пікірлер: 64

@J0HN_3_16 11 күн бұрын

WG Hill of Scope Publishing introduced this subject back in the 1980s. He called it PT, perpetual tourist. Harry Schultz purportedly promoted this concept in the 1970s but I have no first hand knowledge of that

@YouBetterThink 3 жыл бұрын

I really like your clear, no-bs explanation. The best I've come across on this topic. Not too risk-averse just to common sense

@OffshoreCitizen 3 жыл бұрын

Thank you, appreciate the support! What else would you like to see on the channel?

@michaelswchan 3 жыл бұрын

Great video Mr. Rosmer. Thank you for taking the time to talk about nowhere tax residency. It's a very good topic

@OffshoreCitizen 3 жыл бұрын

You're welcome. Always a pleasure! Anything else you'd like to see?

@michaelswchan 3 жыл бұрын

@@OffshoreCitizen your videos have been great so far so it's hard to say. In relation to this topic of nowhere residency, what if you lived on a boat? I heard about people selling everything to live on cruiseships or yachts. It's been about a year since your personal video about moving to bulgaria and while you've touched upon the good and bad in your comparison videos, it would be great to hear an update on your personal experiences now that you've lived there a while. And pardon me if you've already covered it, but it would be great to hear your opinion about places to relocate for families

@gustavthompson6689 3 жыл бұрын

Thanks! (Volume is a bit low though.....)

@edmondprice6215 2 жыл бұрын

Love your videos

@OffshoreCitizen 2 жыл бұрын

Thank you, Edmond! Anything you'd like to see next?

@pkREX24 3 жыл бұрын

I'd be interested in a list of countries that allow this. I know the us "kinda" allows this with the foreign income exclusion thing

@OffshoreCitizen 3 жыл бұрын

Sounds like a great video idea! Thank you for the suggestion

@dpMD192 3 жыл бұрын

First video I found for that topic! thanks man! A list of those countries would be amazing. Greets from a German citizen ;)

@OffshoreCitizen 3 жыл бұрын

Glad to be of service! Working on it, stay tuned :)

@DailyHodler 3 жыл бұрын

dude! whole channel is great content!

@OffshoreCitizen 3 жыл бұрын

Thank you so much! Happy to be of service Any suggestions for our channel? :)

@DailyHodler 3 жыл бұрын

@@OffshoreCitizen you could try some AMA live streams if you haven't already!

@OffshoreCitizen 3 жыл бұрын

That's an amazing idea, thank you!

@DailyHodler 3 жыл бұрын

@@OffshoreCitizen NP btw we will be chatting this Sunday, looking forward to it :)

@Tensquaremetreworkshop 3 жыл бұрын

All US citizens are liable to tax in the US, wherever they are domiciled. Even if the tax is not applicable where they live. Example; US citizen living in the UK for 20 years. Wins the lottery. NO tax due in UK (it is a tax free win) but liable for tax on that win in the US.

@maesitos 2 жыл бұрын

Offshore content without the bull shit, awesome channel.

@OffshoreCitizen 2 жыл бұрын

Thanks, Guillermo! Anything you'd like to see on our channel next?

@tinglestingles 2 жыл бұрын

We spoke to HMRC they advised they do not accept 'just travelling' or not being a tax resident of another country as a good enough reason to leave the clutches of the UK tax system.

@AlysiaTech 2 жыл бұрын

but are you no longer tax resident of the UK, shouldn't that be enough? (unless you own a home there, that's different)

@ohlala6544 3 жыл бұрын

Criteria to be called tax resident are often not exclusiv in the law, but we can see some case law which set a precedent and recalled tax resident some nationals which did not trigger any criteria of the tax residence because they were no able to prove a tax residence somewhere else with either annual declaration either TRC

@MichaelRosmer 3 жыл бұрын

What do you mean?

@ericbpreston 3 жыл бұрын

Hey Michael, thanks for all the content! Been following for a while as I work through my ideal tax residence for me & my business as a live as a digital nomad. I see you're from Edmonton? I was born there but grew up in Van. If you ever want to connect, perhaps exchange some marketing advice for some tax advice, let me know! I'm meeting business owners abroad who could benefit from your service.

@nat6106 3 жыл бұрын

I'm about to leave Canada but don't know yet where I'll establish residency (if at all). I called the federal and provincial tax authorities to learn about the process (of breaking the tax tie). One of things they told me is that I have to provide them with a new address else they will keep me on their records (which I find abusive especially as I'm not even Canadian). I'm thinking about giving my parents' address in France, because technically that's where I'll go/reside for a few weeks before moving to other countries. I'd assume this takes care of the Canadian side because they won't come check if I stay for good. However, it's a bit less clear on the French side. If the French tax auth sticks with my last statement a few years back when I informed them that I moved to Canada I should be fine. But if the Canadian tax authority (or the Quebec one) sends this info to the French tax authority and the French auth uses it to update its own records, I'll just recreate the same undesirable situation as the French also require you to be resident somewhere else to break tax residency. Any thoughts?

@OffshoreCitizen 3 жыл бұрын

Your main problems are less about when you leave and more about when you return

@Carolinapetroska Жыл бұрын

Excellent decision. Canada is no longer worth it (if it had ever been....). I wouldn't give much details as it's no longer their business especially if you are not Canadian, why would you even want to be bothered with them, once you leave the country ? Disconnect and just come back on vacation if you wish, that's all. Otherwise, it wouldn't be fair to pay more taxes if you make money outside of canada. The less you tell them, the better in my opinion.

@patienceisalpha 3 жыл бұрын

This is one of the few advantages of the US tax wise. You can always claim to be a tax resident there. /s

@dr.winner2516 3 жыл бұрын

Lol

@DroogOz 3 жыл бұрын

Note quite... With the US you can be tax resident of two places at once . I was. So it's a huge disadvantage.

@MichaelRosmer 3 жыл бұрын

Lol

@WolfF2022 2 ай бұрын

You haven`t to pay income tax in the US, it is against the US constitution to have direct taxes, people pay it voluntarily.

@ChairWoodenFloor1 Ай бұрын

I had a problem getting a digital nomad visa (residence permit) as they were asking me to prove income via tax returns only, which I don't have.

@paulbucklebuckle4921 3 жыл бұрын

On my boat floating around ,, why not ,,,

@dr.winner2516 3 жыл бұрын

Not having tax residency anywhere certainly won't get easier over time

@MichaelRosmer 3 жыл бұрын

Likely true, hence the growing popularity of places like Dubai.

@DroogOz 3 жыл бұрын

I noticed that paraguay permanent residence only needs you there 120 days a year to be tax resident. Not as good as no residency but does give you the other 8 months to travel basically tax free. Is there other countries with very low requirements to be a tax resident and terriotorial taxation?

@FrozenSkyy Жыл бұрын

Cyprus, Gibraltar..

@jimwilcox946 2 ай бұрын

I know this video is 2 years old, but is your comment still sage advice? Would it depend on your home country, Italy for example? "You don't even need to meet some standard per se of being tax resident such that they will issue you a tax residency certificate. Usually just being a resident there is good enough."

@joethong726 3 жыл бұрын

would the MLI close the gaps for the mismatches

@webbedstar 2 жыл бұрын

What do you think of Bahrain bearing in mind forthcoming Dubai 9% tax?

@HasiaOoo Жыл бұрын

Hi, thanks for such grate content! Do you know how’s the situation for Ukrainians right now? I’m Ukrainian and digital nomad lately, can’t choose how to arrange my tax situation

@malpicano81 7 ай бұрын

Despite having TIN in two jurisdiction I unintentionally became a tax resident nowhere. You named Spain, my home country, and some banks there are very strict. Im required a Government issued TRC, not accepting the Income Tax Return as a proof. Where I live Im an alien resident and just considered resident for local tax purposes, therefore the Gov. issue no TRC for aliens.

@jamesgalloway5807 3 жыл бұрын

Great video. Thanks! Subscribed. Can you establish tax residency in Thailand via an Elite Visa (pay for visa no stay or age or bank account deposit/business requirements) and meet residency test (183 days a year) and then transfer some funds - enough to earn a (small amount of) taxable income. I assume this would work? Asking as An AU p/port holder wanting to avoid resuming immediate tax residence after leaving KSA (zero tax). Thanks

@OffshoreCitizen 3 жыл бұрын

Thank you for the support, appreciate it. Yes, that could work. In case you need any help, feel free to contact us

@Carolinapetroska Жыл бұрын

Yes you can if you were born in a tax free country like Monaco !

@Misanti888 3 жыл бұрын

On the average, doesnt tax residency rules apply usually if you stay within a foreign country for at least 6mos? If you stay shorter than 6mos, on the average, then you're not liable for taxation?

@OffshoreCitizen 3 жыл бұрын

Yes, this is generally the rule but it’s not the only one to follow. When will a country consider you a tax resident will vary from country to country, and lots of places don’t just look at the amount of time but also your connections in the country , etc.

@Misanti888 3 жыл бұрын

@@OffshoreCitizen thanks for clarifying, sir. More power and stay safe!

@OffshoreCitizen 3 жыл бұрын

You're welcome! The same goes for you :)

@jimkingnz 3 жыл бұрын

I am pretty sure New Zealand allows no tax residency. Is anyone able to confirm?

@andrewlawson573 Жыл бұрын

True. After being away 11 months. And not having a permanent home in NZ. And you can only go back for something like 40 days in a year. But yes you don't need to be tax resident elsewhere.

@StopLossLOL 3 жыл бұрын

Very interesting. Subscribed! Does the UK or Germany have a rule similar to "If you're not tax-resident anywhere, then you pay taxes based on your citizenship" ?

@MichaelRosmer 3 жыл бұрын

UK definitely not, you're allowed to be resident nowhere. Germany is a little bit more tricky, in theory it's possible though not nearly as straight forward as UK.

@betaniaanselmoanselmo7136 11 ай бұрын

If you want your account closed then pretending you are a tax resident nowhere is a good start

@GetCloudSkills 3 жыл бұрын

More like, you would need to indicate "tax residence" to open a bank account or accept money as income, and you will perhaps need to lie to them in order to do that business. Banks are regulated businesses.