Where Do You Pay Taxes? (Citizenship VS Residency VS Tax Residency)

Рет қаралды 4,213

2 жыл 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
Today we are covering a VERY important topic. We are talking about the difference between citizenship, residency, and tax residency.
Where are you obligated to pay taxes? In a country where you come from or in a country where you live? Or maybe somewhere else?
What does your passport have to do with taxation, and does second citizenship from a zero-tax country mean that you don't have to pay taxes ever again?
There are many confusions among people about where are they taxable. Many also don't seem to understand the difference between citizenship and residency.
These are very important terms when it comes to planning your offshore structure, so it is crucial to fully understand them.
These are the very basics of what you absolutely need to know.
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
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/ @offshorecitizen
#Citizenship #Residency #TaxResidency

Пікірлер: 37

@hfeuhweiufhwej 2 жыл бұрын

Tax residency status is one of the most misunderstood topics in tax It can have such a huge impact, particularly in the UK where I am based. There are so many rules that impact where you pay taxes even if you dispose of abroad and then return within 5 years

@OffshoreCitizen 2 жыл бұрын

Exactly. Do you have any other residencies?

@hfeuhweiufhwej 2 жыл бұрын

@@OffshoreCitizen no just Uk resident. Losing UK tax residency is quite hard and requires a certain number of days out of the country

@a0nmusic 2 жыл бұрын

great content as always. thanks for sharing! where would you recommend to go become tax resident for a SaaS startup for lowest taxes and low cost of living?

@thel7503 2 жыл бұрын

Great video! You killing it on the flag theory side of the game

@OffshoreCitizen 2 жыл бұрын

Thank you! Happy to hear you liked it!😄 Anything you'd like to see next?

@thel7503 2 жыл бұрын

@@OffshoreCitizen YES SIR!!!! which countries have the least strict rules on the unvaccinated...I hear budapest is still a 10 day self quarantine for new arrivals

@p.m.8316 2 жыл бұрын

@@thel7503 latin america

@Bri-wi8kq 2 жыл бұрын

Wonderful explanation with crystal clarity. The significance of these situations is vital to improving one's life chances and prosperity. While Caribbean citizenships and residencies were discussed I was considering how this might apply to eastern EU countries and the various double tax treaties between certain nations. Now this would really be exciting if included how one's business came into play - say an online trading company possibly set up and managed in another neighboring country to minimize taxation and perhaps utilize options for arbitrage and yet another country for investment asset protection...etc. What a confusing tangled web you could weave. Thank you for another great video stimulating fresh ideas of opportunities. F

@OffshoreCitizen 2 жыл бұрын

Always a pleasure! Thank you for the continuous support, truly appreciate it! 🙏

@Aserejerettt 2 жыл бұрын

Man! I just invested in Defi Yield from my VC group :D What a small world.

@OffshoreCitizen 2 жыл бұрын

It indeed is! 😀

@DylanP7 2 жыл бұрын

Can you explain what happens in detail if you’re a stateless person with a resident permit. (You got the permit before you were stateless) thanks

@user-un1ci7cq1e 2 жыл бұрын

How is that possible ? Which country allow you to withdraw your only citizenship without another one?

@WolfF2022 2 ай бұрын

@@user-un1ci7cq1e why you would need an allowance outside of your home country? The jurisdiction of your home country isn`t valid abroad, you just need to face the consequences of not be able to return back to your home country.

@shaneoconnor1407 2 жыл бұрын

What would be the options for establishing tax residency without having to reside in a country for long periods through the year?

@sshetty9683 2 жыл бұрын

So if i take portugal golden visa but if I stay or work in Germany where do I pay tax?

@patienceisalpha 2 жыл бұрын

Michael, can you please do a video about the Mexican PR and tax system?

@OffshoreCitizen 2 жыл бұрын

Have you seen this one kzfaq.info/get/bejne/mceZgbWGubCVaY0.html ?

@wy7128 2 жыл бұрын

is there a tax treaty that overrules american tax net? if say i were a tax resident of another country outside the u.s.

@patienceisalpha 2 жыл бұрын

If you're a US Person, check out the savings clause.

@airportatheist1645 2 жыл бұрын

Thanks, many seem to conveniently leave out the fact that buying a passport doesn’t guarantee 0% tax with these Caribbean islands. Residency is what gets you the tax benefits.

@OffshoreCitizen 2 жыл бұрын

Exactly. Are you interested in any of the Caribbean programs?

@drd3816 2 жыл бұрын

I am in Mexico now and curious about the Mexican PR for 20k. I am planning on moving to Thailand on an Elite visa which makes my life so much easier i am happy to pay. I was put off doing the Mexican PR because of having to leave Mexico to go to another country then to the Mexican embassy there, as well as having to stay in the country until the PR paperwork is approved. I hear that can be quite some time, 6 months etc.I qualify financially but any more details on this would be great. If it's better maybe i can do a call with you because i have some tax questions regarding Thailand anyways.

@OffshoreCitizen 2 жыл бұрын

How are you enjoying Mexico? We have videos on both topics. Have you seen those? As there's a lot to cover here, getting on a call would probably be the best first step. I'll guide you on the best solution and we'll go from there 😀

@drd3816 2 жыл бұрын

@@OffshoreCitizen Mexico is surprising me this trip, I have been twice before but decades ago. It’s very liveable in certain areas and has developed a lot over the years. I didn’t think I would say this before but I could really enjoy living here full time now. I’ll double check I’ve seen your other videos on Mexico and book a call thanks. Lots of US/CAN expats escaping the madness back home are here now as well.

@VERTICALWisdom 2 жыл бұрын

Very concise explanation. Thank you. It seems for us Americans that finding a place to renounce is and has been a challenge could you consider a video and maybe a blog on your site that gives the places open to renounce. I know the process and paperwork

@OffshoreCitizen 2 жыл бұрын

Yeah that's been more of an issue lately, lots of places that are normally open are closed or only accepting residents. I think it's worth planning residency around this a bit. For instance Abu Dhabi is open but only for residents

@slrdave6308 2 жыл бұрын

@@OffshoreCitizen Love the blog, jam packed with info. But is there a search function? Whenever I wanna dig deeper, can't really do it.

@lerryperry 2 жыл бұрын

So Michael, do you recommend not living in the country where one is a citizen?

@tinglestingles 2 жыл бұрын

5 flags/7 flags?

@OffshoreCitizen 2 жыл бұрын

Depends where you're a citizen and where you want to live. Most CBI countries aren't great to live but if for example you could get Singapore or UAE citizenship then maybe that would be different.