Anyone using these COVID-times to set up somewhere offshore?

Discussion in 'Taxes and Accounting' started by mitchell_1, Nov 23, 2020.

  1. With infection numbers surging, it seems like we won't be back to normal until at least mid-2021. Given that I'll be staring at my own 4 walls for the majority of that time, I figured that setting up shop in a low-tax jurisdiction looks as attractive as ever (the quality-of-life / opportunity cost is as low as it's ever going to be...)

    Has anyone else used these quarantining times as an opportunity to move somewhere for lower taxes, and where did you go? Is there anything about Covid times that has made it easier or harder than it used to be? (i.e. are some countries making it easier for digital nomads to set up shop / residence? Or, conversely, have some made it much harder than before, due to travel and health restrictions?) I've read through most of the "Best Country for tax efficiency" thread and have a decent idea of what options exist...but curious as to whether Covid (and any Covid-related rules/policies) has changed the calculus at all.

    (Applies to non-Americans only, obv)
     
  2. Isn't there travel restrictions?
     
  3. maxinger

    maxinger

    There is nowhere to go except your own country.
     
  4. Haven't you heard that low tax jurisdictions and most countries in Asia are currently not allowing travelers, much less emigrants, from certain shithole countries with millions of infected people and a quarter million deaths? Another way of putting it for the linguistically challenged : "thank you, but no thanks"

     
  5. Pekelo

    Pekelo

    Judging by the responses, no.
     
  6. MarkBrown

    MarkBrown

    tax problem? make more money lazy...
     
  7. platz

    platz

    That's not quite right as Dubai is open for business and leisure for example. It's tax free, with no income or capital gains tax. However, emigrating is harder (impossible perhaps) unless you have a job.

    I'm also curious to hear whether anyone else has made the move offshore.
     
  8. In fact, I don't understand your idea, but maybe it makes sense and it is possible that all this will somehow change your life for the better
     
  9. wrbtrader

    wrbtrader

    Only do it if/when the currency exchange rate is crazy like in your favor.

    It's something I learned from my great grandfather whom I never met because my grandfather would talk about "buying dirt cheap properties" when people would move fast from job loss during Pandemics...something he learned from his father.

    The currency exchange rates get out of whack.

    Economy recovers, jobs come back...property value appreciates...greatly and in some places...its abusive growth in the property value (e.g. Vancouver, Toronto, Qu├ębec, San Francisco, Seattle, Chicago, South France).

    There's many other areas that have seen extreme appreciation in property values soon after a Pandemic.

    My mom bought a 2nd condo in Chicago last year during the riots. She still owns her prior condo and plans to use it as additional income via Airnb.

    wrbtrader
     
    Last edited: Jan 14, 2021