I once was stopped at an airport and police with a dog came. The dog apparently did something and they asked if I a had cash money with me. Apparently the dog can smell this. So taking cash in a plane is not 100% safe either if you can not explain the origin of the money. My cash was perfectly legal but I was surprised that they could find (and check for) cash with a dog. It was a US airport on the east side of the US. I thought it was about drugs only.
I understand why they want to live there, and I also understand why they don't want to pay. So as long as I can combine both in a legal way I will stay there. If it starts to become problematic I will leave Europe. Do you know that there are a lot of European countries in the top of the least corrupt countries? In the top 10 there are 7 European countries. Do you think that "spreading the money on useless "euro projects" which only enrich the friends of politicians can only end one way..." is not happening in the US? Better check where the US is on the corruption list. https://www.transparency.org/news/feature/corruption_perceptions_index_2017
I know this. Under 10k you don't have to explain as it's considered petty cash. Anything over and yes, they can confiscate. Sure, if you're not paying then it can be nice. Not sure why the US is in the mix but it would be one of my last choices. I'm less angered by fraudulent spending if it's not coming from my pocket, that was really my point.
Hi Guys, I followed your interesting discussion: What do you think about Malta (EU member)? It seems all capital gains from a non-domiciled person is considered Tax-free and if foreign income (which will arise from actively trading) is not remitted to Malta it will also be tax-free. http://www.cc-advocates.com/immigration-law/taxation-of-permanent-residents.htm Any views or experience on that?
Remittance to any bank account outside of Malta is tax-free. If you remit money into a Maltese bank account then you pay 15% So a) if you spend time in Malta, then you pay 15% only on the money you remit to Malta (not on the total amount of your yearly profits) or b) if you are location independent traveller for example and you are not in Malta and do not reside more than 183 days in another country this setup could be interesting as you do not need to pay any taxes if you transfer the money to your bank outside of Malta. There is no physical requirement to stay any minimum of days per year in Malta under the 'Global residence program' as far as I understand this
Firstly, anything you find publicly available will not be worth much, your entire structure from family heritage, to primary residency, to liabilities comes in to play. To simplify almost all governments want you under income, yes there are potential options via personal service companies and dividends, but in the end it more or less nets out to the same. Did you know, highly unlikely, that the Netherlands has a special tax agreement where a portion of your income is tax free, why. The entire Dutch tax system is designed for homeowners with deductibles, as an expat you will not have this so there is an option to level it out, but the question is can you access it. Ultimately, where you live, and namely where you trade from, is where your income is based, yes there are loopholes but if you have to ask these questions publicly you will not be able to afford the lawyers, and even if you could most of them are useless anyway. The whole tax system is designed to be as complex and obscure as it can be to squeeze as much out of you as possible yet providing you zero wiggle room. When you have spent as much as I have on lawyers and accountants you find one common theme, the professionals have no idea and have to look it up on your chargeable time but will always say "at your discretion" as there is a high probability they have it wrong. The only option is to show your disgust with your feet, otherwise truly no one cares, and because you will have family ties to your location you will not do that. There are many ways to go about it, all specific to you, but almost always it nets out to the same unless you do something radical.
The red part is very inaccurate, so I suggest you to take professioanl advice or it might be a very expensive construction. Paying taxes nowhere because you don't reside anywhere for more than 183 days does not exists for as far as I know. You will always be taxed in that case, never stay anywhere longer then 183 days is no solution to avoid paying taxes. At least not in Europe.
Let me guess: you have information from Goldman for 25K a year that tells you exactly what to do to pay no taxes.
Good Morning Switzerland, yes the 183 days in no country perpetual traveller setup is BS, I agree. But what I wrote was, that you are a non-dom resident in Malta AND do not reside more than 183days in another country; thats different. https://www2.deloitte.com/content/d...s/dt_mt_tax_alert_resid_prog_rules_270814.pdf The information was double-checked with several tax advisors. The TRP program requires to pay a minimum tax of 15k EUR/yr and you need to rent an apartment for 9600 EUR/yr So, the setup with becoming non dom in Malta makes sense for people who actively trade bigger sizes and are not officially 183days in another country and would have to pay more than 25k EUR/yr in taxes. It is very much different than the usual PerpetualTraveller thing one can read in the internet which in times of CFC Rules, ATAD and CRS will sooner or later not be possible anymore.