🇬🇧In the #UK, if your taxable income is over £150,000, you’ll have to pay 45% income tax.
But your foreign-sourced income may be tax-exempt if you are a non-domiciled resident in the UK. You will have remittance of paying taxes during the first 15 years (soon will be 5)
🇮🇪#Ireland's tax system is based on residence, so there is no tax on worldwide income for nonresidents (if you decide you don’t want to live in Ireland during your residence). However, getting permanent residence in Ireland means you will be taxed on Irish-sourced income
🇮🇹 #Italy offers a lump sum tax program to high net-worth individuals who can pay €100,000 per year as their entire tax obligation (up to 15 years)
If you’re interested in Italy’s lump sum tax program, you have to move to Italy and become a resident
🇬🇷 #Greece’s lump sump program offers wealthy foreigners to establish a tax residence in Greece and pay €100,000 annually for up to 15 years to enjoy tax relief on their foreign-sourced income.
To establish a residence in Greece you can apply for a Greek Golden Visa
🇬🇪 #Georgia has a territorial tax system, meaning you can expect to pay #zerotaxes in Georgia with careful tax planning.
The personal local income is taxed at a flat rate of 20%, so it is still lower than in most Western European countries.
🇵🇦 #Panama has a territorial tax system and doesn’t tax foreign-sourced income. So, with proper tax planning (the thing that we do best), you can strive to pay little or no taxes in Panama.
Panama also offers the popular Panama Friendly Nations Visa.
🇨🇷#CostaRica also has a territorial tax regime, giving you a huge tax advantage if you don’t plan to earn locally.
If living in Costa Rica as a resident is your goal, the country offers many routes to acquire a residence permit.
🇺🇾#Uruguay tax residents can live tax-free on any foreign-sourced income for 11 years.
The country also offers an array of tax incentives by industry, like the tax exemption on infrastructure investment, through which you can enjoy a 10-year exemption on your net wealth tax
🇨🇴Foreigners living in #Colombia for less than 183 days a year are considered non-residents and are exempt from paying taxes on their foreign income.
1/8: 🏡✈️ Considering homeschooling abroad? It's a challenge, especially from the US. In this thread, we'll explore countries that allow homeschooling and offer great options for families. Let's dive in!
2/8: 🇧🇸 First up, the Bahamas! With liberal rules around homeschooling, you can homeschool as a parent or hire a tutor. 25 hours per week for 36 weeks is the requirement. Field trips and social activities count too!
3/8: 🇨🇱 Chile is another homeschooling-friendly destination. Parents need academic qualifications, and there's a verification process. Despite regulations, the number of homeschooled kids is increasing, making it a more liberal option.
1/8: 🌐💼 Interested in opening an offshore bank account? 🏦 It's a strategic move for diversifying your assets and financial opportunities. In this thread, I'll guide you through the process and its benefits. #OffshoreBanking
2/8: 📋🔒 The first step in opening an offshore bank account is paperwork. You'll need to fill out forms and provide documents, which may vary from country to country. Research your chosen jurisdiction's specific requirements. #BankingAbroad
3/8: 💼🌍 Is offshore banking legal? In most countries, yes. However, you may have to disclose your foreign accounts, as is the case in the United States. Consult with a tax attorney or CPA to ensure compliance. #Taxation
1/8: 🏦🌍 Looking for an easy way to secure a European residence permit? You might not need to buy property, start a business, or invest in bonds. In this thread, we'll explore eight European countries where a simple bank deposit can get you a residence permit.
2/8: 🇬🇷 Let's start with Greece. 🏛️ For as low as €400,000 deposited in a Greek bank, you can secure a residence permit. No need to buy property. Greece offers a cost-effective option for those who want to live in Europe without the usual hassles.
3/8: 🇵🇹 Next up, Portugal. 💼 With a bank deposit of €1. 5 million, you can enjoy a laid-back lifestyle and work towards citizenship. It's a bit pricier, but if you prefer flexibility, Portugal might be your best bet.
1/ In the frenzy of AI advancement, it's vital to address the dark side of AI beyond its benefits.
There's talk of AI triggering dystopia—like infrastructure collapse and new diseases via AI hacking.
Protect yourself from these threats! 🔒 #AI #Dystopia
2/ Your geographical location matters.
Don't be an easy target.
Consider a second home, residence, or passport in a less obvious place.
Be prepared to stay off the radar when AI-related chaos strikes. 🏡✈️
3/ Lost jobs due to AI are feared, but history shows innovation leads to new roles.
However, politicians might exploit job displacement to introduce policies like Universal Basic Income, funded by higher taxes on the wealthy and AI-driven businesses. 💼🏦
⚰️ ❌ 🇺🇸 For years, Europe and Asia had longer life expectancies than the US, with lower healthcare costs. But now, even unexpected countries are surpassing the US in life expectancy. China, for example, overtook the US by a full year.
🤒 The US has wiped out two and a half decades of life expectancy gains. People are sharing stories of receiving better and cheaper care in Southeast Asia compared to the US. The world is changing, and this has negative implications for US taxpayers.
😨 According to Scientific American, the US has essentially lost all life expectancy gains between 1996 and 2019. Dropping by 2.7 years between 2019 and 2021, US life expectancy is now only 76.1 years. This decline is worse for ethnic minorities.
🚨 Entrepreneurs seeking low-tax countries to maximize profits. Don't limit yourself to 1 country. Consider 3 factors:
1 Move your business to low-tax jurisdiction.
2 Live in a place you ❤️.
3 Secure a 2nd citizenship for flexibility.
This thread shares 4 case studies 🔽
🇮🇹 Case Study 1: Entrepreneur in Milan. Opted for Italy's lump sum tax, paying €100k/year for tax advantages. Set up offshore company in UAE's free zone, paying 0% tax. Italian tax incentives in case of business decline. Balancing living, business, and future citizenship.
🇵🇹 Case Study 2: Entrepreneur's preference for Southern Europe. Chose Portugal for laid-back lifestyle. Flexible tax regime, but not optimal for incomes above €2M/year. Set up multi-company structure in Portugal. Working towards Portuguese citizenship.