Post: #1

There's a couple threads on here about Home bases, but I figured I'd ask you guys where you're based out of and why.

I am currently in the hunt for a new home base as I'm in my mid 20's and want to do some extensive traveling, but I also believe that having one place to call home when not on the road is advantageous. I don't have a ton of stuff, but I'm not a minimalist by any standards, so having even a condo in a home base to have my life in order would be cool. A place to go and rest while not abroad, but that is no slouch in the women, fun, and standard of living departments.

I'm relatively location independent, running development/software and online companies, so I'm not tied to Canada or even North America, but I also have to take into account the visa laws and permits, etc. If I were to play long ball, I would likely pursue citizenship in this home base country.

I have a couple criteria when in search of this place, but the non-negotiables would have to be:

1. It is a major hub (or close enough to a hub) so that traveling domestically and internationally would be a non-issue.

2. Close to the ocean or on the ocean.

3. Mild climate. I don't mind cool, but would like to stay above freezing year round.

4. Relatively large city/metropolitan area. In excess of a million people for sure. I enjoy the bigger city vibe, it's inspirational to me, makes me work harder.

5. Fairly tax friendly for both corporate and personal tax rates.

I've heard great things about numerous places and the list includes:
-New York, Seattle, Miami, Las Vegas - USA
-Vancouver, Toronto, and Montreal - Canada (I know the rep of the former two on this forum)
-Barcelona - Spain
-Vienna, Austria (although not by the ocean, pretty much the center of Europe and easy to get anywhere)
-Budapest, Hungary
-Bucharest, Romania
-SEA and places all over Thailand, Vietnam, and Japan
-Santiago, Chile (Although likely not a hub by any means)

I'd like to hear your thoughts and suggestions, but also where you've established yourselves and why. We have a wide range of members, living all over this world, and although there's likely no "perfect place" I would like to find somewhere that's as close as possible for me.

Post: #2

In Philadelphia you pay the income tax if you live in the city no matter what.

Pretty sure NYC operates the same way.

Europe overall is a lot cheaper to have an apartment in near the center then the USA.

I believe Texas and Florida have no income tax so I would start there

Post: #3

Tallinn Estonia (technically) but live in Kharkov Ukraine have homes in New Orleans and Austin Texas which are just rental properties. If I go back to the states over 5 days per year I claim Texas as my residence as I keep a small bedroom free in my condo. I receive all my US mail in Texas. I also have a (thorn in my side) sailboat I allow to be chartered through a few friends in Miami. Easy tax write off as a loss. Plus you can claim a vessel over 33 ft as a residence in FL. This makes my corporation easy to move internationally legally.

I wrap everything up under a holdings corporation based in Estonia. I barely ever repatriate earnings from Europe to the US. Just reinvest everything right back into the company and take a modest salary.

I call this middle class rich man game. As I'm not rich but I certainly look like I am on paper.

Post: #4

(05-18-2018 11:17 AM)nola Wrote:  Tallinn Estonia (technically) but live in Kharkov Ukraine have homes in New Orleans and Austin Texas which are just rental properties. If I go back to the states over 5 days per year I claim Texas as my residence as I keep a small bedroom free in my condo. I receive all my US mail in Texas. I also have a (thorn in my side) sailboat I allow to be chartered through a few friends in Miami. Easy tax write off as a loss. Plus you can claim a vessel over 33 ft as a residence in FL. This makes my corporation easy to move internationally legally.

I wrap everything up under a holdings corporation based in Estonia. I barely ever repatriate earnings from Europe to the US. Just reinvest everything right back into the company and take a modest salary.

I call this middle class rich man game. As I'm not rich but I certainly look like I am on paper.

This is the sort of thing I'm looking for, repped!

Post: #5

Final Epic this question really depends on two things that I didn't get a great read on in your OP. The first is how much time every year do you plan to spend in your home base? Comfort and price will be less or more important depending on this. The second is your personality. You said you like major cities by the water but I don't have a great read on what type of girls you want. Do you want Latin girls, Asian girls, EE girls, black girls, etc.?

It seems like price isn't a huge concern for you because of the cities you mention, but if you only spend 1-2 months a year in your home base, maybe you want something cheaper. Until I get a better read on your personality, I'll stick to recommending 1-2 cities in each region you haven't mentioned.

SEA- Bangkok. This is the biggest international hub in SEA and is a quick ride/flight to the beaches. Definitely enough nightlife to keep you entertained too and is a much more reasonable cost to pay for a place you won't always be at.

US- really, two you mentioned fit what your main desires you pointed out are in a city. NYC is the biggest international hub in the eastern US, has great nightlife, and a wide diversity of women. Also not too far from beaches in LI or NJ. Miami may have the best beaches in the US and is definitely a party city by US standards, so you may be good there. I'd also throw in LA and Honolulu if you're going first tier US cities that are international hubs by the water. However, I haven't heard as good things about the girls in those two. I've only been to NYC of these four though. Really, I'd only go with a US city if money is really not a big concern for a place you won't always be and if you spend say 3-4 months a year there.

Europe- really the best city that seems to fit this is Rome. Not sure how great it is for girls, but there's a lot to do in Italy and it has some of the most beautiful coasts in the world within a short ride from Rome. Correct me if I'm wrong but Amsterdam may not be a bad option for you either. Think it's near water.

SA- if you're a South America guy, I think one city you should majorly consider is Rio de Janeiro. Based on what I've heard and seen from pictures/videos, it appears to have pretty much everything you'd be looking for if you feel secure about leaving some stuff behind in an apartment there. Would definitely be one of the cheaper options.

Post: #6

(05-18-2018 11:33 AM)yankeetravels Wrote:  Final Epic this question really depends on two things that I didn't get a great read on in your OP. The first is how much time every year do you plan to spend in your home base? Comfort and price will be less or more important depending on this. The second is your personality. You said you like major cities by the water but I don't have a great read on what type of girls you want. Do you want Latin girls, Asian girls, EE girls, black girls, etc.?

It seems like price isn't a huge concern for you because of the cities you mention, but if you only spend 1-2 months a year in your home base, maybe you want something cheaper. Until I get a better read on your personality, I'll stick to recommending 1-2 cities in each region you haven't mentioned.

SEA- Bangkok. This is the biggest international hub in SEA and is a quick ride/flight to the beaches. Definitely enough nightlife to keep you entertained too and is a much more reasonable cost to pay for a place you won't always be at.

US- really, two you mentioned fit what your main desires you pointed out are in a city. NYC is the biggest international hub in the eastern US, has great nightlife, and a wide diversity of women. Also not too far from beaches in LI or NJ. Miami may have the best beaches in the US and is definitely a party city by US standards, so you may be good there. I'd also throw in LA and Honolulu if you're going first tier US cities that are international hubs by the water. However, I haven't heard as good things about the girls in those two. I've only been to NYC of these four though. Really, I'd only go with a US city if money is really not a big concern for a place you won't always be and if you spend say 3-4 months a year there.

Europe- really the best city that seems to fit this is Rome. Not sure how great it is for girls, but there's a lot to do in Italy and it has some of the most beautiful coasts in the world within a short ride from Rome. Correct me if I'm wrong but Amsterdam may not be a bad option for you either. Think it's near water.

SA- if you're a South America guy, I think one city you should majorly consider is Rio de Janeiro. Based on what I've heard and seen from pictures/videos, it appears to have pretty much everything you'd be looking for if you feel secure about leaving some stuff behind in an apartment there. Would definitely be one of the cheaper options.

I'll elaborate on myself a bit, and thank you for the suggestions!

For time spent, I'm thinking close to a third of the year - half of the year. 6 months spent traveling per year seems pretty good to me currently, this may increase or decrease as I get older. Cost isn't a huge factor, as any of these coastal locations are going to be more expensive, you pay a premium for the ocean and accessibility.

Girls - I like them all. I have an inclination towards European girls, but I have no reservations about Asian, Latin, etc. I think that there are beautiful girls all over the world, and with my traveling, it doesn't really become a factor with my home base.

Where are you currently based out of Yankee?

Post: #7

(05-18-2018 11:51 AM)TheFinalEpic Wrote:  

(05-18-2018 11:33 AM)yankeetravels Wrote:  Final Epic this question really depends on two things that I didn't get a great read on in your OP. The first is how much time every year do you plan to spend in your home base? Comfort and price will be less or more important depending on this. The second is your personality. You said you like major cities by the water but I don't have a great read on what type of girls you want. Do you want Latin girls, Asian girls, EE girls, black girls, etc.?

It seems like price isn't a huge concern for you because of the cities you mention, but if you only spend 1-2 months a year in your home base, maybe you want something cheaper. Until I get a better read on your personality, I'll stick to recommending 1-2 cities in each region you haven't mentioned.

SEA- Bangkok. This is the biggest international hub in SEA and is a quick ride/flight to the beaches. Definitely enough nightlife to keep you entertained too and is a much more reasonable cost to pay for a place you won't always be at.

US- really, two you mentioned fit what your main desires you pointed out are in a city. NYC is the biggest international hub in the eastern US, has great nightlife, and a wide diversity of women. Also not too far from beaches in LI or NJ. Miami may have the best beaches in the US and is definitely a party city by US standards, so you may be good there. I'd also throw in LA and Honolulu if you're going first tier US cities that are international hubs by the water. However, I haven't heard as good things about the girls in those two. I've only been to NYC of these four though. Really, I'd only go with a US city if money is really not a big concern for a place you won't always be and if you spend say 3-4 months a year there.

Europe- really the best city that seems to fit this is Rome. Not sure how great it is for girls, but there's a lot to do in Italy and it has some of the most beautiful coasts in the world within a short ride from Rome. Correct me if I'm wrong but Amsterdam may not be a bad option for you either. Think it's near water.

SA- if you're a South America guy, I think one city you should majorly consider is Rio de Janeiro. Based on what I've heard and seen from pictures/videos, it appears to have pretty much everything you'd be looking for if you feel secure about leaving some stuff behind in an apartment there. Would definitely be one of the cheaper options.

I'll elaborate on myself a bit, and thank you for the suggestions!

For time spent, I'm thinking close to a third of the year - half of the year. 6 months spent traveling per year seems pretty good to me currently, this may increase or decrease as I get older. Cost isn't a huge factor, as any of these coastal locations are going to be more expensive, you pay a premium for the ocean and accessibility.

Girls - I like them all. I have an inclination towards European girls, but I have no reservations about Asian, Latin, etc. I think that there are beautiful girls all over the world, and with my traveling, it doesn't really become a factor with my home base.

Where are you currently based out of Yankee?

Hmmm. Amsterdam may be for you then if you like Euros lol. I'm assuming you're a Canadian citizen so trying to stay more than 3 of 6 months may be an issue for Europe. I think you can stay 3-4 months at a time in Bangkok. Brazil I have no idea. US is easy to get in for Canadians but I don't know how long you can stay. Time commitment seems enough to make the first world worth it though if you want to go that route. But any of the above would probably work for you.

I'm based out of the NYC area. Don't live in the city but I'm pretty close to it. I'll say for my area and the city if you try to get a permanent address, just be prepared to pay for some high taxes. One disadvantage of making an American home is that if you have an address here, you have to pay taxes to America no matter where you are. American citizens can't really get out of that unless they spend like 330 days a year overseas and make less than 100K a year, but if you're Canadian, just keep that in mind before choosing an American city as a home address.

Post: #8

(05-18-2018 11:51 AM)TheFinalEpic Wrote:  I'll elaborate on myself a bit, and thank you for the suggestions!

For time spent, I'm thinking close to a third of the year - half of the year. 6 months spent traveling per year seems pretty good to me currently, this may increase or decrease as I get older. Cost isn't a huge factor, as any of these coastal locations are going to be more expensive, you pay a premium for the ocean and accessibility.

Girls - I like them all. I have an inclination towards European girls, but I have no reservations about Asian, Latin, etc. I think that there are beautiful girls all over the world, and with my traveling, it doesn't really become a factor with my home base.

Where are you currently based out of Yankee?

So if you'll be spending 1/3 to half of the year in this home base I think it matters which months you plan on spending in the city to determine which city is best. If you plan on spending like October-February (roughly winter time in Northern Hemisphere) in your home base then Miami could be a good pick because it has some of the best winter weather in the Northern Hemisphere, and a lot of people recommend going to Miami in the winter instead of the summer. With the March-September months left for travel you have the months with much better temperature in the Northern Hemisphere to travel to other places.

Post: #9

My understanding is that we're allowed as Canadians (and this is identical vice versa for USA residents):

180 days in the US per year without Visa
90 days in a 6 month period in EU (Schengen)
90 days (although less strict) in SEA

I'm not really concerned as again, long term this would be a non-issue with gaining citizenship via business/property acquisition. Amsterdam has come up multiple times, anyone here based there?

As for Miami, I'm drawn based on the warmth and agree with your suggestion that spending winter in Florida would be ideal, although I'm sure there's a high concentration of "snow birds" that make their way to southern US for this very reason.

My end goal is to rock a similar arrangement to Nola, where you are paying minimal taxes based on residency, but have the ability to get up and go as you please. Perhaps we should annex and create RVF Island for this very purpose.

Post: #10

I think the only two countries that fit all your 5 points are:

1. Hong Kong
2. Singapore

With what you're doing you could set up a Hong Kong company, for which there is no tax on offshore income. But by the sounds of it I would look at doing what I am working on and seems to be what Nola has done:

1. Don't have a particularly strong presence in any country, make it ambiguous, see.

2. Set up your holding company offshore, as per the above link

3. Ideally get yourself a property in somewhere with essentially no taxes like Cayman or BVI, in both you can get a 1 bedroom apartment for ~$100k. Once you have that you can have that as your headquarters and are 100% legit on not paying any taxes; and that's you're always sunny abode.

Then you're point five on tax is irrelevant and that opens a lot more choices since there's only two genuinely low major countries with low taxes: HK and Singapore. Then you can add in more countries that might be a bit cheaper and colder in the winter for your main travel home base - countries like Serbia, Russia, Ukraine - where you can get entry-level luxury apartments in major cities for under $200K.

Post: #11

(05-18-2018 10:23 AM)TheFinalEpic Wrote:  There's a couple threads on here about Home bases, but I figured I'd ask you guys where you're based out of and why.

I am currently in the hunt for a new home base as I'm in my mid 20's and want to do some extensive traveling, but I also believe that having one place to call home when not on the road is advantageous. I don't have a ton of stuff, but I'm not a minimalist by any standards, so having even a condo in a home base to have my life in order would be cool. A place to go and rest while not abroad, but that is no slouch in the women, fun, and standard of living departments.

I'm relatively location independent, running development/software and online companies, so I'm not tied to Canada or even North America, but I also have to take into account the visa laws and permits, etc. If I were to play long ball, I would likely pursue citizenship in this home base country.

I have a couple criteria when in search of this place, but the non-negotiables would have to be:

1. It is a major hub (or close enough to a hub) so that traveling domestically and internationally would be a non-issue.

2. Close to the ocean or on the ocean.

3. Mild climate. I don't mind cool, but would like to stay above freezing year round.

4. Relatively large city/metropolitan area. In excess of a million people for sure. I enjoy the bigger city vibe, it's inspirational to me, makes me work harder.

5. Fairly tax friendly for both corporate and personal tax rates.

I've heard great things about numerous places and the list includes:
-New York, Seattle, Miami, Las Vegas - USA
-Vancouver, Toronto, and Montreal - Canada (I know the rep of the former two on this forum)
-Barcelona - Spain
-Vienna, Austria (although not by the ocean, pretty much the center of Europe and easy to get anywhere)
-Budapest, Hungary
-Bucharest, Romania
-SEA and places all over Thailand, Vietnam, and Japan
-Santiago, Chile (Although likely not a hub by any means)

I'd like to hear your thoughts and suggestions, but also where you've established yourselves and why. We have a wide range of members, living all over this world, and although there's likely no "perfect place" I would like to find somewhere that's as close as possible for me.

What about Bulgaria. Plovdiv area specifically. (Airport)

-Cheapest country in Europe.
-10 percent flat tax, both corporate and income.
-Generally safe.
-2 hours drive to black sea coast, 2 hours to Sofia. 3 hours to Greek border. Central European location for flights.
-Very nice scenery/nature.
-Temperate climate.

I`m currently looking into buying or renting a house in the countryside there.

Post: #12

My concerns were a little different but maybe this will give you some things to consider:

When I looked at doing the nomadic bit, I - being an American - wanted a location that was neither American nor Schengen so that I could maximize my available time while still getting the FEIE tax benefits. I'd have just over 30 days in the United States and two 90 day blocks in Schengen. I also needed to keep East Coast U.S. hours, so Asia was out, and with limited time in the United States, Canada was less convenient than the other side of the Atlantic. My loose understanding was that as long as I didn't stay 90+ days in any one country, most are not interested in making me file a tax return.

I only wanted a home base that would have a major airport and modern medical care, so that I could rent a storage unit and see a regular dentist and doctor. Come in for a week, crash in a hotel, grab my winter coat or whatever, keep a couple of regular plates. If anything came up and I needed to stay for a month to recover from a surgical procedure or something, I'd have plenty of visa time to get an AirBnb and not blow out my tax situation.

I homed in on Dublin because it's not a major draw for me, so I wouldn't be tempted to push the limits on visa/tax residency. Plenty of fresh, drunk tourists, too. Since you're Canadian and looking for something more fixed, tax concerns are different, but I'm just putting the thought processes out there. Other very stable cities at the edges of Schengen could work the same way.

Post: #13

(05-18-2018 02:27 PM)TheFinalEpic Wrote:  My understanding is that we're allowed as Canadians (and this is identical vice versa for USA residents):

180 days in the US per year without Visa
90 days in a 6 month period in EU (Schengen)
90 days (although less strict) in SEA

I'm not really concerned as again, long term this would be a non-issue with gaining citizenship via business/property acquisition. Amsterdam has come up multiple times, anyone here based there?

As for Miami, I'm drawn based on the warmth and agree with your suggestion that spending winter in Florida would be ideal, although I'm sure there's a high concentration of "snow birds" that make their way to southern US for this very reason.

My end goal is to rock a similar arrangement to Nola, where you are paying minimal taxes based on residency, but have the ability to get up and go as you please. Perhaps we should annex and create RVF Island for this very purpose.

As a Canadian, you are legally allowed six months out of twelve in the US on "visitor status". However, if you stay in the States for six months a year for three years (or more) in a row, you will be considered a de facto resident for tax purposes. As yankee stated, if you were staying in New York (or California, etc.) for that time, you are going to have a hell of a tax bill.

I am based in Panama. If you have Canadian citizenship (and not US citizenship), this can be a very nice tax arrangement. You get permanent residency and can come and go as you please. Keeping a condo in Panama year-round is not terribly expensive. I used to keep a place at the Hard Rock and it cost me about $16,000 a year. If you are able to structure your business entities to domicile and operate outside of Panama, you will not be taxed on income. You could set up shop in any number of corporate tax neutral jurisdictions. Many men I know in Panama use Belize and The Bahamas, but they run online businesses that require no credibility. If you are running a legal shop, you may want to look at something like Hong Kong (or even the Cayman Islands or BVI).

After five years of residency in Panama, you can petition for naturalization. It is not as straightforward as it is sold. You have to prove basic Spanish proficiency and prove ties in front of a judge (this can be done with letters of reference and a witness). Time spent in Panama is not as important as it is for those countries with a codified residency structure, but you cannot simply get PR and fly back in five years later to get citizenship. If you are looking for that sort of arrangement, look at St. Kitt's or something. Speaking of which, you should do a little geneological exploration of your family and see if you are eligible for any of the myriad of citizenship-by-descent programs.

Some related threads:

Obtain Second Citizenship: Comprehensive Review of Citizenship by Investment Programs

What types of residence count towards acquiring a European country's citizenship?

Need 2+ yrs residency in Schengen zone? Are you American with $6000? Then try DAFT!

Malta to sell citizenship for $1.55 million

The idea of a "home base" is, I believe, useful for many men who can get to some level of location independence. Even, as in my case, if one just has a place to hang their hat. This allows you to structure your life in such a way as to; reduce taxation (which allows you to save more, spend more, and/or work less), increase travel (you can investigate potential long-term spots), and avoid being held under the ideological yoke of any one government or country (I can simply get up and leave as I please).

Final notes:

If you maintain any businesses in Canada, you will pay not only corporate income tax on the businesses, but also personal income tax on any income paid from Canada. This can also serve as indicia of residency to the CRA. Your main problem will be severing ties to Canada. You can PM me about that if you want. But, if your main concern (as it is for many Canadians) is healthcare, just remember that the minute you set foot back in Canada, you have healthcare again.

My biggest concern was always that I would have trouble with customs and immigration. I travel quite frequently, and I assumed that there would be issues if I had a passport from Country A, a PR Card and Driver's License from Country B, etc. I have found the opposite to be true. Never underestimate how easy they make it for you (outside of graft countries) if they think you have a bit of money.

Post: #14

(05-18-2018 03:36 PM)gework Wrote:  I think the only two countries that fit all your 5 points are:

1. Hong Kong
2. Singapore

With what you're doing you could set up a Hong Kong company, for which there is no tax on offshore income. But by the sounds of it I would look at doing what I am working on and seems to be what Nola has done:

1. Don't have a particularly strong presence in any country, make it ambiguous, see.

2. Set up your holding company offshore, as per the above link

3. Ideally get yourself a property in somewhere with essentially no taxes like Cayman or BVI, in both you can get a 1 bedroom apartment for ~$100k. Once you have that you can have that as your headquarters and are 100% legit on not paying any taxes; and that's you're always sunny abode.

Then you're point five on tax is irrelevant and that opens a lot more choices since there's only two genuinely low major countries with low taxes: HK and Singapore. Then you can add in more countries that might be a bit cheaper and colder in the winter for your main travel home base - countries like Serbia, Russia, Ukraine - where you can get entry-level luxury apartments in major cities for under $200K.

I will likely go the Hong Kong route when it comes to establishing the overall company for my business interests. My understanding is that you'd want a hold co offshore for all assets, and a bank account again, offshore. Your datasheet is excellent by the way, and where I will have to get working is on severing residential ties with Canada before these next steps. Thanks for the advice, repped!

Post: #15

(05-18-2018 07:53 PM)Tiger Man Wrote:  As a Canadian, you are legally allowed six months out of twelve in the US on "visitor status". However, if you stay in the States for six months a year for three years (or more) in a row, you will be considered a de facto resident for tax purposes. As yankee stated, if you were staying in New York (or California, etc.) for that time, you are going to have a hell of a tax bill.

I'm steering clear of the states as a place to establish any long term ties for this very reason, even if the corporate tax rate is now lower than Canada's with Trump. I also don't want to support much of what Canada has decided is right for my money. Now, is this on top of what you would be paying as a Canadian citizen with business ties to the States (as there is to some extent a tax treaty between countries).

Quote:I am based in Panama. If you have Canadian citizenship (and not US citizenship), this can be a very nice tax arrangement. You get permanent residency and can come and go as you please. Keeping a condo in Panama year-round is not terribly expensive. I used to keep a place at the Hard Rock and it cost me about $16,000 a year. If you are able to structure your business entities to domicile and operate outside of Panama, you will not be taxed on income. You could set up shop in any number of corporate tax neutral jurisdictions. Many men I know in Panama use Belize and The Bahamas, but they run online businesses that require no credibility. If you are running a legal shop, you may want to look at something like Hong Kong (or even the Cayman Islands or BVI).

After five years of residency in Panama, you can petition for naturalization. It is not as straightforward as it is sold. You have to prove basic Spanish proficiency and prove ties in front of a judge (this can be done with letters of reference and a witness). Time spent in Panama is not as important as it is for those countries with a codified residency structure, but you cannot simply get PR and fly back in five years later to get citizenship. If you are looking for that sort of arrangement, look at St. Kitt's or something. Speaking of which, you should do a little geneological exploration of your family and see if you are eligible for any of the myriad of citizenship-by-descent programs.

Panama has come up now and again for me as well, and it seems like for residency purposes, a place that would be close to my ideal just based on my criteria. As with gework's post, it sounds like you essentially want a global presence when it comes to business, bank, and locational status. Ie. Corporation in one country with low or no tax rate (especially on worldwide/out of country income), bank accounts in another country(ies), and personally living in another.

Quote:The idea of a "home base" is, I believe, useful for many men who can get to some level of location independence. Even, as in my case, if one just has a place to hang their hat. This allows you to structure your life in such a way as to; reduce taxation (which allows you to save more, spend more, and/or work less), increase travel (you can investigate potential long-term spots), and avoid being held under the ideological yoke of any one government or country (I can simply get up and leave as I please).

This is truly the end goal for me, as I want mobility but also a place to call home when in need of a rest or reevaluation. The knowledge getting thrown down here is next level, and leads, essentially to a man's freedom in this world. We live in the best of times that you are able to get around the world in a weekend, structure a life that is exactly how you want it to be, and create businesses that not only are massively scalable, but also lean and allow you no physical tie down points.

Quote:Final notes:

If you maintain any businesses in Canada, you will pay not only corporate income tax on the businesses, but also personal income tax on any income paid from Canada. This can also serve as indicia of residency to the CRA. Your main problem will be severing ties to Canada. You can PM me about that if you want. But, if your main concern (as it is for many Canadians) is healthcare, just remember that the minute you set foot back in Canada, you have healthcare again.

My biggest concern was always that I would have trouble with customs and immigration. I travel quite frequently, and I assumed that there would be issues if I had a passport from Country A, a PR Card and Driver's License from Country B, etc. I have found the opposite to be true. Never underestimate how easy they make it for you (outside of graft countries) if they think you have a bit of money.

My understanding is that you are a Canadian as well, so I will definitely be coming to you for advice when it pertains to the above. Thanks for your insight Tiger, I appreciate it!

Post: #16

(05-19-2018 09:15 AM)TheFinalEpic Wrote:  

(05-18-2018 07:53 PM)Tiger Man Wrote:  As a Canadian, you are legally allowed six months out of twelve in the US on "visitor status". However, if you stay in the States for six months a year for three years (or more) in a row, you will be considered a de facto resident for tax purposes. As yankee stated, if you were staying in New York (or California, etc.) for that time, you are going to have a hell of a tax bill.

I'm steering clear of the states as a place to establish any long term ties for this very reason, even if the corporate tax rate is now lower than Canada's with Trump. I also don't want to support much of what Canada has decided is right for my money. Now, is this on top of what you would be paying as a Canadian citizen with business ties to the States (as there is to some extent a tax treaty between countries).

If you are going back and forth between the US and Canada (for example), you will generally pay corporate tax in whichever country the company is incorporated in. If you set up a branch office in the other country, it gets more complicated. As far as paying "on top", yes. If the US deems you resident for tax purposes, they will want full income tax on your worldwide income. The same can be said for Canada, which has a higher personal income tax rate, on average. When you start comparing, say, Saskatchewan to New York State, it gets a bit more interesting. I'm glad you say you are steering clear. I find the US to be a great country to mess around in, but I wouldn't subject myself to the IRS just to spend more than a few months a year here. But, it should be mentioned that the US-Canada Tax Treaty is well developed with tie-breaker provisions and all. You wouldn't end up paying 210% or anything. You would pay tax to the country you were deemed to be TR in, and you might get a bit of an equalization. Don't get me started on OAP, CPP, Social Secuity, and Medicare though...

Quote:I am based in Panama. If you have Canadian citizenship (and not US citizenship), this can be a very nice tax arrangement. You get permanent residency and can come and go as you please. Keeping a condo in Panama year-round is not terribly expensive. I used to keep a place at the Hard Rock and it cost me about $16,000 a year. If you are able to structure your business entities to domicile and operate outside of Panama, you will not be taxed on income. You could set up shop in any number of corporate tax neutral jurisdictions. Many men I know in Panama use Belize and The Bahamas, but they run online businesses that require no credibility. If you are running a legal shop, you may want to look at something like Hong Kong (or even the Cayman Islands or BVI).

After five years of residency in Panama, you can petition for naturalization. It is not as straightforward as it is sold. You have to prove basic Spanish proficiency and prove ties in front of a judge (this can be done with letters of reference and a witness). Time spent in Panama is not as important as it is for those countries with a codified residency structure, but you cannot simply get PR and fly back in five years later to get citizenship. If you are looking for that sort of arrangement, look at St. Kitt's or something. Speaking of which, you should do a little geneological exploration of your family and see if you are eligible for any of the myriad of citizenship-by-descent programs.

Panama has come up now and again for me as well, and it seems like for residency purposes, a place that would be close to my ideal just based on my criteria. As with gework's post, it sounds like you essentially want a global presence when it comes to business, bank, and locational status. Ie. Corporation in one country with low or no tax rate (especially on worldwide/out of country income), bank accounts in another country(ies), and personally living in another.

That's exactly it. I won't say I exactly subscribe to Five Flags Theory, but I do believe in spreading my assets, options, and residences across the globe. On a note related to that, there is nothing preventing a person from chasing multiple citizenship and/or residency options simultaneously. So, for example, if you get Panamanian PR, you can, at the same time, begin the process of acquiring Irish Citizenship through the Foreign Births Registry (if you qualify) or make the investment necessary to get a passport in St. Kitt's/Dominica/etc. You could, theoretically, put yourself in to two or more residency -> citizenship programs that do not require "hard residency" in the country. Panama and Paraguay come to mind, but there are others. It would all depend on the verbiage of the particular citizenship law (which you are going to want to get a translation of and read yourself). I wouldn't openly advertise the fact, and I'm not saying it would be successful for everyone, but it is another way to diversify options for those who have the time and money.

Quote:The idea of a "home base" is, I believe, useful for many men who can get to some level of location independence. Even, as in my case, if one just has a place to hang their hat. This allows you to structure your life in such a way as to; reduce taxation (which allows you to save more, spend more, and/or work less), increase travel (you can investigate potential long-term spots), and avoid being held under the ideological yoke of any one government or country (I can simply get up and leave as I please).

This is truly the end goal for me, as I want mobility but also a place to call home when in need of a rest or reevaluation. The knowledge getting thrown down here is next level, and leads, essentially to a man's freedom in this world. We live in the best of times that you are able to get around the world in a weekend, structure a life that is exactly how you want it to be, and create businesses that not only are massively scalable, but also lean and allow you no physical tie down points.

Another good point is that many of the citizenships and residencies are (more or less) permanent. So, my Panamanian PR is permanent. It can't be taken away but for exceptional circumstances (like joining a military belligerent to Panama - I don't plan on doing that in the near future). So, you could hold your Canadian passport, get something like Panamanian PR, maybe grab a Bahamas annual residency card ($1000/year), and get a Malaysian long-term stay visa. You could hold a quiver of (again, more or less) permanent or infinitely renewable "landing options".

Quote:Final notes:

If you maintain any businesses in Canada, you will pay not only corporate income tax on the businesses, but also personal income tax on any income paid from Canada. This can also serve as indicia of residency to the CRA. Your main problem will be severing ties to Canada. You can PM me about that if you want. But, if your main concern (as it is for many Canadians) is healthcare, just remember that the minute you set foot back in Canada, you have healthcare again.

My biggest concern was always that I would have trouble with customs and immigration. I travel quite frequently, and I assumed that there would be issues if I had a passport from Country A, a PR Card and Driver's License from Country B, etc. I have found the opposite to be true. Never underestimate how easy they make it for you (outside of graft countries) if they think you have a bit of money.

My understanding is that you are a Canadian as well, so I will definitely be coming to you for advice when it pertains to the above. Thanks for your insight Tiger, I appreciate it!

I've done it and the process seems to entirely depend on how "in to" Canada you were. I wasn't a member of any gyms or anything, so that wasn't a concern, but they get really specific (like, local library card specific).

On a final note - and this just occurred to me based on my previous posts - as a Canadian (and I am making serious assumptions about your background here, so apologies if you are a Haitian-Canadian or something) you should look up Irish Citizenship-by-Descent, UK Citizenship by Double Descent, British Subject Status (rare), and the UK Ancestry Visa. You could use an Ancestry Visa to park yourself in somewhere like the Channel Islands (very comfortable taxes and offers a kick-ass passport). There are a huge number of other programs for those of different backgrounds, but the UK and Irish ones tend to affect many Canadians. I know there are others on the forum who follow this stuff as well.

Post: #17

I can't speak to the tax situation, but Taiwan fits your other criteria fairly well.

(05-18-2018 10:23 AM)TheFinalEpic Wrote:  A place to go and rest while not abroad, but that is no slouch in the women, fun, and standard of living departments.

I have a couple criteria when in search of this place, but the non-negotiables would have to be:

1. It is a major hub (or close enough to a hub) so that traveling domestically and internationally would be a non-issue.

Taipei is not the most ideal hub for international travel, as you'll probably have to transfer to go most places, but you could look into it and find out how many direct flights are available these days. I have no idea, haven't looked into it myself.

(05-18-2018 10:23 AM)TheFinalEpic Wrote:  2. Close to the ocean or on the ocean.

Check.

(05-18-2018 10:23 AM)TheFinalEpic Wrote:  3. Mild climate. I don't mind cool, but would like to stay above freezing year round.

Subtropical.

(05-18-2018 10:23 AM)TheFinalEpic Wrote:  4. Relatively large city/metropolitan area. In excess of a million people for sure. I enjoy the bigger city vibe, it's inspirational to me, makes me work harder.

I haven't been to Taipei, so I can't speak the vibe, but I've heard good things from other people.

(05-18-2018 10:23 AM)TheFinalEpic Wrote:  5. Fairly tax friendly for both corporate and personal tax rates.

You'll have to research this yourself.

The reason I mention Taipei is because Taiwan is literally the only place in Asia that there is a reliable path to PR or citizenship. If Taipei doesn't work for you and being able to establish permanent residency at some point is important to you, you might as well cross all of Asia off your list, unless the ultra expensive Hong Kong works for you.

Hong Kong would hit all of your requirements, but living expenses are quite high and getting residency requires literally living there 7 years non-stop.

Post: #18

(05-18-2018 07:53 PM)Tiger Man Wrote:  As a Canadian, you are legally allowed six months out of twelve in the US on "visitor status". However, if you stay in the States for six months a year for three years (or more) in a row, you will be considered a de facto resident for tax purposes. As yankee stated, if you were staying in New York (or California, etc.) for that time, you are going to have a hell of a tax bill.

Wait how can they consider you a tax resident if you are only staying in the states during the visa free period? How can they tax you if they didn't even require you have a visa wtf. Seems like regular IRS bullshit to me. I read form 8840 from IRS and it says if you stay in the Unites states for 6 months during a 3 year time span you can be considered a tax resident... So it's not even 6 months a year it's 6 months in a whole 3 year period. So it says you won't 100% be considered a tax resident but if you stay in the US for 6 months in a 3 year time span it's up to certain interpretation if they will consider you a tax resident.

How do the snowbirds that stay in Florida get around this? A lot of the Canadians in Florida have houses, cars and get their medical over there as well as staying maybe over 6 months a year so I wonder how they get around being considered a tax resident. Does the United States maybe have some leniency for Canada cause of NAFTA and just are close connection in general? I'm canceling my Canadian residency so I don't want to be considered a tax resident of Canada, US or really any other high tax jurisdiction with annoying tax laws and are just all in your shit in general.

Thanks for the knowledge everyones sharing in this thread, I thought I knew all there was but some new info always comes up.

Post: #19

(05-20-2018 05:16 AM)pargan Wrote:  

(05-18-2018 07:53 PM)Tiger Man Wrote:  As a Canadian, you are legally allowed six months out of twelve in the US on "visitor status". However, if you stay in the States for six months a year for three years (or more) in a row, you will be considered a de facto resident for tax purposes. As yankee stated, if you were staying in New York (or California, etc.) for that time, you are going to have a hell of a tax bill.

Wait how can they consider you a tax resident if you are only staying in the states during the visa free period? How can they tax you if they didn't even require you have a visa wtf. Seems like regular IRS bullshit to me. I read form 8840 from IRS and it says if you stay in the Unites states for 6 months during a 3 year time span you can be considered a tax resident... So it's not even 6 months a year it's 6 months in a whole 3 year period. So it says you won't 100% be considered a tax resident but if you stay in the US for 6 months in a 3 year time span it's up to certain interpretation if they will consider you a tax resident.

How do the snowbirds that stay in Florida get around this? A lot of the Canadians in Florida have houses, cars and get their medical over there as well as staying maybe over 6 months a year so I wonder how they get around being considered a tax resident. Does the United States maybe have some leniency for Canada cause of NAFTA and just are close connection in general? I'm canceling my Canadian residency so I don't want to be considered a tax resident of Canada, US or really any other high tax jurisdiction with annoying tax laws and are just all in your shit in general.

Thanks for the knowledge everyones sharing in this thread, I thought I knew all there was but some new info always comes up.

Technically, if you spend the 183 days you are allowed, you would become tax resident in one year. Practically, this won't happen due to the "closer connection" exception. If you maintain a Canadian residence, driver's licence, healthcare, etc., the US should accept that you are a Canadian resident. However, this only goes so far. If you pull that three years in a row, they have a mathematical calculation that kicks in to override exceptions and they claim you have established "de facto" residency. As far as visas and whatnot, the IRS does not care. They want DACA and DAPA recipients paying taxes. They only care about collecting taxes. They only talk to DHS/USCIS to see how long you have been in the country. It is a one-way street.

Prior to a few years ago, this was not a concern for many Canadians who drove their cars and RVs to the US. CBP was a bit loose on logging all of those crossings. CBSA (the Canadian side) did not share re-entry data with CBP, so you could say you were in the US for however long... There was a bilateral agreement signed by Harper and Obama that killed this arrangement. Now the CBSA and CBP databases for North American entry and exit are merged. If you are in a Trusted Traveller Program (like NEXUS) it is even worse, as they track your every move.

There has been a push for many years by some Southern Senators to grant a special "status" to visiting Canadians that would expand their allowed stay time to eight months a year. Whenever it is brought up, the Canadian papers run pieces reminding Canadians that this would make them resident in the US for tax purposes (always).

All that being said, FATCA and FBAR have already really screwed things up for Canadians with any sort of presence in the US. Add to that the "fact" that something like six million Canadians are eligible to be recognized as US Citizens (due to descent, military service, etc.) and, thus, liable for IRS worldwide taxation, and this whole conversation becomes much more nuanced.

My personal thought on all of this stuff has always been two-fold. Inform yourself as much as possible. Meet with lawyers, accountants, and other professionals. Read the laws and the contracts yourself. On the other hand, play it close to the vest. Do not inform anyone else of your plans or situation (outside of close family and, say, an internet forum). Most of the cases you see in which guys are fighting tax evasion or "creative tax avoidance" charges, they were idiots. Don't drive around in a Lamborghini Gallardo telling everyone you meet that you pay $0 in taxes because you have a Bahamian Annual Residence Permit.

Post: #20

Very interesting thread, I am french and work as a contractor in various countries so I am also looking for the ideal base country for tax efficiency, quality of life, girls and health care.

Thinking about south of Spain at the moment for quality of life but tax and women wise there are better options.

Post: #21

(05-20-2018 06:16 AM)Tiger Man Wrote:  All that being said, FATCA and FBAR have already really screwed things up for Canadians with any sort of presence in the US. Add to that the "fact" that something like six million Canadians are eligible to be recognized as US Citizens (due to descent, military service, etc.) and, thus, liable for IRS worldwide taxation, and this whole conversation becomes much more nuanced.

I think you only have to fill out FACTA/FBAR if you are a US citizen or if you are a tax resident of the United States. The FATCA agreement between Canada and the United States was used to get Canadians that are also US citizens to have to fill out FACTA/FBAR. I don't think the US can proactively get non US citizens to fill out FACTA/FBAR, if they tried they would be crossing over into new retard territory. Since that Canada US agreement has been made many are just renouncing their US citizenship.

I found the exact formula used to see if you meet the "substantial presence" test and if you potentially have to pay US taxes.

"The IRS uses a "substantial presence" formula to add up the number of days you have spent in the U.S. over a three-year span, calculated as follows:

Each day in the U.S. in the current calendar year counts as one day.
Each day in the U.S. in the prior year counts as one-third of a day.
Each day in the U.S. in the year before that counts as one-sixth of a day.
If these "days" add up to 183, you would meet the "substantial presence" test.

It's generally a good rule of thumb to keep your stay under 120 days annually. Over three years, that would total 180 days under the IRS formula.

If you do meet the substantial presence test, you would need to file a Closer Connection Exception Statement for Aliens, better known as an IRS 8840 form or snowbird filing.

This is your opportunity to prove to the U.S. Internal Revenue Service that despite your lengthy visits, you maintain a closer connection to your Canadian homeland and should be exempt from American tax requirements.

This connection is established based on the location of:

Your permanent home.
Your family.
Personal belongings, such as cars, furniture, clothing and jewelry.
Social, political, cultural or religious affiliations.
Business activities.
Driver's licence.
Where you vote."

So you can stay in the United states for 4 months (120 days) each year and you will not have to pay US taxes. You can do something like 6 months one year then one month another year but you will need to check the formula above to make sure you don't surpass the 183 days in 3 year period calculation (Remember it's not based on regular days previous years count as 1/3 and 1/6 days so remember to calculate things properly).

On the other hand if you do surpass 183 days in a 3 year period using the formula above you can still fill out the Closer Connection Exception Statement for Aliens/ IRS 8840 form / snowbird filing form to make a case for why you aren't an american resident and you may end up not being considered a US tax resident. This will on hinge on you proving you are more so a resident of another country so you will need to make sure you have strong residential ties to another country and remember this is the IRS you are dealing with so it won't be easy and they will try their hardest to make you look like a US tax resident.

I hear there are some exemptions for Canadian Students studying in the US. If you take just a language class at some college you could potentially benefit from some exemptions. I see some sources saying you will only have to pay US sourced Income but you may need to potentially pay worldwide income. I'd honestly prefer not to have to file a tax return at all but I'll try to find out exactly what exemptions are available.

There are so many international students from wealthy families and the kids own million dollar houses and cars while also probably getting some income or shares from the family business. This site is very frequent in the United States and Canada especially in Vancouver where many university students are insanely rich. I doubt many of these international students in Canada/US are filing income taxes and tax returns on their businesses/regular income they get from back home.

I'm going to look into these student exemptions and how they can be utilized if anyone has some info on it let me know.

Post: #22

My home base is a village by the sea, but I won't go into all that. I'm stuck there because of work, but basically free to travel 5-6 months of the year. Because of that I have maintained a very modest set-up at home base and saved money for my travels. I've also spent almost all my time working when at home base, with little socializing and gaming. My advice: don't do it my way. Going monk mode for months and then going full degenerate for months is just not equivalent to having some real balance in your life. I'm personally working on finding solutions right now. I'll probably end up spending more time and money at home to get a better quality of life all year round.

Post: #23

pargan,

That's the formula. Best to stay four months a year and really count the days. Still, one third of the year is a decent amount of time to spend in the States.

As far as Canadian students, you are right. But (I believe) it is different for different student statuses. F-1 has different rules from J-1. Then there are students on short courses who only have I-20s and DS-2019s. You could also look at (in the case of Vancouverites) Canadian Citizens and Residents who also hold a US Green Card and are a regular -C- border commuter. Where do they pay taxes? That gets really confusing. Again, don't get me started, but for a really fun time, look at Canadian Status Indians who list their domicile on a reservation and have US residency under the Jay Treaty. I think that might be the only legal way to live in these countries and pay no taxes proper. But, I don't want to derail the thread.

Back to FATCA. For those of us who are regularly in the US, you can pick up enough indicia for this to be a concern, if not an outright problem.

From Deloitte:

U.S. Final Regulations lists seven indicia of U.S. status:

- U.S. citizenship or lawful permanent resident (green card) status;

- A U.S. birthplace;

- A U.S. residence address or a U.S. correspondence address (including a U.S. P.O. box);

- A U.S. telephone number (regardless of whether such number is the only telephone number associated with the account holder)

- Standing instructions to pay any amounts from the account to an account maintained in the U.S.;

- An “in care of” address or a “hold mail” address that is the sole address with respect to the client; or

- A power of attorney or signatory authority granted to a person with a U.S. address.

Having one of these indicia does not mean that the account is owned by a U.S. person, only that it must be given closer scrutiny.

I don't want to get super specific, but I have a number of those indicia from the US. And, I have had issues with foreign (non-US, non-Canadian) financial institutions. In limited cases, they simply did not want to deal with me (too much paperwork, or they don't deal with US Persons).

As my posts have, somewhat, dealt with Canadians spending significant time in the US, it is important to mention - doing that may cause businesses in other countries to treat you like a US Person for the purpose of FATCA. There are obvious ways to mitigate this, but it can make it more difficult to spend time in the US (not having a local bank account, for example).

Post: #24

I suppose a concern would be healthcare if living abroad away from Canada, and also severing residential ties. Do you have any personal experience with this Tiger Man (or anyone else)? Do you just bite the bullet and pay healthcare bills in whatever country you are living in? I realize that there is world class healthcare for far less than you would pay in the States in places like Mexico, and in some South American countries.

Post: #25

Check out Orlando. Airport has access to almost everywhere in the world, usually at reasonable rates, due to Disney.

No state or local income tax. Low cost of living. Mild climate. Ocean is an hour away.

Downside is its not the most exciting place in the world, a bit spread out, a bit humid. Winters are colder than Miami - you will need a jacket - but mild.