So, are you ready to learn how to save money on taxes and live like a millionaire nomad? This is how you do it. In the simplest way, by living abroad on tourist visas and declaring yourself as a non-resident of your native nation. In most countries, you can stay for 90-180 days without a visa and still avoid taxes and being considered a resident if you stay abreast of how much time passes. To reset the timer on your stay, you may need to leave the country for a few days before returning. When it comes to buying a property or developing an enterprise, you still have access to many of the same options that are available to residents of the country; including the right to drive your own vehicle.
Permanent residency is the best option for persons who desire a base in a foreign nation but don’t want the trouble or uncertainty of traveling there numerous times a year. An employer may be able to sponsor you, or you may qualify for a special retirement visa if you’ve invested in the country through real estate or government bonds.
Consider the possibility of obtaining permanent status in many countries at once. A great “insurance policy” in case something happens to the country you are now living in. This is an amazing “insurance policy” For example, if you are a US citizen, you may be able to obtain a tourist visa and live in South Korea. Working from home as a freelancer or starting a drop shipping business while taking in the local culture is an option.
When it comes to taxation, you can be a tax resident in Panama, which only taxes income generated within the borders of the nation. Alternatively, you may set up shop in Panama or another tax haven like the British Virgin Islands (BVI), both of which provide excellent asset protection. Just to give you an idea, these are just a few of the countries that might be interested in listing your business. Permanent residency in Panama will also get you started on the path to getting a second passport. However, keep in mind that governments all over the world are interested in and offer residency programs to persons like you.
It’s not that difficult to obtain residency in a different nation, even if it involves a lot of paperwork. It’s all worth it in the end. In the end, I believe that paying taxes is a form of theft, and as a result, you should take every legal measure at your disposal to reduce or eliminate your tax liability. Living in a tax-free country is just one of the many benefits of moving abroad.