How to avoid tax as a digital nomad

[Zolo]

I have bank accounts in multiple countries (including US) and a company in Ireland. I'm currently paying unnecessary tax in Malta for contract work and moving to billing them through a foreign company. I want to avoid/minimize taxes legally. 

Anybody have any suggestions or links?

[Hicks]

Have a parent company incorporated in the British Virgin Isles (There are other options too, but I found BVI to be the best). It will cost close to €1k to set up but will pay for itself many times over. Make sure everything you do goes through this company.


...Or just don't declare and hope not to get caught.

BVI set up options:

http://gws-offshore.com/british-virgin-i...e-company/

[Zolo]

Thanks man!

[nomadphilippines]

i give you 10 million dollars and you give me this little book

[XxSMIL3xX]

The answer is not simple.
It depends where are you resident and where are you a tax residence.
In EU if you live in a country more than 183 days it becomes your taxation base.
So you pay taxes in this country for your global income.
You have to state in this country all of your income.From anywhere.
So if you have an income in country A which is your taxation base and an income in country b you have to pay
taxes in both A and B
and in A you have to also to pay taxes for the income in B except there is a deal between these 2 countries where country A should take out the taxes from country B.

I dont know if it is clear enough.

If you have an LTD you write all the income in there and you just keep the debit card.
You spend money via the debit as an agent of the LTD.
You say that the company sent you in Malta to search for any investment opportunities etc etc.
The money arent yours so you dont have to pay any taxes.

[Skins]

I'm in a similar situation. I've done a lot of research on this topic but I'm no expert.

This guy has some really good articles on his blog. http://ustax.bz

He did a AMA on Reddit and he still checks it so maybe you should jump in there and ask your question.

https://www.reddit.com/r/FulfillmentByAm...epreneurs/

[fucksong]

Old thread but adding to what Hicks said, I believe Isle of Mann is another tax jurisdiction (and hey, don't they have a badass motorcycle race don't they??)

Also, I've never done this but I've heard about this strategy for decades that I'll mention it FYI, but life insurance or rather, certain types of life insurance (I think they're called VUL or variable life) have some sort of structure where you can hold investments in there either tax free or tax deferred.

Lastly, don't forget that if you're earning this revenue thru some business, make sure your business entity is set up in the most strategic way possible while still protecting your assets.  One example that comes to mind is that instead of owning an apartment in your own name in the US, one strategy that is used is to own it via an LLC limited liability company and on top of that, you could also set up a irrevocable trust (or revocable trust depending on your exact situation) to own the shares of that LLC.  That way you should get asset protection plus privacy but there are additional fees and I can't remember how taxation is applied so really depends on what your goals and priorities, both current and future are.

Oh, forgot to add.  If I remember correctly, you were an early investor in bitcoin (dayum dude, you must be ballin hard nowadays) I'm not 100% sure of this but I went to a crytpo event last month where a CPA said that crypto currencies by default (due to lack of specific regulation) are being treated like property.  And if you think about the tax benefits of property (ex. house/car), one of them is depreciation so I've also been curious if and what kind of depreciation you could earn on cryptos.  Also not sure but i'm guessing short term and long term capital gains tax rates would apply to any crypto sales (I could be wrong) but there's big difference between those categories

[nomadphilippines]

has anyone used that bvi company hicks suggested?