Do you think the taxes you pay are too high? Let us know in the comments below!
@555125kevin
2 жыл бұрын
Some countries have no income tax but better infrastructure than the US, so yeah tax is too high.
@myexcelgenius
2 жыл бұрын
Hi, excellent information, thank you. Do you have a equivalent video for e-commerce businesses of digital products/services (that is, no physical product is delivered). I'm an IT consultant in the UK and sell both consulting (development) and related digital products online. With thanks -
@ryhole9229
2 жыл бұрын
Yes, taxes are too high! Especially when you see how that tax money is being used.
@thomasstephens4954
2 жыл бұрын
Property taxes are high in Texas. People always complains. Cattle are a great way to combat taxes.
@laurend4482
2 жыл бұрын
Yep way too high. I’m in Canada and am an independent contractor... I pay just over 40% 😱
@Blahh992
2 жыл бұрын
I'm from Canada. We literally pay nothing but taxes.
@Sahrokh
Жыл бұрын
well you do keep voting liberal dictators.
@AI-ru9uc
Жыл бұрын
Same shit in Norway
@jeremyleonbarlow
2 жыл бұрын
It's possible for a US person who has renounced US citizenship -preferably obtaining another citizenship first, if they hold a college degree, I would highly encourage a CBI in one of the OECS countries then using their membership in Caricom to obtain a skilled worker certificate to secure freedom of movement rights in Barbados, Belize, Trinidad & Tobogo and other Caricom countries. If that US person is a permanent resident of the US or a temporary worker under an H1B or similar visa, then by ending their residential connection with the US to use a US based LLC -preferably in one of the state corporate & income tax free states, Wyoming, Texas, Washington, Nevada for example, and have a tax free operation, if they live in the right country as a tax resident, and manage the company ie hold formal annual board meetings in the right country or countries. I suggest the Caricom citizenship because under the US-Barbados tax treaty, holding a board meeting for a US organized company in Barbados doesn't make a company tax resident in Barbados. As long as there are no employees or contractors in the US, legal precedent in the US does not make this pass through entity subject to US tax, necessarily. Under the US-USSR tax treaty which the US recognizes, but Georgia does not, the tax rate on even royalties from a US business to Georgia is a 0% withholding rate. A company not managed and controlled or organized in Georgia with no permanent establishments in Georgia is not subject to tax in Georgia under Georgian law currently. A high networth individual with $3 million in assets or over about $65k a year in income for the last three years who owns requisite property in Georgia and has a residency permit due to that property ownership can avail themselves of tax residency in Georgia by not being tax resident elsewhere and proving they have a high networth and maintain residency in Georgia. This would give a digital nomad the ability to move rather freely. The republic of Georgia does not tax individuals on offshore income. The US tax resident company per the US-Barbados treaty as a pass through entity under US law would only be taxable in Georgia under current US law if the pass through owner was tax resident in Georgia. In this instance, even royalty payments typically subject to a 30% withholding rate in the US would have a 0% withholding rate under the US-USSR treaty which the US recognizes and as the owner & not the company would be considered the owner of the royalties, even some of the most difficult income to extract from the US tax free could pass tax free to a Georgian resident through this US LLC. So long as a digital nomad in this scenario did not become tax resident elsewhere, by holding annual board meetings for the US LLC in Barbados, it would not be taxable in Barbados under the treaty or Georgia under Georgian law, but would be a foreign company as a US LLC. It would still have nonresident reporting requirements to the IRS, but should not be a taxable entity, and as long as the nomad does no work in Georgia, they should not be taxable on the company profits in Georgia either. The US LLC provides fairly easy access to good online transactional banking for an operating company and a Wyoming LLC provides strong asset protection both against liabilities of the company to the owner, and liabilities of the owner in regards to assets of the company with charging order protection. This means if the owner got into a car wreck in a country where that being their fault could be costly, it would be almost impossible for a judgement creditor whose claims exceeded the nomad's liability insurance to liquidate the LLCs assets. I bring this up, because it always makes me laugh that a US LLC is one of the best tax haven assets in the world for people who are not US citizens if they plan how to use it correctly. In terms of US citizens reducing taxes, a C or S Corp or a foreign corporation in a zero tax jursdiction where economic substance requirements are not an issue with proper use of foreign residence exclusion, foreign earned income exclusion, per diems, health insurance deductions, health savings accounts, IRAs and 401(k)s, along with travel expenses can get a US taxpayer north of $200k a year tax free. The combination of a US C or S Corp with the right zero tax foreign entity as a subsidiary using a check the box election can be useful -if you can get banking for that zero tax entity. The recent introduction of economic substance requirements in many zero or low tax jurisdictions to satisfy the OECD and avoid being blacklisted from participation in international bank clearing of transactions has made a lot of low or zero tax jurisdictions nearly impossible to use because bank accounts are hard to get, or economic substance requirements are costly to comply with in ways they did not used to be. There are exceptions, but if you want to be a nomad, then it is harder than ever before. The way around this is proper planning, structuring and use of the right entity types in countries that are not on any blacklists which are easier to secure banking for than headline rate zero tax countries.
@user-dy2qq5wh4b
2 жыл бұрын
Wow, Jeremy that was very well written, you seem very knowledgeable. Im curious what would the top countries be for the US citizen who wants to utilize the strategy you referred to here: and thank you for your well written words! cheers! "In terms of US citizens reducing taxes, a C or S Corp or a foreign corporation in a zero tax jursdiction where economic substance requirements are not an issue with proper use of foreign residence exclusion, foreign earned income exclusion, per diems, health insurance deductions, health savings accounts, IRAs and 401(k)s, along with travel expenses can get a US taxpayer north of $200k a year tax free. The combination of a US C or S Corp with the right zero tax foreign entity as a subsidiary using a check the box election can be useful -if you can get banking for that zero tax entity.
@Sahrokh
Жыл бұрын
THIS is what the video should have teached about, instead of flip-flopping for 13 minutes without saying anything. I understand the guy wants to charge for consultancy but at least put in some value, not just some vague generalization we all know about already.
@ubermenschen3636
2 жыл бұрын
@8:45, The US Taxman allows a US citizen to earn about $108k abroad without having to pay Federal income tax on that amount. But $108k is spare change for 7 and 8 digit net worth individuals. And regardless of your foreign earned income and your US tax liability, you still must file an annual tax return with the IRS because you are a US citizen ( or slave as some critic calls it). Solution: keep it simple. Cut your tie with the USA. Go where you’re treated best.
@historylabstudio
2 жыл бұрын
Own less, control everything.
@BBalence
10 ай бұрын
can you still travel into the US for long periods of time and own property?
@taylorkaplan2614
2 жыл бұрын
After doing ecommerce, I can't understand why anyone would touch goods or commodities at all.
@davelawson2564
2 жыл бұрын
it includes goods
@taylorkaplan2614
2 жыл бұрын
@dave lawson, commodities don't include niche physical products.
@davelawson2564
2 жыл бұрын
@@taylorkaplan2614"goods "
@jelanithompson3064
Жыл бұрын
Curious about this. Could you elaborate?😅
@taylorkaplan2614
Жыл бұрын
@@jelanithompson3064 last year I had a company manufacturing wifi devices. Supply chain, getting this approved to be compliant,... all of it a nightmare.
@mrright1068
2 жыл бұрын
I think I am more confused about this now. For a startup saas or iaas company should you start it overseas first? Then if you take crypto for payment that complicates things with the US customers because of the present administrations draconian view of crypto. I am in the final stages of creating this, but do not want to roll it out in a place where I will lose 40% off the top. Startups need all the resources they earn for growth not feeding politicians pet projects.
@cbr929rrridingfree9
2 жыл бұрын
Zero tax, let's do it!
@MochaZilla
2 жыл бұрын
I'll repost this since it was deleted for some reason.... 99% of US residents are legally not required to pay US federal or state income tax per the law. Checkout freedom law school on YT. Great info on that channel.
@NotAnEconomist
2 жыл бұрын
@@MochaZilla unfortunately that's not true...I agree that it's unconstitutional to pay taxes we do, but with the current "law", you are obligated to pay taxes if you don't want legal consequences
@MochaZilla
2 жыл бұрын
@@NotAnEconomist i think you should look into it before assuming you know what its about. The founder has already won in tax court. And he's been doing this since the early 90s. Just check it out before making any assumptions
@SaintNyx
2 жыл бұрын
@@MochaZilla even if he's won, his whole shtick sounds incredibly shady. It essentially amounts to not paying taxes and fighting the IRS in the courts. That's just gambling...
@MochaZilla
2 жыл бұрын
@@SaintNyx you're making a lot of assumptions. Just research it yourself and then make an educated conclusion
@michellebrunken1340
2 жыл бұрын
I was just thinking about looking for more information about nomads from Canada. Thank you for the information. That is why I have been watching your channel for a year now. Thank you :)
@marcosmenescal2962
2 жыл бұрын
We should not pay more than 10%, the more we give to governments the more they waste. Why should we pay almost half of our earnings to a "partner" that doesn't invest, doesn't work and doesn't take the risks? Wake up folks!
@boristheslav9414
2 жыл бұрын
We need to differentiate between corporate and personal taxes. If you set up a company in let’s say for example Georgia and bank in Georgia. Your tax liability is in Georgia on the company. As soon as you take any money for your personal account then you’re liable for personal tax.
@allan4264
2 жыл бұрын
Absolutely true
@svilenyabanozov1273
2 жыл бұрын
Why just don’t use your company credit or debit card for a personal purposes?
@runderwo
2 жыл бұрын
That's not true. CFC laws ensure that the US taxpayer shareholder of a foreign corporation pays tax on income of the corporation. Unless you meant the US state of Georgia?
@davelawson2564
2 жыл бұрын
@@runderwo not true. he pays tax on income/bonus/dividend when gets in his bank account not when its part of foreign corp profits
@runderwo
2 жыл бұрын
@@davelawson2564 No, that's not how CFC rules work. This may be a new concept to you.
@gabbeat
Ай бұрын
This video gave me more questions than answers...
@MrCrispypata
3 ай бұрын
If you have an online business and choose to live in US, move to a state with no income tax, and make a lot of money. You pay more tax but you still get to keep a big chunk of your income. There's no other way to do it legally.
@NotAnEconomist
2 жыл бұрын
Might be a dumb question but what about a KZitem channel owner? Is there a way to avoid taxes or incorporate your channel in a way to avoid paying US taxes? I wonder how Nomad Capitalist channel is being run!
@NotAnEconomist
2 жыл бұрын
@@MochaZilla Will do, thanks!
@historylabstudio
2 жыл бұрын
Consider not being the "owner", become a "creator" and you work for a HK corp which is the owner. You're are an independent contractor.
@NotAnEconomist
2 жыл бұрын
@@historylabstudio wonder if that would work, the corporation in Hong Kong would have to be under my name too. I am a new channel so don't really have enough income to outsource yet, but maybe one day. Thanks!
@historylabstudio
2 жыл бұрын
@@NotAnEconomist "would have to be under my name too" -- not necessarily. If your long-term objective is to reduce your "personal income" then you might add a little creativity.
@historylabstudio
2 жыл бұрын
@@TimithosYou can surely assume that. Living overseas for the past 15 years would not apply. Also, it was never stated that I am the person the filed for the LLC's. I was just posting accurately the IRS position regarding "Foreigners" doing business in the USA. You appear not to grasp the "Own nothing, control everything" concept.
@wolfwarrior3454
2 жыл бұрын
Could you do a video about those of us who have an affiliate marketing business - digital products?
@mississippiapple1078
2 жыл бұрын
What if I ran stock equity trading of my own money. Can this be tax free? Do I have to registered with sec?
@vakuzar
2 жыл бұрын
Would be super curious what the best strategy would be for a software company. Move to Dubai and call it a day?
@levelup1279
2 жыл бұрын
Convert your assets to private cryptos like Momero, rebrand to where your identity isn't public, & just don't pay any tax.
@chrismartin8200
Жыл бұрын
I’m going to run a software company too, did you find a way to pay less taxes? If yes could you help me out please?
@jarek5264
2 жыл бұрын
I will most likely never be a 7 or 8 figure entrepreneur, but been watching your vids for last few months like my life depends on it 😅
@adrianfisher3349
2 жыл бұрын
Don't set your expectations too low. Set a target then go for it. If you don't believe you can do it then you won't. If you believe you can then you have an open goal to do it, as long as you persist.
@LaisseFaire2121
2 жыл бұрын
That’s a poor mindset.
@jarek5264
2 жыл бұрын
Guys, calm down. And have some distance to yourselves and the YT comments. I'm a programmer having good job, paid well enough to maintain reasonably high standard of living. Though my statement is correct and I most likely never be 7 or 8 figures, as this is not the priority in my life. My comment was intended to give positive feedback regarding the channel and published videos, not to gather your pity comments :p but either way I hope all of you will be 7+ figures and happy :)
@adamsarwar
2 жыл бұрын
“.. if you could get out..” hehe 😜
@egalt4128
2 жыл бұрын
I am a Canadian, living in Canada that does consult work online for other Canadians. If all clients pay an offshore corporation, and I don't draw any income... does that corporation still have to pay Canadian tax? Anyone able to point me to the tax law? Unfortunately, I am a very low 6 figure business, so I don't think Nomad Capitalist can help :)
@km3247
2 жыл бұрын
No, that corporation would only pay income tax in the country it's registered in. But you would pay Canadian income tax on any income that you are paid from that corporation. That's the tricky part...repatriating the funds.
@mathieulandry1680
2 жыл бұрын
Very interesting video.
@sohaibmalik6260
2 жыл бұрын
Video idea: I would love to see a video specific to people that trade the markets.
@code5829
2 жыл бұрын
I second this.
@mrright1068
2 жыл бұрын
Maybe interview some people who have done this and what their goals were and how it worked out for them.
@galleyo1648
2 жыл бұрын
Defund Washinton and this would be a great country. States collect what is now Federal Income tax and Fund Washington per a budget proposed by Washington and negotiated with the states. No more money in Washinton and the politicians would leave like rats leaving a sinking ship. It's the money stupid. I used to be disgusted, now I'm just amused.
@OnSiteTrav
2 жыл бұрын
Thats a great idea
@Rebecca-qg8pb
17 күн бұрын
So i have to start the business abroad first or...🤔
@Euro-GaNationalist-hv1on
3 ай бұрын
Can I just tie my business to an offshore bank account in Bermuda?
@homobohemian
Жыл бұрын
If I'm a Ukrainian citizen with an Estonian company (through e-residency) and live, let's say, in Costa Rica (or any other territorial tax country), what are the chances that Ukrainian tax authorities would leave me alone?..😅 I totally understand that analyzing and giving a consultation on a specific case such as mine might not be something you'd want to address. But if you have a moment and curiosity to investigate the options for Ukrainian refugees who live abroad since the beginning of war but seem not to be able to shake off the tax obligations towards Ukraine, that might be a valuable piece of content for your Ukrainian viewers (if you have any besides me😄) Thank you for all the useful info you share on your channel regardless:) Maria
@antonrekun13
6 ай бұрын
Just read online, there's plenty of info on this topic. Long story short, if you become tax resident of another country, it's a pain in the ass to get rid of Ukrainain residence. Since there's no automatic exchange of tax info between other countries and Ukraine YET (it's planned), you're safe. But then you would have a hell of a time with Ukrainian tax authorities to prove you're not a resident anymore and don't owe any taxes
@homobohemian
6 ай бұрын
@@antonrekun13thank you for taking time to look it up🙂 yeah, I came across the same information. I might apply for Romanian repatriation program, and try renouncing my Ukrainian citizenship.
@mohitsemwal
2 жыл бұрын
As a US LLC owned by foreign national is a disregarded company for US tax purposes if not involved in US trade or business. In this case an Indian citizen living and working in Germany and selling on Amazon FBA will be 0 taxed? (As India has a territorial based tax regime) It would be great if you can help with that
@davelawson2564
2 жыл бұрын
you pay local vat/gst where you sell products online as applicable. you'll pay Income tax in country of residence on your overseas income unless its exempted.
@historylabstudio
2 жыл бұрын
@@davelawson2564 correct
@terrasoar9548
2 жыл бұрын
A SaaS one of these for Euro VC funded projects would be very helpful.
@FitDemo
11 ай бұрын
What about for European citizens?
@MrDynamicMedia
2 жыл бұрын
Hi Andrew as a Brit, and making $5k-$10 per month in affiliate marketing (just me no staff etc wtc ) and some digital marketing for local business, what would be the best tax structure to pay as little tax as possible . FYI I do want to leave the UK and would love to live in Thailand but open to ideas. Would Setting up Wyoming LLC for my internet business and not living in the USA.. I been told that would work unless I made sale within Wyoming?? thanks
@km3247
2 жыл бұрын
I would HIGHLY avoid registering anything in the US if you can avoid it. If you are able to collect payments to a company registered in low-tax country outside of the US, you'll not have to register with the IRS or US banks. Dealing with the IRS and US banks as a foreign owned entity is a nightmare.
@MrDynamicMedia
2 жыл бұрын
@@km3247 thanks for the input, yes maybe best left alone. I think I might for the Estonia E visa, or maybe Bulgaria as they got a 10% flat rate of tax. I am not like a big company so not as many options. I am open to ideas??
@DomsDocs
Жыл бұрын
@MrDynamicMedia did you figure it out? where did you register in the end? xD
@MrDynamicMedia
Жыл бұрын
@@DomsDocs Well for me its looking like Cyprus as I can also live there and its awesome!
@DomsDocs
Жыл бұрын
@@MrDynamicMedia did you do it?
@user-ye3ku3nb7q
2 жыл бұрын
04:19 (Answer)
@catwhisperer3974
2 жыл бұрын
Hi. Are there two versions of your book? I see a second addition... Which one is the best read??
@falconellirk901
2 жыл бұрын
What if you are european and want to know what country to set up a subsidiary for ecommerce bizz
@ubermenschen3636
2 жыл бұрын
@11:42, as to setting up your business in Puerto Rico to gain tax advantages, forget it. You’re walking into a trap. Already Puerto Rico is talking about modifying the incentives. Go where you’re treated best, not tolerated for the time being.
@ubermenschen3636
2 жыл бұрын
@@Timithos ::: not so fast. You may have to disgorge any or all benefit received under the Puerto Rico special investment rule if you relocate prematurely. It’s like withdrawing your CD before maturity date.
@ubermenschen3636
2 жыл бұрын
@@Timithos ::: why eat half a mediocre meal when you can eat the entire gourmet outside the USA. As Henderson frequently said: Go Where You’re Treated Best.
@tydedv7680
2 жыл бұрын
So what about this but for non tangible, online business for people currently based in the UK but happy to move away?
@digitaldefector8986
2 жыл бұрын
If you live overseas and are working for a foreign company and never exceed the minimum taxable income for MAGA, do you even need to file with the IRS?
@InJusticeAustralia
2 жыл бұрын
How is it that trusts can be established in places that there is no way there is anything legit going on?? Eg: Registered to an island that doesn’t even have residents!
@user-dy2qq5wh4b
2 жыл бұрын
you mean the difference between non statutory trusts (internationally recognized) and statutory ones?
@lala-wg1gc
2 жыл бұрын
Hi Birthday Guy- can you please address outside the us with pets! I beg you every 3 or so months. I said I would stop asking but I can’t resist! If you could point us in a direction or impart some of your goodie 2 shoe wisdom on us! Continue you dope touch and thank you 🙏🏽
@beachbumc21
2 жыл бұрын
For the US citizen is it 108k or 10k a year? I wasn't sure if you misspoke or meant 10k a month the second time. Thanks Andrew !
@user-dy2qq5wh4b
2 жыл бұрын
its up around 108-112k per year for the FEIE tax exemption.
@user-dy2qq5wh4b
2 жыл бұрын
@@Timithos dang thats not a bad income if ya live in a tax free country as a US cititzen. Where are some places we can go for this?
@JJ38255
2 жыл бұрын
@@user-dy2qq5wh4b That's more money than you ever need in some countries. Making 128k a year in some countries would give you a better lifestyle and culture than 400k in the usa
@onekumarajay
2 жыл бұрын
Thanks for this. That's interesting content. In order to pay less tax, what are the steps a ..... citizen should take? And fill in the blanks with the countries with highest tax rates.
@onekumarajay
2 жыл бұрын
@@Timithos interesting ... sounds like potentially good info. resource ... like what are the steps in order to satisfy requirements of new country & original country?
@onekumarajay
2 жыл бұрын
@@Timithos like top tax paying countries & each has like 5 escape routes & the steps forward for each
@McFanick
2 жыл бұрын
How do you know alllll this?
@lukas94494
2 жыл бұрын
Qizad in uae is what im looking at now
@matthawksworth
2 жыл бұрын
I think for 3 figure entrepreneurs just starting in a US state thats not CA is the cheapest way to go
@jeremyleonbarlow
2 жыл бұрын
As a C-Corp. I mean you can can sell up to $10 million of original issue 1202 stock in a C-Corp per year for tax free capital gains from such an entity. I mean grow your business, take all of the numerous tax deductions, especially the bonus depreciation and pay almost zero tax while growing the business and at most 21%. Go offshore and take the FEIE, foreign housing exclusion, per diems, use IRAs and 401(k)s and HSA, and expense tickets for travel to the company along with all of the other deductions not getting money out of the company tax free for you or at most subject to FICA, FUTA, and worker's comp fees. I mean you could get north of $200k a year or more even more if you are married out of a C-Corp mostly tax free while growing the company then sell that original issue stock as 1202 stock for up to $10 million and have a zero rate on the capital gains.
@user-dy2qq5wh4b
2 жыл бұрын
just head over to Nevada and set up there. Easy!
@jeremyleonbarlow
2 жыл бұрын
@@user-dy2qq5wh4b Or go north to Washington. It works for Microsoft and Amazon.
@levelup1279
2 жыл бұрын
Convert your assets to Monero (a private & untraceable crypto unlike bitcoin) then pay no capital gains.
@GET0V3RHERE
Ай бұрын
13-minute word salad.
@alexanderr6106
Жыл бұрын
you Should hire a writer. You repeated yourself quite a few times and didn't bring across the information well.
@nomadcapitalist
Жыл бұрын
Duly noted.
@leviandhiro3596
2 жыл бұрын
At this point just renounce your citizenship. This country takes too much and doesn't give shit
@pedrinbalafina4122
Жыл бұрын
ok look I am fucking lost ok, I am not from the us I'll live there in 2024 confirmed, but lets say I get cash and pay my house rent, I get cash and pay my food, that is all I'll need for the time, after that I'll obviously start my e-commerce and lets say I got 1M of sales on a month, first try, ok now I need to pay my taxes, where are they coming from, where do I pay them, do I need to calculate my own taxes, do I just go on my e-mail, my bank, am I going to recieve papers on my door, like I HAVE MONEY I WILL PAY LOADS OF TAXES I DON'T CARE, I JUST NEED TO KNOW HOW AND WHERE TO PAY THEM AND WHERE THEY ARE GOING TO APEAR SO I CAN PAY THEM. I AM LOST
Пікірлер: 129