Living in one of the best tax-free countries of the world is every entrepreneur's dream, but how to do it?
While there are plenty of countries with no income tax where governments welcome people with money to live freely, actually getting into them is becoming increasingly more difficult.
This is hardly a surprise, seeing that more and more businessmen are looking for ways to pay fewer taxes and even reduce them to 0.
However, there's a glitch of which you need to be aware of and use that knowledge wisely.
If you plan to base your business in one the countries with zero income tax, then you might be considering Kuwait, United Arab Emirates or Saudi Arabia.
Or maybe you're more focused on Bermuda, Caribbean Islands or the Cayman Islands, which offer same perks - you go work there and pay no tax.
But there's always a challenge and with these countries is that they're not particularly open to new foreign entrepreneurs.
So which countries are the excellent flag to plant, and you don't have to wrestle with the circumstances every step of the way?
There are plenty of livable countries that don’t impose income taxes on their residents, and most of them actually have territorial taxes.
The good news here is you can live in Singapore or Hong Kong, make your money offshore and pay no tax for it. It's rather simple - if the income isn't generated in these countries, you won't pay tax for it.
Naturally, you don't want to set up your company in a country where you have to pay territorial tax because then income taxes are inevitable.
Of course, these countries are making it very hard even for high-achieving entrepreneurs to make a base there because they're aware of the value of the freedom they have.
Fortunately, Malaysia, Thailand, Costa Rica, Panama etc. still haven't become as strict as Singapore or Hong Kong, so there's some leeway to take advantage of.
The trick here is to plan carefully, to know what you want and how to get there. It’s all about “going where you’re treated best”.
This is what the Nomad Capitalist and Andrew do best - helping entrepreneurs come up with a strategy that will give clients more freedom and help them save money on taxes.
Finding the best tax-free country for you requires experience and attention to details, and having professionals help you will make a world of difference.
For more in-depth info, read our article:
Did you explore tax-free countries? Do you know where you want to go? Tell us what you think in the comments.
ABOUT NOMAD CAPITALIST
Andrew Henderson travels to nearly 30 countries every year to stay up to date on the latest legal strategies for entrepreneurs and investors to pay less tax, grow their money faster, and build their personal freedom.
Andrew started Nomad Capitalist to help people like you follow his five magic words: "go where you're treated best". He has personally started foreign companies, opened offshore bank accounts, and obtained multiple second passports.
He also learned the hard way that perpetual information seeking is often the biggest barrier to getting the results you want. Many entrepreneurs spend months and even years constantly researching how to pay less in tax or live overseas, but are afraid to make the jump.
As a result, they get stuck and keep paying a fortune in taxes and never get the lifestyle they deserve.
Nomad Capitalist's Youtube channel is based on Andrew's vision that focusing on the end result, rather than the latest shiny object, is the best way to actually obtain the benefits of the Nomad Capitalist lifestyle.
About Andrew: http://www.nomadcapitalist.com/about/
Our website: http://www.nomadcapitalist.com
Our blog: http://www.nomadcapitalist.com/blog/
Work with Andrew: http://www.holanomad.com/