ALL Tax HAVENS Rich People Move To & Why

Published on: December 4 2022 by Hayden Bowles

ALL Tax HAVENS Rich People Move To & Why

ALL Tax HAVENS Rich People Move To & Why

ALL Tax HAVENS Rich People Move To & Why

startTime	durationTime	text
00:00:00	00:00:05	have you ever wondered how the rich
00:00:02	00:00:06	legally avoid paying tax how hundreds of
00:00:05	00:00:08	billions of dollars
00:00:06	00:00:10	every single year gets moved around in a
00:00:08	00:00:12	very creative way so that ultimately
00:00:10	00:00:14	people don't have to pay that money to
00:00:12	00:00:15	the government well in this video i'm
00:00:14	00:00:16	going to explain to you the different
00:00:15	00:00:17	ways
00:00:16	00:00:19	that this is possible i'm going to
00:00:17	00:00:21	explain the different places that
00:00:19	00:00:23	business owners and individuals
00:00:21	00:00:25	set up themselves legally where they
00:00:23	00:00:26	have different residencies maybe they
00:00:25	00:00:29	headquarter their companies somewhere
00:00:26	00:00:31	and they're able to avoid massive
00:00:29	00:00:33	massive tax bills now
00:00:31	00:00:35	how am i someone who is qualified to
00:00:33	00:00:35	tok about this i wanted to bring up
00:00:35	00:00:38	this point
00:00:35	00:00:39	i live in one of these tax havens that
00:00:38	00:00:41	i'm about to mention here in this video
00:00:39	00:00:42	this video is not meant to be politikal
00:00:41	00:00:44	we're not going to tok about the
00:00:42	00:00:45	benefit of paying certain taxes versus
00:00:44	00:00:46	not
00:00:45	00:00:48	that would be a very different
00:00:46	00:00:50	conversation as to the different
00:00:48	00:00:52	government mismanagement of
00:00:50	00:00:54	funds so in this video let's jump right
00:00:52	00:00:55	in make sure to drop a like
00:00:54	00:00:57	i'm going to run you through the
00:00:55	00:00:59	different tax havens that exist
00:00:57	00:01:01	there's a lot more that we can tok
00:00:59	00:01:03	about in terms of tax havens there's
00:01:01	00:01:06	some that i'm not gonna bring up because
00:01:03	00:01:07	it would be very very difficult to move
00:01:06	00:01:09	to that location it might not have a
00:01:07	00:01:11	very high quality of life
00:01:09	00:01:12	or it just might not be the best option
00:01:11	00:01:14	so there's always more that you can do
00:01:12	00:01:16	research on there's probably about 25 to
00:01:14	00:01:17	30 different places
00:01:16	00:01:19	where you could do this in different
00:01:17	00:01:21	ways there's also programs where you can
00:01:19	00:01:22	just travel the world full time and
00:01:21	00:01:25	avoid
00:01:22	00:01:26	most taxes so as your income increases
00:01:25	00:01:28	this video might become very very
00:01:26	00:01:29	valuable for you
00:01:28	00:01:31	and i just wanted to tok about it so
00:01:29	00:01:33	let's jump right in what are
00:01:31	00:01:35	the different options that you have well
00:01:33	00:01:37	there's many and before you make a
00:01:35	00:01:38	selection from the list i'm about to
00:01:37	00:01:40	provide you i'm going to tok about each
00:01:38	00:01:41	of these things very briefly
00:01:40	00:01:43	i want to tok about the things you have
00:01:41	00:01:44	to factor in these are things that i had
00:01:43	00:01:47	to consider
00:01:44	00:01:48	when i was starting to attempt to not
00:01:47	00:01:49	want to pay taxes i guess that's the
00:01:48	00:01:51	best way i could put it
00:01:49	00:01:53	i realized that there was legal ways to
00:01:51	00:01:54	avoid it and i wanted every single part
00:01:53	00:01:55	of that
00:01:54	00:01:57	so i started looking into this and
00:01:55	00:01:58	there's different things you're going to
00:01:57	00:01:59	want to consider
00:01:58	00:02:01	number one the biggest question is where
00:01:59	00:02:04	are you starting from so this is very
00:02:01	00:02:05	very different if you live in the u.s
00:02:04	00:02:07	versus pretty much anywhere else in the
00:02:05	00:02:09	world that's kind of like the two halves
00:02:07	00:02:10	it's either you live in the u.s or you
00:02:09	00:02:12	don't and if you don't live in the u.s
00:02:10	00:02:14	you actually have a lot more
00:02:12	00:02:16	options and a lot more flexibility so
00:02:14	00:02:18	first thing is are you willing to give
00:02:16	00:02:19	up your citizenship to wherever you live
00:02:18	00:02:21	right now that's a question you're going
00:02:19	00:02:23	to have to know the answer to
00:02:21	00:02:24	because whatever you end up doing may or
00:02:23	00:02:26	may not require that so
00:02:24	00:02:28	is that something that you'd be willing
00:02:26	00:02:30	to do for me the answer was a hard
00:02:28	00:02:32	no and that right there limited my
00:02:30	00:02:34	options as a previous u.s
00:02:32	00:02:36	resident who was not willing to give up
00:02:34	00:02:38	his citizenship there was instantly
00:02:36	00:02:38	like 30 options down to maybe three
00:02:38	00:02:39	another thing you're going to want to
00:02:38	00:02:41	factor in
00:02:39	00:02:43	obviously is the tax rate out of the
00:02:41	00:02:45	options that will be available to you
00:02:43	00:02:47	which one are you going to want based on
00:02:45	00:02:48	the tax rate because not all these tax
00:02:47	00:02:50	havens are at zero percent
00:02:48	00:02:51	so it doesn't mean that it's not worth
00:02:50	00:02:52	it it doesn't mean that maybe you
00:02:51	00:02:53	shouldn't do it
00:02:52	00:02:55	there's people who live in places like
00:02:53	00:02:56	greece we're going to tok about right
00:02:55	00:02:58	now and they're totally okay
00:02:56	00:02:59	paying the six-figure tax bill that they
00:02:58	00:03:01	have to pay to live there because it's
00:02:59	00:03:03	substantially less and their quality of
00:03:01	00:03:04	life is more so you have to factor in
00:03:03	00:03:06	quality of life
00:03:04	00:03:08	how easy is it to move there how is the
00:03:06	00:03:09	travel going to be in and out of that
00:03:08	00:03:10	location is that convenient
00:03:09	00:03:12	that's something you might want to
00:03:10	00:03:14	factor in and overall just all the
00:03:12	00:03:16	little things that would go into
00:03:14	00:03:17	moving somewhere probably very foreign
00:03:16	00:03:18	those are things you're going to want to
00:03:17	00:03:20	factor
00:03:18	00:03:21	in now what are the actual locations you
00:03:20	00:03:23	can move to
00:03:21	00:03:24	what are the tax implications associated
00:03:23	00:03:26	with that i want to start with the one
00:03:24	00:03:28	that i am actually standing in
00:03:26	00:03:29	right now which is my home here in
00:03:28	00:03:31	puerto rico for
00:03:29	00:03:33	u.s residents this is probably going to
00:03:31	00:03:35	be your best option
00:03:33	00:03:37	now unfortunately it's actually not a
00:03:35	00:03:39	zero percent tax basis
00:03:37	00:03:40	i pay four percent flat from a corporate
00:03:39	00:03:43	perspective
00:03:40	00:03:44	i also pay a pretty normal tax rate of
00:03:43	00:03:47	about 20 plus percent
00:03:44	00:03:48	on my personal salary which is minimal
00:03:47	00:03:51	but still considered
00:03:48	00:03:52	fair and reasonable so consider that
00:03:51	00:03:54	there is still probably an effective
00:03:52	00:03:56	seven to ten percent tax rate
00:03:54	00:03:58	a lot of different fees and costs that
00:03:56	00:04:00	happen on a monthly and yearly basis
00:03:58	00:04:01	to actually support living down in
00:04:00	00:04:03	puerto rico so
00:04:01	00:04:04	that's probably the best option for u.s
00:04:03	00:04:05	residents you do not have to give up
00:04:04	00:04:08	your citizenship
00:04:05	00:04:09	it's pretty dang easy to move here um at
00:04:08	00:04:10	least
00:04:09	00:04:12	now i kind of see that it was it was
00:04:10	00:04:13	pretty daunting there was a lot of
00:04:12	00:04:14	paperwork when i was first getting
00:04:13	00:04:16	started
00:04:14	00:04:18	but compared to a lot of these other tax
00:04:16	00:04:19	havens and different places that you
00:04:18	00:04:21	could move to
00:04:19	00:04:23	this is one of the easier ones for us
00:04:21	00:04:25	residents because it's still a part of
00:04:23	00:04:26	the united states now to actually live
00:04:25	00:04:28	in puerto rico you have to pass what's
00:04:26	00:04:29	called the closer connection test which
00:04:28	00:04:31	means
00:04:29	00:04:32	you need to be able to prove ties to
00:04:31	00:04:34	puerto rico
00:04:32	00:04:36	closer than you can to anywhere else
00:04:34	00:04:36	pretty much meaning wherever you moved
00:04:36	00:04:39	from
00:04:36	00:04:39	so for me i moved from arizona to puerto
00:04:39	00:04:41	rico
00:04:39	00:04:42	i still have a home there i still have
00:04:41	00:04:43	cars there i still have a lot of stuff
00:04:42	00:04:45	there
00:04:43	00:04:47	you have to be able to prove a closer
00:04:45	00:04:48	connection to puerto rico so
00:04:47	00:04:50	a couple things that that might look
00:04:48	00:04:51	like first of all passing the actual
00:04:50	00:04:54	test of being present
00:04:51	00:04:54	you have to spend over 183 days a year
00:04:54	00:04:57	which is
00:04:54	00:04:59	half plus a day in puerto rico there's
00:04:57	00:05:00	no cutting corners there's no getting
00:04:59	00:05:02	around it that's something you
00:05:00	00:05:04	definitely don't want to mess with but
00:05:02	00:05:04	getting a driver's license registering
00:05:04	00:05:06	to vote
00:05:04	00:05:08	having you know a social circle here
00:05:06	00:05:10	spending money here things like that
00:05:08	00:05:11	that really can prove that hey you
00:05:10	00:05:12	actually live here you know visiting the
00:05:11	00:05:14	dentist
00:05:12	00:05:16	there in puerto rico so things like that
00:05:14	00:05:16	that can really you know if you had to
00:05:16	00:05:18	show
00:05:16	00:05:19	hey i actually live here it'd be pretty
00:05:18	00:05:21	easy to prove you're going to want to be
00:05:19	00:05:23	able to prove that now as a us
00:05:21	00:05:25	resident i wanted to be able to spend
00:05:23	00:05:27	time back on the mainland so for me
00:05:25	00:05:28	looking at different places which we're
00:05:27	00:05:30	going to tok about here in a moment
00:05:28	00:05:32	it wasn't really as much of an option
00:05:30	00:05:32	because moving to puerto rico allows me
00:05:32	00:05:35	to spend
00:05:32	00:05:37	that difference in time so 183 days here
00:05:35	00:05:38	and 182 days
00:05:37	00:05:40	back in the mainland so that's pretty
00:05:38	00:05:42	much six months that's half the year
00:05:40	00:05:43	that was more than acceptable for me i
00:05:42	00:05:45	didn't want to be limited
00:05:43	00:05:46	in the amount of time in a big way like
00:05:45	00:05:48	hey you can only spend two or three
00:05:46	00:05:50	months which some programs
00:05:48	00:05:51	have a lot of limitations like that so
00:05:50	00:05:52	let's jump in i want to kind of run you
00:05:51	00:05:53	through this list
00:05:52	00:05:55	on a few different places that you could
00:05:53	00:05:56	move things to consider
00:05:55	00:05:58	the biggest variable there is going to
00:05:56	00:06:00	be are you a current u.s resident or not
00:05:58	00:06:00	because that is going to change this
00:06:00	00:06:02	drastikally
00:06:00	00:06:04	number one that i want to point out uh
00:06:02	00:06:06	malaysia as well as thailand those are
00:06:04	00:06:08	both options that are very similar
00:06:06	00:06:09	to each other i did consider thailand
00:06:08	00:06:10	because i've been there multiple times
00:06:09	00:06:12	before
00:06:10	00:06:14	i love it it's just very far in terms of
00:06:12	00:06:14	distance from where i would be moving
00:06:14	00:06:16	from
00:06:14	00:06:18	it's also a little bit more difficult
00:06:16	00:06:21	it's still fairly easy to move there
00:06:18	00:06:22	just the change of life wasn't something
00:06:21	00:06:24	that i was willing to do
00:06:22	00:06:26	so that option instantly pretty much
00:06:24	00:06:29	became null and void however
00:06:26	00:06:31	malaysia has a dividends free tax system
00:06:29	00:06:32	and that's actually very similar to
00:06:31	00:06:35	puerto rico where once i pay
00:06:32	00:06:37	my company's tax rate on that four
00:06:35	00:06:39	percent tax on all net profit
00:06:37	00:06:40	i'm able to send the rest of the profits
00:06:39	00:06:42	back as i see fit
00:06:40	00:06:43	to myself personally at a zero percent
00:06:42	00:06:45	dividends rate
00:06:43	00:06:47	now malaysia has three different types
00:06:45	00:06:48	of visas that you can apply for
00:06:47	00:06:50	all of them are fairly simple you want
00:06:48	00:06:52	to tok to a tax strategist who sets
00:06:50	00:06:53	people up in foreign countries like this
00:06:52	00:06:55	if it's something you're actually
00:06:53	00:06:57	considering but malaysia isn't one of
00:06:55	00:06:59	the most difficult ones to get approved
00:06:57	00:07:01	for or to actually move to
00:06:59	00:07:02	obviously you got to be willing to live
00:07:01	00:07:03	there thailand
00:07:02	00:07:05	seems pretty similar in my opinion i've
00:07:03	00:07:07	been to both of those locations there's
00:07:05	00:07:08	something called a thai elite visa you
00:07:07	00:07:10	can get again
00:07:08	00:07:11	also not the most difficult both of
00:07:10	00:07:12	those locations were not something that
00:07:11	00:07:14	i was willing to move to so they were
00:07:12	00:07:14	kind of ruled out and i kind of group
00:07:14	00:07:17	them together
00:07:14	00:07:19	in terms of lifestyle however thailand
00:07:17	00:07:21	does have a couple of unique features
00:07:19	00:07:23	the first thing for me in terms of the
00:07:21	00:07:24	living side of things i notiked that
00:07:23	00:07:27	thailand would be
00:07:24	00:07:29	very inexpensive to live in and that's a
00:07:27	00:07:30	huge difference between puerto rico and
00:07:29	00:07:32	as someone who is coming from the us
00:07:30	00:07:33	which is also a little bit expensive
00:07:32	00:07:36	it would be nice to live in thailand and
00:07:33	00:07:37	have significantly reduced expenses
00:07:36	00:07:38	whereas place like puerto rico is a
00:07:37	00:07:40	little bit more expensive yes there's
00:07:38	00:07:42	ways to reduce it
00:07:40	00:07:44	but it's it's definitely on the spendier
00:07:42	00:07:45	side places like thailand and malaysia
00:07:44	00:07:47	offer a lot of benefit because of that
00:07:45	00:07:49	lifestyle and with thailand if you send
00:07:47	00:07:51	your dividends to yourself in the second
00:07:49	00:07:52	year of living there you're able to send
00:07:51	00:07:54	those at a zero percent rate so if you
00:07:52	00:07:55	hold off on distributing any money from
00:07:54	00:07:56	the first year and you do it in the
00:07:55	00:07:58	second year and this is just to my
00:07:56	00:07:59	understanding from toking to someone
00:07:58	00:08:00	who sets all this up
00:07:59	00:08:02	when i was looking at that as an option
00:08:00	00:08:03	you're then able in that second year to
00:08:02	00:08:04	send all that money or however much you
00:08:03	00:08:06	see
00:08:04	00:08:08	fit at zero percent back to yourself in
00:08:06	00:08:09	the u.s which is great
00:08:08	00:08:10	now obviously there's restrictions
00:08:09	00:08:12	living in thailand you gotta look into
00:08:10	00:08:14	the time side of it you have to be there
00:08:12	00:08:15	and that's just another place that you
00:08:14	00:08:17	can consider another one that i actually
00:08:15	00:08:18	looked at and considered as something
00:08:17	00:08:21	for myself
00:08:18	00:08:22	is uae now this is primarily dubai
00:08:21	00:08:24	i have three friends that live in dubai
00:08:22	00:08:25	all of them came from the u.s
00:08:24	00:08:27	two of them had to give up their
00:08:25	00:08:28	citizenship for the type of program that
00:08:27	00:08:30	they're in
00:08:28	00:08:31	again non-negotiable for me so it wasn't
00:08:30	00:08:32	something i was willing to do
00:08:31	00:08:35	i also have to factor in from a
00:08:32	00:08:36	lifestyle perspective getting to dubai
00:08:35	00:08:38	is usually a little bit out of the way
00:08:36	00:08:39	for most people so keep that in mind
00:08:38	00:08:41	however
00:08:39	00:08:42	dubai has a couple different programs
00:08:41	00:08:44	some that don't necessarily require you
00:08:42	00:08:46	to be there
00:08:44	00:08:48	for over half the year dubai is a much
00:08:46	00:08:50	better option to move to if you are
00:08:48	00:08:52	not a current us resident so that is
00:08:50	00:08:53	also something to keep in mind
00:08:52	00:08:55	a lot of people are very lucky who are
00:08:53	00:08:57	trying to i guess avoid taxes
00:08:55	00:08:58	uh if you're not coming from the u.s you
00:08:57	00:09:00	have a lot more options and those
00:08:58	00:09:02	options in my opinion are much
00:09:00	00:09:04	much better you could also move to
00:09:02	00:09:05	panama this is another one that
00:09:04	00:09:07	people uh find very attractive there's
00:09:05	00:09:08	been a lot of scandals that have
00:09:07	00:09:09	happened with panama
00:09:08	00:09:11	but they find it very attractive because
00:09:09	00:09:12	of the weather so you got to factor in
00:09:11	00:09:14	the weather in these different locations
00:09:12	00:09:16	but places like malaysia thailand puerto
00:09:14	00:09:17	rico panama they're all very beautiful
00:09:16	00:09:19	in my opinion
00:09:17	00:09:20	i have not been to dubai so i can't
00:09:19	00:09:21	speak on that but i would assume it's
00:09:20	00:09:22	just really hot which isn't that big of
00:09:21	00:09:24	a deal
00:09:22	00:09:26	so keeping in mind with panama they have
00:09:24	00:09:27	a territorial tax system
00:09:26	00:09:29	a lot of these places are not zero
00:09:27	00:09:31	percent but they are very low and
00:09:29	00:09:33	significantly reducing
00:09:31	00:09:34	the bill that you have to pay in terms
00:09:33	00:09:36	of taxes which is very nice and again
00:09:34	00:09:38	that's why we're obviously doing it
00:09:36	00:09:40	so panama has a territorial tax system
00:09:38	00:09:41	it is a little bit harder to move down
00:09:40	00:09:42	there panama
00:09:41	00:09:44	i guess puerto rico is kind of becoming
00:09:42	00:09:45	the second panama in terms of what it's
00:09:44	00:09:47	known for
00:09:45	00:09:49	panama has had some huge issues with
00:09:47	00:09:51	fraud and now puerto rico verifies a lot
00:09:49	00:09:52	of documents when you move down here
00:09:51	00:09:54	because puerto rico is becoming a hub
00:09:52	00:09:56	for fraud so it's just one of those
00:09:54	00:09:57	things a little bit more difficult to
00:09:56	00:09:58	move to panama than maybe some other
00:09:57	00:10:00	options
00:09:58	00:10:01	a couple more for you is a place like
00:10:00	00:10:02	greece where if you make a decent amount
00:10:01	00:10:04	of money and you're willing to pay
00:10:02	00:10:05	roughly a hundred thousand dollar a year
00:10:04	00:10:07	flat rate tax
00:10:05	00:10:08	you could live in greece i didn't know
00:10:07	00:10:10	about that when i moved to puerto rico
00:10:08	00:10:10	that would have been a cool option to
00:10:10	00:10:11	know
00:10:10	00:10:13	probably still wouldn't have done it
00:10:11	00:10:14	just because of location very far to get
00:10:13	00:10:15	to
00:10:14	00:10:17	um but definitely seems like a really
00:10:15	00:10:18	cool quality of life so that's something
00:10:17	00:10:19	to consider
00:10:18	00:10:20	and there's a couple different program
00:10:19	00:10:22	types over there but people choose to do
00:10:20	00:10:22	that usually when they have a slightly
00:10:22	00:10:24	higher income
00:10:22	00:10:26	there's ways to do this and get benefits
00:10:24	00:10:27	if you're only making even like 70
00:10:26	00:10:29	000 a year we'll tok about that here in
00:10:27	00:10:31	a moment but there's also a place you
00:10:29	00:10:32	can move to called chile i've never been
00:10:31	00:10:33	there myself i want to make that very
00:10:32	00:10:34	clear so i'm not familiar with the
00:10:33	00:10:36	weather or the lifestyle
00:10:34	00:10:38	only the kind of location i understand
00:10:36	00:10:40	how long it would take to get around
00:10:38	00:10:42	the world based on where it is however
00:10:40	00:10:44	in chile they have a three-year tax
00:10:42	00:10:45	exemption program which is really cool
00:10:44	00:10:46	and then if you want to go a step
00:10:45	00:10:47	further beyond that
00:10:46	00:10:49	you could actually get a citizenship
00:10:47	00:10:51	there you could move there fully
00:10:49	00:10:53	and there would be other things that i'm
00:10:51	00:10:53	not entirely other restrictions that i
00:10:53	00:10:56	don't know about
00:10:53	00:10:57	that would have to come into fruition at
00:10:56	00:10:58	that point so certain amount of time
00:10:57	00:10:59	spent
00:10:58	00:11:01	there's probably some other fees and
00:10:59	00:11:03	different small tax rates but they have
00:11:01	00:11:04	a three-year program that you can look
00:11:03	00:11:06	into i also did not know this one
00:11:04	00:11:07	existed when i moved on to puerto rico
00:11:06	00:11:09	i've met a lot of very interesting
00:11:07	00:11:10	people here which is also really cool
00:11:09	00:11:12	the community behind
00:11:10	00:11:14	the people that do this and they chase
00:11:12	00:11:16	the different tax havens is super super
00:11:14	00:11:16	cool and you meet a lot of really cool
00:11:16	00:11:18	people
00:11:16	00:11:20	during that time in that process so
00:11:18	00:11:21	there's a lot of other locations that
00:11:20	00:11:22	i'm not really here to bring up because
00:11:21	00:11:23	it's
00:11:22	00:11:24	probably a little bit more unrealistik
00:11:23	00:11:26	to move there you can look into them
00:11:24	00:11:29	places like andorra
00:11:26	00:11:30	malta going to bermuda going to the
00:11:29	00:11:32	cayman islands british virgin islands
00:11:30	00:11:33	there's different things different
00:11:32	00:11:35	requirements different citizenships and
00:11:33	00:11:37	stuff depending on what you are willing
00:11:35	00:11:38	to or not willing to do
00:11:37	00:11:40	there's a lot of different locations
00:11:38	00:11:41	that have benefits so some places where
00:11:40	00:11:42	you can just structure the headquarters
00:11:41	00:11:43	for your company if you have a
00:11:42	00:11:44	corporation
00:11:43	00:11:45	and you don't actually have to live
00:11:44	00:11:47	there and then you could you know
00:11:45	00:11:48	transfer a lot of the assets from your
00:11:47	00:11:50	company over there and then charge your
00:11:48	00:11:51	u.s company to use them and effectively
00:11:50	00:11:52	pay less tax and
00:11:51	00:11:53	there's a lot of different things that
00:11:52	00:11:55	you can do like that but there's one
00:11:53	00:11:57	more program that i want to bring up
00:11:55	00:11:59	that seems really really cool there's a
00:11:57	00:12:00	program called the foreign earned income
00:11:59	00:12:03	exclusion i only know
00:12:00	00:12:04	one person from i'm not super close with
00:12:03	00:12:05	them who's been a part of this program
00:12:04	00:12:07	for about four years
00:12:05	00:12:09	this program is really cool because if
00:12:07	00:12:10	you make let's just say a lesser amount
00:12:09	00:12:12	you know you're making
00:12:10	00:12:14	a hundred thousand dollars a year or 105
00:12:12	00:12:16	or 180 or whatever
00:12:14	00:12:17	most of that tax can be contributed to a
00:12:16	00:12:19	foreign earned
00:12:17	00:12:20	income exclusion which basically means
00:12:19	00:12:22	you pay i think the amount's probably
00:12:20	00:12:24	going to come out to about 10 percent
00:12:22	00:12:25	and this is the program that people take
00:12:24	00:12:27	part in when they want to
00:12:25	00:12:28	travel and that's just to my knowledge
00:12:27	00:12:29	to my understanding i'm not a part of
00:12:28	00:12:31	this program
00:12:29	00:12:33	but a lot of bloggers do this you know
00:12:31	00:12:34	travel bloggers youtubers
00:12:33	00:12:35	people that just kind of want to bounce
00:12:34	00:12:37	around they want to go spend a month in
00:12:35	00:12:38	bali and then a month in thailand and
00:12:37	00:12:39	they want to go check out europe and
00:12:38	00:12:41	spain and
00:12:39	00:12:42	see all these places and since they're
00:12:41	00:12:44	constantly moving
00:12:42	00:12:46	they're able to basically be exempt from
00:12:44	00:12:48	most taxes because they're tiknically
00:12:46	00:12:50	not primarily in one spot
00:12:48	00:12:52	now to my knowledge a lot of the
00:12:50	00:12:54	restrictions on this come with you can't
00:12:52	00:12:55	let's say you fall in love with one spot
00:12:54	00:12:57	you're not actually able to stay there
00:12:55	00:12:58	there's limitations on how long you can
00:12:57	00:13:00	stay in certain places
00:12:58	00:13:01	not to mention the frustration of
00:13:00	00:13:03	getting visas in certain places
00:13:01	00:13:04	because tiknically you're working
00:13:03	00:13:05	abroad things like that can create a
00:13:04	00:13:07	little bit more of a hassle
00:13:05	00:13:08	but to my knowledge this program is not
00:13:07	00:13:09	something that's very difficult to
00:13:08	00:13:11	become a part of there's just a little
00:13:09	00:13:12	bit more restrictions and that can be a
00:13:11	00:13:13	great alternative for someone who wants
00:13:12	00:13:14	to travel
00:13:13	00:13:16	maybe doesn't know where they want to
00:13:14	00:13:18	set up roots because in puerto rico if
00:13:16	00:13:18	you're in this program or many other
00:13:18	00:13:20	programs
00:13:18	00:13:21	it's going to require you to sign a
00:13:20	00:13:22	12-month lease and probably eventually
00:13:21	00:13:23	buy a property and there's a little bit
00:13:22	00:13:24	more
00:13:23	00:13:26	you know roots that are really getting
00:13:24	00:13:27	grounded in you're buying a car most
00:13:26	00:13:28	likely so
00:13:27	00:13:30	things like that just to prove that
00:13:28	00:13:31	you're actually living there and have
00:13:30	00:13:32	the lifestyle
00:13:31	00:13:34	of someone who would live there to be
00:13:32	00:13:37	able to prove it beyond a reasonable
00:13:34	00:13:38	doubt so that's a bunch of the tax
00:13:37	00:13:40	havens i wanted to tok about
00:13:38	00:13:42	i know this video was highly requested
00:13:40	00:13:44	but it's just something where
00:13:42	00:13:45	if you have a business or you're making
00:13:44	00:13:46	a higher income and you can do it
00:13:45	00:13:47	digitally
00:13:46	00:13:49	there's a lot of options that open up
00:13:47	00:13:50	and there's even a lot more options if
00:13:49	00:13:52	you are not
00:13:50	00:13:54	currently a resident of the united
00:13:52	00:13:56	states that's a little frustrating to me
00:13:54	00:13:58	but hey there's so many cool options out
00:13:56	00:13:58	there there's so many amazing places
00:13:58	00:14:00	that you can see
00:13:58	00:14:02	and i'm sure you could even jump from
00:14:00	00:14:04	program to program one last thing that i
00:14:02	00:14:05	want to close this off with considering
00:14:04	00:14:06	is if you're actually considering doing
00:14:05	00:14:07	this
00:14:06	00:14:09	and if this is something you're openly
00:14:07	00:14:10	pursuing you're toking to people about
00:14:09	00:14:12	you're looking to set up
00:14:10	00:14:13	another variable to keep in mind and
00:14:12	00:14:15	this is something that i did when i was
00:14:13	00:14:17	moving to puerto rico
00:14:15	00:14:18	i always wanted to know how difficult it
00:14:17	00:14:21	would be to
00:14:18	00:14:22	undo whatever i did so that's why i
00:14:21	00:14:24	wasn't willing to give it my citizenship
00:14:22	00:14:26	and that's another reason just to
00:14:24	00:14:28	consider stuff
00:14:26	00:14:30	very very closely and very in-depth
00:14:28	00:14:31	before you actually make any big moves
00:14:30	00:14:33	how difficult is it going to be to move
00:14:31	00:14:35	back to get out of the program
00:14:33	00:14:36	let's say in six years you want to go
00:14:35	00:14:38	back to how things were before
00:14:36	00:14:40	are you able to do that some of these
00:14:38	00:14:41	programs i toked about the answer is
00:14:40	00:14:42	actually going to be no
00:14:41	00:14:44	so just keep that in mind i hope this
00:14:42	00:14:45	video opened your eyes to some of these
00:14:44	00:14:47	tax havens
00:14:45	00:14:48	how people legally avoid most taxes and
00:14:47	00:14:49	you can even get your effective tax rate
00:14:48	00:14:51	down to zero
00:14:49	00:14:52	in a lot of these locations and i think
00:14:51	00:14:54	that's pretty cool so hope you enjoyed
00:14:52	00:14:56	this video make sure to smash a like
00:14:54	00:14:57	connect with me over on instagram you
00:14:56	00:14:58	can check out a bunch of other fun stuff
00:14:57	00:15:00	linked in the description below
00:14:58	00:15:02	if you have any questions at all about
00:15:00	00:15:03	these i'm not the biggest expert but
00:15:02	00:15:05	again i live in one of these tax havens
00:15:03	00:15:07	i've researched them extensively and
00:15:05	00:15:08	this has been about a two year process
00:15:07	00:15:10	of studying all these and being aware of
00:15:08	00:15:11	the different tax havens
00:15:10	00:15:12	so i have a little bit of knowledge i'd
00:15:11	00:15:14	love to answer your questions help you
00:15:12	00:15:15	out in any way i can so just leave it in
00:15:14	00:15:16	the comment section
00:15:15	00:15:27	and with that being said i'll see you in
00:15:16	00:15:27	the next video peace