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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

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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

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