The Safest Low-Tax Countries in the World

one thing that i think is on a lot of people's minds when it comes to living or traveling overseas living the nomadic capitalist lifestyle where you're going between different destinations much of the time going between different homes around the world is will i be safe how will my safety be impacted and a lot of us have grown up in countries where we're told hey here it's safe other places it may not be safe oftentimes the countries that people think oh it that's the safe country not only are they not safe in many cases but you're going to spend a lot of money to live there and what's interesting is many people where i come from the united states and perhaps in other western countries will say everyone wants to move to our country because it's safe and then you look at the data in the united states it's actually not that safe in fact even though we're only going to talk about some of the safest countries in europe only two countries in all of europe have more murders per capita than the united states russia and ukraine and so it really depends on how you define safety if you're looking to avoid petty crime you probably don't live in barcelona i know multiple people who've had watches stolen right off their wrist there goes 50 000 euros that's running right down the street with a gang of hoodlums if you're looking to avoid more serious crimes like you know rape and murder then that's what we're going to focus on today but you really have to understand the brand name countries that are promoted as safe the ones that everyone wants to move to aren't particularly safe the us the uk australia these countries they just don't on a global level when you look at objective data they don't really match up against some of these countries and so quite frankly if you're coming from the united states and you're looking for a place that's safe you can apparently just throw a dart and move pretty much anywhere but then the factor becomes where do i pay less in tax now the first place that's a an old staple of high net worth and ultra high net worth individuals is monaco very small place easy to immigrate there if you're willing to put half a million euros in theory it's going to be more in the bank and rent or buy a property and commit to spending a decent amount of time there every year zero income tax pretty much the only place in europe where you can do that pretty safe place in their one square kilometer everyone lives in harmony with her ferraris and their lamborghinis and their 41 euro hamburgers nice place to be a little constricting if you actually have to spend your time in the principality but very nice place to be and you can get safety low taxes and you can park some of your money and get some massive protection all in one second country is andorra nestled between spain and france it's in the pyrenees in the mountains you will be left alone very safe place very little crime have a number of friends who have uh have lived there at one point or or currently live there and there are some places you know we just leave the back door open you know we don't lock the car very safe place again you get to park some money in the bank you can buy real estate there you can get a residence permit there now both of these countries monaco and indoor are pretty difficult to get citizenship in but there's a place to live andorra low taxes we're talking zero up to ten percent depending on what you're doing and so pretty good place to live if you want not the uh the french riviera lifestyle but if you want more of the mountain ski you know summer living in the mountains lifestyle not a bad place to be number three another staple of the wealthy switzerland pretty safe place and again if you're willing to move there unlike the first two countries you actually do have to pay some tax and it's going to be hundreds of thousands of swiss francs a year for most people but it's a flat tax and so while andorra works better for someone who perhaps is just starting out you're making you know a six or seven figure income switzerland you can make pretty much as much money as you want once you pay this flat tax there are certainly intricacies to the flat tax in switzerland or the lump sum tax we've talked about that in a separate video here on our channel you can find out more about those types of programs certainly a safe place certainly offers livability and you can negotiate that tax down to this this lump sum number four is actually not a country it is the island of jersey and we've talked about jersey before it's a great alternative i think jersey is something that a lot of people should look at especially if they're looking to move to a place like new zealand for example because you've got a bit more of that temperate climate you know you're you're near the united kingdom that gives you an idea of kind of what part of the world that you're in but you have this sort of british sensibility i was looking at some of the crime stats in jersey it's almost kind of laughable i think there's like 100 people in jail in jersey and very safe place obviously on the island it can be very constricting but you've got this sense of community with the british sensibilities and you can pay a flat tax of about two hundred thousand dollars a year 145 000 british pounds and then one percent above that you can even work on that one percent if if it's objectionable to you very safe place to live certainly more of a place for families again i've suggested it as an alternative to a place like new zealand if you're looking for a place to live in that english-speaking part of the world especially interesting if you want a place where you can just bounce up and down to london and then go anywhere you want in the world to travel wherever you want very safe very livable perhaps in the most exciting place and you know if you are a seven or eight figure entrepreneur the tax rate effectively becomes you know single digits at some point the fifth place let's talk about places that are a bit more accessible portugal when you look at some of the data portugal actually one of the safer countries in europe and it's become a hub for a lot of nomads people who spend time in different homes around the world but the crime data in portugal actually seems quite reasonable and so they have a 10-year tax exemption now i've described it as a tax exemption that is kind of like the swiss cheese of tax exemptions there are many different obstacles that you have to deal with you can't have your company in certain places certain types of income is treated differently than others you really want to do some comprehensive tax planning before you just assume you go to portugal and don't change anything right but if you structure your life and your business affairs properly then portugal can be a relatively tax free place not entirely tax-free in most cases certainly a good place for crypto currency investors they have flocked to portugal not a bad place to get a second citizenship if you're willing to put the time in the ground different immigration programs available and again relatively safe relatively tax friendly with the caveat and with pretty much every country in europe that tax friendliness does require planning it's not as simple as moving to costa rica or to thailand where the tax planning is much more simple in europe there's always a bit more nuance but you can get the job done and the other country that works at the borders of europe if you will is georgia tax friendly country not only are they going to exempt most income from out of the country there are some caveats to that they also have for people who live there full-time a private entrepreneur scheme you can pay as little as one percent tax again when structured properly and you make the proper designations you don't just show up but it can be done relatively easily and obviously georgia one of the cheapest places to live in europe you could easily live for a thousand bucks a month and so when we talk about safety there's a couple different elements one thing that i think we've seen in 2020 with the pandemic is how well many asian countries have fared in that regard not in terms of crime but just in terms of very low cases they've reopened faster than other countries life got back to normal faster and you've seen everywhere from taiwan to vietnam to cambodia to malaysia to thailand do a pretty good job of handling this south korea at one point was was pretty well lauded as well and so asia in my opinion has been a great place to be and there are certainly some trade-offs that get you to that point but i think that you know in comparison to most of the rest of the world people that i know who are in asia feel much safer than people who are in the united states it's an important thing to note as to crime if you look at crime statistics on websites like number we look at a number of different reports that we use for our nomad passport index and just in our daily business the safest part of asia that people don't really think about is the gulf in fact for six years in a row qatar has been ranked as the safest country in the world made it the most exciting place in the world to live but certainly it has quality of life you have lots of amenities everything is very well developed you've got one of the best airports in the world from which to fly out of and you have of course very favorable tax policies hard to beat zero not so far away the uae home to dubai abu dhabi similar tax policies probably a bit easier if you're an investor or an entrepreneur you can start a company you can buy real estate as your means to getting your residence permit there probably also a bit more livable for most westerners you can have some of the most incredible malls if you've never been to dubai for example if you come from where i'm from the united states you'll see some of the most incredible restaurants that you remember from back home you can go to the cheesecake factory and you get a tim hortons get a donut go to starbucks you've got really a great quality of life and again hard to beat a tax credit of zero one of the safest countries in the world if you look at what people traditionally think of in the west is asia east asia whether it's southeast asia or northern asia you've got a lot of safe countries japan south korea always top the list taiwan is also in the top five or 10 on pretty much every list these countries sometimes have special tax regimes for foreigners if you come in a certain way it can become complicated in countries like japan in countries like south korea they have some discounts for new expats on taxes but it's not really super low southeast asia is generally home to some of the most favorable tax regimes in the region and while countries like the philippines don't rank quite as highly singapore and even hong kong in the last year has ranked quite highly singapore always in the top 10 lists including on the western-centric list where they always talk about iceland and austria is the only places that you want to be singapore is always in the top ten probably the safest place in southeast asia hong kong not technically in southeast asia but despite everything that has happened still relatively safe and then beyond that uh those are countries that potentially could pay very close to zero potentially you might be somewhere in the mid teens so tax friendly not necessarily tax-free depending on where your business is structured depending on what your investments are if you're earning money from capital gains those are countries where you're not going to pay much if you're running a business depends on how the business is structured again you might pay 0 2 5 8 16 whatever the case may be a lot better than in the west and again singapore i mean it's one of the safest places on earth you will not see petty crime you will not see violent crime people are storing their assets there it's just a really safe and harmonious place and then you look at other places in asia i happen to spend a lot of time in malaysia for example if you look at some of these other countries you may not see them ranked in the top ten but i will say that when you compare asia to places for example like latin america you see a lot less violent crime in asia crime that does exist is largely petty and every country has their own particular issues but what i can say when it comes to safety is i do feel pretty safe in asia in fact safer than and than anywhere else my position on safety has been that in a lot of places you can find safety by living in the right neighborhood far too often people compare you know moving from beverly hills to the worst part of bogota for example you know i have a home in bogota i've been to colombia many times all over the country and i've never had any issues i take basic precautions i'm not going to bad parts of town perhaps it is not as safe as tbilisi or singapore but i personally haven't had any issues and i think if you if you create a lifestyle where you live in the right area you can do that in any of these different places now some of the countries in the americas also aren't very tax friendly colombia being one of them at least if you're living there full-time and there are exceptions to places like honduras where you can live in the bay islands or nicaragua the only place where i've had a gun in my face you can live in the corn islands you can be removed from the big cities but today i'm going to talk about some of the mainland countries that you might want to consider if you're looking for that latin american living generally speaking outside of the territorial tax countries like panama costa rica most of the tax friendly safe options in the americas are going to be in southern south america okay so we're talking about being relatively isolated from the rest of the world not really any closer from santiago chile to the united states than it would be to pretty much anywhere in europe okay so one country that comes to mind is indeed chile one of the safest countries in the world you can work towards one of the best passports in the world and while tax rates aren't exactly low there and i think they're probably going up in the future there is a three year possibly six year tax holiday for foreigners on all their foreign sourced incomes if you're looking somewhere to live for a while chile is certainly a pretty developed country walking around santiago you might feel like you're in vancouver or some kind of very well-kept city and so particularly if a family if you are married not a bad option now not so far away from chile relatively safe country in terms of actual safety not sure about um the overall perception of the country but paraguay paraguay certainly has a bit of a black market reputation it is a bit off the wall but tax rates there are very low as long as you make a pretty minimal income you can take advantage of 10 tax rates in paraguay income that you make outside of the country is generally not taxed not that difficult to get a residence permit although more difficult than it used to be to get a citizenship due to too many people talking about it and so if you want to be off the radar if you want to be off the grid i know people who live in parkway who feel it's very safe and because there aren't really that many tourists there you're not going to see as much tourist related crime so tax friendly place safe place to be certainly not nearly as developed as a chile for example but definitely somewhere that you can check out if you're looking to be a little bit off the radar one country that is not talked about nearly enough in my opinion and we'd like to talk about more here is uruguay i know some people from uruguay they all tend to think it's this kind of boring country but it's a country that has a great passport that allows you to get residents through a number of different means they have a new tax residence program where you buy real estate and you don't have to spend that much time per year there and you can use uruguay wise your tax residents globally but if you want to live there full time you can take advantage of up to a 10 year tax holiday where you're not going to pay tax on your foreign source income and after that you pay around 12 percent mostly on dividends and interest income what's nice is uruguay is not a fly spec country they have proper tax credits and tax treaties and so you can use that to your advantage to make sure you're not paying double tax very safe country a lot of coastline a lot of argentine citizens are moving there definitely a place that could be on your radar if you're looking for a place that's again more calm you know seaside environment perhaps you're looking to make an investment somewhere to live not a bad place ecuador is another country that people have looked at for residents for citizenship for buying property it was ranked one of the best places to retire a number of years in a row and it definitely is a very affordable place in a very interesting part of the world what ecuador has is a relatively non-violent crime relatively safe perhaps not as safe as chile for example but a relatively safe place a lot of people again who are older go and live there and and really love it and enjoy it generally speaking what you can do in ecuador is take advantage of certain territorial income tax the system is a bit more complicated in that you can't necessarily use low tax or zero check tax jurisdictions to run your business but if you have foreign source income and you're paying some kind of tax overseas then generally speaking you don't have to pay again in ecuador so if you're structuring your affairs properly overseas you can pay a little bit of tax and then live in ecuador not to pay additional tax now again there are some other interesting options in the americas certainly you can go to some of the islands in the caribbean from the cayman islands to antigua to saint kitts and nevis anguilla which is a british overseas territory has the tax residence program very low tax there these islands i think are generally considered pretty safe especially the more british islands and so if you're looking for the caribbean you can do that as well we also mentioned again the bail islands and the corn islands both pretty tax friendly countries if you structure things correctly if you're looking to be off the grid costa rica certainly could be a country in central america that if you're living in outside of the capital city perhaps in some of the beach areas tamarind yucca beach could be interesting to consider they have pretty tax friendly policies as well i don't think really any of the central american capital cities i would call very safe panama city definitely an exception um tax friendly panama city although not perhaps the safest place in the world but again i've said you know what if you buy in the right neighborhood if you live in the right neighborhood you'll be fine you take the right precautions uh perhaps more precautions take take there but the point is you can have a lifestyle where you're getting a lot of value and i'm not talking again about you know where do i get a 25 cent beer i'm talking about where do i go and live a great life where i'm getting much more value for my money i'm having that fine dining experience for a third of the price of what i would pay in new york city or london or sydney and i'm also doing some in a place that's more safe better quality of life more safety it does exist the statistics you're seeing in the western news media are biased towards the west they ignore the countries we talk about i think you should go where you're treated best and find the best of both of these worlds [Music] [Music] how can nomad accomplice help you four ways number one subscribe to our channel and click the notification bell to make sure you get our 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Channel: Nomad Capitalist

Views: 77,336

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Keywords: nomad capitalist, go where you're treated best, low tax countries, where to move, moving, living in monaco, moving to monaco, life in switzerland, living in jersey city, investing in georgia, moving to georgia country, life in doha, moving to doha qatar, singapore, moving to singapore, moving to kuala lumpur, kuala lumpur, living in malaysia, moving to nicaragua, life in nicaragua, moving to santiago chile, moving to paraguay, paraguay, safest countries, where to live, taxes

Id: SleuUmzZ9S4

Length: 19min 42sec (1182 seconds)

Published: Sat Apr 03 2021