Hey All
I seek advice regarding a particular situation and would appreciate any guidance you can provide.
The Family Reunification with Temp Danish PR program approved my residence in Denmark three years ago. It will be up for renewal in one year, extending for another four years. However, I want to establish a business in low-tax jurisdictions such as Bulgaria, Cyprus, or Portugal. (although low in taxes, Dubai incurs high expenses, so it is not a viable option for a family)
I have contemplated two possible scenarios:
Scenario 1:
I would continue to reside in Denmark with my family (including two children) while operating a business in another low-tax country.
Scenario 2:
I would relocate entirely to another country, and my family would join me once things had settled.
My Concerns:
Here are a few relevant facts:
I realize this is quite a lot of information to process, and I sincerely thank you for taking the time to read through it. I would appreciate any guidance you can offer, as it will significantly impact my family's future. Thank you for your assistance.
I seek advice regarding a particular situation and would appreciate any guidance you can provide.
The Family Reunification with Temp Danish PR program approved my residence in Denmark three years ago. It will be up for renewal in one year, extending for another four years. However, I want to establish a business in low-tax jurisdictions such as Bulgaria, Cyprus, or Portugal. (although low in taxes, Dubai incurs high expenses, so it is not a viable option for a family)
I have contemplated two possible scenarios:
Scenario 1:
I would continue to reside in Denmark with my family (including two children) while operating a business in another low-tax country.
Scenario 2:
I would relocate entirely to another country, and my family would join me once things had settled.
My Concerns:
- I have concerns regarding the unique healthcare and welfare systems in Denmark. Are similar facilities available in low-tax countries?
- I have paid a significant amount in Danish taxes, which could help me obtain a Permanent Resident card leading to Danish Citizenship. I would like to know if low-tax countries can provide me with a Permanent PR status or offer better prospects for citizenship.
Here are a few relevant facts:
- I have two children under 13, and their health and education are my primary concerns. I hope to find comparable education options in Denmark's unique schooling system in another country.
- Over the past two years, my income has averaged around $200k annually. While not a substantial amount, I am looking to save as much as possible by investing in properties in Denmark and elsewhere. However, I couldn't invest in Denmark due to the requirement of completing a five-year residency in Denmark.
- I am still determining tax implications and need a comprehensive understanding of the subject. I rely on my accountant's advice and trust that he is optimizing my tax payments. Unfortunately, I do not have an alternative option.
I realize this is quite a lot of information to process, and I sincerely thank you for taking the time to read through it. I would appreciate any guidance you can offer, as it will significantly impact my family's future. Thank you for your assistance.