Avoid TAX?

[madmaxmad]

Hello everyone,

I'm an Bulgarian citizen, but currently living in Montenegro.
I'm using LeuPay for receiving my salary, and I would like to know am I going to get taxed one day or so?
How to avoid the taxation? Open bank account in different country which would not report the income to the Bulgarian TAX services (or whatsoever...)?

Otherwise, I also use SpectroCoin for BTC trading/exchange, and do they send reports for taxation in Bulgaria?

*I also have an Serbian citizenship (which is not in EU).

Sorry if this question has been already asked before and similar...

 

[Martin Everson]

Where are you tax resident?

If you want to avoid taxation move to a tax free country or a country with a territorial tax system where you can earn money outside that country without paying tax on it.

 

[Educate]

Can you post examples of such countries please?

 

[WealthCan]

Can you post examples of such countries please?

Some territorial countries include Malaysia and Singapore.

 

[Martin Everson]

Can you post examples of such countries please?

I missed this post

Other examples of countries with territorial programs I know off head include

Italy
France
Netherlands
United Kingdom
Portugal
Malta
Ireland
Djibouti
Dominican Republic
Gibraltar

There are more countries but they don't come to my head right now

 

[kave3i]

I missed this post

Other examples of countries with territorial programs I know off head include

Ireland such a country? Thought they taxed on world wide income?

 

[Martin Everson]

Ireland such a country? Thought they taxed on world wide income?

No. Ireland has a resident non-domicile program. Hence you only pay tax on money you earn in Ireland or remit into Ireland as a non-Irish.

Tax residence status

Domiciled or non-domiciled

Your domicile is generally the country that is your permanent home. Your domicile can affect how your foreign-sourced income is taxed in Ireland.

You may be tax resident in Ireland but not ordinarily resident or domiciled for that tax year. If so, you are taxed on your worldwide income. However, you are only taxed on the foreign income or gains that you remit into Ireland. This is called the remittance basis of assessment.

 

[kave3i]

No. Ireland has a resident non-domicile program. Hence you only pay tax on money you earn in Ireland or remit into Ireland as a non-Irish.

Thanks Martin,
great info.

I've sent you a PM, hope you dont mind responding?

 

[Juoffshore]

I missed this post

Other examples of countries with territorial programs I know off head include

Italy
France
Netherlands
United Kingdom
Portugal
Malta
Ireland
Djibouti
Dominican Republic
Gibraltar

There are more countries but they don't come to my head right now

Not sure about france there is no territorial programm,

Regarding Italy you have to pay 100 K a year if you want to be taxed only on your italian incomes.

 

[Juoffshore]

Yes there is. I don't make posts for jokes

Could you tell me more about that ? Is not only for foreigner ? or french citizen can also apply for that ?

 

[Martin Everson]

Could you tell me more about that ? Is not only for foreigner ? or french citizen can also apply for that ?

Only for foreigner execs really and aimed at stealing business from in wake of brexit

French inpatriates tax regime

 

[Juoffshore]

Only for foreigner execs really and aimed at stealing business from in wake of brexit

French inpatriates tax regime

if the yellow jackets seen that, they would continue to burn the country !

 

[Tax Cow]

There's information exchange risk involved, however, as of 2019, Serbia and Montenegro do not participate in CRS AEOI. This means financial institutions have no legal obligation to automatically disclose your bank account information to Bulgaria. They may still submit your bank account information to Bulgaria via other channels at their own discretion and without your consent. This is the risk you have to consider.

Non-Resident banking business in the Balkans has boomed substantially since 2016 and there's a reason for that. However, the party will not last long and sooner or later countries like Montenegro, Serbia, FYR Macedonia will also join the CRS program.

 

[Tax Cow]

This link is particularly useful in regards to CRS AEOI when you opt to bank in countries that have NOT YET joined.

Exchange relationships - Organisation for Economic Co-operation and Development

From the creators own website, you can monitor IF and WHEN the information is relayed from country A to country B and plan your banking affairs accordingly. It's as if the police has a love-hate relationship with a crook. This URL is your best tool when you bank in the Balkans solely because you want to avoid CRS.

And if you do not see your country in the "From" list, it means there's likely at least 3-5 years of buffer before any information will be submitted from that country.

Enjoy