Settle for digital nomad, where would you start?

[uplana]

The offshroecorptalk forum is full of entrepreneurs, digital nomads, tax advisors and more in the field.

Everyday I read the term digital nomads! Latest post I saw is the one:
https://www.offshorecorptalk.com/threads/new-startup-law-in-spain.35982/#post-197650

It's easy to post about a 0% tax with Dubai non resident. But how would you go about it, where would you start, if you live like 80% around here with your family, a house, a car but are willing to give this all up.

This thread should serve as inspiration for others, should we get valid replies.

 

[cuno]

You need second citizenship passport to get started. Panama, Dubai VISA or Romania would be a good start.

 

[Marzio]

Being a digital nomad is not feasible in the long term.

At some point you will need to settle somewhere and you have to consider lots of things (taxation is one of those).

 

[Golden Fleece]

Yes, as the most astute members of this forum have always said, the future is all about tax minimization and the maximization of your quality of life in a country that fits your personality -- not about total tax avoidance, which is a shell game.

 

[kilor]

Can you explain how you become digital nomad ?

 

[troubled soul]

Digital Nomad === Ship crew/oil ring woker

I find new creative way for digital Nomad lifestyle bank account.
There is account for "ship crew/marine" called sea surfer account or any other name depend on country to country.

You see the "ship crew/marine" spend 6 month onshore and 6 month offshore meaning on ship. They are old age nomad.
You can find some creative way to open account for this type of category.
In this setup , You do not require any other country residency visa. If you are not from USA. There will be no tax as you do not live in country more 182 days in year. Just need document for your country "sea surfer account "

Basically Find a way to open account as ship crew or marine depend your country bank account requirement. You find many talented people to arrange this document for you

As example
Seafarer bank account

Get an international bank account for yacht crew

An international bank account designed for yacht crew. Banking abroad has never been as simple or convenient as with this unique offshore bank account.

international.standardbank.com

• Seafarer’s declaration from the customer . No separate declaration will be required if the declaration is part of the AOF
• A) For a permanent employee then in addition to the above the:
  • i. Initial work contract and
  • ii. Last wage slip (should not be more than six months old).
    or
• B) If the customer is a contract employee, then the following documents are also required:
  • i. Valid CDC is a mandatory document along with the last page of the disembarkation stamp
  • ii. Valid work contract with the last page of the wage slip or
  • iii. The expired/last contract letter, if the disembarkation stamp on CDC is not more than 6 months old
    or
• C) For oil rigs,
  • i. An expired contact letter can be accepted if the last disembarkation stamp on the passport from the country where the oil rig is situated is not more than six months old.

Note- All KYC Documents provided need to be self attested

Seafarer Account | Open Seafarer Account Online - ICICI Bank NRI Services

ICICI Bank offers Seafarer Account - A NRI savings account for mariners, so that you can manage you finances with ease and convenience. To know more visit icicibank.com.

www.icicibank.com

P.S. I am not expert. Just find this solution. Before taking any decision talk to some expert.

 

[cuno]

Now you will have to pattern on a ship to avoid taxes. It's not going to be easy I can imagine.

 

[Golden Fleece]

Now you will have to pattern on a ship to avoid taxes. It's not going to be easy I can imagine.

Interestingly, the U.S. is one the easiest countries to establish yourself as a digital nomad for income tax purposes. You meet the physical presence test if you are physically present in a foreign country or countries 330 full days during any period of 12 consecutive months including some part of the year at issue. The 330 qualifying days do not have to be consecutive.

Foreign Earned Income Exclusion - Physical Presence Test | Internal Revenue Service

You meet the physical presence test if you are physically present in a foreign country or countries 330 full days during a period of 12 consecutive months.

www.irs.gov

But it has a very interesting exception. You must spend the full day in a foreign country or countries for that day to be counted. When you leave the United States to go to a foreign country or when you return to the United States from a foreign country, the time you spend on or over international waters does not count as time in a foreign country. So, being on a ship or an oil rig in international waters does not work.

 

[uplana]

Interestingly, the U.S. is one the easiest countries to establish yourself as a digital nomad for income tax purposes. You meet the physical presence test if you are physically present in a foreign country or countries 330 full days during any period of 12 consecutive months including some part of the year at issue. The 330 qualifying days do not have to be consecutive.

to be there you will need a Green card if you don't just want to stay there as an tourist?

 

[ImKing]

I find new creative way for digital Nomad lifestyle bank account.
There is account for "ship crew/marine" called sea surfer account or any other name depend on country to country.

are you sure this is going to work, I don't believe so?

 

[troubled soul]

Just thought about it.
Not sure in Practice It works or not.
But If you have friend who works in Ship crew.
Maybe it works.
For small amount.

 

[uplana]

No one is interested all the trouble for small amounts, if they do, they have no live.

 

[FPW]

It's easy to post about a 0% tax with Dubai non resident. But how would you go about it, where would you start, if you live like 80% around here with your family, a house, a car but are willing to give this all up.

I am curious, where is "here"?

You need second citizenship passport to get started. Panama, Dubai VISA or Romania would be a good start.

2nd PP is not necessary but it will help, also depends on your nationality and your current PP!

Being a digital nomad is not feasible in the long term.

At some point you will need to settle somewhere and you have to consider lots of things (taxation is one of those).

for some, it might not be feasible but for some others, it might.
why is taxation one of those?

Yes, as the most astute members of this forum have always said, the future is all about tax minimization and the maximization of your quality of life in a country that fits your personality -- not about total tax avoidance, which is a shell game.

why tax minimization?

I didn't have to travel far away to listen to alla achbar on the speaker system to become a tax-free citizen of the world!

As a PT in Europe for nearly 20 years, I have absolutely no problems nor bad sleep or morals by not paying any income taxes! And I've stayed a lot more than six months in the same country at times. Currently living in a big house in a high tax country in Europe!

sorry, but I can't tell you how to do it as it will close the few remaining loopholes - you can get about 90% of the info which can be found for free online. you need to go out there too to experience it and when you have gained some experience, it will be easier for you to read between the lines and fill in the gap to figure out how to do it.

BUT, this is not a lifestyle that fits everyone, it might be better for you to settle for tax minimization?

 

[JohnLocke]

"I read somewhere on the internet that I should not trust everything I read online!"

Do you consider to post this in every post here, because then better just move forward to another forum, I have sufficient to do here rather then removing traceable text!

No warning given so far.