Trader: Country to set up base and live some months

[georgio]

Hello, this is a thread to open up a general discussion on where do you think it would be the best place to set up a base, pay a few taxes, have banks, investments etc. when you earn money in trading.

By trading, I'm focusing mainly on crypto, but it can include Forex, commodities, low cap companies etc.

For investment options besides bitcoin that many would suggest, I would be interested in "safer" bets like real estate, big US companies with a good track of dividend yields, bonds etc. My biggest fear in investments is if some crazy government comes in the future, and they say you owe them money and start seizing bank accounts, equities etc, without even informing you first.

For the moment EMIs are good, but this cannot work forever, in my opinion.

Also when you're earning money in crypto, at which level of profits would you think it would make sense to pass from an individual to a company? (if any level at all).

To start with, I would be considering Malta, Switzerland, Cyprus in Europe, and some combination of Singapore/other country in Asia.

Cheers!

 

[KJK]

Depends on your family situation, your preference (country, weather, infrastructure...) and actually also your citizenship. Also consider if what you do is sustainable, do you have some track record in the trading you do? It can be just a short-term thing that won't work long term.

You mentioned Malta, Switzerland, Cyprus, Singapore, SE Asia... Why exactly?

I guess all is possible, I just don't understand why Switzerland has this image of being a tax haven and banking haven and best place to live... It isn't really unique in banking now afaik, locals pay quite high taxes and many people say it feels very uptight/boring. So it is nice I guess if you are a billionaire but for most people it probably won't be the first choice.

 

[JustAnotherNomad]

A friend of mine is a trader and he's very happy in Thailand.

 

[buenosdias]

Mate, every place you mentioned is hyped up. They’re not what you think they are.

The cost of starting up will be much higher. To get a resident/business visa, you’ll need to show either a substantial amount of money, or a consistent above average income, given your self-employment nature. To open a bank account, you’ll need a large deposit. Possibly in millions. Property prices are hyped up, due to increased demand.

That’s just an overview. You’ll pay a lot of money is fees, service cost, contractors, outsourcing, etc. Hell, even housekeeping will be expensive than it should be.

You can try UAE (expensive, but not over hyped), or you can go to Thailand, Indonesia, Malaysia, or any other country that makes less headlines in global news. Stay away from bankrupted countries.

 

[georgio]

Depends on your family situation, your preference (country, weather, infrastructure...) and actually also your citizenship. Also consider if what you do is sustainable, do you have some track record in the trading you do? It can be just a short-term thing that won't work long term.

You mentioned Malta, Switzerland, Cyprus, Singapore, SE Asia... Why exactly?

I guess all is possible, I just don't understand why Switzerland has this image of being a tax haven and banking haven and best place to live... It isn't really unique in banking now afaik, locals pay quite high taxes and many people say it feels very uptight/boring. So it is nice I guess if you are a billionaire but for most people it probably won't be the first choice.

You're right, a track record is needed to see if this thing will work in the long term.. For now just crypto trading and just cashing out in crypto. I have an EU passport, so that's the EU solutions are relatively easy for me.
Probably you're right about Switzerland too, but at least banking there make me feel more secure, than banking in Malta or in Cyprus..

Mate, every place you mentioned is hyped up. They’re not what you think they are.

The cost of starting up will be much higher. To get a resident/business visa, you’ll need to show either a substantial amount of money, or a consistent above average income, given your self-employment nature. To open a bank account, you’ll need a large deposit. Possibly in millions. Property prices are hyped up, due to increased demand.

That’s just an overview. You’ll pay a lot of money is fees, service cost, contractors, outsourcing, etc. Hell, even housekeeping will be expensive than it should be.

You can try UAE (expensive, but not over hyped), or you can go to Thailand, Indonesia, Malaysia, or any other country that makes less headlines in global news. Stay away from bankrupted countries.

I would definitely consider Thailand or Indonesia in the future!

 

[buenosdias]

I would definitely consider Thailand or Indonesia in the future!

Yep. They’re very attractive right now, and probably will stay that way for the foreseeable future. Large percentage of conservative folks who don’t meddle in other people’s business (except when it comes to gossiping though ), and they have good stuff going on for them. Not a haven in any list except Tourism. You can even find biz opportunities if you know where to look.

Only problem is that their taxes. I heard that the tax rates are high, and most people who settle there get caught off guard with the tax man. But, great place for short term stay. Probably should check in with your tax attorney before going all the way in.

I have yet to find another place that can rival those 2.