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I travel from country to country and live in short term leases. I have never paid income tax, not that I would appear on any revenue service's radar.
What's a good way for me to hold and manage assets, given this irregular living situation? I can't figure out the tax situation anew every single time I move, and so far I make too little for it to matter, but I'd like to keep any long-term assets as legitimate as possible.
The assets in question would mostly be stocks and bonds, but I'd also like to be able to own rental properties in foreign countries, maybe with contracted management. I want them to be a hands-off store of value, where I quietly reinvest the profits and take off only so much as I need.
How should I arrange this? What would be my tax relationship with the holding company - can I get away with being an employee who is "on holiday" outside his employer's country, or do I have to set up a local branch or company bank account to receive a salary from it?
Apologies for the vagueness, it's a vast subject that I don't understand well.
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i've been looking into this as moving around is something i want to do and is possible with the business i am trying to make succeed.
my plan is to have a company in hong kong that receives all of the receipts. you'll need to pay tax on this, but it is lower in HK than my country of the UK. You don't need to be resident and you can be the sole owner of all stock. there are running costs involved, but there are companies who can set up and manage the legal side of the business for you. google is your friend here. its less than $1000US to set up and less than $400US annual in running costs: filing accounts, paying for your HK company secretary(required) and having mail forwarding.
you could hold stocks and other assets in this company.
regarding rental properties in 3rd countries, i have no idea. anything i said would just be wild speculation.
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>Help me comply with international tax
>No specific details
What the fuck are we supposed to do? Do you think we're psychic? Do you think anyone with international tax expertise is going to help you for free?
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>>1226056
It's not like income tax is reinvented in every country. The principle is the same.
>Do you think anyone with international tax expertise is going to help you for free?
Well, this isn't /biz/ - Rhetorical Questions about Business. People generally expect discussion and explanation here.
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>>1226697
>It's not like income tax is reinvented in every country. The principle is the same.
Even if things are similar it doesn't mean we're qualified to comment. I work for a large CPA firm and our office sure as shit doesn't sign foreign tax returns or give advice related to tax law in foreign countries. We have multi-national clients, but our office deals exclusively with the US portion of planning, compliance, etc. We can handle any US consequences of foreign work, but if our office's CPAs started offering advice on Mexican tax law or preparing Norwegian tax returns they'd be putting their licenses and reputations at risk.
Member firms handle most of the foreign work, although some clients have separate firms they use for foreign work.
You haven't told us where you hold citizenship, where you'd be living, where you'd be working, and what countries you'd be owning property in. You're out of your goddamn mind if you think we can offer any kind of serious insight.
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>>1226697
what a dummy
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>>1227386
There are general principles if you don't have lawyers breathing down your neck. I'm not out of my mind, I'm just out of your office.
How is tax residency decided for companies?
If a Hong Kong company owns property in the UK, which tax district does the property's income fall under?
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