Fiscal nomad it's legal

[expat]

Fiscal nomad it's legal

But is it any good?

Don't you pay tax on your income anyway, in the place where you earn it? OK you avoid double taxation relief hassle etc, but you don't get to avoid tax. Do you?

[DimPrawn]

A lot of people believe that "you have to pay tax somewhere".

You don't

There are many many very wealthy people who quite legally do not pay any large proportion of tax on their income or wealth anywhere, by having at least three residences, one of which is a true tax haven such as the Cayman Islands and the other being the tax haven of London (non-dom) and say Monaco.

In a case like that, as long as you don't spend too long resident in each one per year, you don't pay tax anywhere. This is a fiscal nomad.

[expat]

A lot of people believe that "you have to pay tax somewhere".

You don't

There are many many very wealthy people who quite legally do not pay any large proportion of tax on their income or wealth anywhere, by having at least three residences, one of which is a true tax haven such as the Cayman Islands and the other being the tax haven of London (non-dom) and say Monaco.

In a case like that, as long as you don't spend too long resident in each one per year, you don't pay tax anywhere. This is a fiscal nomad.

I know about that stuff. But what about those of us whose income is mostly identifiable and localised, e.g. contract fees? Is there any advantage to us being fiscal nomads?

[DimPrawn]

Speak to a tax adviser. Start here:

http://www.internationaltaxadviser.co.uk/

[cykophysh39]

Speak to a tax adviser. Start here:

http://www.internationaltaxadviser.co.uk/

A nigerian with a Spelling 'B'

[Tingles]

Is this the same as a 'Perpetual Traveller" part of the three flag prinicples?

Earn in one country, live in another, have fun in another......etc?


T