What are CFC Rules (Controlled Foreign Company rules)? There are lots of misunderstandings when it comes to CFC rules (controlled foreign companies rules) and CMC rules (management control rules, part of Corporate Residency Rules). Lots of people get confused about which is which. You have to pay attention to both. However, not every country has them, some countries will have CFC but…
What Does Source Income Mean? Today we’re going to learn about “income source”. Have you heard about territorial tax systems? What it means, in theory, is that they only tax you on your locally sourced income. By contrast, some countries will tax you on your worldwide income, meaning you pay tax on everything you make everywhere. (For the difference see taxation basis) Most places will tax…
Trust – a smart tool for asset protection & more You may have heard of trust companies when discussing estate planning or inheritance. You might have heard wealthy people talk about trust companies managing their assets, or watched movies where heirs of a wealthy individual deal with trusts to get their rightful share of inheritance…
If you want to open an offshore bank account, you obviously would want to know how it will be beneficial to you in the long run. Is the offshore bank account going to improve your business or boost your personal wealth? There are actually a number of reasons why many investors have opted to…
Offshore banking is whereby an individual or company deposit funds in a bank that is situated in a place outside their country of residence. Other people define offshore banking as the act of depositing hard currency in a bank that is located in a country that is not their home of residence, usually for safekeeping…
Definition Citizenship refers to the status of being a citizen of a particular country as per the laws of that country. A person who holds dual citizenship is considered to be a citizen of two countries at the same time. Dual citizenship can be acquired through several ways including by birth, by marriage, by investment…
A friend just reached out to me who is thinking about quitting his job and becoming a digital nomad or at least shifting his work to being location independent. He figured “I’ll set up a company in a low tax country then eventually change my residency”. This is the sort of thing we hear all…
Fast lane ticket for wealthy individuals There are many countries that offer residency by investment programs. Many offer multiple options to choose from, making it very appealing to wealthy foreigners. Generally speaking, if you are a high net worth individual you will be welcome in most places. Since lots of countries like foreign capital, you…
An easy South American country to become a permanent resident Uruguay is a country in the southeastern region in South America. Uruguay is home to about 3.44 million people and its capital is Montevideo. With an area of approximately 176,000 square kilometers (68,000 sq mi), Uruguay is geographically the second-smallest nation in South America, after…
Welcome to one of the richest countries in the world The United Arab Emirates is an Arabian Peninsula nation settled mainly along the Persian (Arabian) Gulf. The country is a federation of 7 emirates. Abu Dhabi, the island capital, is home to Sheikh Zayed Grand Mosque, with crystal chandeliers and room for 40,000 worshipers. The…