How to Reduce Taxes for Investors & Crypto Investors_8
There are many ways to legally reduce personal and corporate taxes. Alternatively, you can move to a country with zero tax rates, such as the UAE or Monaco.
But the extreme climate, local cultural and natural features of the UAE do not fit well with the European idea of a comfortable stay.
Not everyone can "afford" Monaco, where the costs are more than offset by the absence of taxes. Well, the number of super-wealthy people per square meter of area leaves its mark on life in the Principality.
You can structure your business to take advantage of the territorial tax system. One example is Singapore. But for this it will be necessary to invest about 2 million USD and carefully monitor the implementation of the "tax-free conditions".
If you invest at least EUR 1 million in a business, you can "start a new life" in the non-domiciled status in Ireland. We will dwell on this option later.
Finally, with the goal of keeping costs to a minimum, it makes sense to begin traveling the world as a Digital Nomad. Although it is difficult to imagine a wealthy individual in this status.
At the same time, another way to minimise taxes is known - the tax residence of the country with lump-sum taxation.
What is the "secret" of the lump-sum tax? First of all, lump-sum taxes are offered by countries that want to attract successful entrepreneurs, investors and wealthy retirees. The logic is this: an investor will not move if the same tax rates apply to him as for the local population. Therefore, the authorities are ready to cut taxes specifically for the type of individuals whom they would like to attract.
Another condition is a guarantee that taxpayers will be individuals of the same circle - with a high level of income and an appropriate standard of living. Quite often, it is this fact that makes countries with a lump-sum tax attractive to wealthy businessmen.
Today there are three popular «lump-sum destinations»: Gibraltar, Italy and Switzerland. Which one should you give preference to?