If you aim of creating a secure haven offshore or a safe residency with an eye of getting a second passport, the first requirement is a country that is not issuing tax on your overseas income. There are a few countries that issue taxes on the overseas income.
For instance, if you are a legal resident of Mexico, this is one of the countries that wants to tax your income earned in France, a business in Paraguay and sales of products to Mexico and the United States.
Move that same business to Paraguay and you’ll only pay tax to Paraguay on sales within the country. If you have an investment accounts outside the country where no local sales is present then you are not going to pay any taxes to Paraguay. This is one of the reasons why consulting second residency is important.
If reducing your overall tax issues is one of the reasons on why you want to have a second residency, then focusing on the countries that won’t tax overseas income should be done.
Next, it’s a must to focus on countries that get you a permanent residency as fast as possible. One great example for this is if have a sufficient amount of information concerning Panama residency might interest you This is true especially if you are looking for safe spot or an escape hatch should you make a decision in moving out of your home country.
For example, the Internal Revenue Service (IRS) has started refusing and revoking to have the renewal of the American passports who owe the government an amount of $50,000 or more. If you don’t have a permanent residency, losing your passport will make you go back to the country until you are able to pay the debt.
Most of the countries are giving multiple temporary residency visas during the first 3 years. A visa cancellation is given if you have a problem with your home country or your country of residency during this period of time and you’ll be removed from the country as soon as possible.
The best way in securing a stable exit plan is to pick a country that will immediately give you a permanent residency or even within a few months. Next is to look for countries that has a low cost investment programs. Most of the countries are giving you residency if make a huge investment or if you purchase a home. Also, focus on countries that offer second residency with a minimal investment that is not requiring maintenance or obtain ongoing fees.
Lastly, choose a country that is going to give you a residency with a minimal physical presence requirement. Some of the countries are requiring you to spend zero time in the country in maintaining your residency while others require 6 months per year.
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