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Hi {NAME}, You've probably heard the phrase, "Not all that glitters is gold." And today, we want to
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[image]() Hi {NAME}, You've probably heard the phrase, "Not all that glitters is gold." And today, we want to talk about that. Recently, a friend came to us with his "big plan." He was moving to Dubai. Great... But - he had a business in Europe, lived in the US for a while, and had no real plan. Just a vague idea of setting up a company in Dubai and "figuring out" the banking and taxation. He had left Europe two years ago but was still paying taxes there. We asked, "Why? The company should be taxed, not you." And it became abundantly clear he didn't understand his financial obligations. For instance, he could have significantly reduced his tax rate (up to 80-100%) if he had planned his exit properly (he's likely due a refund). Yet, he still had to pay taxes in the country he left behind. He had also been living in the US, spending more time there than a vacationer should. And guess what? The US tax net doesn't care about your tourist status. Spend too much time there, and you might get roped into paying US taxes on your worldwide income. Moving to Dubai was mainly driven by its low tax environment, but here's where things get ironic. Most of his income comes from YouTube royalties, and half of his audience is in the US. Without a US-UAE tax treaty, he could end up paying more taxes in Dubai than he would have elsewhere. Following the herd to Dubai might just end up doubling his taxes... And yet, there's more. Closing down his European company and moving its assets isn't a walk in the park. There's a proper process, and failure to follow it can lead to penalties. So, what's the lesson here? Well, threefold: - Dubai isn't always the tax haven you think it is ( at least not when you forget to take into account all the implications)
- Moving to save on taxes requires careful planning, especially regarding the places you've lived or had business connections.
- Sometimes, the most tax-friendly countries aren't the ones you'd expect. When we crunched the numbers, we found that he would have been better off living in Italy, of all places. Their tax treaty and various tax incentives could have saved him more money than moving to Dubai. Bottom line: Be aware, be informed, and be careful. Don't follow the herd blindly. Moving to save taxes requires careful planning and execution. Now, let's talk about you. How can you sidestep the errors our friend encountered? The solution lies in having the right partners in your corner. Consider us your architects and general contractors rolled into one. This isn't about selling you shiny offshore objects. This is about crafting an integrated plan tailored to your needs because when it comes to managing your tax strategy, a [well-structured plan](=) isn't just desired - it's necessary. [Connect with us.]() In Freedom and Prosperity, The Nomad Capitalist Team = = [Unsubscribe]( Nomad Capitalist LLC Kidnah, Block A Plot 4 Fujairah, Al Fujayrah United Arab Emirates (the) +1 (979) 966-6623
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