Want to Move Abroad? How to Choose the Country with the Ideal Tax System for You and Your Family.

Best tax free countries for expats….

Understanding the income, social security, and asset tax liability in your new country, as well as implications for ongoing tax liability in your home country once you move, is critical.

This can feel daunting and is where many people throw up their hands and give up on the idea of moving abroad. But don’t despair! It is very navigable with a little research and some expert advice.

This section will not in any way provide tax advice or recommendations, but rather point you in the direction of where to find helpful answers from a real expert.

A few things to keep in mind when looking into taxes in potential new countries…

Each country has its own taxation of foreigners and their income, which can vary widely.

For example, some countries are considered tax havens, such as the United Arab Emirates and the Bahamas, due to their lack of income taxes. While other countries like France and Spain, have tax rates that may give you pause.

Additionally, there are other factors that come into play, such as tax treaties between countries and double taxation, which can keep you from having to pay taxes in both your new and home countries.

It’s also important to note that some countries have an asset or wealth tax where you are taxed a percentage of the value of your assets held anywhere in the world.

That being said, taxes are not a one-dimensional issue and there are many factors to be considered beyond just taxation of income.

For example, there are many locations where high taxes provide public services that allow for a good quality of life, offsetting the concerns many people may have.

So, depending on your goals and circumstances, such as if you are retired or looking to start a company, there will certainly be countries whose tax policies are a better fit.

As we all know, taxes can be complicated and things like your overall income, assets, where you do business, and where you invest should be taken into consideration.

This is why it is critical to understand your own unique circumstances and how they interface with a country’s tax requirements and laws.

STEPS TO TAKE…

1. Research taxes in the country to which you are wanting to move using sites like www.worlddata.info that compile lists of global tax rates. The TaxFoundation.org also ranks countries on overall tax competitiveness, which takes into account a broader suite of considerations, like property and consumption taxes.
2. Determine and look into things like the tax bracket into which you fall, tax laws for foreigners, double taxation, and tax treaties with your home country.
3. Reach out to tax attorneys and consultants online to ask about a free consultation. In most cases, they will give you 15 minutes of their time for free and offer invaluable guidance given your unique circumstances. Depending on the size of the expat population, there may be firms that specialize in navigating issues specific to the combination of your home and new countries.
4. Research forums for expats in your country of choice and ask specifically about taxes and gather information from other expats (realizing of course that these are not experts but rather personal opinions and experiences).
5. Fill out the worksheet below and compare and contrast information on taxes.

Choosing Your Perfect Country to Move Abroad

Whether you want to move abroad for a career, to study, for love, retirement, or to raise your family, this engaging, easy to follow roadmap will help you find the perfect location to start your new life.

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