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Tax residency is one of those topics that people have lots of wrong beliefs and misconceptions about.
Today we are going to clear up some tax residency myths and give you a better understanding of this topic.
You can be a tax resident of multiple places OR you can be a tax resident nowhere. This is completely accurate, and depending on your home country it is possible for certain nationals to be tax residents nowhere.
At the same time just because you’re a tax resident in a low-tax country such as Malta, Cyprus or Portugal doesn’t mean that you’re not a tax resident back in UK, Canada, or Australia.
Just because one country starts considering you their tax resident doesn’t mean that your country will consider the same. This is where tax treaties come useful, and unfortunately, many countries don’t have them. Also, a tax residency certificate is pretty much useless.
Please be wary that it’s not enough to simply gain a residency somewhere in order to not be taxable in your home country.
What about people being tax residents nowhere? How does this work?
Some countries will require that their nationals pay taxes somewhere if they don’t pay them in their home country but this is not always the case. Some countries don’t care.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
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