7 Secrets to Pay Zero Taxes (Legally) | Summary and Q&A

TL;DR

Learn how to minimize your tax liability to zero percent by setting up residency in a country with low or no taxes, transferring assets, relocating your family, being mindful of your hiring practices, and monitoring your time spent in high-tax countries.

Key Insights

• 😘 Setting up residency in a country with low or no taxes is a crucial step in minimizing your tax liability.
• 👶 Transferring assets, such as real estate, stocks, and crypto, to your new country of residence can help you avoid taxes imposed in your home country.
• 👪 Acquiring a home in your new country and selling or renting out properties in your high-tax home country is essential to establish ties to the low-tax country.
• 🚕 Being mindful of your hiring practices and ensuring your employees are not based in high-tax countries can help prevent potential tax issues.
• 🚕 Spending less time in high-tax countries is crucial to avoid tax residency and potential tax obligations.
• 😫 It is important to understand and comply with the specific residency requirements and tax regulations of the country you choose to set up residency in.
• 🇵🇷 For US citizens, options to lower taxes to zero percent include moving to Puerto Rico or renouncing US citizenship.
• 🚕 Seeking professional advice from tax accountants and lawyers specializing in international taxation is recommended to navigate the complex process of reducing tax liability.

Transcript

how to lower your taxes down to zero percent or as close to zero percent as possible in the shortest time possible how to do it and the exact process let's go for it and a quick note i'm in the marriott hotel in georgia not in my mom's basement as a lot of you claim in the comments so excuse the bad lighting and the bad background the first step if... Read More

Questions & Answers

Q: How can I lower my taxes to zero percent?

You can achieve this by setting up residency in a country with low or no taxes, transferring your assets to that country, and ensuring you spend less time in high-tax countries.

Q: What are some countries with low or no taxes?

Some examples include Dubai, the UAE, Thailand, Portugal, and Switzerland. These countries offer various residency programs and tax incentives for individuals.

Q: How should I handle hiring employees for my company in a low-tax country?

It is important to be careful where you hire employees, particularly if your company is based in a high-tax country. Consider using a staffing company or hiring employees from countries with lower tax rates to avoid potential tax implications.

Q: What should I do about my family members when relocating to a low-tax country?

To ensure you are not considered tax resident in your high-tax home country, it is advisable to bring your family members with you. Make sure everyone is on board with the relocation to avoid any complications.

Summary & Key Takeaways

• The first step to lower your taxes is to set up residency in a country with low or zero percent taxes, such as Dubai or the UAE, by completing the necessary process and obtaining a residence card.

• Next, transfer your assets like real estate, stocks, and crypto to the country where you have set up residency in order to avoid taxes imposed in your home country.

• In addition to moving your assets, it is important to acquire a home in your new country of residence and sell or rent out any properties you own in your high-tax home country.