Many people over time have conducted their lives from various locations. The recent trend of "work from anywhere" has accelerated the movement. Working and traveling to many different areas of the globe has become the norm. Often people who do live this lifestyle do so because of tax savings and not necessarily because of better weather or aesthetics.
The IRS considers you a U.S. resident if you are physically present in the U.S. on at least 31 days of the current year and 183 days during a three-year period. Where can you go to save on taxes? Alaska, Nevada, Texas, Florida, North Dakota, Tennessee, New Hampshire, Washington, and Wyoming attract Americans with no state taxes. Puerto Rico has zero taxes! If you want to live abroad, Portugal, Spain, Croatia, Greece, and Malta are offering a digital nomad visa for non-EU citizens. In the Bahamas, you are not taxed on individual income, but you do have capital gains, capital transfer, and estate taxes. When it comes time to move, maybe it is not all about weather and aesthetics but a more practical approach to saving on your taxes. If you are thinking of moving out of state and need a real estate advisor, let me introduce you! Message me and I can refer you to a professional real estate advisor across the US and internationally.
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April 2024
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