WHAT IS TAX OPTIMIZATION?

Tax optimization is a system of tax planning methods that help to minimize them. Tax optimization methods include the use of all possible tax benefits, exemptions and other methods permitted by law. The main goal of tax optimization is to reduce tax liabilities.

The primary goal of tax optimization is to reduce individuals' and enterprises' tax burden within the parameters of relevant tax legislation. Individuals and corporations try to lower the amount of taxes they owe by carefully using deductions, credits, exemptions, and other acceptable tax planning tactics, allowing them to keep more of their income or earnings.

Tax optimization seeks to maximize tax savings by discovering and utilizing all relevant tax advantages and incentives. This entails a comprehensive examination and comprehension of the tax code to ensure that individuals and corporations maximize deductions, credits, exemptions, and other tax-saving options. The goal is to maximize financial resources while increasing overall profitability.

Entrepreneurs need a good law tax jurisdiction company to handle their business and a tax residency in a favorable jurisdiction for their income.

WHAT IS A TAX NOMAD?

Yes, digital nomads can legally avoid paying taxes. Choose the proper jurisdiction and structure, be transparent and respect the rules of international tax compliance.

Off course you want to become a tax-neutral or offshore person. Someone who is tax-exempt but still fulfils all the international tax compliance requirements and is not a crook.

What do you need to avoid paying taxes as a digital nomad legally?

• First, you will need an appropriate tax jurisdiction where foreign-sourced income is not taxed.
• Become a resident and a tax resident.
• Maintain your tax resident status by staying there enough time to keep your tax resident status or do not stay enough time in other countries to become a tax resident elsewhere.
• File or do not file your income and VAT. The reporting requirement depends on each country tax laws.
• Enjoy life.

There are more than 30 countries where foreign-sourced income is not taxable or tax-exempt. But some countries provide a lasting solution to forget paying tax on your not locally sourced income. Those are (among others) Paraguay, the UAE and Panama.

Some contractors do not accept invoices or location-independent people working from some countries. In that case Serbia is the perfect gateway fo you.

  PARAGUAY RESIDENCY

The Paraguay Residency Program is the most affordable, straightforward and low-tax jurisdiction in 2023. After two years as a temporary resident, you will qualify for the Paraguay Permanent Resident status. The resident can maintain the status without the constant personal presence in Paraguay. Moreover, the permanent resident must visit Paraguay only every year to maintain the status.

  Visa : since July 2023, all applicants must apply for a qualifying visa for settlement at the Ministry of Foreign Affairs in Asuncion. The visa fee is 160 USD and it takes 2 weeks to get it before applying for residency.

  Local stay : you must come and stay 3 weeks to start process and spend minimum five days per year in Paraguay.

  Income tax : Paraguayan residents foreign-sourced income is tax-exempt .

  Process : there will be four processes until you become a permanent resident (Temporary residency/ID card + Permanent residency/ID card) .

  ID : temporary residents also have an ID card and have the same rights regarding everyday life as permanent residents.

  Note : you will have to proof your solvency.

Can you become a permanent resident in Paraguay instead of a temporary resident for two years?
The SUACE residency by investment program allow investors to become permanent residents without spending two years as temporary residents. If you wish to move to Paraguay, this option is worth considering. If you plan to invest, register a company, and start a business, the SUACE residency by investment program is a great tool. You have to immigrate and register a company. The minimum investment amount is 70,000 USD, but you do not have to directly invest the amount or show that you have this amount in your bank account.

Please, note that the Paraguayan residency by investment program aims to maintain companies and create jobs. It means that you must spend the investment amount in ten years. You can start any business and pay this amount in ten years. If you bring two containers of anything, that can be enough (goods + shipping + customs fee), or if you create a restaurant, the venue's rental fee will be more than 70k USD over ten years. And the cost is the same as when you become a temporary resident and register a unipersonal or another company type.

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  SERBIA COMPANY & RESIDENCY

Buying or starting a business in Serbia is one of the fastest ways to get a residence permit.

In order to establish or buy a company in Serbia, you need to open a corporate account in a local bank, and then go through the process of registration at the Agency of Commercial Registries (Agencija za Priivredne Registre). The residence permit allows you to conduct business, work, do currency transactions, and get credit cards (Visa, MasterCard) in Serbia. Temporary residents can also submit documents for immigration purposes to consulates of the U.S., Canada, Great Britain and all EU countries.

• Fast residence permit processing - 60 days



• No requirement to pass the Serbian language exam



• Visiting the country only once in the process of registration



• The right to obtain permanent residence permit after residing in Serbia for 5 years



• Opportunity to become a EU citizen once Serbia joins the European Union



• Opportunity to obtain residence permit for the family members of the main applicant



• Access to an open economic market with 1.1 billion consumers



• Confidentiality of Serbian bank customer data (no CRS)



• Low tax rates for natural persons and legal entities



• After 5 years, you can apply for permanent residence status and Serbian citizenship

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