Today we are debunking some of the biggest double tax treaties myths out there.
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Most people believe that if they pay taxes in country A, they will not be taxable in country B, however, this is not always the case.
First of all, it is important to clear up that double tax treaties are considered to be agreements of the avoidance of double taxation. The emphasis is on double taxation.
If you're dealing with two countries at the same time this is how it will work: You will pay taxes in your country of residence, as your country of residence has the first taxing rights. If you earn income from another country, you will need to provide that you paid taxes in your first country and if the tax rate is higher you will be paying only the difference in the second country. This is of course a big generalization but you get the idea.
You will typically end up paying higher tax rate of the two.
So, what does a double tax treaty do for you? The biggest thing is that the double tax treaty clarifies where are you a tax resident in the first place. Tax treaty will explain where are you taxable, even if you're dealing with multiple countries. This can add another degree of certainty if you're moving or dealing with more than one country.
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Introducing Michael Rosmer, the true modern-day Renaissance man and international entrepreneur, who has been mentored under top international tax attorneys.
He is widely regarded as the foremost international tax expert for legal cross-border tax planning, with extensive experience in immigration, residency, and second citizenship for those seeking a plan B, asset protection, global offshore banking, and payment processing.
Michael leads a team of lawyers and accountants who are top experts in their respective fields. This multi-lingual, multi-national team has worked with digital nomads, entrepreneurs, and investors from 62 countries, providing practical real-world multi-dimensional solutions for their clients.
At Offshore Citizen we understand that each individual's situation is unique. Unlike most industry service providers, we do not push any particular country or solution. Instead, we analyze your individual situation and custom-tailor the best countries and strategies for you, drawing on every part of the globe.
With Offshore Citizen, you can rest assured that you are in the hands of professionals who have your best interests at heart. Let us guide you through the complex world of international tax planning, immigration, residency, and second citizenship.
Contact Michael today for a personalized consultation and take the first step towards securing your financial future.
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