This makes it an excellent choice for US citizens who are freelancers or can work remote to reduce their federal tax bill. The Export Services Act allows bonafide residents of Puerto Rico to pay a 4% corporate tax rate for a business incorporated in Puerto Rico which provides services for customers outside of Puerto Rico- for example, research and development, advertising, any kind of consulting, project management, accounting, legal services, IT, telemedicine, and much more. The Individual Investor Act allows bona fide residents to pay 0% taxes on capital gains and investment income (although there are other costs to consider). They still exist, but are now collectively referred to as Act 60. Two of its tax laws used to be called the Act 20 Export Services Act, and the Act 22 Individual Investor Act. You can find out more about the Bermuda program here.Īlthough Puerto Rico is a territory of the United States, it has its own tax laws. You’re also not allowed to seek local employment, and comprehensive health insurance is a must.Ĭost: It only costs $263 to apply for the Work From Bermuda Visa.Īgain, we should also point out that Bermuda is not exactly the budget-friendly option: its cost of living and accommodation tends to be quite high, even by North American standards. While no minimum income level is specified, you have to be able to sustain yourself and any dependents while in Bermuda, without the need to seek government assistance.
Requirements: You have to be 18 or older, prove a clean criminal record, and be able to demonstrate being employed by a foreign company, if you’re a nomad, or that you are enrolled for tertiary education, if you’re a student. It’s just the thing for North Americans, though the country’s cost of living is not exactly cheap… Intended to attract nomads and post-secondary students, it offers access to a remote working or study experience set in a safe, paradise location with modern infrastructure and affordable high-speed internet. If you want to learn more about acquiring a second citizenship, click here now to see the four ways anyone can qualify for a second passport.īermuda recently launched their one-year Work From Bermuda Certificate Program. It means one government cannot totally control your right to travel, or dictate where you are allowed to live, earn a living, or raise a family.īelow we highlight a couple of countries, like Portugal and Mexico, where residency can lead to citizenship. Second residency, and even better, a second citizenship and passport, ensures you always have somewhere to call home outside of your home country. Residency can also lead to naturalization, which means being able to become a citizen after spending a number of years in the country, or holding residency there for a specific period of time.
That is better than a visa, because it is longer term, often comes with additional benefits, and in some cases, like Mexico, permanent residency does not even have to be renewed.
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Plus in these countries, you won’t have to give up the comforts you are used to, like fast internet and upmarket restaurants.įinally, certain countries allow foreigners to acquire temporary or even permanent residency. Places like Mexico and the Republic of Georgia have a much lower cost of living than the United States and most of Europe, so choosing these countries for your next nomadic adventure could save you tons of money on food and housing.
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