Before I tell you how you can do the same, a brief word on governance. I consider it the height of patriotism to pay no taxes. Cutting the funding to the extortionists who have grown our government out of all proportions is a most virtuous act. Which country am I talking about you say? All of them! It doesn’t matter where you live in the formerly free world. You’re not allowed to keep most of what you earn anywhere. What follows is how I personally shored up my financial health and pay zero income & capital gains taxes.

Money saved is money earned. Money earned is more money to invest. Minimizing your tax bill, or eliminating it all together has enormous benefits. The biggest being that your investments compound at an extraordinary rate. Much faster than under your typical punitive taxation regime.

Paying zero income and capital gains taxes requires planing and compromises.

It also means you’ll have to move abroad for large parts of the year. At least if you want to do so legally. The move is thus only beneficial if you have either:

A)  some wealth to protect and invest
B)  a revenue stream independent of the country you’re currently enslaved to
C)  a tangible plan in the making to achieve A or B in the near future

I took my first steps to escape the yoke of modern day governmental slavery over a decade ago and haven’t looked back since. Don’t get me wrong. Saying yes to freedom and no to indentured servitude is a tough decision. Pending where you currently reside, at a bare minimum it involves moving your investments abroad.

For most, it requires uprooting your life and moving away from friends and family. You’ll make new friends but only a handful of them will be as trustworthy as your childhood pals. Taxation rules differ from country to country. Most nations do not have a wealth tax like where I was born. Nor a 28% capital gains tax on dividends. Some even leave the profits you earn abroad alone.

Most Western countries however do want a piece of your worldwide income. So in order to pay zero income and capital gains taxes legally, you have no choice but to set up shop in a greener pasture.


So how exactly is it done?

  • StartupChecker

    I’m a German and living over 6 years outside Germany. I know my country is very strictly in terms of tax and sometimes they even buy swiss bank account lists from data thieves. Also data from HK accounts revealed in the past. So I would be very careful about this. On the other side, in some years I not even stay a single day in Germany, but still paying my tax there. Can you connect me with your contact?

    • Harald Baldr

      Sure they’ll do whatever it takes to tax you so make sure they can’t. Legally move abroad and they can’t do anything. Simply send in a notification of the move and that’s it.

      Having a bank account abroad isn’t illegal. Call the major banks in your country of choice and simply place your money there. Its doesn’t have to be a tax haven when you’re legally not liable for taxes in your home country.

      Pick a safe bank in a stable country/territory. HSBC in Hong Kong for example.

      • StartupChecker

        Cool thanks 😉

  • Thanks for this info.

    • Harald Baldr

      Glad I could help

  • Harald Baldr

    Great info Lutz. Thanks 😉

  • If you’re living in Norway you’re still liable for capital gains tax even if you trade and earn income abroad. The way around it is to notify the authorities that you’re moving abroad and then after 2 years you’re not liable anymore. HSBC Singapore does not offer trading accounts. Other major banks in Singapore do.

    The sooner you leave Norway the better. Especially if you have skills that generate income or existing wealth to protect.

  • But wouldn’t you be liable to pay taxes in the country you decide to reside in, then? Or do you move to a new place every 3 months?

    • Two solutions to that.

      A) Choose a country that does not globally surveil the financial activities of its residents (most non-Western countries)
      B) Don’t reside anywhere officially but live as a tourist

  • Eric

    Hello Harald, can you name some good banks to open offshore accounts ? I am European and looking for sound bank and broker accounts to diversify.

  • Marcin

    Greetings from Australia,

    This is a fabulous article my friend 🙂 You most certainly deserve all the success in the world. You are right regarding the misconception amongst many individuals thinking that one needs to be ‘super rich’ to have off-shore accounts.

    I may have misunderstood a particular part in your article. As you are no longer a Norwegian Citizen and have funds offshore don’t you still need to be a citizen of a particular country to keep a passport allowing yourself to travel around the world? Apologies, as this seems to be a very silly question.

    Having citizenship in Australia myself I am currently conducting research to either create offshore accounts in the following countries, Singapore/Hong Kong/UAE (United Arab Emirates) or Luxembourg. From the list above would there be a jurisdiction that you would not suggest?

    Recently turning 25 I have found additional drive and enthusiasm to finally achieve financial freedom allowing me to firstly travel and then live comfortably in South East Asia and then hopefully South America which is my ultimate goal.

    • I’m a Norwegian citizen (unfortunately) but can not spend more than 0 days there in a calendar year. Suits me well as I normally spend zero. So I still have a passport. I just don’t have the same rights as someone still living in Norway. When I get married I’ll likely work to become a citizen of my wife’s country though. Then it’s hasta la vista to Norway forever.

      I would choose Hong Kong were I you.

      • Marcin

        Oh, that now makes sense. I should have figured that out. My apologies.

        Yes, leaning towards Hong Kong myself, just need a ‘holding account’ similar to what you are doing and potential share account, hopefully HSBC or Hang Seng Bank will suffice. Thanks to your ‘producer’ article, I am thinking of creating a website that will provide income so should probably register it as a Limited Company in HK.

        Who’s knows with a wife, you might be moving back to Thailand or maybe somewhere like Colombia? 🙂 🙂

        • My plan is to become a citizen of the country my future gf is from. There are so many awesome places to live in this world though so who knows where that will be. For now, my money is on somewhere in Eastern Europe 😉

          • Marcin

            That is true, maybe apart from nearly the whole of Europe. 🙂
            Oh interesting, I love the ‘somewhere’ that narrows it to a few, maybe my home country Poland, hi hi hi 😉

      • barry mcsean

        Hello Harald,I concur with you’re sentiments 100%,the only difference being that I am an Irish citizen.Why anybody gives governments the permission to screen everything about them and then allow the taxman to cream off the top of your pile etc is beyond me. I will subscibe via Patreon in the next month(Gold) to you as you deserve a reward for the information that you are producing.Keep up the good work!

  • ManFromUkriane

    Hi, Harald!

    To open company in any offshore jurisdiction will cost you at list 3-10k$ first time.

    Hong-Kong – 2-3k$

    Singapore – 5k

    UAE – 10k

    And to pass declaration and pay for Power of Attorney, formal director(local guy) etc will cost you from 1-to 3K yearly during next years.

    As I know in Thailand you can open some kind official company as an expat and pay 15% tax.

    So if you have income approximately no more then 2-4k$ monthly. There is no benefit to open offshore.

    1) Can you prove that above numbers is not correct ?

    2) Is there any other cheap way to open company in Hong Kong(for example) and to pass declaration and most of documents online ?

    3) How you solve a question with formal director(local). Is there any way not to pay for him ?

    4) Can you share the source from which you got information regarding how and what kiind company to open in Singapore or Hong Kong ?

    5) Is there any way to open company without visiting offshore country ?


    • Quote:

      “Can you prove that above numbers is not correct ?”

      – Those numbers come from YOU, not me. Why are you asking ME to prove YOUR numbers correct? Very strange indeed. It’s like me asking YOU to prove that I am rich. How are you going to do that?

      Anyway those numbers are incorrect.

      I opened my first offshore company with accompanying bank account in a second jurisdiction for $1200 all in. Then annually I paid $300 for maintaining the company.

      To answer you 5th question, I did so without ever visiting the counties in question.

  • timmy holohan

    Hi Harald,

    You mentioned in your podcast about banking in Singapore and HK as an individual.
    I have heard banking has become more strict recently in these places, are they still open to foreigners and will you need to visit a branch to open an account there?

    Things are not very complicated to structure if you have a tax beneficial residency as an individual but did you consult an international tax advisor and is there any guys you recommend for international taxation that are legit that dont cost the earth for tax structuring who know about trusts/companies?

    Also as an individual you will have to have a residency, which I’m sure the bank will ask for and which will be the determining factor o your tax liabilities as an individual, obviously its not Norway, can you tell me where it is and is there a requirement of you to spend time in that location during the year (183 days) to fulfil that requirement? I know your in Ukraine now but I was aware it had many benefits for tax purposes and didnt think it is easy to become a resident there.

    BTW some good articles in here, it does come across as you are settling down and maybe this website will be going by the wayside!! Maybe I’m wrong. Going to a few cities in Poland in a few months for a wedding, first time to E. Europe looking forward to that!!!

    All the best

    • 1. Depends on the bank and the country. Just call around and see hat they tell you.

      2. I can’t recommend anyone as I believe most websites and agents who would aid you in this don’t offer good value for money. Call around and do it yourself. It’s cheap and easy.

      3. No you don’t have to have a residency. That is a myth.

      4. This website will continue to grow. Right now it’s growing without me writing anything new so I’m focusing on YouTube. After the summer once I feel enough people read my articles I’ll start writing again 😉

      Enjoy Eastern Europe

  • Max

    Greetings from Spain,

    Actually I have for my business a company in Hong Kong and a bank account in Hang Seng Bank . So I dont pay taxes for my business income . Now I m thinking in change my residence, What do you think about get a residence in Panama or Costa Rica ( I think that there you dont pay if your make money outside of country)

    Other thing I don’t like it is have that register at the embassy of my country , in the country that I will live and have a physical adress and register in the census.

    • I think Panama is a great idea. About having to register that with your embassy, I’m pretty sure that is something they cannot keep track of. I certainly have never given my country or embassy a correct address or even country where I live at any given moment. It’s none of their business!

  • SSS

    I am a little confused as to what papers to send the government informing my leaving (tax purposes) if I am going away as a tourist and not a migrant? Please explain. Is it a tax return you are talking about?

    • In my country it was just a form stating I was moving permanently abroad

      • SSS

        There probably such a form in my country as well. But I don’t know about that though. I thought you moved away with a Permanent Resident card from a another country. But its super if I can do the same with tourist visa like you said.

        • You need no proof from your new country. That is only in the case of renouncing citizenship. Announcing you’re moving abroad is different. You’ll still be a citizen but not for tax purposes and welfare benefits etc…

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