How Putin’s Oligarchs Bought London

Re:How Putin’s Oligarchs Bought London by ipaddr on Friday March 18, 2022 @08:31PM (#30729534)

It's more complex. If you just move to Dubai you will be considered a resident for tax purposes based on your links back to the Old Country. Examples of such links include if you own a property, have a bank account, have healthcare policies and registration, or if you are a member of a society or group. So, having links boils down to either owning a substantial asset back in Canada or continuing to being a part of day-to-day operations there.

This use to be popular with working at sea for 6 months to avoid taxes until it changed. You could be sailing around the world for the next two years any income you make would be taxable even if you renounce your citizenship (unless you take another citizenship or become a resident in a physical location)

So you could do this but for the effort you would be better off trading cryto from Canada avoiding popular exchanges and not reporting

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Re:How Putin’s Oligarchs Bought London by fossuser on Friday March 18, 2022 @08:36PM (#30729567)

The latter option is illegal though?

My understanding was you could legally move to the UAE for a time as a Canadian citizen and do what I described.

It seems easy enough to not have day to day operations in Canada during that time. This seems like a way better option than tax evasion and prison imo.

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Re:How Putin’s Oligarchs Bought London by ipaddr on Friday March 18, 2022 @10:19PM (#30730289)

If you are willing to completely cut ties. No bank account, no property, no memberships, no ties at all. Then you have to wait for a period of time. It won't be easy and they may retroactivity tax you.

If you got married had a family took another citizenship and lived for many years away your plan could work.

The easiest legally would be to set it up under a company and pay a much lower tax rate.

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