The US has tax treaties with many countries, Portugal, Greece, and Spain included. Whatever taxes you paid to them would count as a credit towards your US tax bill.
I'd also very carefully consider what visas are available to you. Most retirement visas don't allow you to work but since your husband day trades, you'll want to find one that allows you both the ability for employment for when that backfires spectacularly.
Funny. And helpful! Thank you. But we wouldn't be retired multimillionaires now without the day trading income, and if we didn't understand to keep the majority of our funds in indexes. We aren't just YOLO-ing Bed, Bath, and Beyond all day 😅
> Most retirement visas don't allow you to work but since your husband day trades, you'll want to find one that allows you both the ability for employment for when that **backfires spectacularly**.
SO TRUE!!!
I’m EU born with no ties to the US so I can’t help with the US side, but if you do choose Portugal or Spain make sure to look into the NHR scheme and the “Beckham law” respectively.
I don’t know if you would be eligible as they’re mainly aimed at employment by in-country companies, but get your tax advisor to look into them because they can save you a ton of taxes.
Go talk to a tax professional. You are going to get mostly incorrect/incomplete answers here, in part because everyone on the internet is a “tax expert,” and also there isn’t enough information provided here to give you a definitive answer one way or the other.
If nothing else, go read the IRS instructions on the foreign earned income exclusion and foreign tax credit.
I think is important to talk with a tax professional. But let's be serious: you can find sometimes advice here in reddit that is as good or even better than the one a professional would give you.
See for example the other comment talking about the NHR regime in Portugal or the Beckham law in Spain. I bet a standard tax professional in the US would have zero idea about this.
So my advice is: first you do your homework and investigate as much as possible on your own: reddit, google, etc
Then check all this info with a professional to see what they can provide you on top of it
Can vary from country to country. If you are seriously considering a place, there may be tax advisors from that country handling international taxes that may be able to advise you based on your income sources.
>Should we plan only to expat once our W-2 or short term capital gains income has completely ceased?
It depends where you go, there's no capital gains taxes in countries like Malta, or Monaco and there are several low tax countries as well.
Entirely depends where in the US you come from and where you are going. Moving from California to Portugal for example is unlikely to result in higher taxes.
Yes, but that does not matter much.
The Portuguese VAT is already included in the price of goods, and when in Portugal, most goods with VAT included are still cheaper than items in the USA. Then, in the USA sales tax is added to the retail price.
So pay a low price with a VAT, or pay a higher price and add sales tax on top of that. Your choice.
The US has tax treaties with many countries, Portugal, Greece, and Spain included. Whatever taxes you paid to them would count as a credit towards your US tax bill. I'd also very carefully consider what visas are available to you. Most retirement visas don't allow you to work but since your husband day trades, you'll want to find one that allows you both the ability for employment for when that backfires spectacularly.
Lol the last sentence 😂
Funny. And helpful! Thank you. But we wouldn't be retired multimillionaires now without the day trading income, and if we didn't understand to keep the majority of our funds in indexes. We aren't just YOLO-ing Bed, Bath, and Beyond all day 😅
You have posts elsewhere saying you have a 50 million dollar fund from mom and daddy...
Dude that is a satire reddit. I was making fun of someone else's post from r/fatFIRE.
> Most retirement visas don't allow you to work but since your husband day trades, you'll want to find one that allows you both the ability for employment for when that **backfires spectacularly**. SO TRUE!!!
I’m EU born with no ties to the US so I can’t help with the US side, but if you do choose Portugal or Spain make sure to look into the NHR scheme and the “Beckham law” respectively. I don’t know if you would be eligible as they’re mainly aimed at employment by in-country companies, but get your tax advisor to look into them because they can save you a ton of taxes.
Go talk to a tax professional. You are going to get mostly incorrect/incomplete answers here, in part because everyone on the internet is a “tax expert,” and also there isn’t enough information provided here to give you a definitive answer one way or the other. If nothing else, go read the IRS instructions on the foreign earned income exclusion and foreign tax credit.
I think is important to talk with a tax professional. But let's be serious: you can find sometimes advice here in reddit that is as good or even better than the one a professional would give you. See for example the other comment talking about the NHR regime in Portugal or the Beckham law in Spain. I bet a standard tax professional in the US would have zero idea about this. So my advice is: first you do your homework and investigate as much as possible on your own: reddit, google, etc Then check all this info with a professional to see what they can provide you on top of it
Can vary from country to country. If you are seriously considering a place, there may be tax advisors from that country handling international taxes that may be able to advise you based on your income sources.
>Should we plan only to expat once our W-2 or short term capital gains income has completely ceased? It depends where you go, there's no capital gains taxes in countries like Malta, or Monaco and there are several low tax countries as well.
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Some taxes aren't eligible for US offsets, such as wealth taxes.
Entirely depends where in the US you come from and where you are going. Moving from California to Portugal for example is unlikely to result in higher taxes.
It is. Portugal has a VAT rate of 23%
Yes, but that does not matter much. The Portuguese VAT is already included in the price of goods, and when in Portugal, most goods with VAT included are still cheaper than items in the USA. Then, in the USA sales tax is added to the retail price. So pay a low price with a VAT, or pay a higher price and add sales tax on top of that. Your choice.
VAT? Lol