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How big of a benefit is multi citizenship in the world of business? (alien.top)

submitted 1 year ago by edwarddelacroix@alien.top to c/entrepreneur@indiehackers.space

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I am a 22 year old entrepreneur and have been wondering about relocating my business somewhere else. I do SWE meaning my business is not really geographically constrained. I want to benefit off of lower taxes, better gov polices more in favor of entrepreneurs, larger number of skilled personnel that could work at my company, and of other advantages coming down to better safety, different climate, bigger pool of young entrepreneurs like myself etc.

As a long term goal, I consider having multiple passports fantastic as this type of diversification guarantees me some sorta freedom imho. But I am just not sure if that should be on my list of priorities at this age. Should I worry about this at this age at all? I have been thinking about moving my business for about two months already, and am perplexed by how much of paperwork needs to be done to just start a company somewhere else as a foreigner. I thought being at least a resident could be way less troublesome. I dunno. What are your thought on this one?

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[–] travelguy23@alien.top 1 points 1 year ago (1 children)

Build a business and make some profit before worrying about passports, tax, etc. You're getting too far ahead of your self. If you never make money there won't be any tax to pay.

It's not easy getting a second passport. Getting a resience may be easier. And you might not be able to go back home for more than a few days a year or you could be liable for taxes there as well.

I would suggesting building a business and seeing how it goes. You can move later if you need to.

Also, setting up a business in another country may be over-complicating things unless you can make big tax savings.

[–] DueSignificance2628@alien.top 1 points 1 year ago

Great advice. Unless you're making serious money, the effort to set up different citizenships and residences isn't worth it to reduce your tax rate, if your overall taxes are low due to low income.