Top 5 Countries for Day Traders to Live
A day trader is someone who deals in stocks, derivatives or options and concludes his transactions at the end of each business day, making this the perfect job for those who don’t want to be limited to living in one country or city. In fact, geographical mobility is one of the best things about jobs like this. However, for a day trader, it is necessary to look at cost of living, visa restrictions and income taxes for the place they are thinking of moving to so they can be sure to reduce their costs as much as possible.
When looking for a suitable location to live as a day trader it is important to find countries with low income tax rates. It’s also important to consider whether the living costs are high or low. Places like Monaco or Andorra don’t charge income tax, or even capital transfer tax, but living costs there are quite high.
Another consideration is whether it’s easy or difficult to get visas for your particular nationality. Southeast Asian countries have a low cost of living; however, long term visas can be an obstacle. Countries such as Indonesia or Thailand only allow a three months visitor’s visa. Other countries, such as Bhutan, require foreigners to spend $100 to $200 a day. If you have Asian nationality, though, it’s relatively easy to get long term visas in these Southeast Asian countries because of recent ASEAN trade agreements.
Keeping these three factors in mind—low income tax, low cost of living and visa availability—the following are the five top places for day traders to live that we came up with.
Heading the list is Costa Rica in the Caribbean. The cost of living there is probably one of the lowest worldwide. The income tax laws differentiate between incomes earned inside the country and that earned overseas. It also offers a generous credit allotment for income earned abroad. Both of these factors make Costa Rica one of the most quite attractive for day traders.
In Panama, it’s only necessary to pay tax on income earned in the country. There is no tax on income from abroad. If you have residency status, it is impossible for outside investigators to determine the amount of capital you’re holding. Panama has some of the lowest living costs for all South and Central American countries.
Americans can take advantage of states that have no income tax laws. These include Texas, Florida, Montana, Wyoming, Washington, Tennessee, Montana and Alaska. These states also have a relatively low cost of living.
New Zealand is another place to consider since the government recently instituted a tax credit policy on money earned overseas that is valid for four years. This was done in order to attract foreign investment. The cost of living is also quite reasonable especially further south. It’s also possible to obtain long term residency visas if you can prove you’re a skilled migrant.
Some American investors are relocating to Russia where income tax is only 6% of yearly income earned. Living in Russia is relatively inexpensive, especially when living in cities such as St. Petersburg. The visa laws have recently been relaxed to receive highly qualified foreigners.
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