Comments by "Marvin Fine" (@torontovoice1) on "I Asked AI To Lower My Taxes" video.
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You know I've looked at all these countries that you have touted and the most of them don't score very high on my list. And they're they are either high on the corruption scale, yudenfrei or otherwise incompatible from that respect, have a very poor health system, or have awful weather. The more you look, the more you realize that the choices are slim and less than adequate. Yeah I suppose you could go out and become a tax resident in places that don't have strict tax residency rules such as Cyprus are Malta, but then where are you going to go the rest of the year. You know when you look at developed countries, they are increasingly changing the rules on how long you can spend in a particular country. For example I looked at buying an apartment in well established European countries, and when you do that, you trigger residency. I remember I was speaking with a large accounting firm in Vienna, and the lawyer told me very expressly, if you're going to spend time in Vienna and buy a property here and put it on Airbnb the rest of the time, you better have all your ducks in order. Even though there's a tax treaty, once they find out you are a tax resident of Cyprus or Malta, they will get out the magnifying glass, the 100th power one! Like you have off and all we said, there is no perfect country! So you sit there and go through indexes and look at countries and you say this one's no good because I have to learn a six language, is there room in my brain for that? Here, I might get shot in the head by walking down the street. You know I spoke to a fellow Canadian who told his bank overseas that he was a Canadian tax resident. And he was contacted by cra and they asked him why did you declare that you were a Canadian tax resident when you're not? He said, because if the information was shared with the country that I'm living in my life would be in danger! See you know it's interesting when you talk about many of these things and these strategies they work well when you're John q public. You've got a pension of a few thousand dollars a month and you live in Panama in boquete for example and hang out there drink coffee and play backgammon. I don't think I could do that for more than an hour! Kind of culture is there in these countries? So you really need to go somewhere where you can have a high quality of life knowing that if you get sick, you can go to a hospital and that's on the short list of the Newsweek 100 best hospitals in the world. If you take a look at the top 10, you won't find Malaysia Belize the Cayman Islands Vanuatu Dominica or El Salvador on any of these lists. Instead you'll find places like the Mayo clinic number one, the Cleveland clinic, hospitals in Canada Switzerland, Israel Germany, France as well yes. All high tax countries! A lot of these strategies depend on how old you are, how good your health is, and how you value all of these characteristics. The more in-depth you look, the more confused you become, at least it is in my case. But the video was great. I have more questions for chat GPT when we're done!
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