On 2nd of November, 2020 the President of Indonesia signed the Law on Job Creation, popularly known as the Omnibus law. This law is the most significant reform in the legislation of Indonesia since the creation of the Civil Code of the country in 1847.
When choosing a country for relocation and establishing tax residency, high-income businessmen are mainly guided by the requirement that there is should be no taxation of income received from abroad in such countries.
Following our article about special tax regimes in Europe, we would like to introduce you some Asian countries that offer favourable tax conditions to their tax resident individuals.
In 2013 Spain launched a visa for long-term stay in its territory for foreigners investing in Spain, popularly called as the Golden visa. Unlike the similar program in Portugal (which we discussed here), Golden visa in Spain can be obtained in a shorter time – the application for this type of residence is considered by the competent authority within 20 days.
Portugal Golden visa program is the most successful program in Europe for obtaining the right of long-term residence for investment as it imposes low requirements for the duration of stay in Portugal (on average, only 7 days per year). If you plan to live in Portugal, it will also be helpful to know that, as a tax resident of Portugal, you will be eligible for a special tax regime — the non-habitual resident regime (NHR) – which will grant you tax relief for most types of non-Portuguese income for a 10-year period.
Special economic zones (SEZ) are limited territories where the legislation on trade, taxes and business differs from the legislation on the rest territory of a country. SEZ are very popular all over the world and are created for different purposes and for different projects. For example, the Russian SEZ in Kaliningrad on Oktyabrsky Island and in Vladivostok on Russky Island were created for the purpose of returning large capital to Russia as part of the deoffshorization policy, and the Belarusian High-Tech Park was created to attract and retain IT businesses, including those related to blockchain and cryptocurrency.
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