NSW Dual Citizen ship question regarding TAX

[lostdog691agarplus11]

(Sorry im not sure where to ask this question, Sorry in advance if this is the wrong spot this is the only forum i could find that seemed legit for asking this question)
I am an Australia citizen. I am interested in getting a Dual Citizenship for Portugal.

My question is, Once i am a dual citizenship and i make my income in Portugal to my banks, I will not be taxed by/in Australia correct? Does the tax system/INCOME stay completely separate?

Unless i make income in Australia, Then of Corse i expect it to be taxed in Australia.

So then my other question is, If that's the case above. Can i go live in Portugal and make money there then if i come back to Australia to live for a while can i send my money i made from Portugal to Australia %100 tax free legally?

Or will there be taxes just because im sending money to myself/ To Australia in general?

 

[Tim W]

Depends what you want to do.
For the ordinary wage/ salary employee, there's no realistically affordable way
to game the system (in either country) to evade income tax everywhere.

Do you intend Australia or Portugal to be your permanent home?

 

[lostdog691agarplus11]

Depends what you want to do.
For the ordinary wage/ salary employee, there's no realistically affordable way
to game the system (in either country) to evade income tax everywhere.

Do you intend Australia or Portugal to be your permanent home?

My thought is to move to any Low tax/No tax income country that i actually want to enjoy living in for 6-12 months or even more if i have to, Become a legally non-residence in Australia cut every single tie with Australia (to make this happen legally) which is cutting my ties to car, banks,dogs & cats anything and everything with Australia to become a non-residence for tax purposes.

Then yeah live in the country of my choice let's just say Portugal i get citizenship there become a tax residence there, Then I'll be making my income and paying my taxes there. (after becoming non tax residence in Australia)

So if i did this and decided to come live back in Australia and become a tax residence in Australia again, I mean my main question is does my plan sound legal? I don't see why not as i know legally i can become a non tax residence and get Dual citizenship somewhere else no problem just cost $$$ but it's more, Do i have to be out of Australia for so long... Is it a pain in the ass (will i have to fight in court?) Or do i get a legal document saying im officially a non tax residence in Australia once i cut ties etc etc (whatever the requirements may be, I have not %100 confirmed the requirements) I've looked right over the ATO website but i feel like there's some hidden requirements eg. Staying out of Australia for X amount of period untill classed as non-residence

And if that is all good, Then my only other question is yeah can i return to Australia in a year and transfer all my wealth back into Australia? To be honest i probably wouldn't do this anyway i would have no real reason to transfer all my wealth back into Australia i know i could just come visit my family in Australia and keep living in Portugal and keep everything there but i know after a while i would like to return and live in Australia or maybe not.. Maybe somewhere else this is why I'm just planning realistically to see my options.. But if i wanted to live here again and purchase a house and do all that stuff legally buy a car here and all that stuff that's the questions im asking, Will i face any problems with tax etc if i do decide to transfer SOME wealth back into Australia from Portugal

But to answer you're question directly. Yes I'm doing this to legally game the system and go enjoy a better life and not pay crazy tax on my hard earnt money. Win win for me enjoy a nice place for a while and make more money. I definitely have no interest in doing anything illegal, Just doing the work required to become a residence somewhere else to avoid some taxes legally which i know will take a fair sum of time & money but that's what im willing to do to as it will benefit me.

 

[Tim W]

Why Portugal in particular?
It's not as if it's one of the treaty countries?

 

[lostdog691agarplus11]

Why Portugal in particular?
It's not as if it's one of the treaty countries?

I'm using it as an example, Like i mention in my previous reply

"Then yeah live in the country of my choice let's just say Portugal"

Like you say i know there is plenty of No tax, Or low tax country's just using it as a example. I'll contuine looking into it & Probably go with the cheapest option aslong as it's a decent country

 

[Tim W]

I'm using it as an example, Like i mention in my previous reply

"Then yeah live in the country of my choice let's just say Portugal"

Like you say i know there is plenty of No tax, Or low tax country's just using it as a example. I'll contuine looking into it & Probably go with the cheapest option aslong as it's a decent country

In your original post, you said:

I am interested in getting a Dual Citizenship for Portugal.

That does not read like a mere example.
I urge you to caution... there is no magic lawful way to evade tax everywhere.
You are either reading a lot of rubbish, or getting (from places other than here) some conselho de má qualidade.

 

[lostdog691agarplus11]

In your original post, you said: That does not read like a mere example.
I urge you to caution... there is no magic lawful way to evade tax everywhere.
You are either reading a lot of rubbish, or getting (from places other than here) some conselho de má qualidade.

Yeah you're correct sorry, Well to confirm i'm just speaking in general any country that would benefit me there is about 10+ from my research.

So please enlighten me? Why can't i get non-residency here in Australia?

What's stopping me? I'm well aware it would cost $500k-1M to get citizenship in most of these places

The information i'm reading are from the official government website on the country, Many many countries just require X amount of real estate owned there to file for citizenship, or investing into bonds/stocks or local bussiness's and supplying some of there people with work Eg. 10 people employed, I'm all aware of the legal process to get citizenship somewhere else.

So i know it's possible to pay you're way into a country without having a close family relative or spouse, Which could be another option for me but i only have cousins that are family in some of these places from what i read it has to be either Spouse/Mum or dad something very strong.

I then know i can get non-residency in Australia for tax purposes by meeting the requirements from the ATO website the 3 test to see if you're elidable to be a non-tax residence. Unless there is hidden crap that i'm not aware off that is not listen on the ATO website etc etc. So yeah i would not say this is magical way to save some money, it's a fair chunk of money to do this &my time, i'm obviously not aware of how hard this is even with the money and time. So,

What's the problem you see?