The best piece of financial advice investors can receive is to live beneath your means, save the difference between your income and your expenses and then invest wisely. But most people are unwilling to live beneath because life is there to be enjoyed and such enjoyment often costs more money than we have available. So, it is too difficult for most people to have and do everything we want to have or do and still save a significant amount of money each year.
But remote workers have an opportunity that will allow them to spend just as much as they currently do (or even less when they move to a country with lower living expenses) and still save enough to enjoy a multimillion-dollar retirement. They need only to move to or spend at least 183 days working from low tax countries, such as Bulgaria. If you become a permanent tax resident in Bulgaria you pay only 10% flat corporate and/or personal income tax, much less than in most other countries. On top of it, Bulgaria has extremely low living cost and is a member of the European Union. EU and as such you can travel visa free in all EU and EEA countries with all rights of a EU resident attached.
So, the principle idea is very simple. You do the same job as before, earn the same amount of money, reduce your living cost substantially and save a lot of tax. As a result you have substantially more money in the bank account that you can then save and invest wisely. On top of it, you can live a luxurious life in the big and upcoming capital city of Sofia, at the beaches of the sunny Black Sea resorts in and around Varna and Burgas or in remote country side areas, the beautiful mountains or in one of the famous ski resorts.
when you make the maths, you will find out that a remote worker, moving to a low-tax country like Bulgaria will save so much money that after a few decades of compounding and wise investment, you will have most-likely a seven-figure net worth available. This does not even consider that you might get paid more over the time or the usual tax rises that we unfortunately experience.
So, if you have the freedom to work from wherever you like, this idea might be something for you. But a lot of remote workers may not want to move away from their family and friends but have on mind you only need to stay and work for 183 days in the low-tax country to qualify for tax-residency.
That means for example, a remote worker in a cold country could spend the six coldest months at the sunny beach. Or why not taking advantage of 3 months in the sun and 3 months in the snow? The rest of the time you can spent with old friends or extended family.
For those who have the flexibility, it means reaching financial independence without sacrificing current spending. This is seriously something to consider.
If you need some more information or assistance in relocating or to set yourself up in Bulgaria, then contact me.