Hi,
I could probably google or try to dig up old threads, but everyone's situation is somewhat unique so I thought I would post a new thread.
We are currently New Zealand citizens and do not like the direction this country is taking. We have always wanted to spend several years (if not more) in Europe and feel now is as good a time as any, since we are not getting any younger!
The problems we face in NZ are of cost of living, endless bills, and endless taxes. We feel like slaves stuck in a grind. If we sold everything we have we would have a reduction in bills of $2,000 euros a month! We feel this will be a great weight lifted and a will feel free for the first time in years.
We are well established in NZ, with a home and all of that so figure it will take us a year to condense our lives into two backpacks. It is daunting and a bit of 'where do we start' but we are chipping away at it.
What has drawn us to Bulgaria? It looks like a beautiful country with plenty to do and the tax situation seems (at first glance) very friendly. All of my income is generated by a website and none of this income is made in Bulgaria so from what I gather that would not be taxed. So for me, it makes sense to get set up in Bulgaria. It sounds easy enough to create bank accounts there as get closer to the leap.
As far as tax in NZ goes, if you have no assets in NZ and are out of the country 305 days in a year, you lose NZ tax residency and this starts on day 1.
So, smack me in the head if I am thinking about all of this in the wrong way . but I am thinking 12 months to sell everything we have. As the home is being sold, secure bank accounts in Bulgaria and transfer all funds to Bulgaria so we no longer have financial taxation ties to NZ. Once a sale is final wire that money over to Bulgaria. Maybe apply for some sort of residency status in Bulgaria. Maybe buy a studio apartment in Bulgaria as our home base. Then we work and play all over Europe.
Super interested to hear your thoughts! Cheers everyone