📊 Second tax residence, US brokers and when to change your country of residence

One of the most common questions is how to pay tax whilst being a tax resident of Ukraine and, at the same time, living, for example, in the EU, where you already have a second residence.

🇺🇸 When opening an account with Interactive Brokers using a Ukrainian foreign passport, you can rest assured – the Americans do not automatically share this information with other countries. Ukraine will only find out about such an account if you yourself declare your investment income and submit a tax return at the end of the year. A tip for those with two or three tax residencies: invest specifically as a citizen and tax resident of Ukraine.

💰 The second question is: what to do with substantial capital (from several hundred thousand dollars) when, even if you declare it in one country, there is a risk of additional tax assessments due to a second tax residency.

📌 For capital of $300–500k+, it makes sense to deliberately choose a country of tax residence – such as Georgia, Bulgaria, Romania or Cyprus – where personal income tax is lower.

🎯 Strategy for long-term wealth accumulation: hold assets over the long term without speculation or interim tax returns. And when the time comes to realise a profit, pass on an inheritance or buy property – consciously choose a country of residence, live there in accordance with immigration requirements and declare your income via a ‘legitimate’ tax return.

⚠️ However, this only makes sense with substantial capital – such strategies are not worth pursuing with $20–50k, and the approach should be designed to last for years, rather than changing every year.