The good news is that if you spend most of your time outside your passport country and structure your finances appropriately, you may not have to pay the same taxes as if you were living at home (and taking advantage of the governmental services taxes are designed to provide for).
The bad news is that navigating the specific tax rules that apply to you can be complicated. Americans in particular need to keep good track of where all of your income is coming from, and where in the world you are when you're earning it, down to the calendar day.
Here are a few articles that will help shape your thinking about your tax strategy as a long term traveler. Please note that Nomadica is not qualified to give financial advice, and that the opinions in the articles below are solely those of their authors.
- Tax Obligations of US Digital Nomads and Offshore Structuring by Stewart Patton
- 5 Tax Strategies for Digital Nomads and Location Independent Entrepreneurs by Andrew Henderson
- Tax and Banking Advice for UK Nationals by Bridges and Balloons
- Flag Theory of Business Incorporation