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Moving to another country can reduce
or eliminate income, corporate and
capital gains taxes. Now I've got
your attention. Here is the BUT If
you live in the USA you are taxed by
your government on your world-wide
income regardless of where you live
in the world. That's rude. It may
still be tax advantageous to move
however. You won't get taxed twice.
If you move to a tax haven where
there are no or minimal taxes you
will still have to pay the IRS but
you won't have any paperwork to do
in your new home. If you move to a
non-tax haven with a double taxation
treaty with the USA there are many
options open to you usually for
reducing your taxable income. Talk
to an advisor who specializes in
international taxation. I'm not an
accountant. I'm not even American so
the US taxation system is not
something I am well versed in.
However, I do know that significant
tax savings are possible when
properly structured. If you are a
citizen of a country with a
residency based taxation system, and
most are, then your tax saving
opportunities are much easier. Just
move. Once you reside outside these
countries the tax departments no
longer have any interest in taxing
you. You only need to pay tax in the
country you move to, if that country
requires it. Tax reasons are not the
only reason to move overseas. It
isn't even the most important
reason; saving tax is just a bonus.
The real reason and only important
reason to move is to increase your
standard of living. What you need to
ask yourself is this. What do you
want? Does the place you live in now
provide that for you? Do you want a
more laid back lifestyle? Do you
want to be exposed to less crime? Do
you want a less expensive lifestyle,
but with more luxury? Do you want a
warmer or cooler climate? Do you
want cheaper real estate and no
capital gains taxes? etc. Only you
know what you want. Below we will
explore some of the best places in
the world and why. Perhaps one of
these places will suit what you are
looking for.
We will also look at the issue of
economic citizenship. Economic
citizenship programs are made
available by 2 countries presently.
They are St.Kitts & Nevis and
Dominica. These countries, in
exchange for varying amounts of
money, will give you instant legal
citizenship including a passport.
You are not required to live in any
of these countries, but as a citizen
you can if you want to. The main
advantage of these programs is the
gaining of the second passport. This
is essential for world travel if
your original passport is from a
country that has developed many
enemies. For example, if your
aircraft or cruise ship is hijacked
by terrorists you may survive if you
have a St Kitts & Nevis or Dominican
passport because nobody has an
argument with these countries. If
you are carrying a passport from the
US, UK or Australia you are screwed.
Also another example is this, if you
travel to Arab countries and also
Israel you will experience fewer
problems with the custom officials
in these countries if you use
separate passports with separate
visas for entry into each of these
countries. Another important
advantage of these passports is that
they allow visa free travel to a
huge number of countries making
travel easier than it may be on your
current passport. One of the most
important advantages of a passport
from these countries, however, is
the investment opportunities that it
opens up. Some investments are not
open to the citizens of some
countries. The 2nd passports
discussed here can be used to
identify yourself to banks and
investment companies and so allow
you to invest in these lucrative
investments. These economic
citizenship programs will be
discussed further under the
appropriate country listing. Peruse
the following country listings and
see if any of these options fit your
goals. My argument regarding
residency is this. To live a luxury
lifestyle you need to earn more and
spend less whilst improving your
standard of living. Moving to a tax
haven, I believe, is essential.
Reduce your tax and buy what you
want cheaper. There are many
fantastic places in the world you
can move to and even save tax in,
but many are expensive. Examples of
these are Australia, New Zealand,
Canada, USA, Bermuda, Ireland, the
UK, Andorra, Campione and in fact
most places in Europe are a nice
place to live. You have to be quite
wealthy to live the luxury lifestyle
in these places. If you are quite
wealthy check them out. If you are
moderately well off then you can
leverage what you have and acquire a
luxury lifestyle by moving to the
countries I have highlighted below.
Almost all of these countries have
first world products and services at
reasonable prices. The Cayman
Islands - consists of 3 islands in
the Caribbean north west of Jamaica
and south of Cuba. There is no
income, inheritance or capital gains
taxes. You can immigrate here if you
have a spotless reputation and at
least US$150,000. You must be
financially independent and not have
to depend on the local economy for
an income.
TOP 100 CAYMAN ISLANDS ARTICLES ON
THE WEB
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