Experience is essential when it comes time to move your money offshore. So don’t be hasty when you choose your offshore advisor. Take your time, do it right!
Indeed, falling back on a “trusted” accountant or tax attorney in your home country can torpedo the best laid offshore investment plan (not to mention lighten your pocketbook).
Tax havens are indeed sovereign countries with their own constitutions which can be opaque (as all archaic documents are). In addition, tax haven countries, especially in the Caribbean, are subject to arbitrary and abrupt interference by way of the US and its allies. A significant risk that needs to be acknowledged and well prepared for.
Using social media as a source, most conventionally trained “tax experts” will likely dish you up some expensive platitudes. Following their advice can literally land you in jail. To be clear, social media is not a substitute for practical experience. If you are going to move money offshore, do it right. Use tested and true solutions.
That said, let me assure you a tax advisory that actually has on the ground experience in the target jurisdiction is the only way to go. As a result, eliminate your income tax legally and protect your wealth for future generations.
To accomplish your ultimate objectives, you have come to the right place. Read more below to learn the essentials of making a successful offshore transition.
- Prevent Misallocation of Tax Dollars
- Time is of the Essence
- Offshore Data Security
- Offshore Plan for US Citizens
- Offshore Plan for Non-US Citizens
- Second Citizenship is Essential
- Optimize Your Tax Residency
- Offshore Company with Bank Account
- Those Who hesitate Pay More
Why Should You Move Money Offshore?
Government misallocation of your tax dollars is the unfortunate consequence of being born in a Western aligned country. Although misallocation should be considered a criminal act punishable by lengthy prison terms, it really depends on what the misallocation is for.
This is the inconvenient truth for tax payers in the US and countries that are closely aligned with it. For example: Should your tax dollars be used to perpetuate genocide or institutionalize child molestation? No, Absolutely not.
Indeed, what is happening in Gaza and Lebanon is really nothing new. War crimes committed by the US Government and its allies are not hard to find. So here is your chance to do something about it and help yourself at the same time.
From this point we will concentrate on tax and offshore asset protection. But first, reflect for a minute on the multiple benefits of moving your hard earned capital offshore. You can effectively help to alleviate moral depravity and also accrue substantial economic benefits.
Time is Of The Essence
It may already be too late, I have been warning potential clients for years that tax and immigration laws can abruptly change. Time is money. It is unwise to ignore the economic and social signals which are flashing red.
Would you go sailing without a functional life boat? Many people do but that is no excuse. Or to borrow a well used anecdote from the world’s most successful investor:
“When the tide goes out, we will find out who has been swimming without their shorts on” – Warren Buffett.
The moral of this well used anecdote is to look before you leap. Do you want to embarrass yourself by investing in the wrong country? Take necessary steps for contingency planning today, don’t wait until the flood waters are already at your doorstep.
Move money offshore using time tested strategies. Furthermore, if your offshore agent sounds glib, do not trust them with your personal data.
The Truth About Data Security
Think twice about continuing to use computer operating systems imposed by mega tech companies such as Windows or macOS. Rest assured, your financial data not to mention health records, and all of your personal documents has already been uploaded into the cloud and may be used against your best interests at any time.
Furthermore, it is not only your own bad habits that you should reflect on. Inexperienced sales agents do not care about your data security.
You can very easily get pilloried online when there is a data leak. Preventable tax haven scandals such as Mossack Fonseca “Panama papers” and many others are becoming more frequent.
But these are not the only issues to be concerned about. What about social media? If your offshore advisor likes using Whats App (extremely likely), you better start looking over your shoulder because your data has already been disseminated.
The tax haven graveyard, so to speak, is full of fools who took the easy way out. Have self respect and protect your data lest your offshore dreams go up in flames.
Easy Four Step Offshore Plan (US Citizens)
The best way to legally and permanently get established offshore, in the best tax free paradise is usually an easy three step process. The three steps are second citizenship, residency and offshore company formation.
Unfortunately, for US citizens they will need to complete the fourth step in order to get legally established offshore. Inconvenient but necessary….indeed, US citizens are facing increasing difficulties for all elements of moving money outside the US.
Even Visa or Mastercard purchases and domestic transfers are strictly monitored, by complete imbeciles that US banks let monitor your accounts. This is nothing new, randomly blocking all sorts of transactions is the norm not the exception.
Any illusions of confidentiality in the US is pure fantasy. Don’t procrastinate, or things will certainly get progressively worse.
Take the first step and start the offshore transition today. It is to your financial benefit not only for tax purposes.
Rest assured that you do not need to be a resident or citizen of the US to trade US markets, hold US securities, US money markets or open USD savings accounts. You can safely do this from outside the US.
“You have nothing to fear but fear itself” – FDR.
Indeed, interest rates paid on offshore USD money market accounts are higher if you are outside the US, not lower. Plus, you do not need to pay income tax, wealth tax or capital gains tax.
All of the investment benefits of being a US citizen are waiting for you offshore in a politically neutral, tax free jurisdiction. You can consider practically any country for tax free residency outside the US and Western Europe.
Rest assured, multi-currency accounts for legal tax residents are the norm not the exception. To sum up, after you complete the fourth step you can finally eliminate your US income tax.
Easy Three Step Offshore Plan (Non-US Citizens)
Consider yourself lucky if you are not a US citizen. Most governments are more reasonable when it comes to dual citizenship and residing offshore. Indeed, if you reside in a foreign country why should you still pay tax to your home country when your income and assets are not located there?
Universal taxation is a dilemma for US citizens but many citizens of the UK or EU countries should also be concerned with rapidly changing tax laws. The day is fast approaching when you can expect universal taxation similar to the US.
That means no matter where you reside or source of your income you will be subject to high tax rates and egregious misallocation of tax revenues by your government.
However, with a new passport, new country of residence, new tax ID number and a new offshore investment company you will have everything you need to benefit from an offshore tax free paradise. This is a 100% legal, time tested concept, but it is not fool proof.
If you are going to do something, do it right the first time. Here are the essential steps for effectively moving money offshore.
Safely Move Money Offshore with Second Citizenship
Why is acquiring second citizenship getting more difficult? Since it is an effective tax solution, high taxation governments with global influence have made it more difficult for their citizens to move money offshore.
Nonetheless, second citizenship is an essential first step. You must effectively establish tax residency in a favorable tax jurisdiction before you can eliminate income tax. The most effective way to get the passport you need is to invest in qualified real estate in the right jurisdiction. In return, you can eliminate income tax plus much more!
I cannot stress enough that everything you need to do in order to sustainably move money offshore requires second citizenship from the right country.
Second citizenship is the foundation of everything you need to open offshore bank accounts, acquire a tax ID, get a local ID card, offshore mailing address and register an investment company et cetera.
This list of essentials can be effectively checked off once you have acquired the essential second citizenship. The right offshore advisor can help you choose the right country for passport investment.
Choosing the wrong country for your new passport can cause irreversible problems. Hopefully, you make the right choice in advance. Otherwise, you may not be aware of the mistake until you are already in an urgent situation.
Make the right choice the first time. Your family and future generations will also benefit from having a second passport to rely on. Similar to the lifeboat anecdote referenced above, do not wait until the day the ship is sinking to implement a contingency plan. It will already be too late.
What Is The Best Country For Tax Residency?
Your country of primary residency is not necessarily the same country as your new citizenship. Indeed, Caribbean CBI countries can have very high cost of living, high real estate prices and local taxes such as VAT, customs tax et cetera. Therefore, it is wise to consider some better options before you commit.
With a new passport in hand, you can choose the best country that meets your personal requirements. The passport does not lock you in to anything. Remember not all governments are as inflexible as in the US and Europe. Explore residency options that exclude offshore income sources from their tax base.
Since your income is likely sourced offshore, enjoy flexibility which may allow you to eliminate income tax. For example, in Thailand it is easy to establish residency quickly and with minimal investment outlay. It is a popular starter country especially for Western expats.
If that is where you want to spend your time, establish residency and bank accounts in Thailand effectively with your second passport. Income sourced offshore is tax free as long as it is not repatriated.
Perhaps I can better assist with your selection. Start here to explore some popular offshore options that appeal to individuals. Quickly and legally establish offshore residency with banking and pay little or no income tax.
Registering An Offshore Company With Bank Account
For most, an offshore company will be an essential component of your offshore transition. Offshore companies can provide a lot of financial flexibility. It is like a life boat inside of a life boat.
One common mistake is to take offshore banking for granted. Your company will obviously need a functional bank account. We can help you choose the right location.
The company can be either a commerce focused company or investment holding company. It does not necessarily need to engage in traditional commercial activities.
Although a company used for traditional commerce is a great idea, especially if you already have your own. If so, we can assist you to switch your registration to a more friendly tax jurisdiction and establish offshore banking.
But for those who need to manage investments such as stocks, bonds, crypto et cetera it is a good idea manage your assets through a company.
The company is an entity similar to an individual. The essential difference is a company is a separate entity which gives you an additional offshore foothold.
Offshore companies are also more secure especially for high net worth individuals. As a result, keep your wealth away from prying eyes. The company can be used to open investment accounts in established offshore financial centers. This allows you access securities trading which includes digital currencies.
If you need to change your country for personal residency, the company provides an extra banking outlet which makes the offshore transition easier. In addition, the offshore company is a separate entity with its own tax residency.
More Expensive, Limited Options to Move Money Offshore
Getting yourself and your assets safely offshore using legal methods is getting increasingly difficult and more expensive. At the risk of sounding repetitive, let me tell you again that the citizenship by investment programs, residency and tax laws can change at anytime.
Indeed, this year all of the Caribbean countries have literally doubled their investment requirement for their citizenship programs. Residency programs, offshore banking and company regulations are also subject to abrupt changes. These changes are never to your advantage, it invariably goes the other way!
In fact, the day is not to far away when it may be altogether impossible to do this. This is certainly a valid warning for US citizens. In addition, UK citizens and residents (Non-doms) should take heed lest you get stuck in perpetuity where you do not wish to be. Expect the same going forward from most Western aligned countries.
These profligate governments will change their laws as they see fit. Taking the low road and targeting minorities such as the wealthy is more politically expedient than establishing sensible foreign policy, free trade and improving immigration laws.
In the end, tax policy subject to Western hypocrisy ends badly for minorities who have the most money. Someone needs to pay, rest assured it will be you.
To embrace true freedom, you cannot keep doing the same thing over and over again while expecting better results. Start today to implement your offshore plan!