| If you love living where you are now, then there is | | | | B$500,000 in another investment. Temporary permits |
| probably no need for you to move. | | | | are valid for 1 year. Tourist visas allow you to stay for |
| However, after reading this chapter, you may start to | | | | up to 8 months of the year. |
| develop itchy feet. The grass sometimes IS greener | | | | The only worry I have with the Bahamas is global |
| on the other side. | | | | warming. The country is low lying and if the sea levels |
| What are the advantages of moving? Basically that | | | | rise most of this country may become Atlantis. The |
| depends on where you live now and on how you | | | | official language of this country is English. |
| want to live. Moving to another country can reduce or | | | | 3. The Turks and Caicos Islands |
| eliminate income, corporate and capital gains taxes. | | | | The Turks & Caicos Islands - lie south east of the |
| Now I've got your attention. Here is the BUT If you live | | | | Bahamas. This country is a dependency of the UK. |
| in the USA you are taxed by your government on | | | | There is no income or company tax, gift tax, |
| your world-wide income regardless of where you live | | | | inheritance, property or sales taxes. |
| in the world. That's rude. It may still be tax | | | | Living and residency here is easy. It costs |
| advantageous to move however. You won't get | | | | approximately US$2,000 for a permit to work or reside |
| taxed twice. If you move to a tax haven where there | | | | here. Don't even think about looking for a job here, |
| are no or minimal taxes you will still have to pay the | | | | however. The country is democratic and the official |
| IRS but you won't have any paperwork to do in your | | | | language is English. |
| new home. If you move to a non-tax haven with a | | | | 4. The Dominican Republic |
| double taxation treaty with the USA there are many | | | | The Dominican Republic - ( not to be confused with |
| options open to you usually for reducing your taxable | | | | the Commonwealth of Dominica) is one of the poorest |
| income. Talk to an advisor who specializes in | | | | countries in the Caribbean. It is located east of Haiti and |
| international taxation. I'm not an accountant. I'm not | | | | west of Puerto Rico. This country is democratic and |
| even American so the US taxation system is not | | | | the official language is Spanish. |
| something I am well versed in. However, I do know | | | | All foreign earned income is tax free here and you can |
| that significant tax savings are possible when properly | | | | live like a king because everything is so cheap. If you |
| structured. | | | | are American, European, Canadian, British or Australian |
| If you are a citizen of a country with a residency | | | | and have an external income your residency is virtually |
| based taxation system, and most are, then your tax | | | | guaranteed. After 2 years you can apply for |
| saving opportunities are much easier. Just move. Once | | | | citizenship. |
| you reside outside these countries the tax | | | | 5. St. Kitts and Nevis |
| departments no longer have any interest in taxing you. | | | | St. Kitts & Nevis - is a small island group in the |
| You only need to pay tax in the country you move to, | | | | Caribbean north of Montserrat and west of Antigua |
| if that country requires it. | | | | & Barbuda. It is independent, democratic and |
| Tax reasons are not the only reason to move | | | | English speaking. There is no income tax or tax for |
| overseas. It isn't even the most important reason, | | | | offshore companies. |
| saving tax is just a bonus. | | | | St. Kitts & Nevis has a very good economic |
| The real reason, and only important reason to move is | | | | citizenship program, but it is expensive. This is the Rolls |
| to increase your standard of living. What you need to | | | | Royce option. It will cost you US$250,000 minimum |
| ask yourself is this. What do you want? Does the | | | | investment in real estate, US$35,000 government fee |
| place you live in now provide that for you? Do you | | | | for the main applicant, US$15,000 government fee per |
| want a more laid back lifestyle? Do you want to be | | | | dependent, US$2,500 due diligence fees per adult and |
| exposed to less crime? Do you want a less | | | | US$15,000 in application fees. This will give you full |
| expensive lifestyle, but with more luxury? Do you want | | | | citizenship and a passport within approximately 3 |
| a warmer or cooler climate? Do you want cheaper | | | | months. This passport gives visa free travel to many |
| real estate and no capital gains taxes? etc. Only you | | | | countries as it is a British Commonwealth passport. |
| know what you want. Below we will explore some of | | | | 6. The Commonwealth of Dominica |
| the best places in the world and why. Perhaps one of | | | | The Commonwealth of Dominica - ( not to be |
| these places will suit what you are looking for. | | | | confused with the Dominican Republic) is an English |
| We will also look at the issue of economic citizenship. | | | | speaking, democratic country. It has been independent |
| Economic citizenship programs are made available by | | | | since 1978. Dominica is located south of Guedeloupe |
| 2 countries presently. They are St. Kitts & Nevis | | | | and north of Martinique in the Caribbean. |
| and Dominica. These countries, in exchange for varying | | | | There are no income taxes or company taxes. |
| amounts of money, will give you instant legal citizenship | | | | Dominica is also a nature lovers dream. Dominica has |
| including a passport. You are not required to live in any | | | | a very good economic citizenship program. It will cost |
| of these countries, but as a citizen you can if you | | | | you US$75,000 government fee for a single applicant |
| want to. The main advantage of these programs is | | | | or US$100,000 government fee for a family of up to 4 |
| the gaining of the second passport. This is essential for | | | | people. Due diligence fees range from US$15,000 plus |
| world travel if your original passport is from a country | | | | US$700 per person. This will get you full citizenship and |
| that has developed many enemies. | | | | a British Commonwealth passport within 4 months. |
| For example, if your aircraft or cruise ship is hijacked | | | | 7. The Cayman Islands |
| by terrorists you may survive if you have a St. Kitts | | | | The Cayman Islands - consists of 3 islands in the |
| & Nevis or Dominican passport because nobody | | | | Caribbean north west of Jamaica and south of Cuba. |
| has an argument with these countries. If you are | | | | There are no income, inheritance or capital gains taxes. |
| carrying a passport from the US, UK or Australia you | | | | You can immigrate here if you have a spotless |
| are screwed. Also another example is this, if you travel | | | | reputation and at least US$150,000. You must be |
| to Arab countries and also Israel you will experience | | | | financially independent and not have to depend on the |
| fewer problems with the custom officials in these | | | | local economy for an income. |
| countries if you use separate passports with separate | | | | 8. Belize |
| visas for entry into each of these countries. Another | | | | Belize - is paradise on earth. Belize is democratic, |
| important advantage of these passports is that they | | | | peaceful and there are no taxes. It is English speaking. |
| allow visa free travel to a huge number of countries | | | | Belize is located in Central America bordered by |
| making travel easier than it may be on your current | | | | Mexico and Guatemala. |
| passport. One of the most important advantages of a | | | | Becoming a resident is relatively simple. If you stay for |
| passport from these countries, however, is the | | | | a year you are granted permanent residency. You just |
| investment opportunities that it opens up. Some | | | | need to have your tourist visa renewed every 3 |
| investments are not open to the citizens of some | | | | months for a year. You must deposit at least |
| countries. The 2nd passports discussed here can be | | | | US$2,200 into a local bank. After 5 years as a |
| used to identify yourself to banks and investment | | | | permanent resident you are eligible for citizenship. |
| companies and so allow you to invest in these | | | | You can easily live a luxury lifestyle in this country |
| lucrative investments. These economic citizenship | | | | without a lot of money. |
| programs will be discussed further under the | | | | 9. Costa Rica |
| appropriate country listing. | | | | Costa Rica - is located in Central America between |
| Peruse the following country listings and see if any of | | | | Nicaragua and Panama. Costa Rica has has its |
| these options fit your goals. My argument regarding | | | | problems over the years but things are improving and |
| residency is this. To live a luxury lifestyle you need to | | | | it remains a popular retirement destination for many |
| earn more and spend less whilst improving your | | | | people. |
| standard of living. Moving to a tax haven, I believe, is | | | | All income earned outside Costa Rica is tax free. |
| essential. Reduce your tax and buy what you want | | | | To gain residency you must be able to prove you |
| cheaper. There are many fantastic places in the world | | | | have an income of more than US$1,000 per month. |
| you can move to and even save tax in, but many are | | | | You just need to have this income exchanged into |
| expensive. Examples of these are Australia, New | | | | local currency at a local bank and present the receipts |
| Zealand, Canada, USA, Bermuda, Ireland, the UK, | | | | to the Tourism Institute every 2 years to renew your |
| Andorra, Campione and in fact most places in Europe | | | | permit. |
| are a nice place to live. You have to be quite wealthy | | | | This is another country where you can live like royalty |
| to live the luxury lifestyle in these places. If you are | | | | with little money. Costa Rica is a Spanish speaking |
| quite wealthy check them out. If you are moderately | | | | democracy. English is widely understood though. |
| well off then you can leverage what you have and | | | | 10. Panama |
| acquire a luxury lifestyle by moving to the countries I | | | | Panama - is located in Central America between |
| have highlighted below. Almost all of these countries | | | | Costa Rica and Columbia. Panama is a well |
| have first world products and services at reasonable | | | | established international financial center with very |
| prices. | | | | attractive residency possibilities. Panama is a Spanish |
| Here we go. | | | | speaking country where English is well known. |
| 1. Vanuatu | | | | Income earned from outside Panama is tax free. This |
| Vanuatu - is a group of islands north of New | | | | democracy is a first world country and Panama city |
| Caledonia, southeast of the Solomon Islands and west | | | | could be mistaken for Miami. |
| of the Fijian Islands in the South Pacific. | | | | Panama has three residency options: |
| It is a beautiful, peaceful country and has been | | | | The Panama Investor Immigration Program requires an |
| independent since 1980. If you would like to move there | | | | investment of at least US$100,000 in a new company |
| you are required to make a positive contribution to the | | | | or business or in any business in the country employing |
| economy. This means investing US$50,000 in an | | | | at least 3 Panamanian citizens. The investors must be |
| approved investment and also lodge an immigration | | | | directors & officers of the company. OR, you can |
| bond to pay for your repatriation should you make a | | | | invest US$40,000 in a reforestation project. After 5 |
| nuisance of yourself. You can opt to invest the | | | | years with this residency permit you can apply for |
| US$50,000 in real estate, however, you cannot own | | | | Panamanian citizenship and passport. |
| land there. You instead purchase a 55 year lease that | | | | The Panama Retiree Residence Program requires you |
| is renewable. | | | | to invest enough money in a term deposit at the |
| The people of Vanuatu speak Pidgin, English and | | | | Banco Nacional de Panama to generate at least |
| French. The country is democratic and there is no | | | | US$750 per month in interest for a minimum of 5 |
| income tax. | | | | years. You can also receive a non-citizens passport |
| 2. The Bahamas | | | | that is good for travel. This program does not lead to |
| The Bahamas - are a group of many islands | | | | citizenship. |
| south-east of the US and north-west of Cuba in the | | | | The Panama Pensionado Residence Program requires |
| Caribbean. | | | | you to prove that you receive a pension of US$500 |
| This is a democratic, income and company tax free | | | | per month minimum from any government or private |
| country renowned for its tropical beauty. It is also one | | | | source outside of Panama. This program does not |
| of the few countries in the world where you can buy | | | | lead to citizenship. It does however, entitle you to many |
| your own tropical island. | | | | discounts country wide. |
| If you wish to reside here, permanent and temporary | | | | Disclaimer: This article does not constitute personal |
| residency permits require the payment of | | | | financial or immigration advice. Talk to a financial |
| approximately B$1,000 for the head of the family plus | | | | adviser or immigration adviser about your |
| B$20 for each family member. Also required if you | | | | circumstances before making any decisions. This |
| want permanent residency is an investment of | | | | information was correct at time of writing. |
| B$250,000 in a registered group investment or | | | | |