Many people dream about moving to a foreign country, for a variety of reasons. Some are looking for action and adventure, while others are interested in finding a job abroad. Some people believe they will manage to save more money if they relocate. Whatever your motive is, you must never forget about one thing: taxes.
There are only several countries in the world that would stoop low enough to tax their citizens (regardless of where they live and work). One of the countries is Libya. Guess what country is also in this group? The United States of America. Imagine, you are self-employed and live in, say Phuket, Thailand, where you’ve been for several years. Do you have to pay taxes to fight wars, build roads, pay politicians’ salaries back home, and subsidize farms in America, simply because you hold a USA passport? The federal government certainly thinks you do, and is more than willing to either hunt you down, or wait for you to finally show up. Luckily, there are ways to emigrate and take your hard-earned funds with you – and never look back.
Tax havens have long been very helpful to expats, when it comes to hiding their money from the IRS. Of course, everyone knows about Switzerland, Hong Kong, and Monaco, and total secrecy in their banking, but we also know these countries are extremely expensive to live in. One does not necessarily need to live in the same country as his money. However, these countries are fine for big fish, but what about “regular” people, who just want to take their retirement or hard-earned cash and live peacefully?
There are several countries that offer modern, private banking, along with a good standard of living.
Belize: Located on the Yucatan peninsula, and just a few hours south from Cancun and Cozumel, Mexico, Belize is an English-speaking country, and home of the second largest coral reef in the world. In terms of infrastructure, Belize is very much the Third World, but its banking system is simply made to attract foreign business. Belize offers a great tax-free residency program for foreign retirees, and its government is quite friendly towards offshore investors.
Nevis: People who know offshore banking are certainly aware of all the great things this Caribbean island has to offer.
Dubai: It is not just a great tourism attraction. Dubai is also known for its safe and secure banking, and highly favorable tax situation. Dubai is certainly the most modern destination in the Middle East, with great telecommunications and infrastructure. It also has tax treaties with numerous countries.
Before you decide to open an offshore bank account, talk to professionals about this. It is very important to get some expert advice on this, before you do anything.