11 EXPATRIATING

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Arranging secure offshore banking and investments, as we shall

see, are the first steps, and perhaps the only steps a person

may want or need to take. But for those who are interested or

later may become interested in the next phase, let’s look at the concept

of expatriating. Some may want to consider it in anticipation of

potential future national problems that could affect their lives; others

may have personal goals related to offshore benefits that may be augmented

by taking the big leap; and some simply have a desire to retire

overseas. If any of this sounds good, you need to think ahead to more

advanced ideas on going offshore. These strategies require altering

your current lifestyle to maximize the benefits and opportunities, but

when you consider the numbers who are choosing to expatriate, you

might guess that for many, the change is worth the effort.

Becoming an expatriate? Wow. How would you begin? Well, this

course of action will simply pick up where your initial steps left off.

Once your banking and investments are safely offshore, the next

step is to physically move offshore, taking yourself, your family, and

your personal effects, and claiming your new life. This phase may require

considerable time and planning to implement, so if at some

point you determine that this is a real option, then you must look at

the alternatives.

What should you consider doing? Well, you might begin by moving

part or all of your earning capacity offshore. That may be a challenge

depending on your job or the career you are in, but many

Americans today have ideal income-producing activities that are

highly adaptable to going offshore. This process should begin before

permanently leaving the country.

Many jobs can easily be converted into your own business, or you

can develop your talents into a small business. In the United States

today, many people have expanded their entrepreneurial talents and

have done very well. These skills in starting a small business are perfect

for moving your income offshore. With today’s state-of-the-art

communications and computers, there are very few moneymaking activities

that can’t become virtual, or be adapted to operate from virtually

anywhere. You can take your talents and become a consultant in

any field and perform the same services from afar. Maybe your current

employer would be willing to retain your services as a consultantat-

large rather than as an employee so you could perform your job

function from anywhere. This service could be rendered through

your offshore corporation.

In Chapter 24, I discuss starting an offshore business that can be

coupled with e-commerce, the ideal combination for your future career

or business. These activities can easily be conducted using a tax haven

like Belize as your business base, while living virtually anywhere. When

your business is established, your cash flow and personal income can

funnel offshore through a no-tax or low-tax haven like Nevis or Belize,

as an example, and on further into your bank and investment accounts,

securely salted away in a money haven like Switzerland, Liechtenstein,

Austria, or Andorra. This arrangement will minimize your financial exposure

to potential problems in the United States.

You may even wish to purchase a second home in another country

as a vacation home. Should the opportunity or need arise sometime in

the future, you may want it to be your permanent residence, at which

time you can receive tax credits for your housing expenses. You may

want to set up your retirement plan offshore, too, and structure it to

be judgment-free so that your retirement income never reaches the

United States.

At this point, your lifelines to the United States are all but free,

and you are probably feeling a sense of personal achievement and

firm control over your life. There is one exception: You are still a U.S.

taxpayer. You have achieved financial diversification and asset protection,

yes, and possibly a freer and improved lifestyle with lower living

expenses, but you are still obligated to pay income tax on your worldwide

income.

But wait, there is good news! By the sheer act of leaving the

United States, you have set in motion an important tax strategy.