relocating to a tax haven
I am strongly considering relocating to a tax haven. I’m currently single and none of my income is generated from within the country I live in. If I go the expat route and reside in a country without income tax, my yearly income will effectively double.
The downside to this plan is that most of the tax shelters are on islands that are prone to hurricanes. I can’t help but think if things really go south, it would go particularly bad on a small island.
Nevertheless, I want to investigate this plan further. My thought would be to buy a cheap house or condo in the Caymans, Bahama, or Turks and Caicos.
Can anyone shed light on island living?
In my opinion, I don't think its a good idea. Moving to an island puts you at higher risks since on most islands, everything is imported (food, energy, building materials, etc). I also don't think moving to a foriegn country is a good option because you are an outsider to the locals. When the US or western economy collapses these people will become very angry and look for anyone that is an american to seek out vigilante justice. You would be putting yourself at great risk.
FWIW: I am relocating to a rural region in single of the lower 48 to a region with low taxes. I will be focused on becoming self-reliant. I think urban regions will become saturated in violence as the people with no jobs and no future take the to streets to take whatever they need to survive and use violence to meet ends.The best option is to avoid cities and suburbs.
Not sure why you need to move anywhere permanently.
If your are an American, you have to pay on your worldwide income. If you live outside the US for more than 330 days per year you can take the 92k deduction.
To live in another country all you need to do is rent a place and have an address of record and travel in and out before your 90 days expire. Opening a bank account overseas is a problem starting this June unless you have another passport.
If your income is legit just declare the bank account. If your employer is not a US entity, the US does not know how much you make and you do not pay SS deductions either.
there are sites that discuss how to relocate your business, and from what i understand it's normally not required to buy or rent a living space in your new home country.
one such site i've started looking into is the dollar vigilante, check out their tdv passports section:
i've just started looking into this myself, so can't comment yet as far as personal experience, but the info put forth by tdv looks promising and is informative, so i thought i'd share the link.
do get a 2nd passport in any case, regardless of whether or where you relocate your business, everyone needs to have at least 2 passports, redundant systems are crucial in uncertain times.
I have recently moved to an area I consider one of the best in the world to survive in the future. Have been planning for collapse event for last 15 years, and have planted area in fruit (cherry, apricots, nectarines, peaches, plums) and nut trees, ground is really fertile and area enjoys a good climate, and plenty of water. Plenty of Hydro electric power. Plenty of resources and was previously major gold area so there is still a lot around.
Country population is just over 4 million and is well away from the population of the rest of the world. The town I live in has a population of just over 3,000 people and has many foreigners who have discovered it.
If you are really serious about moving from USA I will share location.
As a disclaimer, I must say, while it is good to prepare for change and keep some extra food on hand, if the entire world (or western world) collapses, there isn't really going to be anywhere that is safe. Sorry, but no island, no country, no doomstead will be completely immune to a major collapse with very, very few exceptions. Anyhow, on to the recommendation:
Switzerland Pros: Stable Economy (relatively), Low Taxes, Lots of Agriculture, Lots of Natural Resources (Particularly clean water), High Elevation, Heavily Fortified (especially in the Alps — they built a network of fortresses into the rock during the cold war.)
Switzerland Cons: Landlocked, Citizenship is a pain (but if you have $500,000 lying around you can actually gain citizenship by investing in a swiss business), High cost of living, Swiss can be rather reserved — for a single guy I prefer latina women personally.
Wow, just a newbie on this forum, and I am surprised to see so many believers that doomsday is nearby. Sure, I also share the world concerns and issues, but if this means that the collapse is nearby … it will take longer. Anyway, if you like to avoid tax and have a great life, I am considering South of Turkey. Easy to get VISA, easy to get land, not expensive, no wealth tax, no income tax (if money is outside Turkey) and not overpopulated. And if doomsday is really nearby, then no shelter can protect me, but in the meantime, I will enjoy a good life over there (at least, that is the plan!)