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