Financial security should be one of your fundamental financial values. One of the most important steps for financial security is found in diversifying the location of your assets. Having a place of residence/bank in a second country provides you a way out if things go south in your current residential country.
Some might say this this is border-line paranoid — but considering the history of civilization is the decline of nations and national economies, this should be a logical step for someone who simply wants to insure their family always has access to adequate funds, regardless of the political and social climate.
I’ll be posting an article soon with more details about why everyone should have a legal address in another country — a tax haven specifically. But for now, let’s look at exactly how this is done.
Choosing the right tax haven
First, understand that not all tax havens are created equally. Some have better tax benefits than others for people with certain types of situations. Do the research and pick the place that works best for you.
Examples of some of the most popular tax havens include the Bahamas, the U.S. Virgin Island, Antigua, Anguilla, and even Canada for certain people. Once you have make your informed choice, you can move forward with your plan to get a legal address.
Buying a piece of property
The easiest way to get a legal address in a tax haven is to buy a piece of property. Don’t take this to mean that you have to unload the savings account on a large vacation home. It means only that you need to buy a small plot of land or even a piece of industrial space in the tax haven of your choice. Once you do this, you will have the legal address that you need in order to take advantage of the tax benefits.
Starting a business
Americans who own a business can open a small subsidiary in a tax haven, as this will allow them to have the legal address that they need. Some business owners just rent out office space, as this allows them to satisfy the goal of having a legal address, without requiring them to purchase a large plot of land. This is an especially good idea for those people who are seeking to bury some of their assets in the tax haven.
Registering with the government in the country of your choosing
In some of the tax havens around the world, you will have to make your intentions known. You will have to fill out a partial residency form in a number of Caribbean countries, as this will distinguish you from all of the people who are just vacationing there.
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