Establish a Bolthole in a Tax Free Haven

Having a bolthole in another country and a legal residency there is a key block in building your personal offshore fortress.

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When you get a residency in another country you have a safe haven to escape to if things ever get bad at home. Imagine how many people, even in recent history, wish they’d pursued this strategy.

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People have been forced to flee once prosperous countries like Venezuela and Syria in the last decade. A serious financial crisis or war could happen anywhere, and often at short notice.

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It’s important to be thoroughly prepared....

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Of course what we analyse here at Offshore Fortress is how you can build a personalised Fortress to protect you from taxes and creditors. Therefore you want to have your second residency in a country that’s not going to tax you or inflict any other burdens, like military service on you.

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You want to look for countries that either have no tax at all or, at the very least, countries that won’t tax any income you make outside it’s borders. I’ve already spoken about high tax countries where you can live tax free here.

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Now let’s look at a few countries that operate on a Territorial tax basis. That’s to say, countries that only tax you on what you earn in the country. What you earn outside the country is tax free.

 

Paraguay

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Paraguay had no income taxes at all until recently. You can gain an easy residency in his inconspicuous, land locked country for only a $5,000 bank deposit.

 

If you stay for 6 months a year for three years you are entitled to a Paraguyan passport.

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If you’re interested in farming cheap land is available here. Freedom seekers and anarcho-capitalists will enjoy the lack of regulation and lax enforcement here.

 

Namibia

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You can gain residency in this under rated country in southern Africa by introducing $140,000 over 3 years. Namibia recently announced that it would be introducing more options to attract foreign retirees and investors. No details have emerged yet though.

 

Panama

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Panama has it’s friendly nations visa, where you can gain almost instant residency for making a $5,000 bank deposit.

 

Technically citizenship is available after 5 years but some of our clients have reported difficulty in getting citizenship. It’s still a useful option for tax free living in a central American country with first world facilities.

 

 

Philippines

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The Philippines offers a great, relaxed lifestyle in Asia. It has a special scheme for retirees. The SRRV smile program offers different options for those aged 35 and older. You can make a bank deposit or buy a property. Investments or bank deposits start at only $10,000.

 

Georgia

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The former Soviet Republic is perhaps the easiest country in the world to set up your tax residency. You don’t need any visa or application. Simply show up and stay for at least 183 days and you’re a tax resident. Other options are available if you don’t want to spend 6 months of the year in Georgia.

 

Costa Rica

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Costa Rica abolished it’s army back in 1946 to focus on education. Costa Rica has 2 beautiful coast lines. On the Pacific and the Caribbean coasts you can enjoy an idyllic life free of high taxes.

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Costa Rica operates a territorial tax system so no tax is charged on your overseas income.

 

The country has several residency programmes including for investors and retirees. The pensionado and rentista programmes are the most popular for permanent residence.

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Many expats spending the winter months in Costa Rica simply leave for a 72 hour trip to Nicaragua or Panama every 90 days. This avoids the immigration procedures. We prefer to have things locked down though and it’s worth the effort to have a residence card to implement your global tax free strategy.

 

Nicaragua

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Nicaragua lies to the north of Costa Rica. It’s much more underdeveloped and cheaper than Costa Rica. You can get a permanent residence here with a small investment of around $30,000. This can lead to a citizenship in 5 years.

 

Taiwan

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Taiwan has a few options to gain residency. Under it’s Plus Blossom programme you can get residency if you have internationally recognised skills. You can also invest $200,000 in starting a business to gain temporary residency. An investment of $500,000 will get you instant permanent residency.

 

Citizenship is available after 5 years of living at least 183 days per year in Taiwan.

 

Macau

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Macau is a much easier option to get residency and live tax free than it’s neighbour, Hong Kong.

 

In Macau you can form a local Company and employ yourself. Macau does not tax foreign income. If you’d like to live in this Asian Las Vegas it could be a good option.

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Macau has multiple good options for banking and could be considered a low profile destination to have a residency.