Globalization and the ease of making money online means that there is now no reason for you to be tied down to a specific location or suffer from high tax rates.
Savvy entrepreneurs know that minimizing taxes is often just as important as generating income and new wealth. Asset protection and minimizing your tax burden by incorporating your business offshore is now easier than ever. Depending on your exact needs and which location you find most attractive for incorporating you will find business formation services offering assistance from as little as $100 to several thousand. Today most will also include registered agents and can get you up and running with a new corporation, trust or partnership in a tax free destination in almost no time at all.
It is important to note that some of the old so called ‘tax havens’ are no longer as appealing. Many have entered into new agreements to disclose information or have become prohibitively expensive. Among those you probably want to cross off your list are Switzerland and the Cayman Islands. So make sure that you consult an expert who is up to date on the latest tax laws before you spend money.
Some items that you need to keep in mind when deciding where to incorporate your business offshore include easy access to your money, whether your incorporation service offers a privacy guarantee and the prestige associated with the country.
In some cases, depending on your country of citizenship you can also avoid taxes by spending a certain amount of time outside of your home country for each tax period. With the dramatic advances in technology and communications you will now find that you can run your business seamlessly from almost any corner of the earth while enjoying better weather and living like a king on a small budget. Making millions is great, but if you are wise it doesn’t have to take millions to live like the rich and famous. However before you jet off to a new sunny destination, it pays to check out their immigration laws and determine which locations are the easiest and least expensive for obtaining permanent residence or even dual citizenship.
If you would like to find out more on the world’s new tax havens and the best destinations for relocating offshore contact us and we will be more than happy to refer you to one of our asset protection partners to help you get the most out of your new wealth.