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Old 09-08-2005, 12:56 AM
MrMon MrMon is offline
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Join Date: Nov 2004
Location: St. Louis, MO
Posts: 135
Default Re: Citizenship Abroad to Avoid Paying Taxes...

There are few places in the world that have first class living conditions and low taxes. The U.S. is about the best combination there is. (There is a reason people want to come here, even from other affluent countries.) Most of the countries on your list have some serious downside if they don't have high taxes. The Middle East? Unless you plan on becoming Muslim, I wouldn't advise it. Japan? You think things are expensive here, try Japan. Not to mention you will NEVER be accepted there. Monaco would be worth a shot if you had major bucks, but you haven't got it yet. Channel Islands would work, but I doubt you can qualify. Plus, they're freakin' tiny islands. Australia, New Zealand, and Canada are all possibilities, but have higher taxes.

However, that's not to say you shouldn't try and lower your taxes even further. If you have the income you claim to, get some serious tax advice on how to avoid taxes now. There are lots of ways to do it. Moving to a zero income tax state such as Texas, Florida, Nevada or New Hampshire would be a start. (Lowest total tax burdens are Alaska, New Hampshire, Delaware, Tennessee, and Alabama.) Buy a house would be next. Fund every retirement plan you can think of, and as someone who is self-employed, you've got some pretty high limits. Buy a business, self-incorporate, there are a million ways to shelter income.

Hire a professional. Good luck.
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