When it comes time to leave your current home for an offshore destination, sometimes the hardest part of the process can be deciding where to go. Naturally, you can always keep moving, but it does save time if you can choose a good place from the start. To help you make that crucial decision, this article looks at the three steps you need to take to find your perfect offshore playground.
Step One: Do A Financial Services Evaluation
For this step, you need to take a few days and do some in-depth research on the countries you are considering as a part-time or full-time residence. You will want to acquaint yourself with the basic financial rules and regulations that will govern you during your stay. If your business is complex, you may want to consider talking with a tax professional about your options.
Do you need to be in a sheltered financial center, such as Isle of Man or Austria? Or do you need to stay in areas denominated in a certain currency or pegged to that currency? Evaluate each choice and rank them according to their suitability as a potential offshore playground for someone in your financial situation.
Step Two: Do A Governmental Evaluation
Naturally, you want your offshore playground to allow you the freedom to live life on your own terms. If you wanted a restrictive, oppressive environment, well, you can get that at home so why move? Thus, you need to do an evaluation of the role of government in the lives of the people in the countries you're considering.
As with the financial marks, you'll want to give each country you are considering a score based on the level of anticipated governmental interference. You can score points for restrictive entry/exit requirements, police presence, or bureaucracy. Evaluate honestly which governmental quirks are likely to have the biggest impact on your day-to-day life.
Step Three: Do A Lifestyle Evaluation
What kind of lifestyle are you looking for in your offshore playground? Do you want something wild and exotic, or something more pastoral and relaxing? Think about how you would like to be spending your time each day, and research the local habits carefully.
Rank your countries again, using whatever criteria you like as long as it is consistent. Include medical facilities and entertainment venues in your scorekeeping. Try to get a sense of any existing expat communities as well as this will help you meet people when you arrive in your playground.
Once all the scores have been tallied, make a top 3 list for your potential playgrounds. You can opt to take the plunge and just move to the first one on your list, but many people opt for vacations first to see if their paper evaluations are right. Once you have tested the waters, though, you will be ready to make a more permanent move to your own personal playground.
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