Campfire Blog[PT = abbr. with various meanings, including “Perpetual Traveler”, “Permanent Tourist” and – arguably the best of all – “Previous Taxpayer”…]
Dr W.G. Hill, founding father of the PT concept, explained how this ideal can easily be achieved by spreading your interests over at least five unrelated countries. This is not expensive (indeed probably cheaper) than what you're currently doing. In your quest for freedom, this should be your ultimate goal.
Until you get there, keep working at it. Two or three flags are still better than one!
1st flag
CITIZENSHIP
You should hold one or more passports from small, neutral and respectable nations which do not try to influence or tax their citizens living outside their territory. These passports should ideally allow visa-free access to as many nations as possible. European Union or South American passports are best.
2nd flag
RESIDENCE HAVENS (DOMICILES)
This is your official residence. A country which regards you as a bona-fide resident, although you might not actually spend too much time there. It should be a country which does not tax income earned abroad, the effect being that you don't have to file any personal tax returns anywhere. Tax havens like Turks and Caicos, Panama and Andorra are good low-budget candidates, or Switzerland or Monaco if you can afford it. The UK and Ireland are also worth considering because of their tax treatment of foreigners.
3rd flag
PLAYGROUNDS
These are places where you physically choose to spend a lot of time. They depend on your personal taste. You might like major European city life, or prefer to get away on a ranch in New Zealand. You have no official status in your playgrounds. You are a tourist “passing through”.
4th flag
BUSINESS BASES
These are places you actually earn your money. If you own an existing business you may not have much choice in the matter and you may have to bite the bullet and pay some taxes here. If you earn money with your skills or know-how you can choose an offshore haven as your business base, so it's tax free. Either way, your business will be incorporated so you never have to file any personal tax returns anywhere.
5th flag
ASSET HAVENS
These countries are where you keep your savings and investments, safely away from where the money is actually earned or spent. They should score highly on respect for privacy, communications, professionalism and stability. Your accounts will be controlled by internet or fax.
Free Bonus Report
The Top Five P.T. Investments for 2008
The unique Caribbean Back-to-Back Real Estate Loan – find out how any individual or offshore company can arbitrage two separate contracts with separate maturities to create a back-to-back loan secured on Caribbean property, the net result being that the lender ends up actually paying you interest on the money they are lending to you!
The little known PT Arbitrage Invest-Loan program offered by a couple of super-secure Western European banks that allows you to borrow at low interest rates in one or more currencies, and invest at high interest rates in other currencies.
The best European Government Bonds Investment plan reveals which respectable European (non-EU) government pays the highest rate of return on government bonds. But there's another huge potential upside to these bonds that the market hasn't noticed yet.
The Panamanian-Dutch Sandwich – a variant on an old tax and jurisdictional arbitrage plan originally conceived by banks in the Netherlands Antilles. These days, Panamanian bankers have refined it.
How to Own and Operate a Private Plane for Free! Don't believe us? We tell you how one PT has fixed it so his private jet flights cost less than tickets on Easyjet or Jet Blue! Plus, every time he flies he makes a profit just getting to his destination!
Read more…