Reasons why you Should Have Overseas Residency
Overseas residency means more than just having a home in another country. Overseas residency is the legal process of getting the right to live in another country. In many cases you can get overseas residency without having a second home. However, most will get an official overseas residency after buying a second home or relocating permanently to a new country.
Overseas Residency Means More Freedom
Do you ever feel like you have a target on your back in your home country? Are you sick of the never-ending stream of letters and bills from local authorities and multiple government agencies? When you leave your home country this stops. You are not on any government databases in your new country. You’ll be left alone to get on with your life. You automatically have more freedom.
Get a Second Passport
A second passport is something that comes after time with overseas residency. It could be after 3 years or 5 years living in another country. It can be instant in some places, like Turkey if you buy a property there worth more than $400,000. A second passport is another way to increase your freedom. No longer can you be considered the property of one government and blocked from travelling. With a second or even third passport you experience an exponential increase in freedom. We call it freedom insurance.
Reduce Your Taxes
If you use an overseas residency to escape a high tax country your taxes could reduce to zero. If you move to a tax haven or a territorial tax country this will be the case. Even otherwise high tax countries like Portugal will give you a generous tax exemption if you choose to live there. Go from being a tax slave to a resident who’s wanted and provides value in a new country.
Reduce Your Political Risk
Political risk is something very few people think about in western countries. It’s assumed that there’s very little political risk there. But things are changing. There is less freedom in countries once considered the most free in the world. In recent years we have seen Australians banned from leaving their country.
Canadians have been forced to have a medical procedure to travel. Americans can have their passport confiscated if they owe more than $50,000 in taxes. British citizens can have their passports cancelled for recreational drug use. People are being arrested for comments on social media. These trends are only going to get worse. Political risk is now very real in the west. A backup plan is essential for anyone who values their freedom.
Have Somewhere to Go in an Emergency
The world can be a volatile place. Wars, famines, natural disasters and so on have happened throughout history. You may need somewhere to escape to in a hurry. Any Ukrainian who was prepared with a second residency could have escaped the war in the early days before men under 60 were banned from leaving the country.
Escape Criminal, Incompetent Governments
Governments around the world are becoming more criminal and more insane than ever. We see countries implementing crazy policies that will lead to inevitable bankruptcy and hunger. We only have to look at what’s happening in Sri Lanka now to see what can go wrong. The country banned the import of fertilizer for environmental reasons and now there’s no food and no money. Venezuela experimented with ludicrous socialist policies more than a decade ago and impoverished the country. This type of insanity exists, at least to some degree, in most countries. Having an escape plan is essential.
Those living in cooler northern regions may prefer to live in a country with a more pleasant climate. Hordes of people from Canada or New York move down to Florida in the winter. Hundred of thousands of Britons have homes in sunny Spain. Humans have always moved to seek a more agreeable climate. It’s one of the many reasons to take advantage of an overseas residency.
Protect Your Assets
Once you’re outside your home country assets are more difficult to seize. Your home country’s government can’t snoop on your affairs and seize your assets. The courts have no jurisdiction in foreign lands. Foreign properties don’t have to be disclosed on tax returns/ Your overseas residency gives you a safe haven to keep at least some of your wealth, safe in the knowledge that it can’t be arbitrarily taken by governments or creditors.
An overseas residency is part of a backup plan that’s essential for anyone living in a country that’s becoming less free every year. Any of the large English-speaking countries such as the UK, US, Australia and Canada are undoubtedly in this category You must take action to maintain and increase your family’s freedom. A major part of this is securing overseas residency in a safe haven.
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