Originally Posted by Sam Plan B
Let's suppose you live in country X. And let's suppose you have a sizable sum in personal wealth and you have a boat with lots of cruising range. And let's also suppose you hear, over a long period of time, a steady drum beat of anit-you (being in the 1%)propaganda coming from folks who have a lot of power over you. Would it not be wise to see what your options are for moving your wealth and yourself off shore? Just hypothetically, of course.
Coming from a place where folks make money
facilitating just that I would of course say it was a very sensible approach
and entirely legal
......the illegality comes from not declaring to own tax authorities (if you have any and are required to do so). The moral outrage from doing so coming usually from those who lack any understanding of how things can be and often enough lacking the money to do the same.
Having said that, for 99% of people makes no sense at all or is even counterproductive. Unless going for the MK1 tax planning approach (don't tell anyone!) and are willing to accept the potential downsides - but that approach not so easy as it used to be (damned computers
) - then as a (very) broad guide not really cost effective unless having 7 digits in net assets or are earning good money away from home country (whether from simply working somewhere else or from business interests being international in activity) or permanently moving countries (in simplistic terms you leave with your assets and drop then off offshore before
arriving somewhere else - doesn't work (legally) everywhere of course, but often enough) - in practice I would say that if you don't already have a tax lawyer or accountant (or both!) and not simply a mom & pop style accountant (no matter the size of the firm
) then probably anything offshore
not appropriate (but, as always, exceptions apply).
Of course lots of folks in Germany
did the same thing into Switzerland with their wealth - not all of them got to spend it later. Depending on where you are based in the world, stuff does
happen (but of course the target market ain't folks living in Kansas - it is a big world out there, always changing). And leaving aside the more extreme events
, what a Govt (or anyone else) can't get hands easily on gives you at least time to consider options for self (laying hands on stuff cross-border is expensive and time consuming even with a genuine (fair?!) case), including the option of a run for the border with only needing to take a spare pair of underpants - if that