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harmonytek · 26-09-2008, 11:57

How does one cut the ties and liveaboard forever? After you sell your house and move aboard..with no fixed address.
How do mail and finances work?
Bill payments, credit cards, bank statements, taxes?
Drivers licence? Passport renewal?
Health insurance?

Thanks in advance.

Vasco · 26-09-2008, 12:02

Most people have a mail drop. There are services that will forward your mail. Most banking can now be done online. As for taxes they'll get you wherever you are.

RickD · 26-09-2008, 12:03

We are currently researching this as well. But it appears we will have to maintain a permanent address (so far anyway) - and since we have relatives (children) living permanently in Colorado and Michigan most likely we will use one of their addresses.

funsailthekeys · 26-09-2008, 12:04

I do everything by computer, even direct deposit. Works great.

RickD · 26-09-2008, 12:04

Quote:

As for taxes they'll get you wherever you are.

Damn them! I'm trying to get away from THAT part mostly! LOL!

ColdNorth · 09-10-2008, 13:54

...I don't know about the US, but as far as Canadian tax law is concerned, you are a taxable resident of Canada until you become a taxable resident of another country.

**Hud3** · 09-10-2008, 17:34

Sign up with a mail forwarding service to get your mail, and to have a U.S. address for your credit cards. If it's in Florida, you can establish domicile and get your drivers license and register to vote. In Florida, you pay no state income tax. Fed taxes still apply. Internet banking and Internet access to your investments works great through WiFi or Internet cafes ashore. Just take reasonable precautions for security.

harmonytek · 10-10-2008, 06:53

Thanks all. It seems it is much simpler than I thought.

Any recommendations for health insurance with world wide coverage?

hanschristian38 · 10-10-2008, 07:08

As far as insurance is concerned - look into getting evacuation insurance through an organization like DAN - Divers Alert Network. That will get you back to the US for a major problem.

New Hampshire has no income tax - try getting a mail forwarding service at the UPS Store in Seabrook, NH. Use that as the Home Port for documentation.

**sneuman** · 10-10-2008, 09:51

If you use a marina address, do yourself a favor and leave off the slip number. My experience is that only confuses the issue. Apparently addresses are in some huge database and to say, for example, you're in slip A-14 doesn't compute. However, just giving the address of the marina usually is OK, although occasionally the fact that it registers as commercial property gives you problems.

Southern Star · 10-10-2008, 10:40

Vasco and Cold North are correct about Canadian Income Tax (and that of most of other countries). In order for someone to give up Canadian residency it is no longer sufficient to live out of the country for 6 months plus a day yearly; so long as the government believes that someone has a settled intention to return to Canada, they will be required to pay Canadian income tax on earnings/income from anywhere in the world (there are some exemptions in place for UN workers etc.).

Fortunately (or unfortunately), there are tax treaties between most countries ensuring that one does not pay double taxation. However, they generally operate so that one pays the higher rate of taxation of the two countries, and the proceeds are then divied up by the respective governments.

Even if you become a resident of another country (which typically now requires devesting yourself of all real property/substantial physical assets in your home nation), your will still be required to pay income tax on the income earned in your original country (eg., withdrawls from any registered, and originally tax deductible, retirement savings plans, etc.).

Of course, if one retires permanently to a boat and earns no income apart from registered retirement funds, the process is pretty simple.

Brad

hellosailor · 10-10-2008, 13:49

"Of course, if one retires permanently to a boat and earns no income apart from registered retirement funds, the process is pretty simple."
It can be that simple. But some states and counties charge a personal property tax, annually, and that can include the value of the boat. Others use their drivers' license database for jury duty--and many do not allow any exceptions, you'll either come when served, or pay a summons and deal with the arrest warrant for not coming in.

It pays to check very carefully before becoming a "paper citizen" of anyplace. Citizenship does, after all, carry legal obligations both ways.

maxingout · 10-10-2008, 20:18

As far as finances go, we paid for everything with one credit card and took cash advances on that same credit card from ATMs worldwide. Then once a month, I got on the satellite phone and paid the credit card off with a transfer from my bank. Very easy. Very convenient. Very safe. And my credit card statement gave me a summary of all my expenses for that month.