1. Real motivation
2. Brainstorm business ideas from what you already know
3. Start small and hustle
4. Find the right people
5. Create other options for yourself
6. Expand as necessary
7. Get it done

Visit TravelBlogs for the full story.

Malta is not particularly attractive for offshore banking or companies. Though it is free of currency controls, has a stable banking system and you can easily open accounts there in various currencies, do not expect banking privacy in Malta.

Many tax exiles, however, are checking out Malta to see if they would like to call it home longer term. Like Andorra, Malta is a relatively affordable European tax haven to retire to and set up official residence – you can probably afford to buy a house with a pool in Malta, even if you can’t afford a studio in Monaco! Unlike Andorra or Monaco, Malta is in the European Union. Also unlike Andorra and Monaco, Malta does not have minimum stay requirements for official residents.

Although Malta is not tax free, you can effectively cap your tax at just €4,192 per year. Those who apply under the Residents Scheme Regulations, 2004 (the Maltese retiree program) and satisfy the few conditions stipulated will be provided with a certificate issued by the Commissioner of Inland Revenue (Malta). This certificate has a dual purpose: First, it acts as a Malta permanent residence permit issued in terms of Article 7 of the Immigration Act. Secondly, it confers on the individual a special Maltese tax status which entitles him/her to these considerable income tax benefits.

Residents with this status must pay a flat rate of 15% on your local Maltese income (including capital gains) and on his foreign income remitted to Malta. There is a minimum tax of €4,192. Foreign source income not remitted to Malta – in other words, your entire worldwide income whether it be earned, unearned, capital gains or whatever – is not taxable at all.

Full story here.

One of the world’s most prosperous countries, Singapore today boasts a prominent financial centre and highly developed economy. Its flexible regulatory framework, independent judiciary and practical English-inspired legal system have become the foundations of the country’s success.

In common with most offshore financial centres, interest earned by individuals on bank deposits and foreign sourced income – including foreign sourced dividends received on non-Singaporeans securities – is exempt from Singapore taxes. Singapore also has no capital gains tax nor estate duty on bank deposits and investments.

Accounts can freely be maintained in all major currencies. These multi currency accounts provide an excellent hedge for those of us who foresee major devaluations of currencies like the dollar and the euro in the months and years ahead.

Accounts may also be opened in the name of foreign entities like corporations, trusts and LLCs, achieving even greater privacy and asset protection benefits, and sometimes legally sidestepping any requirement to report assets as personal holdings.

All these benefits are delivered in a strong bank secrecy regime, helping account holders to protect their investments from prying eyes inside or outside the country. Banking secrecy in Singapore is not just laid down by law, but is part of the national business culture. Indeed, tax authorities in Singapore are specifically blocked from having any access to individual bank accounts.

As in Asia in general, a lot of business in Singapore has traditionally been carried out in cash. This is epitomised by the $10,000 bill, the largest bank note in the world: at current exchange rates (January 2010) one of these bills is worth more than seven thousand US dollars. These days, however, as restrictions on cash are becoming tighter, sophisticated internet banking is becoming the norm.

So, if you are not resident in Singapore how can you access these banking services? Everything starts with opening a basic current, savings or checking account – the basis of your banking relationship.

One of the disadvantages of banking in Singapore is that you will need to go there to open an account. Banking regulations do not permit the opening of accounts by mail, unless the client is already known to the bank. The only possible exception to this is opening an account at one of the many banks in Singapore that send officers to visit their wealthier clients in their overseas homes, or have associated offices in other countries. HSBC clients, for example, may be able to open accounts at HSBC in Singapore via their local offices. The above process, however, is not advisable if banking secrecy is important to you – since it leaves permanent records of your accounts accessible in other jurisdictions. In any case I always recommend visiting at least once so you can get to know your banker personally.

Apart from that, opening your account should be relatively straightforward. There are few complications. If you choose one of the commercial banks such as DBS Bank or United Overseas Bank, a few hundred dollars will be enough to open an account. If you want a higher level of personal service and are prepared to make a higher deposit, let’s say over a hundred thousand dollars or equivalent (bank policies vary widely), contact one of the more discreet private banking operations. I recommend you go for one of the lower profile ones, since they tend to offer the best privacy protection.

Full story at Q Wealth Report

Tax Haven. The Dominican Republic has a territorial tax system, meaning that if you live there, you would only be subject to pay taxes if you had local income.

Second Passports. The Dominican Republic is one of the most liberal countries when it comes to granting citizenship through naturalization. After two years of residence, you can ask for a passport. Dual citizenship is allowed.

Liveability. The Dominican Republic is a good place to live. First of all, it’s affordable … The capital, Santo Domingo, is a modern cosmopolitan city with a beautiful colonial heart. The Spanish colonised it, then the Americans were mainly responsible for the development of the city. The country’s second city Santiago, and the beautiful north coast, were only joined by decent roads built by the Americans in the 1920s.

Full article here.

Bucking the worldwide trend, and thankfully disproving the naysayers who would like to suggest that offshore havens have no future, the Netherlands could have a zero corporate tax zone and an attractive, better regulated offshore banking and asset protection system, as of October this year.

In that month, the current political entity known as the Netherlands Antilles will be broken up. The various Caribbean islands that currently make up the Antilles will get a new political status. Curaçao and St Maarten will become ‘autonomous territories’ within the Kingdom of the Netherlands, the same status that Aruba has right now.

The other three islands of the Netherlands Antilles – Bonaire, St Eustatius and Saba, together called the BES islands – will become special municipalities of the Netherlands. More details about the Netherlands Antilles and the political changes taking place can be found on Wikipedia.

The BES islands will get their own tax code, and the current proposal does not include a corporate income tax. (Distribution of dividends to shareholders will be subject to a ‘revenue tax’ of 5%) With this special tax code, and highly privileged access to the European Union via their status as municipalities within the Netherlands, these islands will become very attractive offshore financial havens.

The Ministry in the Dutch capital writes: “The proposed system for corporate and dividend taxation for the BES islands strengthens the relative competitive position of the BES islands in the Caribbean region.” The reference group studied for this purpose includes Bermuda and the British Virgin Islands, whose governments are reportedly none too happy about the proposal.

To qualify for the no-tax zone, companies do have to meet certain economic substance conditions. In other words, mere shell companies or IBCs will not be permitted. The companies must utilise at least half of their assets for business activities on the islands, and will be required to employ at least three locals. Still, considering that these islands are attractive places to live, comparing very favorably with the best of the Caribbean jurisdictions, I don’t think most people would consider these requirements unduly burdensome.

In practice, say local experts, the new tax code might not make big difference. Right now the BES islands have so-called e-zones ór free trade zones where the corporate tax rate is just 2% . The greatest beneficiary of the current system is probably Valero Energy Corporation, a US oil trading giant, which maintains an oil terminal on St Eustatius.

So what will become of Curaçao and St Maarten? These two islands will maintain their fiscal autonomy, but they are bound by the EU code of conduct on business taxation.

(Reprinted from Q Bytes, the blog of the Q Wealth Report

The top 10:

1. Sri Lanka
2. Patagonian Wine Country
3. Seoul
4. Mysore
5. Copenhagen
6. Koh Kood
7. Damascus
8. Cesme
9. Antarctica
10. Liepzig

The full list, with pictures, stories and commentary, can be found here.

While the days of James Bond-style numbered Swiss bank accounts may be over, the world of discreet private banking and offshore wealth management is growing apace as financial uncertainty continues to make people seek safe havens.

Despite highly-publicized government crackdowns on tax evasion around the world during the past year, spearheaded by the G20-OECD “anti tax haven” blacklisting and the US attack on UPS after defection of Bradley Birkenfeld, more billions are headed for offshore banks and tax havens than ever before – with good reason, and it’s all completely legal. That is the conclusion of the new Practical Offshore Banking Guide 2010, advising high net worth individuals and entrepreneurs on offshore banking and asset protection, that is released today. In it you will find information on nine of the best offshore banks.

From a press release.

Not that long ago, Albania—a Balkan nation in southeastern Europe wedged between majestic mountain ranges and the Adriatic Sea—conjured memories of Stalinist isolation, endemic corruption and widespread poverty, a place mostly avoided by tourists, expatriates and PTs. But thanks to the combined effects of positive change, ambitious goals and a recent influx of cosmopolitan Albanians who have returned from self-imposed exile in Italy, Greece and beyond, it’s slowly making a name for itself as an expat- and tax-friendly destination.

… Albania has more to offer than a new attitude and rock-bottom property. It could be an option for those seeking to reduce their tax burden. With high-tax OECD nations like the U.S., UK, Australia and Germany dead-set on putting tax havens out of business—claiming they deprive their government coffers of billions in revenue and encourage money laundering and other illegal activity—Albania is quietly playing up its tax stance (generally a flat 10% on personal, corporate and capital gains earned within its borders). And the government is actively seeking to attract foreign investment while becoming even more taxpayer-friendly.

Full article here.

The maximum penalty for offshore tax dodging will double to 200% of the unpaid tax, the government has announced in its pre-Budget report.

The plan is one of 14 separate new measures announced aimed at saving as much as £5bn in lost tax every year.

At the moment the maximum fine that can be levied by HM Revenue & Customs (HMRC) is 100%.

HMRC also revealed an estimate of tax evasion for the first time, saying it cost £40bn in 2007-08.

“Legislation will be brought forward to ensure that those who fail to declare offshore tax liabilities will face the tough penalties attracted by deliberate tax evasion,” the government said.

“There will also be a new requirement to notify HMRC when opening offshore bank accounts in certain jurisdictions, supported by a separate penalty regime.

“Evading tax offshore could therefore result in combined penalties of up to 200% of the unpaid tax,” it added.

Via BBC News.

As I’ve frequently stated, the problem with conventional asset protection is that it frequently focuses on preserving the numbers in your offshore bank account. What I mean by this, is that if you have a million dollars, your traditional asset protection lawyer will seek to protect it against unjust lawsuits, greedy ex-spouses, and government seizure – maybe even taxation!

That’s fine as far as it goes… but it completely ignores what is perhaps the most important risk – currency devaluation, specifically devaluation of the dollar. No matter what complicated and convoluted theories economists might come up with, it doesn’t take a genius to figure out that if you print a lot more dollars, each one will be worth less. Every time Bernanke fires up the printing presses, he is devaluing the dollar.

So if you have a million dollars in any of the best offshore banks at the beginning of 2010, and a million dollars plus today’s measly interest in your account at the end of 2010, you will really have made a big loss. So much for asset protection!

The solution, of course, is diversification.

Full post here.