Your World

Your Money

The choice of where banking is done is simplified if there is no consideration of a country of residence involved. This makes dealing with your money much easier. Quite clearly an offshore bank account is a necessity but there is a wide choice of where the bank in which the account is held can be situated. Political stability is a major consideration in picking a country in which to establish an offshore account. It may also be prudent and convenient to have more than one such account in two or more counries.

The choice of a bank is also considerably easier when the whole World can be considered for the appropriate geographical location. The most services and the best reputation should govern your pick of banks. Debit or credit card availability, low charges and the ease of internet manipulation of accounts should all be considered after the simplicity of application for an account is satisfied.

Many banks may meet your criteria. For citizens of the United States of America offshore banking is becoming more difficult with the application of FATCA (The Foreign Account Tax Compliance Act) regulations. To a great extent the personal effect of this Act will depend on individual residual financial connections with the United States of America and relations with the Inland Revenue Service (IRS). Similar restrictions are applied by many European banks with respect to the accounts of citizens of European Union countries. These and other reductions of individual freedoms make a non-residential lifestyle as advocated by the SovereignLife organization increasingly attractive.

Pensions

The place of origin of a pension may have an affect upon the choice of a bank at which to establish an offshore account. Some countries, including the United Kingdom and other British Commonwealth countries are usually happy to pay pensions to almost any country in the World. Other places and many private or public companies may be less willing to oblige pension recipients in this way. Having an offshore account in the same jurisdiction as a pension provider will simplify payment procedures and keep charges to a minimum.

Many factors determine the best ways of dealing with pension income. Not least of these relates to the political and financial/economic stability of the both the country and/or the business or company from which the pension originates. It is a matter for individual judgement whether or not to attempt to commute a pension into a lump sum or to make alternative arrangements with other organizations. Not least of the considerations will be the age, health and life expectancy of the pension recipient and how dependents may be affected by any changes made.

The useful links at the "Resources" tab on this site and the information in the book "How to Retire in Your World" by Les Johns will prove to be interesting for all intending retirees and travellers. The book can be purchased from this site.

Other Income

In general as a visitor on a tourist visa it will not be possible to take up employment in a country. This does not mean that an income cannot be earned. It is important to be aware of the tax regimes of countries when seeking to earn as a permanent resident. Most countries have territorial taxation policies. Only a few raise revenue on the basis of an individual's world-wide income. The United States of America does tax a person's world-wide income as does Ecuador. The latter is a popular country for retirees wanting to live abroad.

Where revenue is raised on a territorial basis, as is the case in, say, Uruguay and so far as a short term visitor is concerned income can be earned via an internet business. Funds earned, invoices paid or fees raised can then be received in offshore accounts. It would even be possible to teach a language via an internet site and take students who, from time to time, happen to be in the country being visited. This could be done on the basis of a web site such as the Enufzed site.

If the Freedom Confidential concepts that can be accessed via this link are attractive then the lifestyle can be supported by earnings on the internet.

"SOVEREIGNLIFE HAS BEEN SUPERCEDED"

The ideas and principles of the philosophy remain. They are continued as is the service to members at Freedom Confidential. It is recommended that you go to this site for a full explanation of what is offered. Current members of SovereignLife can take advantage of "free porting" to Freedom Confidential for a short period. This is worth $97 and is clearly well worthwhile.

For the moment the Reseller License is suspended and no longer available. Watch this space for later developments.

There are useful links at the "Resources" tab on this site and the information in the book "How to Retire in Your World" by Les Johns will add to the above points. The book can be bought directly from this site.