So the election is over, and you’re asking yourself where you can retreat to. While I’ve already discussed in my other blogs that there seems to be no perfect exile hide-a-way for conservatives currently, there are a few options that look promising. In finding a suitable island for conservatives and Republicans to consider moving to, or possibly retiring on — I took into account a few factors. Political stability, type of government, and taxes. Here are a few of my top choices for your review.
10). Isle of Man
Located in the Irish sea between mainland Britain and Ireland, it’s not exactly tropical. However many tax haven companies are established there, although they don’t all live there. If you like the British seaside (in winter as well as in summer), and you don’t mind paying 10% tax*, the Isle of Man could be a place to move to. Incidentally, most of the hotels on the promenade are now banks! As far as I know, even if you don’t live in the Isle of Man, you are allowed to have an offshore bank account in the Isle of Man and avoid paying tax provided you don’t live in the UK. * Note: The tax rates in the Isle of Man have been said to be as low as 5% or as high as 18%, but it depends on your financial circumstances, and also on how you configure your offshore company.
There seems to be a 6% tax on companies operating within Belize, but not international businesses which are encouraged to move there. Also there is sales tax, and import duty like many islands and tropical countries. It’s still a rough place with a lot of political corruption, and corruption within the police force — so be careful. Seems like most wealthy conservatives would be at home on Ambergis Cay, which is where you will find many ex-pat millionaires holed up!
8). The Cook Islands
No capital gains tax, no income tax, and no death tax. A tropical location that has been overlooked by many, which could turn out to be a nice place to hide out.
Ok, it’s not an Island — but it’s in a warm latitude. This Arab country has no taxes of any kind, and has set itself up as the free market capitalist mecca of the world (No pun intended). Obvious questions remain about human rights, and the safety of the women in your family who will be living there with you. Needless to say, if you are a bachelor — it may just be the right place for you to operate from!
A Micronesian nation that is the best kept secret in the world for banking secrecy. They offer weary conservatives an environment with no income, no capital gains, and no inheritance taxes. A place one could easily slip off the grid, and benefit greatly.
This island near Greece is a beautiful exotic location that offers you many tax haven advantages. Their corporate tax rate is very low (10%), and they offer no capital gains tax, along with no withholding tax on offshore companies. This could be a great place to lay low and collect residual income.
4). The Bahamas
Stunning beaches, and beautiful clear ocean waters will surround you in this Carribean tax haven. The Bahamas have long been a tax haven favorite. The Bahamas levies no personal income or capital gains tax, nor are there inheritance taxes. A close flight back to the United States makes this a very convenient exile location for ex-pats.
Barbados likes to call itself a “Low Tax Country” rather than a tax haven regime. It’s all the same to us, and we’re pleased to see that Barbados actually appeared on the white-list for the G20 recently. If stability and low taxes are your preference this gorgeous Carribean island might be the ideal tax haven.
2). The US Virgin Islands
The US Virgin Islands offer some of the greatest tax advantages to ex-pats of medium wealth. They offer you a 90% exemption from US Income tax, and a 100% exemption from all other taxes and custom duties. The British Virgin islands have favorable offshore banking laws as well, and seem to host almost half of the world’s offshore companies. However, the US Virgin Islands would be a prime location to call home if you are a tele-worker, or someone who collects income from a job that can work remotely from anywhere.
1). Cayman Islands
Basically a wealthy conservatives wet dream. If you’ve been to the Carribean, you know that each island can be hit or miss. Grand Cayman is clean, well kept, and filled with your new conservative friends who have escaped to here from all over the world! No income tax, no inheritance tax. You may encounter some sales tax, and hotel taxes, etc — But that is to be expected on all tropical islands. The banking laws on the Cayman islands favor security and secrecy. The government is also rock solid, and they are going to verify your wealth before you can retire there by making you invest in real estate, and open a local bank account.
Where would your perfect Conservative Island be? Please leave us a comment!