Re: Extropians Ltd.

Chris Thompson (x4@rocketmail.com)
Fri, 30 May 1997 07:48:26 -0700 (PDT)


---Felix Ungman <felix@hu.se> wrote:
> What strikes me, from my browsing on the PT subject, is that it
> is so easy. You don't even need a starting capital, only you're able
> to be more or less flexible with where and how you get your income.
> Opening an offshore bank account doesn't seem more difficult than
> doing it at your local bank. (It's sad that, at least here in Sweden,
> tax-crime is regarded as one of the most serious crime you can
> commit, in fact much worse that murder).

Exactly. It seems to me to be the ultimate freedom. If you can work
remotely, doing consulting, programming, freelance writing, etc., you
can BE anywhere. And you dont have to TRAVEL. Check out Vince Cate,
http://www.offshore.com.ai/vince, who lives in Anguilla, a true
tropical paradise, and rents a nice home for $500 a month, and pays
zero income tax. (check out the view from his house at
www.offshore.com.ai/vince/view.jpg , that's St. Martin/Maarten in the
distance. I pay $500/mo in Cincinnati, Ohio and have a lovely view of
the parking lot.)

There was a story some time back on Americans who had moved to the
Czech Republic and were doing telecommuting work. While not a tax
haven, the guy I read about rented a 2800 square foot loft for like
$50/mo US.

Also, I dont see this as Tax "evasion". If you try to hide money from
the US government, you're stupid. They'll catch you. True PT is REAL
tax free living, you arent avoiding taxes, because you dont owe any.

As a US citizen, if I spend no more than 21 days in the country in a
given tax year, the first $70,000 of my income is tax free. I can also
deduct any housing costs from my offshore income before I figure out
my taxable income. All the while maintaining US citizenship and full
rights. On a well laid out PT structure, it would be easy to live VERY
well on $70,000US.

> >With a proper structure of offshore companies and trusts, I can run
> >most of my life from anywhere in the world.
>
> I think you're right when emphasizing on *structure* and not money.
> For example, if you take the money you spend on an apartment and
> your office (and add the none-tax bonus), you'll probably get a
decent
> hotel room where you can sleep and work.

Definitely. People think that it is expensive to live in the
Caribbean, because they only think of the posh resorts. Vince lives in
paradise for $500/mo. Cable & Wireless does provide Internet
connectivity off the Island, and there has been modern digital
switched phone service to the whole island for quite some time.

The structure is the key. Both for anonymity and tax abatement. The
structure I envision involves a network of companies in several places
about the world. Every country has it's inherent benefits. Banking is
good in Belize, Income tax is gone in Anguilla, Cayman, and the like.
There's a portion of Switzerland, 50 square miles or so, that is
legally owned by Italy. It's fairly easy, albeit a bit pricey, to set
up companies there under Italian law with all rights of Swiss
companies, but without the strict foreign ownership laws and control
reporting. You also gain free entry and travel to switzerland,
lichtenstein, and Italy.

I've been pondering this very subject VERY hard for the past several
weeks. At the risk of using a cliche, I've come to realize that Wealth
doesnt equal money. You only need enough to support the lifestyle you
want. If you do what you want, live where you want, and feel 'Free',
then you are wealthy. Dont get me wrong, I'd love to be obscenely
rich. But I think I could live as a PT for actually alot less than I
make now.

> >Which brings me to an aside. Why do we need, as Extropians who
embrace
> >Intelligent Technology, a physical presence anywhere today?
>
> The family still is and will continue to be important. But still,
> its not an obstacle for the PT. Event if you travel a lot, you'll
> probably want to return "home" once in a while.

To quote Bill Shakespeare, "Aye, there's the rub." I have a wife and a
2 year old son. My wife doesnt want to move away from her family. If I
were a single man, I could detach fairly easy.

--Chris Thompson
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