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Recently we talked about the FIRE movement. Today we are going to make the case for you if you’re interested in that model that one of the best things you can do is to go offshore.
So, we’ll discuss going offshore as the best FIRE (financial independence retire early) hack.
As you probably already know for the FIRE movement one of the most important things is to decrease your spendings and increase your savings rate, so you have more money to invest.
If you move abroad your costs of living can decrease drastically. Life is expensive in what we call developed first-world countries, if you’re willing to relocate you will save a lot of money.
This will not apply if you’re relying on the local job market, as salaries are also way lower.
Secondly, you will be able to reduce your taxes quite a bit. Taxes are one of the biggest expenses for most people. You will be able to take the advantage of this even if you’re an American – you will be able to get a tax-free income for up to 100 000 USD per year.
You might still end up having to pay some taxes locally, but you can also choose a low-tax country or structure yourself properly so you pay as little as possible.
Low costs of living combined with low taxes will make your money go further, you will be able to save and invest much more.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
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Author: Michael Rosmer
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