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The Original 2004 Dominican Republic Report:  Find out why so many Europeans and Americans have been relocating or retiring to the Dominican Republic.   Find out about tax-free banking, plus much more
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Want To Really ¨Escape¨ To The Carribean?
Start Your Own Tax-Free Offshore Business in the Dominican Republic or
Anywhere Else that Suits You.........

About the author: John Schroder lives in the Dominican Republic and is associated with Ascot Advisory Services.  Ascot Advisory assists clients with residency in the Dominican Republic, local incorporations (and other services such as Panama Foundations), assistance with banking introductions and investment advice, plus assistance with matters such as title search.  For more information about living in the Dominican Republic, contact John by telephone 809-334-5387 or 809-756-1917.  Email:  info@ascotadvisory.com
There are a number of you out there that are “fed up”, and you are not alone.  Perhaps you are tired of paying more and more each year in taxes, and getting no real value or benefit in return. Perhaps you just want to get out of the “rat race”.  Maybe you just want to get ahead financially, live the kind of life you thought you would have, and realize where you are now or what you are doing now is not getting you where you need to go.  Well, here are some thoughts or ideas to consider.  This is not a “get rich quick scheme”, but it is about an idea that is proven based on some of our client’s own success stories (we have one client that grosses over US$ 100,000 per month,  – and that’s no lie).  It is a business idea that requires quite a bit of work and effort on your part, but relatively little capital or start up costs.  It is the only business that offers real “freedom”.
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I receive an incredible number of inquires from people asking about a beach bar or other kind of business in the Caribbean.  It sounds romantic and exciting, doesn’t it?  Well, it can be done and some people have in fact taken action on their dreams, but such a business does require a substantial investment to “get going”.  This article is not about that.  It is about “thinking outside the box” and defining what really is the perfect small business for the expatriate (or those desiring to be).
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Let us then define then what the perfect business would be.  In my opinion, the prefect business is portable.  That is to say a business that can be operated from any location at any time.  A business that does not “tie you down” to one location, or “tie you in” to the success (or lack of) the local economy where you are living.  The perfect business also is one that can be started (and operated) with a minimum of expenses, and one that allows for a tax free business income (I will tell in Part 2 of this article how and why you need to set up the business properly in order to take advantage of this).  After all, one of your largest “expenses” is income tax whether your realize it or not.  What is the point of working 12 hours a day to get your own business up and running, when the government is in the position to take up to 60% percent of it? (These are the income tax rates in Canada & Europe – and the US is not too far behind).  The perfect business is also one that allows you to live where ever in the world that you want, taking advantage of lower housing costs and better lifestyles.
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What I am talking about is a “virtual business” or Internet based business.  Not the multi-level marketing get rich quick “come-ons” you get in your email inbox once a month, but a legitimate and genuine business you might start in a physical store in your own town or city had you the money to do so.  The only difference with this is your “store” or business is on-line, is open 24 hours every day, and is fairly inexpensive to both set up and operate.  I am not going to sugar coat this by telling you that it is easy.  It’s a lot of work, like anything else.  But it can be done.  It can also be operated from Los Angeles, Peru, Mexico, Bali, Thailand, Paris, Moscow, Pocatello-Idaho, or any place else you want to be.  Plus it can be operated in or from a country whereby you do not know the language too well, or where it may be difficult finding a job.  It also allows you to enjoy the option of living a heck of a lot better on just a relatively small monthly profit (you can live well in Ecuador, Panama, the Dominican Republic and a number of other places on $ 2000 per month or less!).
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I know what you are thinking, “Yeah, it sounds wonderful, but what exactly would I do”?  OK, here are some practical ideas for you.  Either find a product that people currently buy now and look for a less expensive “foreign” manufacturer, or create a service where none exists at the moment.  For example, there are people in the US that like to ride horses for a pastime.  They often pay up to US$ 1,000 for a good saddle from their local “riding shop”.  If you take a drive up to the Penonome or Chitre farmer’s market in Panama, you can find hand made leather horse saddles for US$ 50.  The more detailed and fancy rhinestone covered ones sell for maybe US$ 125 or so.  Take out your calculator and do the math.  You can offer a quality product that people currently buy, all for a lower cost than what they are paying now at a “physical store”.  You don’t like horses? How do you feel about jewelry?  You can find turquoise or coral jewelry, and other unique one of a kind hand made products just by shopping around in Mexico, Peru, and other places.  Small quality hand made items, which are fairly inexpensive, are hard to find in North American, and are easy to ship.  Maybe you will pay up to $ 2 or $ 3 for each, maybe even less.  You can offer these items to your customers for US$ 12 or $15.  You probably have purchased “imitation gold” costume jewelry for these kind or prices already.  Offer something handmade, unique and different for the same price.
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If the idea of a mail order business does not appeal to you, how about a service business?  What do you already know how to do, or like to do?  Well, if you like dealing with the general public on a “one on one” basis, start a tour or travel reservation company.  Don’t talk to the large hotel chains.  They have big budgets, marketing departments already set up, and probably have no interest in you.  Instead, talk to the small bed & breakfast owners or smaller hotels.  Many are most likely very inexpensive, clean, well run, and unheard of.  Many of these owners may not speak English, may know nothing about the Internet or brochures, and may not know how to “advertise” to potential guests from your home country.  But you do, and you know what the citizens from your own country like.  Help them out, help yourself out, and give your customers a way to book a room or plan a unique vacation all through one source – you.  How about a program where a couple or family gets to stay with another family in a foreign country for a week?  This may not appeal to everyone.  But there may be people out there that would like to experience another country not as the typical tourist staying in a resort or hotel, but rather as a guest of a local family.  You can set this up, and have a good business income in the process.
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The key to all this is to get you thinking not about a job, but rather about a business.  A business that you can never be fired from after ten years of service, and one that is not necessarily tied in to where you currently are living.  Hopefully this article has got your brain working on some ideas, but just as important as the idea is how you mechanically set it up.  That is why it is also important for you to read Part 2 of this article, which will explain how you can set your business in motion so your income can be enjoyed tax free from where ever you decide to live.
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For more information on setting up an offshore tax-free business or banking relationship, please contact Mr. John Schroder. Telephone 809-334-5387 / 809-756-1917 or email:  info@ascotadvisory.com    You may also review some of our information on-line: Ascot Advisory Services.
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