|Want To Really ¨Escape¨ To The Carribean?
Start Your Own Tax-Free Offshore Business in the Dominican Republic or
Anywhere Else that Suits You.........
the author: John Schroder
in the Dominican Republic and is associated with Ascot Advisory
Ascot Advisory assists clients with residency in the Dominican
local incorporations (and other services such as Panama Foundations),
with banking introductions and investment advice, plus assistance with
such as title search. For more information about living in the
Republic, contact John by telephone 809-334-5387 or 809-756-1917.
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
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).
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
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!).
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.
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.
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.
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: firstname.lastname@example.org
You may also review some of our information on-line: Ascot Advisory Services.