This is an update of exactly where I stand with all the countries I’m working with on my five flags plan to permanently move out of the United States, save myself a shitload of money on taxes, increase my freedom, and increase my income.
As always, this plan is still in fruition and I modify details based on new information I acquire. Therefore, details of this plan can, and probably will change over the next year or two. This is just where I am today.
I have just sold my house in the US, liquidating my last American asset, and Pink Firefly and I are moving into a nice home as a rental right after Christmas. I have signed a two year lease on this house, and once the lease is up, PF and I are moving the hell out of the USA for good.
That means my final exit date from the US is January 2021. My initial plan was to wait until 2025 to move away, but as I’ve indicated in the past, I just can’t stand living in the US anymore as its government and voters become increasingly insane, and I’m making a lot more money these days which means my tax burdens have really increased. Both of these factors have caused me to happily move up my timetable on my five flags plan.
At that time (January 2021), my current plan is to have a primary home either in Australia or New Zealand, stay there less than six months per year and own zero assets there (so those countries can’t tax me), then spend three months in Hong Kong during the non-summer months while expanding my businesses into Asia and taking advantage of the Rising East, and then spend three months back in the US to visit family and friends to maintain those connections. Then simply repeat, and do that every year.
Advantages of this living plan:
- I can dramatically lower my taxes (combining everything above with everything else I’m about to describe in this article).
- I won’t have to live full-time in the Collapsing USA which will make me very happy since my financial future will no longer be linked to a slowly collapsing empire that has lost its mind.
- I can take advantage of Hong Kong, my favorite city in the world, and thus the rest of Asia, while avoiding most of Asia’s heat, pollution, and humidity.
- I will always be somewhere with nice weather pretty much 12 months out of the year.
- I will experience a rich and vibrant travel experience regularly.
Disadvantages of this living plan:
- Some logistics of “living” in three different places will be a serious pain in the ass.
- Because I will be spending more than 35 days per year in the USA, I will eliminate much or all of my FEIE (foreign earned income exclusion) where the USA exempts the first $104,000 of income from most taxes if you spend most of the year outside of the US. However, there are a few ways around this, and over time I will reduce the amount of time I spend in the US.
- It will be somewhat expensive, so I have to make very sure my tax savings and increased business and investment income more than offset the expense of plane tickets, rent, and so on. That being said, some expenses will decrease, which will help this. (For example, I will no longer own a car.)
I have not decided exactly where in the US we will be staying when we visit. It could be the Portland area or it might be the Scottsdale area. If the former, we would spend our American time in the summer (June-Aug). If the latter, we would spend it during the winter here (Nov-Jan). We would have to move around our New Zealand / Australia time based on this, which is fine.
I have also not yet decided specifically where our Australia/New Zealand home will be. Pink Firefly and I are spending some time in Gold Coast, Australia in February to evaluate that as a possible location. If we both love it, we will go back there later in the year and spend 3-4 weeks there to make sure. If we hate it, we will re-evaluate Auckland, New Zealand. New Zealand is quiet, beautiful, and has a decent climate, but it has a dreadful 15% sales tax, almost zero attractive women, and traveling there is less convenient than Australia. Australia is much more convenient and entertaining, but is much more expensive and is more in-your-face with its left-wing political culture.
I’m attempting to gain three passports in addition to my current USA passport: Panama, Paraguay, and Italy. With Panama and Paraguay, I’m doing via their residency programs and I have already begun this process. I will be visiting these countries regularly for the next several years for this reason. For Italy, I will be using their ancestry program since I have Italian family members. I have not begun this process yet but will in early 2019. I may also consider an Antigua and/or a Comoros passport in the future using their citizen-by-investment programs (essentially just buying a passport) depending on how these first three go.
All of these processes take several years, so by about 2022 or 2023 I will have my second passport, and likely a third one a few years after that. My goal is to have two passports outside of my US passport by 2026, an achievable goal considering I’m targeting five.
I have not yet decided which country or countries to base my legal business entities, but frankly, that’s the easiest of these decisions (you just go there, open a bank account, and fill out paperwork, and you’re done), so I’ll wait until late 2020 before I tackle that.
I will be investing in several different countries but I can’t give you any detail on that other than to say I will be focusing primarily on SE Asia which is pretty much the only region in the world that has high odds of doing well over the next 30-40 years. (Though I will be investing in other countries as well.) These investments will be mostly real estate, but international stocks and precious metals will be included.
I have to roll the proceeds of my house sale into rental real estate ASAP, and I might purchase some rental properties in the United States (though probably not in the Washington/Oregon area where I live; taxes are way too high here) just for the purpose of ease, and tackle foreign real estate starting in 2020-21. (Buying and managing real estate in a distant country is a little complicated and I’ve never done it before, so that will take a lot of research, planning, and multiple visits to these counties. Nothing I want to rush into. Plus my travel schedule for 2019 is already quite booked.)
So that’s where I am at the moment. I can’t wait for January 2021, obviously, so I can begin this exciting adventure. As always, I will keep you updated on this blog regarding my progress.
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