Advice You Won’t Hear From Most Immigration Consultants

Compared to most people in the global migration “industry,” I’ve always sung a different tune.

That’s because I don’t treat it like a business… I like helping people achieve their goals. If my experience and knowledge helps them do that, I’m happy. (Of course, it helps to make a reasonable living, too.)

Consider the dozens of websites you’ll find if you search for “second passports,” or “golden visas,” or something similar.

Almost all focus on the financial and “liberty” benefits of global diversification. They’ll talk about saving taxes (without telling you that if you’re an American earning passive income, that’s very difficult). They’ll gush about having a second passport for visa-free travel to the European Union, the US, or Canada (without explaining why that should matter to an American or a Canadian—who already has visa-free access).

The truth is that the bulk of the global migration industry is designed for people of very high net worth who are either (a) trying to avoid tax responsibilities to their home country, (b) avoid travel restrictions imposed on their home country, or both.

There is, of course, a third motivation. That’s the desire to have a Plan B in case things go bad at home.

Increasing numbers of ordinary folks want that solution as well. But if you try to pursue it on your own, you’ll have to wade through tons of marketing speak aimed at someone else.

That marketing speak won’t just tout things that probably aren’t relevant to you, like “non-dom” flat tax systems where you pay €100,000 a year up front. It can also omit some important facts.

What if you want to set up a business structure overseas… either to get some of your wealth out of the US, or generate “Plan B” income for yourself? You might be sold a structure based in some Caribbean island, for example—and of course, the immigration consultant who sold it to you gets a fee for referring you.

But owning such structures might leave you in a bind…

Consider, for example, the countries technically considered grey- or black-listed financial havens by the European Union and others. They include:

• American Samoa
• Anguilla
• Antigua and Barbuda
• Bahamas
• Belize
• Fiji
• Panama
• Samoa
• Seychelles
• Turks and Caicos Islands
• British Virgin Islands
• Vanuatu

Now, this status isn’t the end of the world, as the thousands of Americans happily living in Panama will attest. But people tempted to incorporate a business or base their banking in many of these countries are in for a rude awakening.

For example, I recently consulted with a gentleman in the final stages of planning to incorporate a company in the British Virgin Islands. He was building an international web of business and banking relationships related to cryptocurrency trading.

I advised against it.

Sure, he can easily register a company there. He’d have little trouble getting a bank account set up for that company, if he had enough money for the minimum opening deposit. Local banks would be happy to receive money into that account. But how would his choice of the British Virgin Islands affect the rest of his plans?

For one thing, he might have trouble finding a payment solution. Anyone who operates an online business needs a company to receive, process, and remit payments from clients. The most reputable of such companies don’t like to do business with companies that bank in the BVI, precisely because they’re grey-listed by the EU.

Another person I consulted with was planning to base his banking activity in Belize. Again, I warned caution. Although the Caribbean nation is better off than a decade ago, it’s still hard for companies registered there to open accounts in many parts of the world, because it’s perceived as a haven for money laundering, tax avoidance, and other crimes. I’m not saying it is those things—just that it’s perceived that way by some.

Of course, one reason why the purveyors of big-ticket international mobility solutions don’t mention these things is that if you have enough money, banks and other institutions tend to overlook these things. But for normal folks like us, they won’t. In the post 9/11 world, the number one priority of every bank and financial institution is avoiding risk—especially of catching uncle Sam’s attention. For the banks, it’s just not worth it unless there are millions involved.

That’s why my International Living consultation service exists. Its purpose is to help you think through the pros and cons of various courses of action, help you decide on the one right for you, and put you in touch with service providers who can make it happen.

Unlike some global migration agencies, I don’t make more money by concealing important facts from you… like the consequences of setting up an online business or banking relationships in the wrong country.

So if you’re planning to diversify your business or finances internationally, talk to me first. You may be surprised at what you hear… and how much trouble you may avoid in the long run.

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