The Freedom to Create Real Value and Wealth in the Offshore World
The Q Wealth Report
03 June, 2008
The offshore and wealth management business has changed completely since I first became involved in this sector. The reasons for going offshore back then were basically tax mitigation and asset protection. It was taken for granted that Wealth had to be created onshore, then stored and protected offshore. Certainly these motivations are still major factors in sophisticated offshore planning, but thats not what Im going to be writing about here. Others have already covered that more than adequately.
Today there is a real potential to generate wealth completely offshore: to name a few examples, through e-commerce, writing and consulting, investing, real estate and so on. More and more people are physically leaving countries like the UK and the US, sometimes on a part-time basis, sometimes permanently. These smart individuals, the new brain drain, are taking their earning power directly offshore. (Taking the broad definition of offshore: any country other than your own!)
They have discovered how they and their families can live a better quality and healthier life internationally for a lot less money than back home. It just makes good sense.
Freedom is something we all crave, and the more entrepreneurial characters in our ranks feel stifled and restricted by big onshore government these days. Certainly taxes have something to do with it, but theres a lot more to it than just taxes. Im going to blog about how we can find the freedom to live our lives the way we want, and create wealth in the process. How we can escape stress to release our maximum potential for productivity and creativity.
Because wealth is something we can create, nurture and grow, anywhere in the world. Its interesting to look up wealth in a dictionary. The word wealth stems from the Anglo-Saxon weal. It has three definitions:
- Wealth, riches, possessions
- Welfare, well-being, happiness
- The welfare of a country or community: the general good
So, wealth is all those things that we normally think of: riches and possessions. But its also a lot more than that. It includes a sense of well-being. Obvious if you stop to think about it no point having money if you do not have health and happiness to go with it. Ill be writing more on this matter in future blog entries.
Finally, privacy. Privacy is, to my mind, an essential element of freedom and security. Its about the freedom to choose what you want other people to know about yourself. Its about data security and protecting access to your wealth. Privacy is another reason more and more people are choosing to move business offshore, even if there is no tax advantage. You may have nothing to hide, but thats still no reason to publish your financial and personal information on the internet. When Im talking about this subject at seminars, and I feel the audience needs shaking up a bit, I refer them to Henry Porters Channel 4 documentary Suspect Nation about surveillance of individuals in the UK and USA. If you havent seen it yet, you should.
So, look forward to more blog entries about Freedom, Wealth and Privacy. I hope you enjoy them and that you can use the information here to benefit your business and your life. In turn I would much appreciate your feedback, comments and questions. I can be contacted via firstname.lastname@example.org
Peter Macfarlane is joint editor of The Q Wealth Report an established newsletter dedicated to informing readers about creating, protecting and growing wealth in a secure offshore environment. It also covers international living, banking, retiring and investing. Visit www.QWealthReport.com to see more.
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