Tax Haven/Residency?????????????
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Posted by Steve Rutledge on January 29, 2000 at 09:59:48:
In Reply to: Tell me about Abaco please. posted by Michael J. Pawlowsky on January 29, 2000 at 00:02:12:
The Abacos are very nice. You need to do some further investigation though. One cannot just BECOME a resident of the Bahamas. It is no different than a foreigner coming to the US and becoming a resident. I won't attempt to go into the details of accomplishing this. You should contact the appropriate Bahamian government agency. You can stay in the Bahamas for an extended period though. The part that really concerns me is the advice your accountant is giving you. I don't think you are going to see any advantages of living in a "tax haven" as long as you are a US citizen unless you plan on breaking the law. Maybe there is something going on here that I don't know about. The last I heard regarding citizenship in the Bahamas was that it cost about $1,000,000.00 and required a substantial investment in the country. Of course, you have to give up your US citizenship as the US does not allow dual citizenships these days. In any event, the Abacos are a GREAT place to visit and live. It is very peaceful and the natives are friendly. A friend of mine recently visited TC and he said it was the "most non-threatening" place he had ever been. He has traveled throughout the world too. This is the best endorsement I can give. Steve Rutledge
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