The Four-Step Plan to Escape from America • Step 1. Move your assets to safer havens where there is enhanced protection for wealth • Step 2. Find another country to live in that offers greater personal freedom • Step 3. Get another passport • Step 4. Expatriate from the USA Copyright (c) 2010 by Mark Nestmann Sovereign Society Total Wealth Symposium May 2010 Step 1: Move Your Assets to Safer Havens Offshore • • • • • Comparing the Top Havens Offshore Banks Don’t Want Americans’ Money One Solution: an Offshore LLC Another Solution: Offshore Insurance and Annuities Be Compliant! Copyright (c) 2010 by Mark Nestmann Sovereign Society Total Wealth Symposium May 2010 Reporting Obligations for Offshore LLCs • • • • Form 8832 (Entity Selection) Form 8858 (Information Return With Respect To Foreign Disregarded Entities) OR Form 8865 (Information Return With Respect to Certain Foreign Partnerships) OR Form 5471 Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts) Form 1040, Schedule B (check "yes" for Foreign Account) Copyright (c) 2009 by Mark Nestmann Sovereign Society Total Wealth Symposium April 2009 Reporting Obligations for Offshore Insurance and Annuities • • • • • Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts) Form 1040, Schedule B (check "yes" for Foreign Account) Supplemental Reporting Pursuant to HIRE Act (2010) Proposed FinCEN rules (retroactive to 2009) Reporting Requirements Apply to Both Fixed and Variable Annuities Copyright (c) 2009 by Mark Nestmann Sovereign Society Total Wealth Symposium April 2009 Step 2. Find Another Country to Live in that Offers Greater Personal Freedom • Availability of Residence Rights • Freedom vs. Security vs. Enforcement of Rights • Infrastructure: Electricity, Telecommunications, Banking, Medical, etc. • English vs. non-English Speaking Havens • Prejudice Against Americans (or your Skin Color, Accent, Religion, etc.) • Tax: Global vs. Territorial Taxation • Availability of Passport Copyright (c) 2010 by Mark Nestmann Sovereign Society Total Wealth Symposium May 2010 Step 3. Get Another Passport • • • • • • • Why Should I Get A Second Passport? Citizenship by Investment in the Commonwealth Of Dominica Citizenship by Investment in the Federation of St. Kitts & Nevis Citizenship by Investment in Austria The Netherlands Antilles: EU Passport Through the “Back Door” Other Possible Passports Avoid Passport Scams Copyright (c) 2010 by Mark Nestmann Sovereign Society Total Wealth Symposium May 2010 Economic Citizenship Programs: Commonwealth of Dominica • Independent Caribbean Jurisdiction • Travel to Approximately 90 Countries Visa Free or with Minimal Visa Formalities • Required Contribution: $75,000 (Single) or $100,000 (Family of Four) • Additional Costs: US$30,000 + • Must Travel to Dominica for Interview • Can Live in Most “CARICOM” Jurisdictions Visa-Free • No Further Obligations Unless You Live in Dominica Copyright (c) 2010 by Mark Nestmann Sovereign Society Total Wealth Symposium May 2010 Economic Citizenship Programs: Federation of St. Kitts & Nevis • • • • • • • • Independent Caribbean Jurisdiction Visa-Free Access to Most EU Countries and Canada Option 1: Qualifying Real Estate $350,000 + Option 2: Contribution of US$200,000 Additional Costs: US$20,000 + No Interview Necessary Can Live in Most “CARICOM” Jurisdictions Visa-Free No Further Obligations Unless You Live in St. Kitts or Nevis Copyright (c) 2010 by Mark Nestmann Sovereign Society Total Wealth Symposium May 2010 Economic Citizenship Programs: Austria • Member of European Union • Travel to 150-Plus Countries Visa Free • Live and Work in any of 27 EU Countries and Switzerland Visa Free • Requires Multi-Million Dollar Investment Before Applying for Citizenship: NO GUARANTEES! • Additional Costs: US$100,000 + • Politically Controversial Copyright (c) 2010 by Mark Nestmann Sovereign Society Total Wealth Symposium May 2010 A Little-Known Back Door to an EU Passport • Residence in Dutch Caribbean Territories Can Lead to a Dutch Passport • Curaçao and Bonaire, off Venezuelan Coast • St. Eustatius, Saba and St. Maarten, Southeast of the Virgin Islands • After 5 Years Continuous Legal Residence May Apply for Dutch Citizenship and Passport • Travel to 150-plus Countries Visa Free • Reside or Work in any in any EU Country and Switzerland Copyright (c) 2010 by Mark Nestmann Sovereign Society Total Wealth Symposium May 2010 Step 4: Expatriate • • • • • • • • • Move Assets Outside USA Sell Assets to Minimize or Eliminate Exit Tax Obtain Another Passport Choose Another Residence Country Appear Before U.S. Consular Representative Receive Certificate of Loss of Nationality Apply for U.S. Visa or Obtain Visa Waiver File Form 8854 Don’t Spend More than 120 Days/Year in USA Copyright (c) 2010 by Mark Nestmann Sovereign Society Total Wealth Symposium May 2010 For More Information… The Nestmann Group, Ltd. 2303 N. 44th St. #14-1025 Phoenix, AZ 85008 USA Tel./Fax: +1 (602) 604-1524 E-mail: [email protected] Web: http://www.nestmann.com E-mail [email protected] for a copy of this presentation. Copyright (c) 2010 by Mark Nestmann Sovereign Society Total Wealth Symposium May 2010
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