Many people enjoy going on their summer holidays as a tourist in a foreign country. How would you fancy extending this 'holiday' permanently? It may not have been something you've previously thought of, but far from being a new or radical idea, there are many people who are already doing this, and depending on the nature of their investments, they are maintaining their capital and much of the returns on their investments without suffering taxes.
These individuals are known by a variety of names including Fiscal Nomads, Perpetual Travellers and Cyber Gypsies.
The basic principle is to exploit the residency rules in a number of countries so that you're not caught by any one country's tax net. Most people will do this by either travelling continuously or basing themselves in a handful of countries and only spending a few months in each. Providing care is taken as to the length of stay you could simply be treated as a tourist in each country and be exempted from any requirement to pay income tax.
In this guide we look at how you can achieve this and the tax planning benefits and issues involved.
Key issues covered include:
Can you become a fiscal nomad? Do I need to establish residence overseas? Teleworking from home UK tax benefits for Fiscal Nomads Where to go? The top 2 residence schemes for Perpetual Travellers