And Piigs Might Fly

Well, the Greeks have tapped the European Union and the International Monetary Fund

for access to the billions in short-term loans the much-heralded aid package grants them, both Portugal and Spains sovereign debt ratings have been cut by the credit ratings agencies and the European Central Bank is now actively buying up the bonds of the so-called PIIGS nations in their own version of quantitative easing.

There were as many opinions on how beleaguered eurozone nations could cut their budget deficits as there are stars in the night sky but, now that the politicians have taken their best shot, what choices do those on the ground the citizens of those PIIGS countries have in light of the crippling austerity measures introduced by their governments in an effort to reduce their national burgeoning debts? The governments in Spain and Greece have raised direct and indirect taxes, frozen or cut public sector pay and slashed spending on services by as much as they feel they can get away with without provoking revolution but the truth remains; if they want to bring their debts down to more sustainable levels, they may have to go further and no one can rule out the very real danger that the international bond markets will insist that they do.

So, this begs the question, would some EU citizens be better off offshore? That is, would they be better off if they simply packed their bags, moved abroad, worked overseas and managed their money offshore? In this report, Offshoreresource.com looks at the possible reality of life in the PIIGS nations over the next ten years and compares it to the possibilities of life as an expatriate and the offshore benefits and advantages they could enjoy if they moved abroad.

Unemployment in Spain is already running at 20% and thats before the implementation of austerity measures so the picture is likely to deteriorate whilst, in Greece, non-payment of taxes has almost become a national pastime with merchants openly offering two prices for goods and services; one for cash and no receipt and another for credit cards and a receipt. Guess which is more popular.

With the situation in PIIGS nations unlikely to improve any time soon, we at Offshoreresource.com have noticed a sharp increase in the number of enquiries from citizens within these countries seeking advice on moving themselves, their families and their savings to another country.

It is our contention that, as an expatriate, you can work and earn income in another country and a different currency and, perhaps, give any previously accumulated wealth the chance to grow in a tax-free offshore environment, unconstrained by deductions on interest or dividends. Indeed, you may also be able to boost your income by saving and investing offshore and reaping the many benefits associated with such arrangements from tax deferral to far greater choice.

Without the detrimental effects of taxation on your hard-earned capital, it is easy to envisage the positive effects on your finances. Moving to a country where tax is not levied on income derived from activity conducted outside that country could send your standard of living far above that which you currently have. Furthermore, there is an abundance of choice for the management of your wealth offshore. There are structures that enable you to offset inheritance tax, protect your assets and a smorgasbord of options when it comes to the types of accounts and those offering them.

On the other hand, you could always stay put, wait for the next round of tax hikes, watch as your job security is whittled away, worry as your country flirts precariously with a double-dip recession, stand by while your salary stagnates or falls in real terms but the prices of food, fuel and utilities increase.

by: Mark Richmond

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