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Special EU & EURO Warning – December 14, 2011Offshore Jurisdiction Comparison 
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Introduction – We get a lot of inquiries from people who want top know just how cheaply they can live in an offshore tax haven. We address these concerns here. In short if you go to the rural areas you can save a lot. If you go for beachfront you might save little or nothing. It varies from country to country and needs investigation.
Infrastructure – If you want to live in a modern developed country with good electricity, water, internet, phones, roads and so forth it may not be that cheap to live there. What you might find is that it still costs you about the same amount of money but you live a lot better. We will explain keep reading. If you can live in a developed country out in the boonies then the cost of living will go down by perhaps 30% to 50%. Of course the infrastructure is going to be weaker in the outlying regions.
Food Costs – If you live in a tax haven your food costs may go down. If you live on an island that imports everything it will go up. If you want to buy packaged or frozen food that is imported it will be pricey. The way to do it is buy your food at the markets. Usually there is a fruit and vegetable market and a place for meats. It can be combined. If you do not speak the language the pieces will go up since they will not be marked. One way around this is to have a live in maid and take her to do the shopping. Restaurants will generally be cheaper than your home country. If you go looking for expensive restaurants rest assured they can be found just about anywhere.
Medical – Here there is a lot of variance in quality and cost. Do take the time to investigate. Usually you can expect medical and drug costs to drop 33% or more. Most countries do not require prescriptions for most medicines. Exceptions would be strong pain pills, sleeping pills and psych meds.
Alternative health care availability can vary from country to country so again investigate this. Often doctors will make house calls for $25, same price for a vet.
Housing – Here there is going to be variance. Most offshore havens have a lot of condos and on the other hand some have a lot of single family homes and townhouses. If you go to an island and get beachfront it is going to be expensive. If you go to a rural area and get a single family detached home it will be affordable. You will probably live better that you do in your home country for less or the same money. There is a multiplier effect to this. If you get a $200,000 town home you might get the same thing for the same money today in the USA since their real estate prices have collapsed. If you bought a $1.5 million dollar single family home with 10,000 sq feet on an acre that same home might cost $12 million in the USA today even with their depressed prices.
Real Estate Brokers – In the offshore world they are often unlicensed. There is sometimes a multiple listing service and sometimes not. In these countries the seller lists with the broker and says you can have anything over this figure for a commission. These listings tend to be non-exclusive. The different brokers can price the same house differently. It is important to look around and talk to different brokers and try to get your best deal. Always use a lawyer to review the deal before you sign anything or place any sort of deposit. You do not know the local laws and get expert advice.
Domestic Servants – You will probably be able to afford servants. Maids can be as low as $140 a month for live in up to $400 a month. This is a luxury most cannot afford in North America and the EU. It is nice to not have to clean the house. Most expats do their own cooking and let the maid do the clean up. Maids usually are not good at cooking but you can teach them. Drivers will run $400 to $900 a month, varies from country to country. If you are getting on in years having a driver and a maid can keep your lifestyle up bypassing any sort of care type facility. Gardeners are usually also handy men and then run a bit more than the amid and usually do not live in. At times you can find a couple where the women is the maid and the man the gardener. Expect this to be uncommon due to their children.
Quality of Life – One important factor here is language skills. Many of these countries do not have the culture you are used to from North America or Europe. On the other hand you may like having servants and find there is enough for you to do to keep busy. Sporting events will be different. Plays, concerts, ballet, operas etc may be lacking. Museums may be lacking altogether or in size and scope. Getting books and magazines in your native language may be difficult. Investigate television. They should have cable and satellite. Stations in your native language may be few.
Summary – We find people live much better for the same money as they did in the home country or else they cut their living costs substantially. Being able to live for 10% to 40% of what you now spend would require living in a part of a country that is very rural and without much infrastructure. Possible but most do not go down this road. We tell people to budget $2000 a month to live offshore. Remember working will probably be out. You won't have correct status to work and the wages are very low. Starting your own business is possible but requires capital. Internet businesses are very possible. They here is to do the research.
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*Offshore Legal Associates Law Firm.We have no legal ties or associations with any other law firm or corporation with similar or like sounding names anywhere and should not be so confused with any other entity having a similar or like sounding name.
