Go-Global Playbook II - Plays 1-14

In the rapidly changing world we find ourselves in today, we find that it is useful to have a personal plan. One with global options is these days is a useful approach. Just as a business has a plan, and deliberately decides where it incorporates, where it banks, where should it have its manufacturing operations, where should it hold its IP, where it should hire staff, where it should pay tax, which customers does it want to sell to, etc. A company that has done this level of planning is simply more likely to be successful. In the same way in our own personal life plan, particularly when we make changes, it is helpful to think through things deliberately and thoroughly, and will give us a greater chance of success. We call it "Plan your life - Choose your Country - Build your Future".

In my prior post I laid out what we call our Go-Global Playbook framework, which focuses on knowing yourself and your needs and objectives, before chasing a country-of-the-day location. The reality is, that if you focus on a certain type of lifestyle you will usually find that there are many different options to achieve it. Whether its a city with more freedoms, a surf location by the beach, a modern lifestyle in a rural location or sustainable country living, there are many options all with their own attributes, cultural flavor, cost of living and climate.

I laid out the 7 Pillars in the framework; Pillar 1: Know yourself - Pillar 2: What life do you want? - Pillar 3: What matters most? - Pillar 4: Which Countries fit? - Pillar 5: The Country is only half the decision. - Pillar 6: Income, Real Estate, Networks, Lifestyle - Build your Future. Pillar 7: Dip your toe before you leap.

In this blog I will discuss our 14 "Plays" that are key human decisions as you plan any global relocation, regardless of your primary objective.

Play01: Should I stay or should I go? - Know your impetus for looking at a relocation or global lifestyles. Lets look at the various factors and what is available in your home country vs offshore and the various impacts of making a change and how each may fit into your concept of what you want your life to look like in 5 years. Lets start by re-checking re-location is what you feel is necessary to give you the best chance of achieving the life you desire.

Play02: The Country isn't the decision - Really a global relocation or Plan B, is first and foremost about your life-plan. Plan your life first, then choose the country (or countries). The Country is important - yes, but second to understanding your your life goals and 5-year plan.

Play03: Don't let Tax choose your life - Yes tax is an important component but there are ways to minimize tax in higher tax countries and also to live in one country and be taxed in another through various corporate structures and lifestyles - not every lifestyle. But there are options, and we don't think taxes should be your primary driver, even if in your top 3.

Play04: The five anchors of a Global Life - this is where planning your life as a global citizen becomes fun. While they may end up all in the same place, you want to think about where you live, where you bank, where you pay tax, and where you get healthcare as separate decisions. Many treat asset protection as the fifth, but we deal with that separately in Play08. Your health is more important.

Play05: When your job doesn't travel with you - As part of your plan, you will have to consider where your income will come from to pay your daily living expenses while overseas. If you have a remote job already or own your own business you can run remotely, you are in good shape but will still have to think through tax and immigration status, whether there are any legal or other issues retaining your prior clients now you have relocated, and also if moving a business, contingency plans in case things don't go as planned. costs of setting up new business structures, and permits and local tax processes. If you have cash-flowing assets or retirement accounts in your home country things can be easier, but some require maintenance and even government check-ins. If your job doesn't travel, and you will need to find work, it is useful to arrange online work in advance of your move to prove it is doable and sustainable, at the level you expect.

Play06: What are your dream countries and why? - we ask this question because a move like this is an opportunity to move towards things that previously may have seemed unachievable. But also some dreams are unrealistic or may be less good in the current time and political situation. We look for themes that will resonate with your dreams and also be realistic and align with your underlying relocation objectives.

Play07: Can I actually go there? - from cost to buy residency or passports to barriers to entry and score systems, some countries are easier to access than others. We can run you through what is required for your top 3.

Play08: What happens to my money when I leave? - this can be simple or complex, depending on the nature of your assets, your country, your type of relocation, etc, but we aim for simplicity first after which you can consider some more complex alternatives in addition. In many cases using your home country banks is still possibly with certain disclosures and tax forms. Investment accounts have slightly different rules to banks, and there are offshore accounts also. Many cases your existing ATM and credit cards will function in your new location, until you can establish an income history and banking in your new home country. As noted previously, it is possible to bank in a country different from the country you live.

Play09: What if I want to start or relocate a business? - There are many options for this. If you are relocating, your business can be domiciled in a different country from where you live, or the same, but can add additional banking options. You will need to weigh the options and costs, in order to meet your needs. If relocating a business and your customer base will change, carefully research customer demand and pricing in your target country.

Play10: Who will be my people? - we have networks and "people" in many countries, from helpers to facebook and other ex-pat social groups. People who have gone through essentially the same process you are considering.

Play11: How far is too far? - by this we normally cover visiting family and friends periodically, or other needs to return home. Distance is less of an issue as time and cost generally, times how many trips, to figure out this equation. Many people don't need to return home annually, but some do.

Play12: Make it Real - and here is where the planning hits the road, and some of the most valuable insights can come from actually putting boots on the ground, breathing the air and looking around and feeling the cultural vibe, even if only for a couple of days. The planning is what gives you the best chance of this feeling good - with you expecting what you find, having the friends and helpers to shake your hand in person and feel supported, and being able to fit that "real" experience into your visualization and quantification of your plan.

Play13: What could go wrong? - honestly being a decision with significant life impact, some cost, and also some complexity, the biggest risk seems to be the end product not living up to expectations after much time and money spent. The mitigation to this risk is in solid planning and ensuring you get the information you need and the right help to give you the best chance of success, plus in keeping some resources available for minor pivots you want to make at a later date.

Play 14: The 5-year look-back test - Am I building a life or just living overseas? - this is where we come back to life planning. Focusing on building something long-term better, rather than just a temporary quick-fix change that may get boring or not live up to what you want for your life. Some legitimately are just looking for a limited term overseas experience to re-assess in a year, or just a plan B set-up not to move to immediately but to be ready if needed in future, and we can do those too.

For this "play" we look at our favored scenario and project out 5 years to help you visualize outcomes, and also identify growth goals and challenges you will encounter after your initial move and transition. We want this to be a positive life planning process, and not just a transitional relocation event.

Can you jump on a plane and arrive in a country and look around without any planning and just find something you like? Possibly, but that will be leaving a lot to chance and spending money before thinking about your plan. I think you will find this the most expensive method both in terms of time and cost, because your approach will be less targeted and you will have to travel to many places before you find the right one, and possibly set you mind on a place that you later realize may be pleasant, but doesn't meet some or many of your core objectives. Tuscany was that for me - we all have one or two "dream locations", but it wasn't practical for me, as it failed on two of my primary objectives). Without expectations setting and researching the areas you are most likely to find suitable, and without contacts and helpers, you are simply less likely to be successful.

I spent 4 years and deep 6-figures USD (including lack of income) while travelling and researching (with a research assistant), and finding consultants, helpers, lawyers, accountants, real estate people I tested and could trust and with English, in each country, , plus friends and building networks. During that process I gained a lot of valuable information and relationships, which is what I offer to our clients. My goal is to get my clients situated at less than 1/10th of what it cost me, both in terms of time and dollars.

To find out more about our framework or ways we can assist, book a call or send us an email.

Happy and safe travels from the GGTY team.