Martha Harris Myron
PondStraddler Finance Media Productions
Goldsta-80-Oldsta International Finance Journalist
Martha Harris Myron
PondStraddler Finance Media Productions
Goldsta-80-Oldsta International Finance Journalist
PondStraddler
'a person with one foot
on each shore
whose heart resides
in both countries'
Border Crossing the Pond is a Perennial Way of Life for All Bermuda Islanders
The Consequences Can Be Complex and Long-Tailed
Bermuda Islanders crossing borders must Physically leave the island shores to go anywhere: air transport, ship, or swimming (actually just a bit too far - although the "man in the bubble tried" - since our island is situated some 640 miles west - north west to the nearest landfall, Cape Hatteras Outer Banks, North Carolina, USA.
Further, since our island economy and geography is not self-sustaining, almost all products and services must be physically, or digitally shipped in.
Getting off 'de Rock means shopping abroad.
All Bermuda Islanders migrated from other origins.
We derive from, and thrive with, our globally connected multinational families, businesses, and financial interchange. It is estimated that thousands of us have more than one passport (like most sophisticated first-world countries).
We encompass a population of many nationalities, all of whom, whether global career professionals, finance and risk management executives, hospitality and related foreign service expatriate personnel, migrant construction / agricultural workers, multi-national retirees, or Bermuda families with centuries of years-lineage, have multiple connections and provenances to elsewhere.
Pondstraddlers are Multinational People on the Move.
The internationally mobile lifestyle of global families is easy in theory, not so easy to accomplish in practice. Knowing who you are, where you are and how you are connected to the rest of the world is vitally important.
Pondstraddlers are crossing borders (and ponds) for employment, military service, retirement, education, relationships, business trade, and investments - generating multiple complex financial, immigration, tax and personal planning issues that the rest of us cannot begin to understand.
Living the Pondstraddler Life™.
What does it mean to have more than one nationality, more than one citizenship, more than one residence, more than one employer, more than one jurisdiction for your business, globally-situated assets and multinational family beneficiaries in more than one country?
Residency - Domicile - Citizenship - Immigration - Taxation.
Home is where the heart is, but if you make your home where your heart desires, can you immigrate, reside, be domiciled, become a citizen?
But, how to manage finances and where are you subject to tax?
One country, two, many?
There are complications - SEE BELOW
Living the Pondstraddler Life™ Means Every Border Crossing Has A Consequence
What does it mean to have more than one nationality, more than one citizenship, more than one residence, possibly more than one employer, more than one jurisdiction for your business, globally-situated assets and multinational family beneficiaries in more than one country? Financial and Related Complications.
There Are Numerous Defining Criteria (see List below) Relative in the Complexity of Globally Mobile LIfestyles, but The Top Five Matter Most.
However, every Pondstraddler should review the Entire List below for applicability to their personal financial planning along with reviewing individual circumstances that may indicate further complexity.
Home is where the heart is, but if you make your home where your heart desires, can you immigrate, reside, be domiciled, become a citizen and be subject to tax there?
It depends.
Where do you belong? How will you get there? How are you connected? Where are your assets, family, employment or business situations, other relationships?
The Right to residency is the most critical component of global mobility (Pondstraddler) planning! Followed by domicile, citizenship, immigration, and taxation (domestic and international).
Every globally mobile individual needs to fully understand his/her country of origin and guest country tax, regulatory, legal, and immigration structures.
Why - because for most of the civilized world, where you, individually (or a business entity), are considered resident is where you are considered subject to taxation.
Residency for Tax Purposes
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Where is Your Domicile?
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Citizenship
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Immigration & Customs
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Taxation Liability Complexity
of
International / Multi-National Citizens
The CrossBorder Financial Planning Criteria Summary Checklist
Comments or Questions? contact@marthaharrismyron.org
©2024 Martha Harris Myron Bermuda PondStraddler Finance Media All rights reserved.
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