The five flags

W.G. Hill's classic formulation: five decisions most people make only once, by default, and which can each be made separately.

1. 1PassportWhere you hold citizenship. Determines where you travel visa-free and which state you owe allegiance to.
2. 2Tax residencyWhere you are resident for tax purposes. Usually the flag with the biggest financial impact.
3. 3BusinessWhere your company is incorporated and your income originates.
4. 4AssetsWhere your assets and accounts are held. Stability, rule of law and a currency that holds its value weigh most.
5. 5LifestyleWhere you actually spend your time and your money.