Therefore you would actually need to actually be travelling around. This is perfect if you have a few million to spare and are a member of the super-rich - you could buy an apartment on The World - the newly launched Norwegian-built luxury cruiser.

Alternatively you could achieve the beneficial tax effects for a much smaller budget, although its fair to say you would need to have a love of sailing and would not obtain the same degree of comfort!

Getting yourself an apartment on this luxury ship doesn't come cheap. About 110 permanent one-, two- and three-bedroomed apartments are for sale on the ship with prices starting at £1.6m rising to £5.2m. As you would expect each apartment has all the mod cons including a fully-fitted kitchen, en-suite bathrooms, TV and video equipment and Internet access .

Providing the boat travelled continuosly and spent the remainder primarily in international waters there should be no liability to tax under the residence basis as you should escape being classed as a resident of any country (although US citizens would need to be careful, as a tax charge could apply even if non resident).

When you are traveling, but are not a resident of a country -even if you visit for several months - you don't have to pay taxes in that country. Although countries vary in the length of time they permit visitors to stay tax-free (usually from three to nine months, depending on the country), this fact permits people to travel and reduce their taxes at the same time

However, if you were conducting a trade in a particular country, you could easily be charged to tax on the profits arising from the trade, unless you were trading in a tax haven country.

The plan is to offer a sea-based, mobile, residential, commercial, and resort community on a large mobile, sea platform. The community will travel the entire globe over a two-year cycle, never leaving international waters. It will spend only 30% of its time in transit and the other 70% standing offshore points of interest. A fleet of aircraft and watercraft will ferry people from ship-to-shore, around-the-clock, residents for touring and business, and as many as 30,000 onshore guests and visitors daily.

There will be approximately 18,000 resident-owned living units. The community will levy no taxes of any kind. Property owners will pay a single monthly maintenance fee for services depending on the size of the unit purchased.

Many residents will own their personal condo, ranging in price from $185,000 for a 750-sq. ft. unit to $6 million plus for a 5,100-sq.ft.oceanside penthouse. Time-share rentals will also be available.

Therefore its certainly worthwhile considering, however you'd need to a carefully consider whether your home country would consider you "non-resident" for tax purposes unless you can show residence in a foreign country. In particular US individuals (who are taxed on worldwide income wherever they live) who wish to claim the annual $72,000 "foreign earned income exclusion" may find it difficult. Other offshore workers such as pilots and oil rig workers have found it difficult to claim the exclusion for foreign-based employment.

The alternative to this is to purchase your own yacht.

When people think of yachts most people think of a million dollar plus boat. However if you'e looking at a vessel for you and your spouse for example, you could probably purchase a large yacht capable of comfortable and safe ocean travel for under $200,000 (£110,000).

it would be kitted out like a home from home and most would offer airconditioning, as well as all the latest mod cons.

Again you would need to travel pretty regularly in order to avoid being classed as resident in any jurisdication, however this may not be as much of a burden as you would imagine.

It's probable that the number of these 'nautical nomads' will grow in places where destinations are close and countries welcome visitors. The Caribbean is a perfect example as some of the islands are within 25 miles of each other, and many permit visitors to stay three to nine months.

However, many of the carribean countries operate low/no tax anyway, so even in you did overstay in any one jurisdiction, the tax implications may not be significant.