The term "PT" is a popular slang among expats, indicating a person who has dropped off the government's financial radar. It has several meanings, including, "Practically Transparent," "Prior Taxpayer," "Prior Thrall," "Privacy Trained," "Permanent Tourist," and "Passing Through," among others. All of these terms refer to the fact that the individual is effectively off the grid. Most PTs formally renounce their original citizenship, though some feel that renouncing is akin to a prison escapee telling the jailer where he's going.

Many, though not all PTs, adhere to the 5-Flags Principle, in that they have more than one passport from nations that do not tax non-residents on their worldwide income, maintain their residency in a different nation that does not tax the offshore income of residents, have their business base in another nation that doesn't over-regulate investments and has a reasonably low tax rate, do their banking in an entirely different nation that offers good bank privacy, while they play in one or more other nations. For more on PTs, Google the term, "W. G. Hill" for a starting point.