Personally, I like the Romanian Micro-model (if it doesn't get "statutized") think it's the best EU option for earning under 500k (per company), (and building capital for Phase 3) but set up costs, office etc, prob means you need 50-100k income to make it worthwhile. 3 places of usefulness: Singapore, Bucheresti (EU) and Labuan (Malaysia-Asia) the rest is just junk, living in the Seychelles as the 50th tsunami hits isn't my idea of fun either.
Oh, yeah, the fun and games with the climate is just beginning, just be careful that offshore = underwater.