THE LAW SAYS : 'NO CAPITAL GAIN TAX ON PRIVATE WEALTH'
If this can clarify things...
Any trader From Italy?
- Thread starter Big_M_Surfer
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THE LAW SAYS : 'NO CAPITAL GAIN TAX ON PRIVATE WEALTH'
If this can clarify things...
If you set up a corporation in Belize (which I believe is a tax haven) and pay yourself a yearly dividend, how can they claim it is not capital gain? Given, of course, that most bank accepts payments from dubious countries. I believe many countrises try to make rules to "disallow" these tax havens.
That's what you think it says. Swiss Tax Lawyers and Swiss Courts think differently! If you trade too much, they treat you as a business: you are simply in the process of ACQUIRING WEALTH. After you paid your dues (something between 30-40%), you can keep it untaxed afterwards!
Quote from nononsense:
That's what you think it says. Swiss Tax Lawyers and Swiss Courts think differently! If you trade too much, they treat you as a business: you are simply in the process of ACQUIRING WEALTH. After you paid your dues (something between 30-40%), you can keep it untaxed afterwards!
I hope you didn't pay for these lawyers...
Setting up a corporation in a tax-free country and paying a dividend to an individual in another country where receiving dividends is taxed is a solution. But in most cases, it is illegal for the individual not to declare these dividend payments. Another advantage of Switzerland : not having declared revenues isn't a penal offence. The only thing you risk is a fine.
However, this thing of no capital gain tax in Croatia makes me quite happy as I own a flat there near Zadar. This country is so beautiful.
Hello To all fellow traders,
I want to tell you my experience in an Italian hospital but first I want to say that this guy that wrote this book is a complete jackass.
About fifteen years ago I was in Italy for an equestrian tournament and fell off my horse and fractured my elbow. They brought me to this small hospital in the middle of nowhere, Popoli in the Pescara Region of Abruzzo. Hey, it was not Cedar Sinai but it was not a decrepit place either.
I got an Xray within an hour of getting there and the nurse gave me a shot of morphine, very correct and professional. Then these two doctors came to speak to me and told me the bad news, I had to have an operation to repair my radial bone. They showed me the Xray and explained very professionally what had to be done ( I have to admit I was a bit out of it) I think my buddy was more scarred than I was, actually I thought he was going to pass out twice.
They operated and it took three hrs I think. The first few days I was completely out to lunch but then started to walk around. I was there ten days. Hey, they feed you pasta with sauce in the hospital, shoot it was better than the pasta I had in little italy in NY. The hospital was old but the cleaners would go up and down the bloody halls all day mopping and cleaning ( Italians are obsessed with keeping everything clean, I thought they were going wear out the terrazzo floor). The doctor came twice a day and was very polite and extremely professional, always asked me how I felt and was very good with his updates.
I was in a room with six other guys, all orthopedics operations. They fellow next to me was a local farmer who would send his wife home every three hrs to go check if the donkey had enough water, LOL. and the other guy on the other side they called directori (he was the branch manager at the local credit union), I spoke to this guy for a week and never did get his name, they all called him directori and I called him directore and that was it.
When I got home to Canada I went straight away to see a specialist to see what the hell was going on ( I was going to say second opinion but I think a bit late for that) and he send me straight away for X-rays and I was to bring them right back up to his office. He moved my arm around a little and made a comment that wow, your movement is very good for only two weeks and then looked at the X-rays and told me, everything is 100%, very nice procedure, come and see me in three months, the rest is history.
By the way I heard the Pope was in the hospital last week I guess they must of flown him to Switzerland if Italian hospitals are that bad.
Anyway all the best to all of you,
Cheers,
To clarify the logic of european tax laws:
Although according to the law you donât have to pay certain taxes, it is well possible that you will be taxed. This is because of the following arguments: itâs the principle of the âgood housefatherâ.
If you âre a trader youâre not a good housefather. The level of taxes is depending on:
· How many times do you trade?
· Do you use professional equipment like PCâs or software?
· Which markets do you trade?
· What is your main activity, trader or employee in any other activity?
In Europe the IRS isnât stupid; if you make little money they wonât bother ( because expenses to tax you will be bigger than the tax); if you make lots of money they will try to tax you at the highest level possible.
Where I live you pay at least 33% if your trading is not your main income; if it is your main income you will pay easily 50-70% (contribution to social security included)..
You can ask a fiscal ruling to be sure in what regime you will be taxed. In that case this ruling is valid for 5 years only. In Switzerland you can apply this rule as a foreigner. If you go and live there you can make a deal with the IRS in advance. Thatâs why so many rich people move to Switzerland. For them it isnât a grey area; the y know exactly what they will pay.
If you donât want to pay, move to Monaco.
Although according to the law you donât have to pay certain taxes, it is well possible that you will be taxed. This is because of the following arguments: itâs the principle of the âgood housefatherâ.
If you âre a trader youâre not a good housefather. The level of taxes is depending on:
· How many times do you trade?
· Do you use professional equipment like PCâs or software?
· Which markets do you trade?
· What is your main activity, trader or employee in any other activity?
In Europe the IRS isnât stupid; if you make little money they wonât bother ( because expenses to tax you will be bigger than the tax); if you make lots of money they will try to tax you at the highest level possible.
Where I live you pay at least 33% if your trading is not your main income; if it is your main income you will pay easily 50-70% (contribution to social security included)..
You can ask a fiscal ruling to be sure in what regime you will be taxed. In that case this ruling is valid for 5 years only. In Switzerland you can apply this rule as a foreigner. If you go and live there you can make a deal with the IRS in advance. Thatâs why so many rich people move to Switzerland. For them it isnât a grey area; the y know exactly what they will pay.
If you donât want to pay, move to Monaco.
I am always amused at the concern people have for taxes and locality. Privately I imagine that only a small percentage of ET members are profitable at all, yet they engage in fantasy about where they might live if they had money
My family on my mother's side comes from a small town outside Florence. My great grandfather was Napolitano. Through my family I own land in Florence and in Monaco. Although I own this land outright, as a little boy, I was told that it was my duty to grow up and take my place holding this property for my children and grandchildren. Also I learned of my responsibility to take care of my parents. Throughout my life, we have never talked about taxes nor have we worried about this issue. Instead we put our efforts into living well and taking care of our responsbilities. Wherever you choose to live, one can only hope that that place will come to mean as much to you as my family's land means to me. While I realize the importance of discussing these profoundly important issues, I also like to make time to think about how the hills round my home fold back upon themselves, and the smell of wild rosemary growing along the road as I get closer to my home. I hope those who read this find some sense of balance when thinking about this subject.
Good luck,
Lefty
My family on my mother's side comes from a small town outside Florence. My great grandfather was Napolitano. Through my family I own land in Florence and in Monaco. Although I own this land outright, as a little boy, I was told that it was my duty to grow up and take my place holding this property for my children and grandchildren. Also I learned of my responsibility to take care of my parents. Throughout my life, we have never talked about taxes nor have we worried about this issue. Instead we put our efforts into living well and taking care of our responsbilities. Wherever you choose to live, one can only hope that that place will come to mean as much to you as my family's land means to me. While I realize the importance of discussing these profoundly important issues, I also like to make time to think about how the hills round my home fold back upon themselves, and the smell of wild rosemary growing along the road as I get closer to my home. I hope those who read this find some sense of balance when thinking about this subject.
Good luck,
Lefty