avoiding taxes

dandxg · Apr 28, 2006

Quote from wareco:

Not too damn much to be proud of lately IMO.

Exactly, I don't say I'm American when I am overseas unless someone ask. Actually in some countries, I may say Canadian, since I am part Canadian. Besides if I leave and renounce, taxes with be my second consideration, not first. I don't like living in a police state that is going broke.

Adobian · May 11, 2006

Quote from dac8555:

"making enough" has nothing to do with it. i ahve an offshore account in the bahamas trough BAC San Jose, the costa rica branch of the Credomatic corporation...they are big through latin amerca.

I opened the account with $1000, a current bank reference, and my US passport. there is a minimal annual fee to maitain the account..something like $5. i can access the money from anyhwere in the world.

The bahamas have very liberal banking laws which give the account holder a lot sof rights to privacy. My non-us company, created with my offshore account, does not have to report taxes to the US.

and YES WORRY ABOUT TAXES. 30-40% is a LOT of money. imagine you make an instant 35% return on your money...that is what managing taxes does for you.

I am interested in learning more about this .

I don't really need to withdraw money, but I really want to keep all profit in an offshore account, and keep trading years after years. And when I do withdraw money, I will report income. Is this possible ? Or IRS would still go after you ? Kinda like asset protection as well.

fhl · May 11, 2006

Quote from dandxg:

Exactly, I don't say I'm American when I am overseas unless someone ask. Actually in some countries, I may say Canadian, since I am part Canadian. Besides if I leave and renounce, taxes with be my second consideration, not first. I don't like living in a police state that is going broke.

So leave, already!

kooltrader · May 12, 2006

"The bahamas have very liberal banking laws which give the account holder a lot sof rights to privacy. My non-us company, created with my offshore account, does not have to report taxes to the US. "

How do you do this? Can you give me more details?
As far as I know if you are an US citizen you have to pay taxes to IRS..
Thanks.

Ebo · May 12, 2006

This is a brilliant place to post these questions.

You really think your IP address is private information when Uncle Sam comes trolling through here?

dandxg · May 12, 2006

Quote from Ebo:

This is a brilliant place to post these questions.

You really think your IP address is private information when Uncle Sam comes trolling through here?

You are correct. That being said. When I eventually institute these practices I will use an IP scambler or ensure I get a new IP address. Metropipe Tunneler is a good one and findnot.com looks pretty good too. No I don't work for them.

dandxg · May 12, 2006

Quote from kooltrader:

"The bahamas have very liberal banking laws which give the account holder a lot sof rights to privacy. My non-us company, created with my offshore account, does not have to report taxes to the US. "

How do you do this? Can you give me more details?
As far as I know if you are an US citizen you have to pay taxes to IRS..
Thanks.

The bahamas will roll on a personal accounts. The only way to have privacy is to have a corp account there, otherwise they share with the IRS. If you want to start learning search expatriate forums, such as soverign society.com or escape from america .com

dandxg · May 12, 2006

Quote from fhl:

So leave, already!

Don't worry I will when ready, it take time to put a plan in place. Now go back to drinking your Bush koolaide!

kooltrader · May 13, 2006

Quote from Ebo:

This is a brilliant place to post these questions.

You really think your IP address is private information when Uncle Sam comes trolling through here?

Nope, it's not my intention to do anything illegally. I am just looking into opportunities to live overseas for a while and one of them is the Bahamas.

romik · May 13, 2006

Quote from kooltrader:

Nope, it's not my intention to do anything illegally. I am just looking into opportunities to live overseas for a while and one of them is the Bahamas.

This has been discussed on another thread I believe. If you are a US citizen, the only way to not pay income tax legally is to give up US citizenship, all Americans that live in other countries are still bound by the US tax regulations and have to pay income tax to the IRS. Now if you are not a US citizen, there are quite a few legal procedures to either reduce tax substantially or not pay it at all, depending on where your domicile is and as you might know the issue of domicile is extremely broad subject.

P.S. Apologies for the ignorance of not reading entire thread, perhaps it's been mentioned already.