Best Country for Trading (Tax efficiency)

swinging tick said:
@Mtrader
If Governments were well organized and ran efficiently, I would probably agree with you to some extent. However, from what I have seen and read, when Gov gets new sources of income - it doesn't cut taxes for taxpayers or cut some spending programs, it usually finds new (wasteful) ways to spend money.
I'm not saying that corporations should not pay taxes, what I was trying to stress is that focus should be not on chasing corporations or rich people for their "fair share" of taxes (which usually leads to lower economic activity and flight of capital), but on reducing Gov spending and creating better conditions for businesses.
I'm also in favor of flat rate taxes - which would reduce tax compliance costs and remove loopholes (which allow corporations to pay 0% or very low taxes), but these flat rate taxes should be bearable enough not to undermine economic activity.
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My posting was based on theory. I know that in reality too many people want to take a piece of the cake which will result in no savings at all. Corruption everywhere will neutralize any efforts we make. Governments all over the world don't serve the people, they serve themselves. The main problem are the politicians. If they want they can force multinationals to pay taxes.

Starbucks paid almost no taxes in the UK in the past. They pay now much more than ever before. Not because they like to, but because they were forced to do so.
 
@dw31583
I hear what you are saying. The system allows politicians and their big corp buddies to line their pockets.
Maybe I'm idealist, but I still think it is not hopeless. Politics can change, sometimes (or most of the time) it takes severe economic pain to force these changes.
Ideas in society change. 10 years ago no one could imagine that someone like Trump or LePen would be in forefront of politics. 50 years ago people wouldn't imagine what it would be like 40 years later and so on.
If people don't voice their opinion (or just vote with their feet) when they see something is wrong, then it surely will be hopeless.
What I see the problem is that it became the norm in the Western countries that Gov's takes ridiculous amounts of money from private sector (>40%, in some cases >60% of GDP, with big chunk of it just being wasted), and when they run out of money, they say the problem is not that they spend too much, it is someone in private sector that doesn't pay his "fair share".
 
Question to DW and everyone else here, what are the banks that ask the least amount of questions? Are Asian banks any better in this regard?
@luisHK, what's your expirience with HK banks, do they often ask you to explain your transactions?
 
swinging tick said:
Question to DW and everyone else here, what are the banks that ask the least amount of questions? Are Asian banks any better in this regard?
@luisHK, what's your expirience with HK banks, do they often ask you to explain your transactions?
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Do you mean for a personal or corporate account ? It's not easy to open an account to begin with in HK at the moment, and banks check on your transactions more or less regulary. Be particulary wary of HSBC, whch has frozen lots of accounts there after their compliance didn't like the replies they got, which has been tricky for many as the bank had had largely a policy of laissez faire the years before, some people and not only westerners still use HSBC mostly satisfactorily though.
Besides which country depends on what you want to do : only same name transfers, small amounts transfered to third parties, large amounts, cash deposits or withdrawal, countries to which u remit funds etc... but the feedback - and personal experience - I get is in all well known banking centers compliance is getting tougher.

On the forum below there is much talk about bank accounts btw

http://www.talkgold.com/forum/f22-.html
 
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swinging tick said:
Question to DW and everyone else here, what are the banks that ask the least amount of questions? Are Asian banks any better in this regard?
@luisHK, what's your expirience with HK banks, do they often ask you to explain your transactions?
More...
I agree with @luisHK and either avoid HK or beware because they ask a lot of questions and it's not as easy to open an account as it's used to be. You must travel to HK so if you want remote account opening then forget HK altogether. Another country I would avoid is Switzerland because they ask more questions then anybody else.

Your choice depends on your initial deposit, ongoing deposit, passport and tax residency. If you have an EU passport and you live somewhere in Europe then just open an account entirely online with Lloyds, Barclays, Citi, Standard Bank, HSBC, Natwest, etc. all these offers non resident banking in Europe for deposits ranging from $10,000 to $250,000 and you don't have to visit the bank in person.

Another option would be the small Caribbean banks which may fit your needs if you don't want to store all your wealth there and you're looking for remote account opening. They ask you a lot of documents (i.e. two bank reference letters) but once you have supplied your documents and you have clarified your future transactions and you have documental proof then they will leave you alone and won't try to make your life harder unlike HK or Switzerland.

If you just need a quick, zero deposit and entirely online bank account in Europe (and you're an EU citizen and resident) then you may try N26 Bank, Monese or any other digital bank. There are plenty of them.
 
HobbyTrading said:
@dw31583 I am not sure whether Japan is/was on your radar screen. Having recently read this article: http://www.japaninc.com/tt887_recent-tax-developments-including-inheritance-tax-rising I get the impression that Japan will drop on the list of tax favourable countries.
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As far as I knew Japan was never on the list of tax favorable countries :D They always taxed the hell out of you and they always will. Well, they don't really have options with roughly 300% debt to GDP ratio. :confused:
 
dw31583 said:
I agree with @luisHK and either avoid HK or beware because they ask a lot of questions and it's not as easy to open an account as it's used to be. You must travel to HK so if you want remote account opening then forget HK altogether. Another country I would avoid is Switzerland because they ask more questions then anybody else.

Your choice depends on your initial deposit, ongoing deposit, passport and tax residency. If you have an EU passport and you live somewhere in Europe then just open an account entirely online with Lloyds, Barclays, Citi, Standard Bank, HSBC, Natwest, etc. all these offers non resident banking in Europe for deposits ranging from $10,000 to $250,000 and you don't have to visit the bank in person.

Another option would be the small Caribbean banks which may fit your needs if you don't want to store all your wealth there and you're looking for remote account opening. They ask you a lot of documents (i.e. two bank reference letters) but once you have supplied your documents and you have clarified your future transactions and you have documental proof then they will leave you alone and won't try to make your life harder unlike HK or Switzerland.

If you just need a quick, zero deposit and entirely online bank account in Europe (and you're an EU citizen and resident) then you may try N26 Bank, Monese or any other digital bank. There are plenty of them.
More...

DW, you are a human encyclopedia on international taxes and banking! Thanks for such a detailed response.
 
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