I dont know US law enough to give legal advice. I did find ways to legally structure a offshore business in my country. btw, there are a few countries who dont record the shareholders of the companies in any public registry. if george soros can do it with all that money and attention then most can do it too
Dual residency: Open account as foriegn or US trader?
- Thread starter cunparis
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I dont know US law enough to give legal advice. I did find ways to legally structure a offshore business in my country. btw, there are a few countries who dont record the shareholders of the companies in any public registry. if george soros can do it with all that money and attention then most can do it too
vodafone pay as you go wireless broadband connection...
Anyway, my situation can't last forever. I've got a two year old and another kid on the way...at some point I will have to legitimize everything. However , I will never pay 40% of my total earnings to the taxman...very few in Spain do!
george soros has billions, what he can do actually, most can't.
my point is, as a US citizen with limited funds, it's challenging at best to try and do legally.
hehe, yea ok....
http://www.gurufocus.com/news.php?id=839
"As you can see from the above not uncommon corporate structure used by most well healed international investors, there are five layers of corporate entities which are strewn around the world in various tax havens to protect Soros from any type of legal entanglements. The cost of maintaining such legal structures could exceed $100,000 annually making many lawyers very happy with George Soros and his movement of funds around the planet. "
like i said, i really don't think it's that easy or that cheap.
No, I don't think that. You said because George Soros can do it, most can. I was saying it's expensive and complex and most can't.
Good traders on here for sure make 7figs+, but they're a minority. Also, you're only looking at the cost of maintaining the structures. Realistically, you also need to budget for their defense, when/if challegend. From the article, looks like he was using 4-5 different entities. You don't do that unless what you're doing is gray. If what you're doing is gray, and you don't budget for defense, you'll be out of business.
If you're doing gray setups, it's really not feasible if you make < 7figs/yr, and even at the low-end you take risks of a blowout if challenged. I'm not saying it's not possible, I just don't underestimate the risk and cost.