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Key West / Florida Keys... Any traders down there??
- Thread starter gimp570
- Start date
Quote from mogul:
For what you get for the money (still despite the correcton), you might as well do your daytrading in Bahamas or Costa Rica and take advantage of the expat tax advantage.
Miami is just as third world (possibly more) than those places anyway.
btw, I've lived in Miami (south beach) since 1994.
How are capital gains treated favorably trading outside US?
Quote from killthesunshine:
How are capital gains treated favorably trading outside US?
many places have zero taxes on cap gains. The Bahamas have zero taxes period.
problem is, you still pay US taxes if you are a US citizen no matter where in the world you live. You have to give up your US citizenship to avoid the taxes. many big traders have done this. marc rich comes to mind.
I personally would not do this for any amount of money.
Our Canadian and European buddies don't have this problem. leave home, no taxes, depending on where they are located. The US is the only industrialized (ie wealthy) country that taxes worldwide income. I believe the Philippines is the only other country to do it period.
Quote from Jayford:
many places have zero taxes on cap gains. The Bahamas have zero taxes period.
problem is, you still pay US taxes if you are a US citizen no matter where in the world you live. You have to give up your US citizenship to avoid the taxes. many big traders have done this. marc rich comes to mind.
I personally would not do this for any amount of money.
Our Canadian and European buddies don't have this problem. leave home, no taxes, depending on where they are located. The US is the only industrialized (ie wealthy) country that taxes worldwide income. I believe the Philippines is the only other country to do it period.
Giving up ones U.S. citizenship is no longer a viable avoidance option....
http://www.suntimes.com/business/savage/1030942,CST-FIN-terry30.article
Quote from Pa(b)st Prime:
Giving up ones U.S. citizenship is no longer a viable avoidance option....
http://www.suntimes.com/business/savage/1030942,CST-FIN-terry30.article
What a deal for Bear Stearns employees and others ravaged in the meltdown.
Leave the country, renounce citizenship, take tax losses w/o even selling your stock. Or did they exclude cap losses in the bill? That would be just like them wouldn't it.
Quote from Jayford:
many places have zero taxes on cap gains. The Bahamas have zero taxes period.
problem is, you still pay US taxes if you are a US citizen no matter where in the world you live. You have to give up your US citizenship to avoid the taxes. many big traders have done this. marc rich comes to mind.
I personally would not do this for any amount of money.
Our Canadian and European buddies don't have this problem. leave home, no taxes, depending on where they are located. The US is the only industrialized (ie wealthy) country that taxes worldwide income. I believe the Philippines is the only other country to do it period.
So how does trading from the Bahamas or Costa Rico do me any good on the capital gains?
From what I read here don't do me shit except maybe i can drown myself in the surf