Living on a boat and avoiding taxes

not trying to reinvent the wheel here, for the ones that somehow do not know this already, if you are domiciled in the UK and your trading system can be worked on spread betting, than there is no income tax on all profits, losses can't be written off against tax on the other hand. One of the main problems is the spread in these companies, if you are a position trader, should work fine for you, for scalper, it's pants.

It's not that difficult to find an affordable tax heaven, question is would you want to live there? From what I heard Andorra was a good one a while back, not sure about affordability though. A PT concept is great if you are single, in real life it's not too practical. Americans have no legal solution to the matter, for others there are some options still available, but not many. Some would keep adding assets to their business to reduce tax, anyway you need to have a word with an accountant and tell him that you want to pay almost no tax, what are the ways of achieving this? Problem is finding the one that is in the know.
 
The UK resident non-domicile situation seems almost too good to be true.

Romik, do you know of any catches?

Had to postpone the meeting with the accountant until Friday.
 
i suppose its already been mentioned in this thread, but its not a problem to open an acct online with a HK bank without ever having to show up nor be a resident. for american citizens, need to ask the bank to confirm they are not reporting to the IRS... no capital / dividend or similar gains taxes in HK... with that set-up in place you can live pretty much anywhere you like...
 
in my opinion, legally reducing taxes, rather than avoidance/evasion, is the correct way to proceed. it's no fun always looking over your shoulder.

best wishes,

surfer
 
Quote from Neoxx:

Avoidance is legal.

Evasion isn't.
More...
Correct and important.

Avoidance is best. I do not want any of the money I make jacked away in taxes. Everyone pays truckloads of taxes within the products and services you buy. They substantially are made up of indirect taxation.
:)
 
Quote from Neoxx:

The UK resident non-domicile situation seems almost too good to be true.

Romik, do you know of any catches?

Had to postpone the meeting with the accountant until Friday.
More...

UK resident non-domicile is simply the best tax strategy around.

You only have to look at the owner of IKEA to see that. He has lived in the UK for 25 years and effectively paid no tax because he still maintains a residence in his home country and says he plans to move back there one day. He is the second richest man in the world.

The british government have considered closing the loop hole twice in the last decade but it seems that lobbying (for want of a better word) by very powerful and rich friends of government have managed to maintain the status quo. (backsheesh)

It is pretty simple if you are not a UK or American citizen.

You have to provide proof of ownership of a home in your home country. You have to declare that you plan to return to live there in the future. (No timeframe required)

You generate income from businesses outside the UK. Income brought back into the UK will be taxed. Income that accumulates outside the UK will be tax free.

You will not be able to return to home country for more than 12 weeks a year otherwise you may be deemed a resident of your home country and subject to local tax laws.

ideologically, the government defends the loophole based on the premise that it actually brings large amounts of revenue into the country. Very rich can live anywhere so there is a lot of competition for their dollars. When domiciled in the UK, these people spend up big on restaurants, cars, fashion, jewelry and art which is good for the domestic economy and because these people are based in the UK they are more likely to do business with UK businesses which is good for the marco picture.

It's a great system which make the UK the best tax haven in the world.

Runningbear
 
Avoidance is legal, correct. But is the hassle worth it? The best way to handle paying taxes is: just cut the check, bite the bullet and mail it, no fuss, no hassle, no worry.

Think of what you get for your money? Thats the joke we all face.

Think of how nice the world would be if "ZERO" money was spent on bombs, etc for the last 100 years.

That would be the closet we ever would get to a UTOPIA...............never has happened, never will. So we pay and look forward to death............hopefully we have some fun in between.......................:D
 
are the TROUT's still non us citizens ?

and is it worth it to you to never step foot in america again ( if you are a usa citizen )

:(
 
Malta has a similar tax system as the UK. No tax on income made abroad unless remitted to Malta. If remitted to Malta: 15% flat tax. You have to apply for a permanent residence licence which is just a formality if you show proof of a certain limit of capital or income.
 
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