Damn! Your busting my dream! I was seriously considering applying for Canadian Citizenship and then renouncing my US Citizenship and living part time somewhere outside of Canada. My Dad is Canadian so I think I stand a decent chance of getting approved. I still may as politically I think the US is going downhill fast, but that's for another thread.
Living on a boat and avoiding taxes
- Thread starter Fishbird
- Start date
Damn! Your busting my dream! I was seriously considering applying for Canadian Citizenship and then renouncing my US Citizenship and living part time somewhere outside of Canada. My Dad is Canadian so I think I stand a decent chance of getting approved. I still may as politically I think the US is going downhill fast, but that's for another thread.
The best advice I can offer - and I am by no means an expert in the field - perform your due diligence before you make a move.
Canadian tax law/authorities are just as intrusive, restrictive and oppressive as the IRS.
These people are shitbags and do not fuck around.
For what its worth, the IRS now regularly charges a 10-year equiv tax bill on US persons who renounce their citizenship for 'tax avoidance' purposes.
When it couldn't get any worse...
If you are intent on renouncing your citizenship. I suggest you look at residence/citizenship in a Western hemisphere country that enjoys visa-free travel to the US and Canada.
That way you can enjoy a solid 8-10 months of the year in Canada and US - while unknown to their respective taxing authorities - as you accumulate capital abroad in a low tax haven.
The internet gives traders incredible freedom and anonymity from which they can conduct their business. The rest shouldn't be hard to figure out...
Due diligence is key.
Canadian tax law/authorities are just as intrusive, restrictive and oppressive as the IRS.
These people are shitbags and do not fuck around.
For what its worth, the IRS now regularly charges a 10-year equiv tax bill on US persons who renounce their citizenship for 'tax avoidance' purposes.
When it couldn't get any worse...
If you are intent on renouncing your citizenship. I suggest you look at residence/citizenship in a Western hemisphere country that enjoys visa-free travel to the US and Canada.
That way you can enjoy a solid 8-10 months of the year in Canada and US - while unknown to their respective taxing authorities - as you accumulate capital abroad in a low tax haven.
The internet gives traders incredible freedom and anonymity from which they can conduct their business. The rest shouldn't be hard to figure out...
Due diligence is key.
BTW, there was a Canadian et member who legally obtained nonresident status, set up shop in the Bahamas and traded tax-free, totally above board, from there.
So its possible. I don't mean to shatter your hope. Its just harder than it looks.
The guy was very professional about it and conveyed no intention of returning to Canada other than the odd holiday visit here or there.
Pretty restrictive if you ask me.
But if you find a good accountant attorney, im sure they could provide you with a far more nuanced perspective than I.
So its possible. I don't mean to shatter your hope. Its just harder than it looks.
The guy was very professional about it and conveyed no intention of returning to Canada other than the odd holiday visit here or there.
Pretty restrictive if you ask me.
But if you find a good accountant attorney, im sure they could provide you with a far more nuanced perspective than I.
On a fiat currency no less. When the powers that be decide to blow the economy up for another 'great moment in history', make sure contingency plans are in place.
My mentor and friend is Canadian. He says the due to legal loop holes, electronic trading is not taxed until you repatriate the money into Canada, he uses a US broker. Sounds good to me. Hell you Canadians don't even get taxed on gambling profits. What am I still doing here. Seriously though, if I go to Canada atleast I don't have to worry about paying $600 plus a month for health insurance for my wife and I. That's the main reason she works as an employee. I don't have an issue with higher taxes and socialism as long as you get value for your dollars taken.
Thanks, just read that post, good advice. I have heard from sources that a number of Canadians, like Americans, have offshore IBC's setup to minimize taxes. It doesn't appear hard to set up just difficult to repatriate the money into your home country without getting nailed by your local tax authorities.
I have a legit reason to renounce other than taxes, not to get too political, but America IMO is now fast becoming a police state and our dollar is going down big time whether it be in 3 years or 2 decades. America can't keep the sharade up. I'll get off my soap box.
Is that right???? hmmmm.....
Will get back to you later.
I'd be wary of anyone who tries to sell you an prepackaged IBC.
The offshore game has totally changed but the shysters pushing IBC's have not.
The FATF is **all over** transfers coming in, and going to tax haven hotspots.
NA Bankers have totally capitulated to resident tax authorities and cooperate fully with them - reporting anything that even hints of suspicion to the FATF bureau (Financial Action Task Force).
The catch is bankers are charged with money laundering even if the bank is truly negligent of their clients activities.
The Feds have put the pinch on bankers so our bankers put the pinch on us.
If you are serious. Pm and ill give you a few good links to peruse.