Living on a boat and avoiding taxes

luisHK said:
Actually it appears that legally you are right, according to Wikipedia :

"The United States, which is not a signatory to the 1954 Convention on the Status of Stateless Persons or the 1961 Convention on the Reduction of Statelessness, is one of a small number of countries that allow their citizens to renounce their citizenship even if they do not hold any other "

Now to try to protect own's wealth by giving up one's only passport would appear a very odd choice.
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It is very complex material. All depends of your specific situation and your specific wishes.
There is no overall solution that fits for all.
 
luisHK said:
Now to try to protect own's wealth by giving up one's only passport would appear a very odd choice.
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There are possibilities to first get confirmation that you can get citizenship in country A before giving it up in country B. So risks are very limited in that case.
 
SteveH said:
Easiest way to grow money tax free for a US citizen is to have setup a Roth IRA while you were "poor". Trade if very conservatively until your skill level is high, keep adding while you still can.

Second best way, if you're too late to qualify for a Roth IRA, is to setup a SEP IRA. It will be taxed on withdrawal but your annual max contributions are quite high and you can grow the fund tax free.
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Both are very limiting. Roth's have very low max income thresholds. SEP's need big DECLARED taxable self employed income to make them worthwhile.
 
franT said:
You should all consider that this thread is monitored by the IRS, before you get a $99.99 tax penalty, that you could not pay anyway.
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I don't think they monitor it, they already know the reputation of the ET members. :D

Maybe they caught Marketsurfer??? Might explain his disappearance.

Besides I don't live in the US. :thumbsup:
 
Oh, I get it. The real advantage to living on a boat would to enjoy an ocean front living lifestyle without dealing with the real estate costs - indeed the advantages are obvious on the coast of California or many parts of Florida. It would have to be a clime where the harbor didn't ice over.

Again, you are still going to have to pay taxes if you are a US citizen. If you renounce your citizenship and choose to remain - well, that would catch up to you as well.

This is a silly conversation frankly.
 
SteveH said:
Easiest way to grow money tax free for a US citizen is to have setup a Roth IRA while you were "poor". Trade if very conservatively until your skill level is high, keep adding while you still can.

Second best way, if you're too late to qualify for a Roth IRA, is to setup a SEP IRA. It will be taxed on withdrawal but your annual max contributions are quite high and you can grow the fund tax free.
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Steve,

How can I send you a PM? Thanks!

JT
 
Fishbird said:
Hi

Here in Europe taxes are stopping me from reaching financial freedom.
The more i make, the higher the taxes are pushed exponentially.
Moving to Switzerland is not an option anymore because renting/buying a house there costs as much as renting/buying 3 in EU.
All those tax-free countries are drowning in money and consequently prices are up.
Too far for my still small but profitable account.

While looking for other solutions to this, i came across the idea of buying a boat or yacht and then telling the government that i dont live in his country but on the water in variing countries.

Any captain here who can tell how this is handeled?
I think it only applies if you live on the high sea but maybe this is a forgotten way to save taxes.

Thanks
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Just anchor in international waters and never go anywhere near land. :D
 
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