Living on a boat and avoiding taxes

Quote from spike500:

Several problems:

All income that comes from countries that are defined as fiscal paradises are taxed at the highest rates. Even if it concerns so-called dividends.

Once they know you have income from a fiscal paradise they will try to find evidence of a fiscal construction. You have an offshore company but the trading is done by yourself. So there are traces from your trading through the internet. If they find these traces, and they will find them, you will get very high fines.
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Not if you have the ownership of the IBC via an asset protection trust. i.e. you don't own the company. Problem is the directors of the company can't let you trade without encurring a personnel liability for your losses. Question is is there a way around this problem?
 
If you are a duel citizen and one of those are US, you still pay US taxes, above are beyound your primary.

What we are in the process of investigating further is also the CLEANEST way if your US citizen...


Bahamas. Makes you an automatic citizen if your purchase a home worth over $500,000 (if you can find one now
:) )

You should ride out duel citizenship US and Bahamas, for at least 1 year.

Then you renounce your US citizenship for good. That does NOT mean sell everything you own. Contrary to belief, you keep the life you have. Your home, cars etc. The catch is you HAVE to go back to the Bahamas 4 times a year as the you can only 'live' in the US for 3 months at a time when NOT a citizen. You go to the Bahamas, have your passport stamped and come back the next day even.

Now in THEORY, you can do this with any country that you can 'easily' become a citizen and have 'good' respected' passport. The country must also not require you to pay taxes on income NOT earned in that nation. Except for the US, most countries don't.

The Bahamas is the best choice due to the ease. I think Dominican Republic also has a program for $50,000. But the passport may be frowned upon if you would like to travel to some exotic locals.

To us world Travel is a big portion of our lives. So Bahamas is good.

Hope this helps
:)
 
I was just talking to a trader in Portugal an he assured me he pays no taxes and everyone does the same too as long as the account is in a foreign country. He tells me the tax system is old and they just don't think about this stuff. He also thinks its legal not to pay anything but of that I'm not so sure.
 
Quote from dont:

Not if you have the ownership of the IBC via an asset protection trust. i.e. you don't own the company. Problem is the directors of the company can't let you trade without encurring a personnel liability for your losses. Question is is there a way around this problem?
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Live in Switzerland. Not declaring your participation in the IBC and the dividends you receive isn't a penal crime. All you risk is a light fine in case they discover it...but let me remind you that in Switzerland, there is a need of strong evidence for a judge to go over banking secrecy.
 
In fact we are breaking our heads on a problem that will never exist for 99.9% of us.
And the 0.1% that will need a solution will have enough money to search for qualified assistance.

So i'm asking myself: what's the use of this thread?



:D


Move to Monaco. You can declare all your income officially and you pay nothing. You don't even need an IBC.
 
I know that US expatriate do not pay US taxes on the first 80k $.
If you live in a low cost country this is more than enough.
The question is if this apply to capital gain or just earned income?
 
Quote from spike500:

[
So i'm asking myself: what's the use of this thread?



The use is not everyone is a US citizen.
two it makes sense to structure your trading/investments in a tax efficent manner.

Try searching for Tax info on the NET very poor.

Paying advisors difficult they are expensive and its difficult to know if they know what they are on about.

So a discussion of tax issues at least highlights issues.

I am unlikely to emigrate to portugal just yet. But I have a portugese buddie so I can confirm the information.

and so on and so on.

Tax will kill you, work out all the tax you have paid. And if you had all that money you could retire right. What do have to show for it?
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Quote from protrader-2K5:

cakulev

$80K Is not close enough of an exemption for people who will look elsewhere.


At $500K... I would be more intrested.
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Well maybe, but for someone living in California this corresponds to gross 140~150 K$.
Adjusted for purchasing power this is probably equivalent to 500 K in some countries.
Furthermore, as I understand you pay taxes after those 80K regular, so you would paid same amount of taxes for having an income of 160 K as opposed to 80K in US.
Then again I am not a tax expert...
And if you want to renounce US citizenship it’s another thing…
 
Quote from Trent:

What about dividends received from abroad?

You could do the following: Establish a company in a tax-heaven and trade trough it. Pay dividends from the company to you.

If such dividends are considered capital gains and tax for capital gains is 0 then you are set?

I have done all kinds of tax arrangements relating to several income sources and there is a long way you can go (legaly) with some imagination.

Trent
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Is it easy to open an interactive brokers margin account for an ibc?
 
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