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Living on a boat and avoiding taxes
- Thread starter Fishbird
- Start date
Great discussion. Here's another trick I heard about sometime ago. I've never used it so I have no idea if it works or even if it's legal.
1. Trade through a corporation that you set up in a tax haven.
2. Transfer profits to an account at a major international bank in that tax haven country.
3. Access the money through a credit or debit card in your own country.
1. Trade through a corporation that you set up in a tax haven.
2. Transfer profits to an account at a major international bank in that tax haven country.
3. Access the money through a credit or debit card in your own country.
Quote from Ankle Biter:
Great discussion. Here's another trick I heard about sometime ago. I've never used it so I have no idea if it works or even if it's legal.
1. Trade through a corporation that you set up in a tax haven.
2. Transfer profits to an account at a major international bank in that tax haven country.
3. Access the money through a credit or debit card in your own country.
I am starting to get frustrated. The corporation you refer to is called a International Business Company IBC. You need to appoint directors. preferably in a place that has some kind of laws regarding this like the channel islands. (Although there is talk that they roll over at the slightest pressure in Jersey etc). You need reputable directors to stop them stealing your money.
Now here is the problem they won't let you open a margining account, because under the laws of their jurisdiction than can be sued if you blow up your account.
Now I ask again does anyone know of a way around this problem?
Quote from don't:
I am starting to get frustrated. The corporation you refer to is called a International Business Company IBC. You need to appoint directors. preferably in a place that has some kind of laws regarding this like the channel islands. (Although there is talk that they roll over at the slightest pressure in Jersey etc). You need reputable directors to stop them stealing your money.
Now here is the problem they won't let you open a margining account, because under the laws of their jurisdiction than can be sued if you blow up your account.
Now I ask again does anyone know of a way around this problem?
I thought the problem of responsibility was the same for ALL companies. Even if it would be a company established in the US.
I thought it was the difference between a company and a private person that matters.
An easy solution should be to open a bank warrant with a respectable bank to guarantee your obligations.
I agree...great discussion, with some great ideas and some hilarious ones.
I notice no one has yet suggested Iraq, Iran, North Korea, Pakistan etc. These are all excellent refuges for the rich and the running.
When we catch Osama I'll start believing that Pakistan's credibility is on the wane... however, in that unlikely event, I doubt that the prize money will ever be taxed no matter who gets it.
Which leads me to another point ... prize money and non-professional gambling is untaxed under every jurisdiction that I know of. Now since everyone, apart from us, has no trouble recognising that we are gamblers, all we have to prove is that we are not "professional". This is strikingly easy to corroborate in a myriad of ways but one that immediately comes to mind (even if you are in the .1% who have gross winnings) is the likelihood that you have not signed yourself up as a professional in all that paperwork that you went through for the exchange data etc...(never mind that your motivation at the time was simply that it would cost you 1000x more to do so (-: ) What this means is that you now have a source of documentary proof for the Tax Office showing that you are not a "professional" in this game and that your fleeting good fortune is simply the result of hopeless addiction and colossal good luck.
Now you have no need to spend it all on a sinking boat or a rat-infested hideaway. Just cofess to the world that it was all merely a matter of luck ;-)
I notice no one has yet suggested Iraq, Iran, North Korea, Pakistan etc. These are all excellent refuges for the rich and the running.
When we catch Osama I'll start believing that Pakistan's credibility is on the wane... however, in that unlikely event, I doubt that the prize money will ever be taxed no matter who gets it.
Which leads me to another point ... prize money and non-professional gambling is untaxed under every jurisdiction that I know of. Now since everyone, apart from us, has no trouble recognising that we are gamblers, all we have to prove is that we are not "professional". This is strikingly easy to corroborate in a myriad of ways but one that immediately comes to mind (even if you are in the .1% who have gross winnings) is the likelihood that you have not signed yourself up as a professional in all that paperwork that you went through for the exchange data etc...(never mind that your motivation at the time was simply that it would cost you 1000x more to do so (-: ) What this means is that you now have a source of documentary proof for the Tax Office showing that you are not a "professional" in this game and that your fleeting good fortune is simply the result of hopeless addiction and colossal good luck.
Now you have no need to spend it all on a sinking boat or a rat-infested hideaway. Just cofess to the world that it was all merely a matter of luck ;-)
Quote from syrre:
what? this works fine. i know.
It works fine indeed, never had any problems.
They apply strictly what has been agreed on.
You can perfectly restrict any use of bank accounts to what you want.
But be careful, because if ever you want yourself that the rules should be applied flexibly, you might get a bad surprise.
Setting up a correct construction is very important, if not the whole construction might become worthless.
Like always in live: if you fake something, do it in such a way that everybody thinks it 's real. If they see it's fake the whole thing becomes worthless.
Quote from dont:
I am starting to get frustrated. The corporation you refer to is called a International Business Company IBC. You need to appoint directors. preferably in a place that has some kind of laws regarding this like the channel islands. (Although there is talk that they roll over at the slightest pressure in Jersey etc). You need reputable directors to stop them stealing your money.
Now here is the problem they won't let you open a margining account, because under the laws of their jurisdiction than can be sued if you blow up your account.
Now I ask again does anyone know of a way around this problem?
you could open an ibc in a jurisdiction that doesn't reveal it's directors. Now, i ask you: is it easy to open a margin account at for instance interactive brokers for an ibc?
cheers
ps. so you just sign up as director, because it won't get revealed anyway (unless you're under criminal persecution)
Quote from trade4succes:
you could open an ibc in a jurisdiction that doesn't reveal it's directors. Now, i ask you: is it easy to open a margin account at for instance interactive brokers for an ibc?
cheers
ps. so you just sign up as director, because it won't get revealed anyway (unless you're under criminal persecution)
Which jurisdictions?