Offshore Investing
- Thread starter GreenTreeFrog
- Start date
Yes I am a citizen but I fail to see your point? That document doesn't even mention the word citizen. Residency determines tax liability.
I have conferred with the ATO many times on my exact circumstances to ensure I comply with their non-residency requirements.
I do not make a single cent in Australia in interest, rent or on shares. I, personally, have no tax obligation to Australia whatsoever. My offshore company has no tax obligation to Australia.
My primary goal with offshore investing is to derive a legitimate tax free income for the duration of my non-residency status. I have no intention of returning to reside in Australia.
I have been non-resident for 8 years now and have had my own company in Vanuatu for 5 years.
Could you please explain how you have so rapidly come to the conclusion that I am naive?
Such eloquence.
you are obviously envious of the OP because you are incapable of setting up the structure which he already has.
before you accuse others of naivete look in the mirror.
these are your words and nobody elses which you directed to the OP:" I suggest that some of your preplanning may be somewhat naive of Australian tax issues."
You have to delcare worldwide personal income per the IRS, just google if you don't believe me. If this is a S corp or LLC, for US purposes these are pass thru entities. This may not apply if these are international corps. Will they catch you if you don't, maybe maybe not? There is an exemption of 80k per person or 160k per couple I believe, off the top of my head. I have not read up on these matters in a couple of years.
Set up a structure? I trade my IRA. No reporting, no taxes or tax filing, protected from anyone trying to attach the funds, no IBCs or complex structures.
And I don't have to move overseas. I feel zero envy of this:
"I am not resident in Australia and I do not currently live in Vanuatu. I used to and own resi property there. I hold a Residency Permit. We live elsewhere - travelling so as not to fall into any tax residency rule time frames in any one country.
That statement was not posted to create envy. We choose how we live, we can stay in one country, tax free even, if we want to.
To us, the travel and living in different countries is a bonus! Such rich life experiences. No bitterness here.
Melo - thanks for the info on portfolio bond. I will look into that.
To us, the travel and living in different countries is a bonus! Such rich life experiences. No bitterness here.
Melo - thanks for the info on portfolio bond. I will look into that.
Dan,
You are quite right. The exemption about 80k for US Citizens residents of other countries.
What I am referring to is supposed to be very legal but my info is old since a few years back. It used to be that you do not pay taxes on unrealized profits. Meaning that you are share holder owner of a foreign corp. That corp engages in trading in US or anywhere and say has lots of gains. As long as you leave the gains at the corp level you have not realized the profits and thus not bound to pay US taxes on them. Now if you take say 100k out of the profits from the foreign corp then that is realized income or gains and must pay US taxes which if none US resident then 80k of which will be exempted.
If what I say is still true then, it is a good way to defer paying taxes on all of the yearly gains if one would not need to realize and receive them and leave it at the foreign corp.
Like I said I'm not sure and wish someone would confirm this.
Quote from GreenTreeFrog:
That statement was not posted to create envy. We choose how we live, we can stay in one country, tax free even, if we want to.
To us, the travel and living in different countries is a bonus! Such rich life experiences. No bitterness here.
Melo - thanks for the info on portfolio bond. I will look into that.
Not directed at you, guy. I am sure you do what you think you need to do.
Just responding to someone who knows little of my situation, fills in the details with imaginations, and tries to apply it to me.
If you're currently not paying any taxes, why look further?
If you're woried about Vanuatu's status as a stable tax haven you should register a shelf company at the BVI. The British Virgin Islands is an overseas territory of the UK that doesn't levy taxes on international business corporations that are registered on their territory. Any business you do outside the BVI will be tax free, including the business you have with the british bank.
If you're woried about Vanuatu's status as a stable tax haven you should register a shelf company at the BVI. The British Virgin Islands is an overseas territory of the UK that doesn't levy taxes on international business corporations that are registered on their territory. Any business you do outside the BVI will be tax free, including the business you have with the british bank.
Incomplete link: which is the correct, full length link, please?
Thank you!
