Guys, I am planning to institutionalize my trading in Russia.
Who has the experience of paying taxes from trading in Russia?
Who has the experience of paying taxes from trading in Russia?
Paying taxes in Russia
- Thread starter fractologybiz
- Start date
Robert Morse
Sponsor
RU a Russian national?
I know a ton of US expats that do not pay any taxes in the US. They have Russian bank accounts and work for Russian companies. The IRS has no idea of their income and obligation. This doesn't make it right, just untraceable.
As a trader, I would assume you would have to consider firms providing IRS tax statements which would then lead the IRS to expect you paying taxes.
People with dual citizenship and passports can find ways around that.
If you never plan to come back to the states, that's one thing. If you do, then you may wish to reconsider.
When I lived in Russia, it was a 13% flat tax rate, but again, the authorities there don't have the best ability to track down who pays and who does not as most salaries (when I was there) were not fully reported.
As a trader, I would assume you would have to consider firms providing IRS tax statements which would then lead the IRS to expect you paying taxes.
People with dual citizenship and passports can find ways around that.
If you never plan to come back to the states, that's one thing. If you do, then you may wish to reconsider.
When I lived in Russia, it was a 13% flat tax rate, but again, the authorities there don't have the best ability to track down who pays and who does not as most salaries (when I was there) were not fully reported.
If they are ever found out, it'll be a heap of trouble for them.
For the US expats in Russia who never care to return to the states? I doubt it.
Perhaps not. I don't know how it works if they move to a country with an extradition treaty.
If they will never return, why bother keeping their US citizenship and run the risk? I know some people who did that: gave up their US citizenship because they were leaving and were never going to move back.
Robert Morse
Sponsor
I know a few residents in Russia. Some are clients. Their businesses use entities in other countries like Hong Kong or Cypress. Because of those decisions, I assume taxes in other countries are better or they are more comfortable with their assets in other currencies. I never asked.
I'm sure they have their reasons, whatever they are. Some of them I knew had no intention of going back, but couldn't get Russian citizenship. Can't really renounce without having citizenship someplace else. As far as I knew, the IRS wasn't even looking for them - as I said, no way the IRS could find any wages as nothing from Russia was ever reported.
Russia has implemented FATCA years ago meaning that US passport holders who open a bank account in Russia will have their account automatically sent to IRS
I have a Russian citizenship and hoped that some of you or your acquaintances might have had any experience with establishing LTD or being a self-employed individual.