common knowledge in europe, I believe
Trading in a Different Country
- Thread starter pcgeek86
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common knowledge in europe, I believe
CH: Good Internet connectivity, very safe and secure country. Great if you're a winter sports freak, too. If you only speak English you will have a problem communicating. German or French help a lot. Very expensive country thanks to Russians and worldwide VIPs invading it and jacking up prices in the last 20 years.
Dubai: Getting more expensive, see CH: Russians. This is the new Russian Cyprus. They bring their own prostitutes. Safe from a day-to-day crime perspective, but you don't want to know what happens when political hell breaks lose in this region.
Monaco: 800 sqft apartments start at around 2mln EUR, thats like 2.6mln USD. Horrible value for the money.
Some other ideas:
- Malta (Arabic)
- Cyprus (Russians)
- Panama/Costa Rica/Belize/Carribean like Bahamas + Bermuda
You live in country A as a resident.
Your passport and citizenship is country B.
You trade through a company owned by a foundation in country C by means of a general POA.
You qualify to remove your tax liability from country B ( difficult, but by no means impossible)
AND muy importante.
You obey and live by the taxation rules in all countries, since if you set it up properly you will be liable for zero tax and nil returns on your income.
Property tax of course is a separate issue.
The reality is that you are probably better off finding a cheap place to live in your country of origin rather than trying to flee to some other country.
Also the US taxes citizens on their worldwide income. Now if you are subject to foreign taxes those get paid first and if those taxes are less than what the US would take they take the remainder.
Also, if you renounce your citizenship to screw Uncle Sam out of taxes good luck getting back in. So what happens when you go to some low tax paradise and the local authorities amend their tax code? Uh oh.
Also the US taxes citizens on their worldwide income. Now if you are subject to foreign taxes those get paid first and if those taxes are less than what the US would take they take the remainder.
Also, if you renounce your citizenship to screw Uncle Sam out of taxes good luck getting back in. So what happens when you go to some low tax paradise and the local authorities amend their tax code? Uh oh.
Property, sales, etc. taxes are not so much what I'm concerned about, although it is important to consider them.
My goal though, is not to be taxed on my income, or at least, much less than filing with the IRS as a US citizen. Living somewhere else would just be cool anyway ... thanks for the insight.
My goal though, is not to be taxed on my income, or at least, much less than filing with the IRS as a US citizen. Living somewhere else would just be cool anyway ... thanks for the insight.
Well in my view any non-first world country is not stable enough to risk being forced into permenant residency (to gain any tax benefit you must renounce US citizenship) and the people there wouldn't share my culture anyway.
Seriously think about the fact that the law can change at any minute.
Besides, if you are making money trading just grow your principal and make more. There is no reason why anyone who can trade well should have to worry this much over taxation.
I would be more concerned with the cost of living rather than the taxes. Obviously China is very affordable but like I said in almost any first-world country you can find a rural area to live in for cheap. Depending on the area the cost of living can plummet when you start to get 30 minutes outside of a major city.
Seriously think about the fact that the law can change at any minute.
Besides, if you are making money trading just grow your principal and make more. There is no reason why anyone who can trade well should have to worry this much over taxation.
I would be more concerned with the cost of living rather than the taxes. Obviously China is very affordable but like I said in almost any first-world country you can find a rural area to live in for cheap. Depending on the area the cost of living can plummet when you start to get 30 minutes outside of a major city.