Which Offshore Jurisdiction?

[Low Salubrity Thug]

Yep, that's him. Shocking if he is extradited, gutless UK government playing lapdog to the US government thugs. Got no real chance in Federal Court, government abuses and tricks means he'll get convicted of something unless he plea bargains. And what will be the sentence if he doesn't plea and is convicted, probably more than you'd get for murder in the UK.

If anyone wants proof of crony capitalism and outright corruption, look no further than this case.

I've said my piece about his case on these boards before. It's an absolute disgrace. The guy did some stupid things, but trying to pin the flashcrash on an autistic guy from Hounslow. Perleeeease.

Just read that Judge Quentin Purdy has decided in his infinite wisdom that he should be extradited. Very sad.

 

[i am nobody]

In most European countries the law says that the place where the REAL management is taking place is the place where you will be taxed. I don't know how this is in the UK. Might be different as they drive on the wrong side of the road too, compared to the rest of Europe.

I cannot imagine that it is that simple as opening a company abroad, trade from the UK and pay no taxes????? If that would be possible everybody would use that construction and nobody would still pay taxes in the UK. In most European countries offshores outside of Europe are considered as tax fraude and will be taxed as personal income when they catch you. Even certain construction inside Europe are considered as tax fraude.

 

[Low Salubrity Thug]

In most European countries the law says that the place where the REAL management is taking place is the place where you will be taxed. I don't know how this is in the UK. Might be different as they drive on the wrong side of the road too, compared to the rest of Europe.

I cannot imagine that it is that simple as opening a company abroad, trade from the UK and pay no taxes????? If that would be possible everybody would use that construction and nobody would still pay taxes in the UK. In most European countries offshores outside of Europe are considered as tax fraude and will be taxed as personal income when they catch you. Even certain construction inside Europe are considered as tax fraude.

<sigh>

I knew someone would post something like this...even though I originally stated:

Now, before anyone chips in with a diatribe about tax evasion, I'm doing this for legit wealth management reasons. I'm a reasonably successful person and not about to risk it all for a few extra illegal dollars.

Not all offshore structures constitute tax evasion.

 

[AbbotAle]

IAm, it's fine to work in the UK and trade an offshore fund and pay no taxes (or very small) on the gains. However, if you want to bring that money back to the UK then you'll have to pay taxes on the amount bought back. If you don't pay the taxes that is tax evasion/fraud.

Or you could leave the UK, go ex-pat for a few years and then bring the cash back tax-free. It's slightly more complex than that, and of course the funds/companies have to be setup properly, but that's about the gist of it.

What the OP is probably looking to do is get several years of compounding gains hence the limited tax situation will be a real help. Plus, he probably knows that if you were to give the UK government a billion extra pounds or even 10 billion in extra tax revenue a large proportion of it would be wasted. They have as much money as they need if they ever decided to run the country properly but they don't so it's hard to have any sympathy with them.

 

[Low Salubrity Thug]

IAm, it's fine to work in the UK and trade an offshore fund and pay no taxes (or very small) on the gains. However, if you want to bring that money back to the UK then you'll have to pay taxes on the amount bought back. If you don't pay the taxes that is tax evasion/fraud.

Or you could leave the UK, go ex-pat for a few years and then bring the cash back tax-free. It's slightly more complex than that, and of course the funds/companies have to be setup properly, but that's about the gist of it.

What the OP is probably looking to do is get several years of compounding gains hence the limited tax situation will be a real help. Plus, he probably knows that if you were to give the UK government a billion extra pounds or even 10 billion in extra tax revenue a large proportion of it would be wasted. They have as much money as they need if they ever decided to run the country properly but they don't so it's hard to have any sympathy with them.

Bang on.

Cut a long story short, I'm unsure if my family and I will be staying in the UK long term. Therefore it makes sense to accumulate my gains tax-free. I can then keep my options open as to how I deploy them further down the line.

Sounds like you've done this yourself? If so, how did you find the process?

 

[Pekelo]

His name is Navinder Singh Sarao. He lives about 4 miles down the road from me so I am well versed with his situation. Funny you should mention him, as he finds out today if he's going to be extradited to the US.

Although he did have a Cayman company set up, most of his money was in Switzerland, that is where it is frozen....

 

[AbbotAle]

Low, no I don't have any such thing but my brother works on Hong Kong and he keeps telling me to set something up. However, doing business with spread bets helps somewhat although you've got to watch their costs.

 

[Low Salubrity Thug]

Although he did have a Cayman company set up, most of his money was in Switzerland, that is where it is frozen....

Switzerland is no longer the place it once was.

I'll be doing my corporate banking in Singapore if possible.

 

[Low Salubrity Thug]

Low, no I don't have any such thing but my brother works on Hong Kong and he keeps telling me to set something up. However, doing business with spread bets helps somewhat although you've got to watch their costs.

Be careful with spread betting. It's only tax-free in the UK as long as it isn't your primary source of income. If I remember correctly The Revenue have gone after a few people and won.

 

[Pricechange]

<sigh>

I knew someone would post something like this...even though I originally stated:



Not all offshore structures constitute tax evasion.

yea....its this forum. Ask a question (any question) which you have qualified in your original post and you will get some great answers and then the other few (same few every time) who over-look how the question was posed and interject the answer they wish (confusing off-shore with tax evasion is a big one). Hey...he asked a valid question people...its none of our business how Low Salu (or anyone here) addresses his taxes.

low salubrity thug said:

"I've said my piece about his case on these boards before. It's an absolute disgrace. The guy did some stupid things, but trying to pin the flashcrash on an autistic guy from Hounslow. Perleeeease."

I welcome anyone who revisits this topic (keeps it alive) because it is a major injustice and needs as much attention as possible.

anyway...you already said it above but anyway Swiss is out of the question even for off-shore not relating to tax evasion. I wanted to ask for my own information whether you looked at Singapore for more than just corp banking and what you thought?