yeah, those Venezuela/Nicaragua/Brazil trading firms are world class with great commission rates and asset security. :eek:
The best trader story was when the IRS had the US govt have the Australian govt snatch Larry Williams off the streets of Australia for tax evasion. No idea what that was actually about or how it turned out for Larry. Maybe he's in GITMO,lol
Actually, after creation of Homeland Security Evil Agency I will anytime trust my assets to any Brazil bank over US or "western" bank. As for commission rates - for Forex they are very competitive. Donno for US securities. I'm watching very closely to BRIC countries development. While I would not trust a dime to Russian or Chinese banks, and will be very hesitant to put any money to India bank (as they jump when Uncle Sam say so), Brazil is the last large country that enjoys independent politics, and has smart and not too bad people in the power (well, at least not THAT bad as here). Probably it is the last independent country on the planet (if you don't count Somali ). Unfortunately, they also will sooner or later screw it up too. But right now - you can show Big Brother -insert here any sign you'd like- if you live there.
The first person on this tread who accused me of not know what I was talking about quickly changed his tone. 1. You need to learn the difference between "tax planning" and "tax avoidance" the latter is illegal. 2. Why do you think corporate structures exist? accounting 101. 3. PFICs? PFICS refer primarily to investment companies and mutual funds. I own a proprietary trading francise that dose not manage third part assets. No clients. Call any one you like to check out the legitimacy of my company... you think that any authorities would care about a an american owning a franchise in another country? Are you felling alright today, are you running a high grade fever? 4. The HEART ACT??? the one refering to penion benefits? how is that relevant? Is ther another Heart act that I am unaware of that pertains to the conversation? Patronize is right. with your tone..I will gladly keep it up. I am simply explaining how to use a corporation legally if you live overseas. With combative blowhards like yourself on the site..I think I will go ahead and ignore these chat boards. I thought that maybe they consisted mostly of adult members. Apparently I was incorrect.
so basically no matter what country you are in, uncle sam will aways get his federal tax as long as you work for an american company. Then it is up to the foreign country's rules to determine if they will also tax you or not. Well this is insane, for example in china the tax rate is very similar to the US. So i will end up paying 50% tax? :eek: :eek: thanks for the info!
look, if you're an american, and you're setting corps up to run your prop firm as an american and you're not claiming that income, the irs will own you. might not happen today, or tomorrow, but when it bites you, you'll lose everything. only reason i'm even taking the time to respond, is because i dislike the irs more than i dislike your fantastic display of arrogance and ignorance. if you're not an american, then you don't have any business giving advice on this stuff. again, to reiterate, you really really don't know what you're talking about. you truly do not. whoever your legal counsel is should be fired. if you're doing it yourself, you should hire someone who understands american taxation of foreign corporations because you just don't. 1) 2) irrelevant 3) you don't need to manage money to fall under pfic rules, you just need to have income from investments as a corporation (ie trading... last time i checked that's what prop firms do). however, this assumes you figured away around cfc rules, which you haven't with your american controlled prop, so you don't even get to pass go.... and no, i don't think, i KNOW the irs WILL care... you haven't been watching the news much lately have you? 4) yep, heart act, that's the one. why don't you actually read it and figure out for yourself how it's relevant... because congressional bills are only about one thing right? the only thing you're explaining simply, is that you know very little about something you're about to venture into, and it's really not something you want to know very little about. a combative blowhard is someone who doesn't know what they're talking about, but assumes they do. so go ahead and ignore me and these boards, but how much are you willing to risk, that that's not you?