more realistic, is to consider what STATE/PROVINCE do you live in? If you are very profitable, then states with more favorable tax cap gains/income/property tax (and also, lower costs) are a consideration. For example, how much could you save in a nice place like WY/SD compared to NY/NJ/CA ? Other benefits, Wyoming and South Dakota have better state finances/lower unemployment so are less likely to have state govt go belly up trying to finance future govt pension benefits or low income entitlements. http://www.taxadmin.org/fta/rate/ind_inc.html
5 more choice countries coming up within 1-2 yrs., California, New York, Texas, Alaska and Hawaii, the new suzerains after secession. Put your app in now for CA, you'll be 2nd in line - after me. Fck the duals, all the laws will change and CA residents will take a giant piss on the War on Terror and extinguish it for good.
Couldn't one acquire dual citizenship in a place that has "reduced taxes", then set up a corp with the foreign passport in that country, and pay themselves as employee a nominal amount for US taxes? I'm thinking a place like Ireland, where if you had a gradnparent or great grandparent born there you can get dual citizenship. Then set up a corp using Irish passport, account in switz under said passport, all trading done in that account, seperate corp for asset acquisitions, and then pay yourself a nominal salary to report to the US for tax purposes? I realize Ireland is OECD, but you would never be red-flagged in switz if you use the EU passport. Am I missing something?
Yes in theory it's a great idea. International law mostly assume that people have only one citizenship unless there are dual citizenship treaties, or the law (usually international private law) explicitly regulate persons with more than one citizenship. So if you go to Switzerland with your Irish passport then you are Irish period, your accounts there are owned by an Irish citizen. Your american citizenship is invisible in theory. What happens is that the IRS thinks american laws apply all over the world and that your accounts in Switzerland are american owned and they are entitiled to it. So if they find out they will harass you and the swiss bank for opening an "undeclared" account. So these days banks ask to write down all your citizenships in your application. In your case your passport will have "place of birth: USA" and they will find out you're american easily. There is no law forcing you to use more than one citizenship at a time, but for opening bank accounts you have to tell all your citizenships. For residence, drivers license, marriage and most other legal stuff you have only one citizenship. The IRS doesn't care about the law, they just want to take your money, you have to get that into your skull.
I think Cyprus is a good tax optimized opportunity. I got some good informations from this company : http:\\www.genesis-alpha.org. Cyprus has many other good advantages. European standard, low tax, very good connections to Europe, Asia and Africa and very sunny. Mike
Does this apply to an Irish corporate bank account? i thought this plan sounded pretty decent. Im not irish but have dual with another country so I assume the same applies. As an aside, technically anyone born in the US is a US citizen-- think anchor babies. Does this mean that if they don't renounce their US citizenship they are liable for taxes no matter where they go?
Yes US Citizens abroad are liable above the exemption, I believe Australia does the same, last time I checked. http://www.irs.gov/publications/p54/ch04.html One thing to consider is if you are citizen or resident of the EU you can live and work in any EU country. I just found out I can get it in 6 months, if I want, because my wife is an EU citizen.
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Add Panama to those, and its currency is the USD, Internet connection is reliable, cost of living is reasonable and its the connection hub to North and South America with direct flights to Europe.