Best Country for Trading (Tax efficiency)

Discussion in 'Taxes and Accounting' started by ET873, Feb 3, 2010.

  1. LOL ... Instead of addressing the fact that you have NO PLAN ... NONE ... only plans you say you don't recommend because they are illegal you put forth a sadly incomplete criticism of mine.. I would take a well diversified portfolio of copyrights that generate income over most investments I have ever seen. And of course you totally ignore the natural resource royalty interests I recommend and the precious metals.

    If you are going to engage in debate learn how to drop the straw men and actually debate.


    A few specifics would be nice.

    #51     Feb 13, 2010
  2. i actually did refute what you proposed. remember? i called it dumb and illegal. the risk is, you get caught, they take all your money, and you go to jail. the reward, you get to always look over your shoulder and incur a lot of stress for 80% increase in income. worth it? depends on your income, depends on how much you value keeping it, depends on how much you value your freedom.

    let me break it down for you in easy to understand terms. there are ZERO ways of avoiding taxes as a us citizen that aren't either 1) illegal 2) convoluted/gray area/expensive. believe me, i've researched them. in depth.

    the ONLY way you're going to be able to do what you want is to renounce citizenship. this is the ONLY practical alternative. if you want to live in the us as a resident, be prepared to pay the man for that privilege. live here illegaly, be prepared to pay the consequences.

    by the way, the 'millions' of illegals living here are piss poor immigrants that have either hopped the fence or chucked their visas. the irs and ins don't give a shit about them because they have nothing and it would actually cost money to throw them out or in jail. put 1M in a bank account earning interest, buy some property, or even use a damn credit card with an offshore account, and watch how quickly the irs and ims discover you.

    the games are over in this country. it has too many resources and is hurting too bad. at this point, you either play by the rules or get played by them. period.
    #52     Feb 13, 2010
  3. Jeffp


    #53     Feb 20, 2010
  4. ET873


    I think it's pretty clear from my original post that I have no plan...which is why I asked the question. What I don't appreciate is people who claim that they have a plan when they really don't. If the government ever decides to implement a wealth tax, how will your copy rights and royalty interests offer you any more protection than holding liquid savings in an US bank account? They would still be able to confiscate your income and/or figure out how much your copyrights and royalties are worth and develop something equivalent to a property tax to cover that.
    #54     Feb 20, 2010
  5. Is there anyone here from Switzerland?. I have a business offer for Swiss nationals.
    #55     Feb 22, 2010
  6. Obviously any government MIGHT impose taxes that are so draconian as to make it virtually impossible to prosper. In fact I remember when my partner and I were running a small investment firm in Switzerland in early '70s that foreigners that held demand deposits in SF's instead of receiving interest had to pay 1% annualized in interest. The Swiss in their zeal to curb appreciation in the Franc went pretty far to send the message that they were prepared to defend their undervalued currency ... much as china does today.

    But let us assume that the US imposed a 2% "wealth" tax or any form of asset based taxation. If inflation at that time was 10% and the tax was 2% I would have a 12% "nut" to overcome. Horrendous. I am sure I would curse the government daily, hourly even. But I, as opposed to you, would save my loudest protestations for the inflation that they were causing and only secondarily (yet still pretty loud) at the confiscatory tax. You are 100% right to be concerned that this country will do insane things to try to fight the economic decline that is now, if not inevitable, at least quite probable. But taxation, as bad as it will be, will be a pittance compared to the currency debasement.

    If you really understand the times in which we are living the chances of taxation taking you out of the game are slim. Pay attention to the fact that fiat money -- particularly of Western industrialized countries -- is at the very earliest stages of what is likely to be a long term decline.

    Don't move and give up being an American. Don't move your assets in contravention of US law. Move your thinking to an adult level. Understand that in change and particularly in chaos there is opportunity. Being well informed and nimble in your trading will not just immunize you from the governments numerous follies it will allow you to pounce on the incredible opportunities that their insanity will produce.

    That said ... fight the folly. None of us want to see what was once and what, in many ways, is still an incredible country/empire blown up by its elites. But, as history teaches us, it is the way great empires decline.

    #56     Feb 22, 2010
  7. IMO Monaco is best - zero income tax, no visa issues, a safe and relatively free place with 1st world infrastructure, and minutes away from France & Italy. Good trading hours too.
    #57     Feb 22, 2010
  8. Why not? Most G7 citizenships are financially and politically superior to US citizenship due to the lack of worldwide taxation. For some guy trading in Europe or Asia, a US passport is just a 35% tax overhead with no benefits in return.

    I would definitely recommend living abroad for a few years before considering giving up citizenship, and obviously it's an option only appealing for a small minority, but you're nuts to think there aren't massive advantages to exchanging it for an attractive alternative. For someone making $500k per year, the main difference between a Canadian/EU citizenship and a US one is about $150k a year. It would take $3-5 million in capital to generate that in income. Being a US citizen is not worth $5 million more than being a Canadian or Eu citizen.
    #58     Feb 22, 2010
  9. Move to Canada or Europe, rent a nice pad, enjoy life for 3 years. Work out how much extra you are paying in tax because you were born a serf of the US government. If you are sufficiently sick of it, and find expat life sufficiently appealing and feel like settling down, then look at taking up local citizenship. Once you qualify, give up your US passport, take up G7 citizenship, and enjoy substantial 5, 6, or 7 figure tax savings per annum.

    Put 80% of the annual tax savings into a conservative, diversified investment account, burn 19% on champagne, blow and sluts, and spend the remaining 1% on long distance phone calls to tell your friends what a great life you are having.
    #59     Feb 22, 2010
    endicottsteel likes this.
  10. Dumb - Bahamas is a corrupt 2nd/3rd world country, you don't want to be a citizen there. Good luck getting visas to half the world.

    Stick to 1st world passports. Canadian is great for Americans, nafta lets you go in and out of the USA easily, and as long as you stick to the <90 days per annum inside the states you will keep your non-taxable status.

    Lots of Americans have European ancestry, so they can easily pick up an EU passport. What's so scary about being an Irish, German, or Italian citizen?
    #60     Feb 22, 2010