I'd read before it's a very poor idea to do to the doctor in UAE when one is pregnant without beeing married, but that's the first time I read of a western guy beeing jailed for sex outside marriage, it seems the couple has been jailed for 2 months already. Happened in more conservative Abu Dhabi rather than Dubai but it might still dampen the feisty mood in Dubai. The guy is south african btw, not quite western, I sure heard before of low paid asian staff getting in troubles for sex outside wedlock while their bosses enjoyed their fornicating life without law enforcement interference, but the guy sure doesn't look like a gardener. http://metro.co.uk/2017/03/08/expat-couple-face-jail-in-uae-for-sex-outside-marriage-6497610/
Does anyone trade via an offshore trust? I have heard that some UK resident traders are setting up trusts in places like Jersey or Guernsey to trade futures. They then pay tax on any withdrawals from profits to the UK and the rest of the trust grows tax free. This allows them to plan ahead so in the future when they are ready to liquidate the trust they are able to extract the whole fund tax free by becoming non UK resident and residing in a low tax country.
There have been similar cases where a Western woman was raped, went to the police and was thrown in jail for having sex outside marriage. The fact that it was non consensual, and forced, did not matter. I forgot the exact details, but it was in one of the Gulf states.
This happened in UAE more than once actually, including probably in Dubai. Tricky city for women who enjoy going out on their own, although there seems to be plenty of those.
About raped woman being sent in jail, I'm not sure how accurate are the numbers but the article below is interesting http://www.bbc.com/news/magazine-34616879
This is a definition of "foreign sourced income": Income earned from investments made outside the domiciled country of the investing entity such as a mutual fund and that is typically taxed at the foreign source. Read more: http://www.businessdictionary.com/definition/foreign-sourced-income.html Another one found on internet: Foreign-source income: Income earned from international operations. This would mean that in the new Italian tax laws it should fall under the 100,000 euro flat taxation. The trading happens in the US, so there the income is generated, and you (the investing entity) would be living in Italy.
Plus it seesm one doesn't need to declare his overseas income in the Italy deal, from a link I posted earlier, use a corporation for which you don't need to provide audit and functioning details and it's even more obscure. So it would be very difficult for authorities to prove what's going on, and they might not be willing to bother the scheme beneficiaries with issues that are disputable and would put off other applicants. But this is just a wild guess as the scheme is very new, besides Italy is one of my least favourite countries in western Europe, despite the language beeing a breeze to understand even without studiyng it., so not holding my breath to move there.
Well if you do move... http://www.mansionglobal.com/articles/55499-a-villa-on-the-coastline-in-posh-porto-cervo-italy Wonder if they'll throw in that piano. That's a good one.
@luisHK It's really easy to find terrible stories from Dubai. Here is this one from a few years ago. British people, kiss on the cheek (not on the lips!), friends (not couple!) got jailed for more than a month and then got reported. Why? Because they greeted each other with a kiss on the cheek in a restaurant. http://www.telegraph.co.uk/news/wor...in-prison-for-kissing-in-public-in-Dubai.html @propwarrior About two years ago a British tax expert offered me to setup a complex structure involving an offshore trust, an offshore foundation and an offshore company in which I would had been the beneficiary on a discretionary basis only and I would trade with the entity's funds. It can definitely work if you're just a discretionary beneficiary so you have no ownership in the structure but that's something I wouldn't do with all my money so I declined the offer. @Mtrader The definition of foreign sourced income varies by country and the definition you've linked is totally wrong. The trade happens where the trader executes the trades regardless of where the bank and brokerage accounts are located. The only exception to this rule is when a professional licensed third party trader (aka managed account, hedge fund, etc.) trades with your funds on a discretionary basis. It seems like you don't understand the huge difference between active trading income and passive investment income. The first one is sourced where you're trading from while the second can be sourced from a foreign country. @luisHK Did you check your calendar? It's 2017 not 1997! It's not just really easy for the Italian tax authorities to get information of your foreign bank accounts (both personal and corporate) but they will get it automatically from the date you become an Italian tax resident. If you manage to hide it from them and you're trading from Italy then it's tax evasion.
@luisHK Yes you can do contrary to what @dw31583 is saying that but the key is to stay under the radar. You also need to avoid arousing suspicion. Living the high life while not declaring is a great way to get audited. Note that while although tax info sharing is widespread these days, not every jurisdiction has signed on and those that have, a good number of them are taking really long to roll out the changes. Also, enforcement is not that strong in certain jurisdictions. Know your country(counterparty risk). My 2 cents.