Go to Hong Kong instead. No capital gains taxes, no withholding taxes, no sales taxes, no VAT, and no annual net worth taxes. Employment income is taxed at a maximum rate of 17%. No taxes on dividends. In contrast, short-term capital gains in the US are taxed at the highest marginal rate (it was 39.6% or so, but I do not know what it is now after the new tax law).
The One : Wise words. This said, I think I'm serious enough to envision getting out of the country. It takes a lot of dedication to be a trader here (not only financially but socially). So after a time, one really wants to get an honest part of what he earns... Wallstremus : Thanx, this could be a very good idea, message on the way. Freehouse : HK might be an opportunity to some. I, for one, just could not live there. I know a bit about this through my former career... C2
We have a sliding scale, if you earn more than $A60,000 you pay $15,580 + 47 cents for each dollar over $60,000 earned. So the maximum effective rate is a little less than 47%. Our taxes are not as low as some other countries, but you also need to consider the quality of lifestyle and cost of living. Australia offers a very high quality of life, and quite a low cost of living (in terms of property prices) if you avoid the premium areas around Melbourne and Sydney.
Wallstremus, What's the name of your firm if I may ask? C2C, Just look north of the border, you don't have to give up the French lifestyle. As for the social consequences of daytrading , I would imagine it's difficult to find trading buddies in France right?
Zentrader : If I had to go this far, I would push a little further to NZ, I believe they have a 0% tax on capital gains Kicking : As for the social consequences, I was more thinking about how trading is looked down upon here... To my parents/friends it was a dumb decision to become a trader (I had a great IT position in a large financial company previously) To most everyone, my activity is between casino and theft, to say the least... I wont even talk about the establishment. Entrepreneurial behavior is not really tolerated in this country. If I happened to fail one day, I would be toast, definetly C2
why don't you open an offshore corporation, have an "office" in France and pay yourselve a "consultation" fee, while the corporation is effectively based out of the country? Not sure about your countries corporate laws, but I'm guess they aren't the best either....but you do have wine and women. Little good that does when your money is the pockets of politicians. What about Amsterdam? (sp) Cheers
Yes, what about Amsterdam, if you can't trade there either, you can always just get stoned and forget about it. Seriously now, what are the rules concerning trading and taxes on trading profits in the different European countries (east and west?) I live in one of them, but haven't really bothered to find out . voodoo
hey voodoo, have you been eating too many "special" brownies? The more people that eat them and trade the better....for me like picking off stoned ducks, I mean sitting ducks cheers
FWIW, in Estonia (that's Estland to you fellow europeans) we pay 0% on corporate capital gains and 26% on dividends. no restrictive rules on trading whatsoever, and using mark-to-market is possible. the drawback being that the party will probably be over once we join the EU in a couple of years. - jaan