That seems at odds with your post: any other ways to avoid the tax legally such as starting up a offshore hedge fund and move to overseas?
a) moving overseas does not really change your US tax obligations. And offshored money must be reported, over about $10K. b) that was not the opinion of a lot of people who got caught up in the UBS and other tax evasion schemes. They did not intend to repatriate the money, but to offshore and avoid taxes.
Great post stevenpaul! Nice to see an eloquent and detailed response, and I agree with everything you shared. Hope to see you participate in more threads.
This is why the OP was very explicit that he wanted to do it *LEGALLY*. He plans to pay his taxes, he just wishes he could defer these taxes until the date when he liquidated his investments, and actually repatriated those funds for use.
this is probably the same logic that the wealthy clients of UBS were saying while being informed to stash diamonds in toothpaste and other clever things.
any foreign account with 10k or more has to be reported. any foreign company that you hold a interest in has to be reported. best advice give back the green card and dont apply for the passport. failure to report is a felony.
this topic been discussed here so many times..use search.. here is some info for start- http://www.irs.gov/businesses/small/article/0,,id=148849,00.html there is no way to save a tax legally(for US citizens/residents). btw-when it's come to taxes-you are guilty by default, until proven innocent.
Why not look at your local billionaire hedge funds and public companies, everybodys out in the open, theres really nothing to hide anyway George Soros netherlands Paul Tudor Jones BVI Garmin Cayman HerbalLife Cayman Islands http://www.crmz.com/Directory/CountryKY.htm Assured Guarranty Bermuda Global Crossing Bermuda XL capital SeaDrill Signet Jewels http://www.crmz.com/Directory/CountryBM.htm Either there are a lot of blatantly illegal companies public on NYSE and NASDAQ, or the general public misinformed on whats legal and whats not. Your thoughts?
I have no idea how those companies registered overseas can save tax, since those companies are doing business in states, and they have to pay tax locally.