I lived in Europe for a long time a while back. I wasn't trading back then. Do you trade the EU open and then the US open in the PM ? That must be very cool indeed. As a European do you have limits as to what you can trade in the US markets ? i.e. equity options ?
I only trade the US open in ES. I don't know if there are any limits, but i don't care, ES is enough for me. I could trade the DAX in Europe and the ES in the US, but i'm not interested at this moment.
I report all my income so I don't care what the bank turns in. I'm sure the government would love to outlaw cash, but I don't think it will happen in the USA for a while, probably not in my working life time anyway. I once cashed a $15,000 check made out to me. It was a crazy, the tellers didn't know what to do. I had to sign several forms for the IRS and who knows what else.
[ http://www.vernonjacobs.com/zero-tax.htm [/B][/QUOTE] fwiw - vernon jacobs has probably the best info that is simple to understand for any US citizen and the offshore world. I studied offshorepress dot com for days a couple of years ago and was enlightened about the sheer lunacy of info regarding the offshore world. Read many books - which give great general info that looks promising but in my case never realistic. I am an expat and thus my interest in the topic. in summary, unless you are loaded - it is not worth the effort and the cost. If you are a US citizen and want to create a corportation offshore - look at what needs to be filed to the IRS I also think that their is confusion b/w offshore companies and the individual expat tax deduction. The offshore world is to protect your assets and have opportunities to invest in that would normally not be available to you. Thus, make money trading, pay your taxes, build wealth while at the same time planning on when and how to move offshore.
They must be crazy in Belgium! Its cash! I can't see this happening any time soon in Singapore or Asia generally for that matter. I once brought back a few $$ - about US$30K from HK in cash and needed to change it to S$ at a little hole in the wall money changer - I thought it was a big deal until the guy in front of me changed 200K right there and "no problem sir" - made me feel a little smaller. These little money changers all average over a million a week. Singapore is good to trade futures/options - no capital gains tax on trading here. They are setting themselves up to be the Swizterland of Asia - no tax on overseas income, no tax on oveseas dividends, etc. etc. - money is slowly starting to flow in from Europe.
Australian Tax Agents Face Tough Penalties Under New Laws 15 August 2005 Accountants and tax professionals promoting offshore tax avoidance schemes are facing heavy penalties under the Australian government's latest crackdown on abusive tax schemes. Under draft laws unveiled for public comment last week, those who sell tax abusive tax schemes face fines of up to AS$550,000 or twice the amount gained by selling the scheme, whichever is the greater. "The proposed promoter penalties regime is not designed to affect ordinary tax advisers," explained Mal Brough, Minister for Revenue and Assistant Treasurer. Mr Brough added that: "The intent is to catch tax exploitation schemes that promise taxpayers tax benefits that are not allowable under the existing tax laws. It is aimed at the promoters of schemes that exploit the tax system for personal gain, without facing the risks of tax shortfall penalties and interest charges to which they are exposing scheme participants." "The promoter penalties framework will support the Governmentâs announced changes to self assessment that are aimed at improving taxpayer certainty as well as provide enhanced confidence, fairness and integrity to the tax system. The measures will deter the promotion of tax exploitation schemes without creating significant compliance burdens for legitimate investment arrangements." The proposals come amid reports of an investigation by the Australian Crime Commission and Australian Taxation Office into a British-based tax scheme which has involved hundreds of tax agents and individuals. The new crackdown follows hot on the heels of an announcement by Taxation Commissioner Michael Carmody that the Australian Tax Office is embarking on a major offensive against tax evasion at all levels of the economy in the coming year. In particular, large corporations, medium-sized businesses, property-related tax issues, failing to lodge returns, and outstanding debt will come in for close attention from the ATO, according to Carmody.
Yep. New Zealand has no capital gains at the moment. but if you are an active trader your profits could be classed as income and taxed accordingly.
Sounds reasonable...Thats the plan! Thus, make money trading, pay your taxes, build wealth while at the same time planning on when and how to move offshore
Who knows about US taxation of trading profits off US exchanges earned on US based accounts with US brokers by non-resident, non-US citizens if such persons 'live on a boat' or happen to be resident of a country WITHOUT tax treaty with the US? Thank you.