Become a resident of Gibraltar, pay £10,000 tax fixed per year and rent or own a home (the cheapest places being about £160,000). Probably one of the best legitimate no risk tax avoidance schemes in Europe.
One option is to set up an offshore and trade prop using the firms leverage. Any profits are then diverted to the offshore. Runningbear
trading is a profession, 39% tax. Australia is worse, I believe some areas are 49%. Best to go to Singapore, Hong Kong etc and then move to the next country three months later and be a "visitor". You can also organize to have a company in one of those countries and then have permanent residency there. Sherlock
since i am US citizen most of the posted advice wont apply for me , but this is truly an informative and eye opening thread......thanks to all the posters for the education.
In portugal the tax is 5% if I'm not mistaken, and thats in an European Union country. Even if I'm mistaken its not more than 10%, that I'm sure of.
What about dividends received from abroad? You could do the following: Establish a company in a tax-heaven and trade trough it. Pay dividends from the company to you. If such dividends are considered capital gains and tax for capital gains is 0 then you are set? I have done all kinds of tax arrangements relating to several income sources and there is a long way you can go (legaly) with some imagination. Trent
"The US is the only nation... to my knowledge that requires you to pay income tax on money NOT EARNED in the US. There are some, very little exceptions." This is correct.The only way to avoid income tax is to give up on US citizenship and get a different one. I wonder if one has dual citizenship if he/she can avoid income tax. Anyone knows?
Portugal Individual Income Tax Rates 2004 Tax % Tax Base (Euro) 12% to 4,266 14% 4,267-6,452 24% 6,453-15,997 34% 15,998-36,792 38% 36,793-53,322 40% 53,323 and over