Off-shore Banking Question..

Discussion in 'Economics' started by TudorJones, Mar 14, 2008.

  1. Why you guys so scared of the gummit. Thats exactly what they want.

    In Nazi Germany the punishment for owning offshore accounts was the death penalty, but germans still kept going to Switzerland to open numbered accounts.
     
    #31     Mar 15, 2008
  2. amylase

    amylase

    Yeah all the bank account and product brochures that i got from hong kong banks such HSBC has a line in the end that says "this product is not intended for U.S. citizens"
     
    #32     Mar 15, 2008
  3. poyayan

    poyayan

    Someone already said it. Form a company where you can invest and not get charge for company earning.

    If your company back invest in US again, it will have to pay corporate tax as a foreign entity.

    Anything pay out from the company to you will be taxed at income tax, but you should be able to do lots of things in company name only.

    If you liquidate or sold your company and transfer everything back to your name, you should have long term capital gain or loss.

    I hope I got this right. Check with your CPA.
     
    #33     Mar 15, 2008
  4. One major point you are overlooking is that if YOU a US citizen has an ownership interest greater than 49%, then you need to declare that as your own personal income, eventhough it is a "foreign corporation."
     
    #34     Mar 15, 2008
  5. poyayan

    poyayan

    Good point, that means you will need partners..:)
     
    #35     Mar 15, 2008
  6. Daal

    Daal

    buzzy, I think your the expert on panama. how easly can someone get residence there through 'pensionado'. I mean, could get a bunch of high dividend stocks and use the dividment payments to show that is my 'pension' and get perment residence?
     
    #36     Mar 15, 2008
  7. poyayan

    poyayan

    Or maybe layer corporations?

    Corp A, you 49% and your partner is 51%
    Corp B, you 49% and Corp A is 51%

    Then, your trusted foreign partner or groups of US partners didn't need to put up a lot of capital.

    I have the same problem with foreign investment. I am going to take a hit next year in tax, but I have to setup something just like the thread starter.
     
    #37     Mar 15, 2008
  8. Partners, especially foreign partners is the last thing you want to give your money to.

    I think if you want to save some taxes in the US, the best bet is to learn some tax codes. I don't think foreign corporations are not all that effective.

    But, I think it would be a good place to set up a bank (if all things I've heard so far is true ).
     
    #38     Mar 15, 2008
  9. poyayan

    poyayan

    I happen to have trusted foreign relatives, but if you don't, groups of US relatives should do the trick too.

    What kind of tax code you are talking about? I am not consider little deduction here and there. Let's use an example, if you have 2mil outside of US earning 7%, turn it from income tax every year to defer long term capital gain will make a lot of difference.

    Also, assume US income is $100000

    You are correct though, at the end, learning US tax code very important.

    Also, a good CPA and tax lawyer just in case..:)
     
    #39     Mar 15, 2008
  10. There are some ways you can save a lot on taxes without the usual deductions and stuff.. Some advanced CPAs who are well versed in taxes might know.

    Most CPAs are not. They have to look up each and everything.
     
    #40     Mar 15, 2008