I'm considering moving my money into a tax-free brokerage account. I'm aware that there are a few options for the type of service that I seek. Panama. Caribbean Islands. Switzerland. Please help me find a broker that meets my criteria. 1. Very safe; government backed banking. 2. Good service; representatives available at any time; ideally an internet platform for managing my trades. 3. Low commission rates. I want to trade options for no more than 2$ per contact.
First off, I recommend this book. I've read it...it's good. http://www.loompanics.com/cgi-local...tore+kzsm9593ff739e73+-p+-c+scstore.cfg+61170 Secondly, for a U.S. citizen to trade U.S. equities through a foreign broker with the intention of evading US taxes...the consensus is that this is just not an option, due to reporting requirements. Panama??? That's a black hole, not a tax haven. All foriegn deposits were cofiscated (stolen) by the government a few years ago. After reading numerous books & websites on this subject, I've come to the conclusion that a Swiss numbered account is still the best possible option.
Micheloud & Cie ( http://swiss-bank-accounts.com/e/index.html ) is a service that helps people set up swiss acounts. They say they know of a Swiss bank that will set up a numbered account with a minimum deposit of only 100,000 CHF. However, Micheloud charges 1,299 CHF just to tell you which freaking bank deos this! Anybody here happen to know which bank does this? I'll give ya $50 for the info.
(the thread popped up like mushrooms, but perhaps it gets most attention here) Check out HSBC Offshore as well - http://www.offshore.hsbc.com/hsbc. They have a really great offshore service, and offer international investment services - especially good with regards to China and the far east region. Remember that moving your money offshore, doesn't really move your tax obligations, and the US has a strange world-spanning tax system. I have a income deficit from earlier years that I'm using to recoup earnings trading nowadays, so I don't pay taxes as of yet. But when I surpass net profits again, I'll be moving more than physically from europe. There are also other options like Korea, Andorra, Monaco, Liechtenstein, Gibraltar and Luxembourg with good capital gains tax systems as well - and the channel islands. I guess UAE (United Arab Emirates) is out of the question for yourself ? Koreans are were apt at futures trading - and have one of the most popular instruments with the Kospi 200. Korean language is a very logically constructed language in my opinion (especially written - spoken resembles Japanese), but they are very good at english - perhaps because of the lack of the more complicated Kanji-based writing. I know mostly financial based services like banking and some more traditional investment services in the Caribbean, so it's a great place to incorporate. Ever thought of that ? It could make one's life so much easier. And then there's no place like Anguilla, as I'm sure you remember from the other threads... http://www.ai
Maybe you can find it out by booking a flight to Zurich and spend a holiday there, instead of shelling out 1,299 CHF.... tc
i checked this out once and found it to be so very complex expecially if you are a us citizen. here is a email i received from a compnay who was explaining what was involved. its kind of long so please excuse. Considering your needs to incorporate a trading company for your worldwide business, while you are a US citizen/resident, and most probably wishing to keep all your transactions profits offshore, the recommended alternative is to incorporate in Belize, for a several number of reasons as below indicated. However, if incorporating in Belize, you must notice that this is an offshore jurisdiction and eventually it may not be too recommended to work with it in the US market. You need to check. However you have the best solution which is to do all your trading, mainly that one related with the USA, through a UK (United Kingdom) Private limited Company which will offer an excellent degree of comfort and credibility in your transactions with USA. As this UK company will be taxed on all its profits even those incomes generated internationally, you can always have a choice to avoid such taxation: 1 - To use the Belize company as the Principal, on which behalf the UK company will act, through an Agency Agreement established between both companies, and under which the UK company will deal directly with the buyers/clients, will be able to invoice and receive funds, but always on an agency basis, with the obligation to repay the Principals for all funds received on its behalf. The UK company will charge a commission to the Belize company, he Principal, and this will be the sole income on which the UK company will be taxed. We shall prepare you all necessary documents and agreements at no charge, as this s a common situation we handle regularly. 2 - Doing business with US, wishing to build up the above structure, your name cannot appear on the company that will deal directly with US, for a question of protection for yourself, and thus keeping full anonymity and confidentiality of your name regarding its connection to the company. We suggest to use our nomine services, which information is below indicated for your guidance. There are many countries all over the world that are considered "tax havens". These jurisdictions generally have no taxes (on foreigners) and strict privacy laws. The question is not, "which is the best", but "which is the best for a particular situation" and in your case to avoid any lawsuits. I wish to provide you very relevant information for you about Belize, although a bit extensive, but which will make you understand the reason why of our recommendation. First, the tax havens under consideration must have no taxes of any kind and strictly enforced privacy laws. Next, English must be the main language, the judicial system must be based on British Common Law, the country must have a long history of political stability and must be completely independent from one's home country. Ideally, the tax haven should be geographically close to home to allow for swift travel should a client desire to visit. This narrows the field down to The Bahamas, Belize, The British Virgin Islands (BVI), Nevis and St. Kitts, and The Turks & Caicos. Each of these jurisdictions forms completely private IBC's that are authorized to do business worldwide (except in the country of incorporation). An IBC - International Business Company - formed in one country is just as private and functional as an IBC formed in any of the others. Belize, The Bahamas and The BVI (in that order) are therefore the best jurisdictions. It is these three countries that ATRIUM recommends, with Belize receiving the highest recommendation. Why Does Belize Receive A High Recommendation? Belize meets all of the requirements for a preferred tax haven, security and protection: · Belize is an Independent Country. · English is the main language. ·Laws are based on British Common Law. · Belize has no currency exchange controls. · Belize has strict privacy laws; violations are punishable by jail time and heavy fines. · Belize has no tax treaty with Canada or the U.S. · Belize has not signed the U.S. Mutual Legal Assistance Treaty (Belize and The BVI are the only above recommended havens that have not). No other jurisdiction has proven that it will back up its privacy laws as strongly as Belize. The only challenge to Belize' sovereignty came in 1995 when the Supreme Court of Belize successfully kept the country's privacy laws from being breached by the United States Securities and Exchange Commission. We can offer you a company formation with and without nominee services - information below. Incorporation costs (in Euros): Below indicated prices do not include: - Trading office with mail services - just a registered office (address) for incorporation purposes; - Nominee services - provision of shareholders and directors - Local annual flat taxes/government fee Incorporation in Belize - 2,250.00 Annual maintenance fees - 1,050.00 (*) Incorporation in UK - 1,530.00 Annual maintenance fees - 950.00 (*) (*) 1st year fees will be payable together with incorporation fees. Offshore Environments: To have a more complete information about the jurisdiction and the Company Compliance, please kindly visit our web site < www.atrium-incorporators.com > and from main menu, select - < Company Formation - Offshore Jurisdictions. Otherwise, just link directly to the following URL's: Belize - http://www.atrium-incorporators.com/default.asp?nc=3712&id=30 To have an idea about the Nominee Structures - attached to our proposal to use the UK company - please check following URL - http://www.atrium-incorporators.com/default.asp?nc=6846&id=3 Very important to see all information in above page, Nominee Services - Optional Services: Provision of Nominee Shareholder - 350.00/annum Provision of Nominee Director - 450.00/annum Provision of Company Secretary - required - Euros 250.00/annum Nominee Services are recommended to those people who wish and require 100% privacy, confidentiality and anonymity as to his relationship with the company. In such case, your name will not appear on the Registrar of Companies, but the nominees' names. You can however manage the company through the above referred P.O.A. which can be issued as per your own verbiage or ours. Attached is a draft for your analysis, to fasten up things, and maybe to help you draft your own one, as most suitable for you. Full serviced Virtual Office in a major international financial centre - London - Optional Services - a service provided for those who incorporate offshore but simultaneously wish to offer the company a high degree of credibility internationally, and simultaneously grant everyone, client, provider, or official entities, to contact you, and that such contact will reach you, either by mail, phone or fax, and that you can receive it and process it. - Mailing address with mail re-forwarding services - 580.00/annum - Dedicated and exclusive telephone line - 450.00/annum - Dedicated and exclusive fax line - 450.00/annum Remark 1) you can select and contract any of the above services with us. Remark 2) If choosing the Full Service Package cost will be reduced to Euros 1,180.00/annum only - and will apply for both companies - Belize and UK. Annual government License Fees: Belize - Companies with an authorised capital up to US$50 000 pay the sum of US$100 per year. Companies with a share capital over US$50,001 pay the sum of US$1,000 per year. Companies, which have some or all of their shares with no par value, pay the sum of US$350 per year. Opening of Bank Accounts: We do currently work with Barrington Bank - Antigua/West Indies and First Caribbean International Bank (attached to Barclays Bank) in Turks & Caicos. If either of these banks or jurisdictions to set up your offshore bank account suit you, we shall be very pleased to assist you. All of them will provide you Debit/Credit/ATM cards and Secure Net Banking. In case you will incorporate with us, any of these offshore accounts will be provided free of charge, as included in your package - a courtesy of Atrium Incorporators. However, you are always free to open your company's bank account by yourself, with some other bank of your selection. We shall provide you all documents duly certified and apostilled. Price is included in our above incorporation fees. Please note that this is a requirement in case you may need to open a bank account, which I presume it will be your case. And if you wish to open more than one bank account, we suggest you to request/order to separate full sets of Notarised documents - you will keep the original one with you, and will us the above notarised copies to deliver to the banks. This is optional, as you can also take notarised copies if you wish from a local public notary. Cost per notarised copy - Euros 125.00 Inclusions: Above price includes Incorporation Costs and 1st year Fees as per information provided by/at Atrium's web site, on link related to "Prices and Quotations" . Certificate of Incorporation Memorandum & Articles of Association Share Certificates Provision of Offshore Corporate Bank Account/s Certificate of Registered Office Services for 1 year period - 1st year fees Certificate of Registration Agent Services for 1 year period - 1st year fees Certificate of Company's Maintenance Services for 1 year period - 1st year f ees