Given the global accessibility of forex markets, I am curious about the tax implications for trading a forex account in a tax neutral company from a tax neutral country. If all of the profits were retained by the company, would there be any profits taxable by the country of the exchange? For example, if I were trading Forex from Gibraltar, Cayman, or Costa Rica, and I were trading through HotSpot or Refco or whatever exchanges are popular in the Forex markets, would I then be responsible for taxes on the profits to the US gov't for profits generated by a US exchange? Or, would my profits, being held in a tax-exempt company in a tax neutral country (so that I can retain US citizenship), be regarded by the country of the company? I guess the question is as to who has tax jurisdiction over forex profits: country of exchange or country of "trader"?? What about currency futures? Any comments about these questions as well as general taxation of forex would be appreciated. thanks