remote trading

Discussion in 'Hook Up' started by kooltrader, Jun 15, 2005.

  1. kooltrader

    kooltrader

    I've been reading about some guys here at ET about remore trading. What's the avantage of doing this?
    I know as uS citizen, even if one makes money in a different country he/she has to pay income tax to US.
    I am considering relocating, but I would like to know if there are some "tricks" that I am not aware of, about trading from a remote place and pay no taxes or less taxes to US gov.

    Thanks in advance.
     
    #1     Jun 15, 2005
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  2. peilthetraveler

    peilthetraveler

    heres the easiest way....give up your american citizenship and move to a country that doesnt have personal income tax. As an american citizen if you make money anywhere in the world you have to pay tax on it....my Mom just found that out last year...she bought and sold a house in england for a 50k profit...she didnt have to pay taxes in england because they dont pay tax on their properties there when they sell...but guess what...she had to pay capital gains tax here. You could also try reading this book.

    http://www.amazon.com/exec/obidos/t...102-1397345-6365753?v=glance&s=books&n=507846

    read the reviews before you buy.
     
    #2     Jun 23, 2005
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  3. kooltrader

    kooltrader

    Thanks ...traveler.


    I think it's going to work even if I don't give up on US citizenship, just get the second one, doesn't it or I am mistaking?
     
    #3     Jun 23, 2005
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  4. Runningbear

    Runningbear

    Remote Trading is usually just prop trading from a location other than your brokers office. Some big prop traders will have T1 lines installed in their houses and trade remote so they don't have to travel to the brokers office every day. They will be using their brokers leverage and sharing profits with the broker however.

    It usually has nothing to do with reducing taxes.

    Runningbear
     
    #4     Jun 23, 2005
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  5. dac8555

    dac8555

    I know what you are talking about....i live in Costa Rica. you CAN avoid taxes if you make the money OUTSIDE the USA. so if your account and trading is in the states...you still pay US taxes. the law you are looking for (last i looked) goes something like this " if you live outside the united state more than 11 months of the year you are tax exempt up to the first $80k". that may have changed since last year.

    maybe if you establish a company outside the country, and the company avoids income tax it will insulate you personally...i dunno, just thinking. but keep in mind Europe can be more expensive than the US.

    If you are like me and want to live in tropical paradise, the problem you will have is reliability i imagine. not many houses that have good internet hookups, and offices and T1s are expensive. I trade from the office, so i make out ok.

    if you have questions ffel free to shoot them my way...take care.

    suerte
     
    #5     Oct 31, 2005
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