Successful traders: why don't you move to a 0% capital gains tax country?

Discussion in 'Taxes and Accounting' started by pgo1970, May 17, 2014.

  1. londonkid

    londonkid

    Well I went to Bulgaria on business. I wanted to take a stroll outside my hotel after dark and the security guards advised me against it. There were other joys on the trip, on day 1 we were in a park and we witnessed a middle aged lady crouching down and crimping one off. Oh yeah I forgot to mention the roads are so bad that our vehicle got a broken wheel, not a puncture a broken WHEEL. I am sure there are good points I just couldn't find any. lol.
     
    #191     Jul 7, 2014
  2. dealmaker

    dealmaker


    Bulgaria is no go for me either, its right next door to Greece and I am not sure Bulgars are any more diligent about paying taxes than their cousins the Greeks. Its also not developed enough and as a former so called reformed communist nation I am sure its super corrupt....
     
    #192     Jul 7, 2014
  3. I have a few friends who have companies in Bulgaria for several years already. Size of the companies varies between 50 and 250 people. For profit, cheap labour and low taxes, Bulgaria seems to be excellent. They live and work in the same area. For protection but also because in these villages they offer al lot of jobs to locals. These locals help to protect them too. But it is true, this is not a western type of live. Bulgaria has the biggest number of startups from all European countries. Almost all are foreign companies who start up.
     
    #193     Jul 7, 2014
  4. As a resident of Latvia this seems plausible (about Bulgaria). But I'm a trader, work for myself and trade in other countries. I mainly socialize with other expats and local friends of my wife. After 4 years I have no regrets. Yes, corruption is widespread, but where isn't it? According to Transparencu International, just slightly more corrupt than USA :) Bulgaria is ranked 77th, just a tad more than Italy and Spain....

    Anyway, we are digressing....
     
    #194     Jul 7, 2014
  5. Corruption is a good sign. :D:D
    I see that most countries that are not or almost not corrupt have very high taxes. All scandinavian countries are in this group.
    Very corrupt countries probably don't even know the word "taxes". :cool:
    Or they can pretend not to know it for some money.
     
    #195     Jul 7, 2014
  6. Yes, because most Scandinavians "are happy to pay taxes". I'm Scandinavian myself. I think the causuality is different. Honest people pay taxes. In general honesty is more prevalent in Norway then Latvia....
     
    #196     Jul 7, 2014
  7. londonkid

    londonkid

    Haha I dont doubt you for one second. Would your Latvian partner agree? She prob does lol. Often people in poorer countries are friendlier (not latvia) and i always wonder are they genuinely friendly or do they have another agenda.

    I would wager that it is not only honesty people display in Norway but a sense of belonging and community as a nation. Hence people think they are contributing to society by paying tax. This is opposed to a poor country where everyone is on the shaft as they are worried about finding their next meal or paying the landlord.
     
    #197     Jul 7, 2014
    francis1 likes this.
  8. dealmaker

    dealmaker

    and that tad more is the difference between a nation with well established legal system and a nation who is in the process...
     
    #198     Jul 7, 2014
  9. There are pros and cons. In total, I rate Latvia a better place for me to be right now. The authorities has a lot less influence here. In Norway they know absolutely everything about me. Quite scary.
     
    #199     Jul 7, 2014
  10. Very interesting question :

    * for the first question : just observe how they behave toward their countrymen who are at a more disfavorable situation than themselves, or what they do if they are asked ( against money for instance) to mistreat someone.
    You always have to consider individual behavior : there are good and assholes everywhere

    * the second one : I have noticed that poorer people have much more "traumas" they have not worked on , so are more likely to adopt a "dog eat dog mentality".
    Just in some particular cities of Scotland I saw "real" solidarity, but I discovered that was due to their people have a strong historical education about "social justice", "civil rights", "methods of perversion used on their former chiefs and the consequences for the people" ( aka highland clearances - potatoe famine - mass immigration to America , vs "chiefs" corrupted and turned into alcoholics so that they's sell out their "subjects" means of subsistence). All of this remembered with folks songs like
    "bring back the people".

    It is really about local culture/individual characteristics. So one can not really generalize.
     
    #200     Jul 7, 2014