Tax Havens

Discussion in 'Taxes and Accounting' started by alpha_monkey, Apr 18, 2004.

  1. badgerW

    badgerW

    Two things

    1) I have spent a total of maybe 6 months in Bratislava, Slovakia and must defend it's honor here.

    It is a pretty cool and underrated place. The cost of living is low, rents cheap, lots of young people and one or two cool clubs. It's not the best for eating out, but has a lots of culture (opera, philharmonic, etc), And yes, Vienna is very close if you need more.

    As of today (at midnight) it is a full member of the EU. Far from being war-torn it is a normal central European capital: a little run-down, but inexpensive and charming.

    2) Does a flat 19% really qualify as a "tax haven", though?

    PS - I'm based in Southern California, so my basis for comparison of quality of life is pretty high!
     
    #31     Apr 30, 2004
  2. dpfflxm

    dpfflxm

    Hey Canadian_Dude!

    You are an amazing researcher about the matter!

    I am impressed!

    I am a trader in Canada as well and plan to move to Europe in order to benefit from lower or zero tax jurisdiction.

    and I found one very good place to live with zero tax rate in Europe.

    I also made broad research about the matter too.

    and here is my question to you.

    You memtioned that you have severed all the Canadian ties. I understand that you even closed bank account and credit cards but what about your Canadian PENSION PLAN or RRSP that you have in Canada?

    I don't think you even canceled these two personal financial property you have in Canada. Am I right?

    What do you think the consequencies in determining your Canadian resident status because of your still holding Canadian Pention Plan and RRSP?
     
    #32     May 1, 2004
  3. mark1

    mark1 Guest

    Where? Thanks :)

    Just curious !
     
    #33     May 1, 2004

  4. I don't have either of these in Canada. I cashed out what little RSP I had at one point to create more capital to trade with, it seemed a better use of the money. As for CPP, I only worked for a company for 2 years, so I wouldn't have much claim.

    But I don't think its an issue for you. I am not a lawyer, but here is my thinking. You are trying to cut ties that show an INTENT to return to Canada and continue living there. But holding pension/RRSP does not show an intent to ever return. Many retired people collect pensions from several different countries.

    So I don't think its a big deal. Likewise, I carry a Canadian passport, but that does not show an intent to ever live there again, all it shows is my citizenship.
     
    #34     May 2, 2004
  5. Try Monaco
     
    #35     May 3, 2004
  6. Just to clarify, if you are a US citizen, this will only get you the offshore exemption; you still have to pay US tax. Other than that there is a nominal fee for permanent residency and you have to get a certificate from a Monaco bank stating that you have enough funds to support yourself. At one time a couple of years back I sent a letter to every bank there (about 38 of them if memory serves) and the lowest deposit to get the certificate was $75,000.
     
    #36     May 3, 2004
  7. Ebo

    Ebo

    I guess those days are over .
     
    #37     May 3, 2004
  8. The best way to reduce your taxes for U.S. citizens is to move to the U.S. Virgin Islands and meet the requirements of the Economic Development Commission.

    http://www.usvieda.org/edc/edc_index.asp

    You get a 90% excemption in income taxes if you meet the requirements and are a Virgin Islands resident. As a practical matter you need to contribute significantly to the local economic base which usually means hiring 10 residents and local charitable works.

    The IRS doesn't like it but the Virgin Islands has a separate taxing authority that has statuatory right to grant tax excemptions.

    - Curtis
     
    #38     May 3, 2004

  9. More money and more complex, but you are on the right track. as for US citizens, I have no idea since I am not one.
     
    #39     May 4, 2004