Taxes: Can a Trader Relocate to tax-free locale?

Discussion in 'Taxes and Accounting' started by Sean McLaughlin, Dec 14, 2009.

  1. Are there any countries on this planet that don't impose income taxes on its citizens?

    As a Trader who can live and work anywhere, I would give serious consideration to relocating if it is possible to trade US Markets in a tax-free way.

    I'm aware of trading inside a ROTH IRA or other type vehicles...but I want unrestricted and unpenalized access to my money at any time.

    I don't want to be taxed on my trading profits.

    Is this a pipe-dream? Or do lands actually exist where one can live comfortably without fear of the taxman?

    [Flamers, please move along to the next thread. This is a serious inquiry.]
  2. Also Panama if I remember correctly
  3. Thanks Trvlwanderer -

    Things that aren't clear in what I've read since your suggestion is...

    Do I have to become a citizen of Cayman to achieve the tax benefit?

    Do I have to spend a minimum amount of time on location there? (for example, must I be there at leave 7 months out of the year?)

    Do I have to own property?

    Do I have to form a company registered in Grand Cayman to achieve the tax benefit?

    If you know the answer to any of these questions, your help is greatly appreciated.

    Thanks again,

  4. I have not been in the Cayman's in ten years but at that time it was probably the most boring of the islands. Because of its British roots here was not even one really good restaurant.

    Ya can't freakin' live there!
  5. Indeed, this is something that concerns me as well.
  6. phil90



    As far I kow , American citizen cannot avoid taxes by livig somewhere else and must pay taxes wherever they live. There may be a way to surrender you citizenship to avoid taxes but even then this appears to be illegal. There could be other ways to do so but that may be asking for trouble.

    By the way I am not a professional on taxes but just tought I would share the information I read in the past.
  7. Yes, you can hide income for awhile from the IRS, but your broker has incentive to snitch on you. No individual trader can hide for very long. Your SS# goes everywhere, in trading. The paper trail is too well known.

    You can trade offshore, but the official answer to renouncing your US citizenship is that you must file 1040s for TEN YEARS after you renounce. At this time, even with all the freedom loss here in the USA, I would not renounce my birthright for money or the promise of money. I would only do so if I had a place to relocate with as musch or more freedom as here. And I don't see anywhere like that, from which to trade without looking over my shoulder, without excessive regulation and taxation. Maybe somebody here has an idea.

    I reserve the right to change my mind, based on impending martial law or other socialist fear tactics imposed by socialist government.
  8. Boib


    Google 'Offshore Money Havens". That will give you a start.
  9. Bob111


    that's a good advise

    but you have to realize that you are about to became an outlaw.
    can you live with it? regardless to what you about to do. incorporate offshore anonymously,trade on this corporation behalf..whatever....are you aware of tax consequences? ready for spy type sort of living? how about your family members? i'm not US citizen and can move to a panama for example with no place,no taxes on trading..but what about the family? your kids(if you have any). i ask myself the same question many times..imo-not really worth it. you have to either sacrifice everything or just forget about it,if you like a good sleep at home.just remember-once you in-there is no middle.
    #10     Dec 14, 2009