I was thinking ... is there a better country to live in than the US as far as taxation is concerned? Eventually, once I am trading for a living, it would be nice to trade as a citizen in a country other than the US to avoid the heavy taxes here. Are there any catches to doing that, such as eligibility to trade on exchanges, or to maintain a retirement account like a Roth IRA? I'm just speculating for now, but in a few years, I may consider it a bit more seriously.
That sounds a little mysterious. Do you have any idea of what other countries would be beneficial to a full-time trader? What other considerations are there? Like I said, I don't plan on considering this for quite a while ... probably at least 5 years, probably more.
I think it depends on what you are trading. If you are an FX trader it is seriously unlikely that you would have problems trading anywhere. And even after that, I doubt that you would have any trouble trading equities or futures. It is an international market. Oh... I don't know... Monaco, Bermuda, come to mind... Good luck!
Thanks for the insight boreas. I guess maybe I should approach this from a different angle ... is there anyone here that lives in a different country with better tax laws? If so, then from your perspective, why would or wouldn't you want to live in the US?
If you're a US citizen you will likely remain taxable under the arm of the US IRS, regardless of where you live.
Switzerland: you can arrange a fixed lump-sum tax with the goverment annually. Dubai: 0% Tax & great lifestyle options Monaco: 0% tax if you own a property & are resident Gibraltar: £10k up front tax lump and everything you earn extra is tax free
It's not as easy as it sounds. Consult a good offshore tax lawyer before you proceed with this. Yes, it is possible. But you don't want to make a mistake the IRS can exploit to rip you off after a few years.