Why russian money went to Nicosia?Damn, I have money in nicosia and I'm worried they might shut everybody out now that they are integrating with th EU
I would give away us citizenship as fast as I can... I am not a citizen but a native new yorker and I do not believe there is any other city in the world that compares with ny. However I do find it a bit richly valued. I have looked into the subject and I have come to find many places trading below fair value imo. I think we would be thinking narrow minded if we would choose to segregate our thinking in a future which will be driven by a globalised economic structure. I was born in athens, greece but that does not mean i have to go and live there. not that it sounds like a bad idea, pretty good actually but not realy what appeals to me right now. I myself need more dd. but suppose the dollar gets cut in half, deficits widen, fed raises, commodities surge, collateral values erode, home prices plummet. what then?? I do not think there is a workable plan this country can execute to free itself from its creditors except," i am sorry, I dont know what I was thinking". http://www.gao.gov/new.items/d07342t.pdf
I went on Google and typed in the words "tax-free brokerage". It came up with a few off-shore brokerages such as the following: http://belizetaxhaven.com/trade.html So lets discuss the two options outlined on this website: 1. Open a mainland discount brokerage account in the name of your IBC. It will then be treated the same as any other foreign company trading on the US or any other mainland market with no capital gains tax to pay. 2. Trade online or manually with a tax-free brokerage account opened offshore. Some of the offshore banks we use have brokerage accounts which are opened in the name of your IBC. We also provide private offshore brokerage firms account forms for free, as part of your package. I would not feel safe wiring my money to a foreign bank or brokerage. Option one seems safer. So my next question is what are the tax implications of option number 1? State&Federal? What type of return would I have to file in the US? Where would I file a return if at all? Any more details anyone would like to share? This website charges $1595 for the paperwork, is this a reasonable fee? Lets say I decided to trade with an off-shore brokerage account, which brokerages are the most credible and hassle free? Does anyone on elitetrader trade with an offshore account? I have used the website that I found on google for discussion purposes only. I have no idea if its credible and would certainly be pensive about using it.
Everybody is searching a solution for a problem that more than 99% of them will never face: getting rich by trading. Instead of worrying about taxes, try first to make a decent income as trader. Look for a solution when a problem occurs inreality, not in your fantasy. This thread is similar to: how much money can you make with 5000$? Or, is it possible to get rich in trading? Or, how much money can i invest without moving the market? I also have several problems: if i ever get rich what should i do? Buy a Ferrari or a Lamborghini? How can i replace my wife by a younger version? I consider going to a lawyer to ask his advice in case i ever get rich. It should be a famous lawyer because maybe i will get very rich and then only the best one will be good enough. The only problem i still haven't solved is: how can i get rich? But that's a minor problem.
I would still like to know the answers to my questions though...about the IBC and off-shore trading. *Reputable* off-shore institutions. Do they exist? Does anyone operate here off of an off-shore setup? This should be a helpful thread if someone can provide the right answers. . .If its all a matter of paperwork in forming an IBC and a fee, then why not go ahead and do it?
Just on a side note, there are quite a few states that have no income tax. The most popular alternative is Florida. For the average US worker who makes $54000 a year, the savings in Florida can amount to $150 a month. This doesnt sound like much, but lets take a closer look. What if that worker placed the $150 in a mindless S&P500 index fund assuming an average growth rate of 12% per year. Year Balance 1 1998 2 4235.76 3 6742.05 4 9549.1 5 12692.99 6 16214.15 7 20157.85 8 24574.79 9 29521.76 10 35062.37 11 41267.86 12 48218 13 56002.16 14 64720.42 15 74484.87 16 85421.05 17 97669.58 18 111387.93 19 126752.48 20 143960.78 21 163234.07 22 184820.16 23 208996.58 24 236074.17 25 266401.07 Over a 25 year period, even the small savings off of the state tax will add up to large figures. If you intend on making over six figures or seven figures, imagine how the above graph looked if those tax savings were placed into the mindless index fund... This is why saving money off of taxes is so important.
Can any online broker find out what country you are trading from? Lets say that you have an account in country X, but you logon and trade that account while you living in country Y, can the broker find out? Thank you