GoFuckYourself.com - Adult Webmaster Forum - View Single Post

Jenny S. · 09-23-2006, 06:15 AM

All wrong.

1. US Citizens and Resident Aliens Abroad

If you are a United States citizen who lives and works abroad, you in most cases qualify to exclude all or part of your foreign earned income. U.S. citizens are taxed on their worldwide income, no matter where they work. Some taxpayers may qualify for the foreign earned income exclusion, foreign housing exclusion, or foreign housing deduction, if their tax home is in a foreign country and they are either a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year, or are physically present in a foreign country or countries for at least 330 full days during any period of 12 consecutive months.

Resident aliens of the United States with a tax home in a foreign country may be eligible for the exclusion if they meet the physical presence test, or if they are citizens or nationals of a country with which the United States has an income tax treaty with an applicable nondiscrimination clause, and they meet the bona fide residence test.

Read

IRS Publication 54, Tax Guide for US Citizens and Resident Aliens Abroad
IRS Form Form 2555 in connection with Form 1040

2. Gibraltar Bank Accounts

Gibraltar is a British Crown dependency and a full member of European Community, although it has been excluded from the European Common Agricultural Policy, VAT and Common Customs Union. Nominee directors, nominee shareholders, bank account signatories are possible for Gibraltar Non-Resident Сompanies. However, money held in a bank in Gibraltar by a non-resident company is taxable; therefore it is advisable to have your bank account outside of Gibraltar.

And yes, there may not be anything illegal in having a Gibraltar corporation in general. However, if it's a PO Box based corporation in almost all cases there is, because it makes absolutely no sense to got through the process of opening a corporation in a place like this if someone intends to pay taxes and declare everything at home.

Again, ask a qualified attorney it you are a US citizen and intend to do something like this. It's deep and dangerous water.

09-23-2006, 06:15 AM
Jenny S. Confirmed User Join Date: Apr 2006 Location: Europe and SE US Posts: 582	All wrong. 1. US Citizens and Resident Aliens Abroad If you are a United States citizen who lives and works abroad, you in most cases qualify to exclude all or part of your foreign earned income. U.S. citizens are taxed on their worldwide income, no matter where they work. Some taxpayers may qualify for the foreign earned income exclusion, foreign housing exclusion, or foreign housing deduction, if their tax home is in a foreign country and they are either a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year, or are physically present in a foreign country or countries for at least 330 full days during any period of 12 consecutive months. Resident aliens of the United States with a tax home in a foreign country may be eligible for the exclusion if they meet the physical presence test, or if they are citizens or nationals of a country with which the United States has an income tax treaty with an applicable nondiscrimination clause, and they meet the bona fide residence test. Read IRS Publication 54, Tax Guide for US Citizens and Resident Aliens Abroad IRS Form Form 2555 in connection with Form 1040 2. Gibraltar Bank Accounts Gibraltar is a British Crown dependency and a full member of European Community, although it has been excluded from the European Common Agricultural Policy, VAT and Common Customs Union. Nominee directors, nominee shareholders, bank account signatories are possible for Gibraltar Non-Resident Сompanies. However, money held in a bank in Gibraltar by a non-resident company is taxable; therefore it is advisable to have your bank account outside of Gibraltar. And yes, there may not be anything illegal in having a Gibraltar corporation in general. However, if it's a PO Box based corporation in almost all cases there is, because it makes absolutely no sense to got through the process of opening a corporation in a place like this if someone intends to pay taxes and declare everything at home. Again, ask a qualified attorney it you are a US citizen and intend to do something like this. It's deep and dangerous water. __________________ Jenny Seemore Pornography is the bloody gladiator who stands guard over the First Amendment