Quote:
Originally Posted by TheDoc
You guys aren't even worth talking to about this. Everyone knows it isn't legal, that's the entire point. And you do pay taxes on the purchase, you don't pay tax on the money it ads to your possible income.
And you shouldn't have to pay taxes on it.. Since the entire tax code says corporations have to pay taxes with the US corporation, and the last time I checked, my ass wasn't a corporation, and you can't find anywhere that it says a human has to pay taxes.
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OK.. First para... If it is not legal under whatever jurisdiction you are obliged to comply with, you expect anything other than pointing out the obvious? Only my
, but have no interest in encouraging/misguiding other people into an area of tax fraud, which will, most likely be detrimental to them.
This thread has outlined many possibilities (and sure, there are more) where there is a valid use of "legal" offshore facilities. To enter this area with a mentality of heading towards tax evasion is not healthy and very amateur. There are many valid uses of offshore - and any other structures - other than with an attutude of greed/fraud and these have several benefits, and, we take up these options where there is no personal or corporate taxation or form-filling. The difference is it is legal and there is no requirement to hide behind nominees (although - for other reasons, nominees can be useful), form vague foundations or use plastic cards to defraud.
Para two - "And you shouldn't have to pay taxes on it.." What you shouldn't do and what you are obliged by law to do, are two different things. I'm sure an IRS audit team will be pleased to explain - opinions don't matter.
Regarding the rest of para two, - the tax laws of the US are clear, and, I know some folks contest them, but they are the laws which are being applied now and those on which any tax evasion offenses would be based.
Summary - The type of activity you are suggesting has been the subject of enforcement operations in numerous countries, including the US, and it is not the type of business any offshore jurisdiction wants to attract. From an OS banking angle, all banks in offshore areas have regulatory authorities, and, just trust me on this - they know a lot more information than most banks as to what transactions pass thru these banks. Their job is to keep all banking "clean" and maintain the reputation of whatever OS jurisdiction - they don't like fraud/evasion too much
If you wish to take advantage of OS legally - there are other ways and this involves investing mainly time and some funds with experienced professionals and where there would be a need for complete disclosure of your background scenario since each person will be different. For US citizens, this is harder and may, or may not, be possible - many offshore lawyers feel they are unable to handle US folks because of this, but others can be just greedy enough to sell a few meaningless corps to them (as may have been the case with Richard Schueler). Other offshore lawyers will not enter US territory or give any advice within those territories.
Bottom line - it's all about *you* and what citizenship is held. That will dictate the laws applicable.