Quote:
Originally Posted by pornopenguin
My reasons for wanting to go offshore are to avoid the celebrity attorneys that just want to make some quick money by scaring you with C&D. My feeling is that if they see you are offshore they will be much less likely to pursue anything since it would require actually filing papers in that actual country. I may be mistaken about this but I have always been told if they can't find you they can't sue you. In regards to tax reduction why can't I have offshore merchant accounts, bank accounts and simply make trips over to the country with a few friends each bringing back $!0k in cash (which last I checked was the amount you didn't have to declare with customs) In addition I could purchase precious metals and other things of value. Since there should be no record of this wouldn't this amount of money be "taxfree'"? After which I would then file US corp taxes for a much lesser amount as to not wonder how I am supporting my "lifestyle" It's obvious they will follow bank transactions and such but since I physically got the money there would be no record of me bringing it over. Am I way off here or is somewhat of a "solution"
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Offshore merchant accounts feeding offshore bank accounts held by offshore corporations: all good things in and of themselves.
I have a number of clients/associates who elect to repatriate assets by physically bringing cash or precious metals back to the states following a trip to their offshore jurisdiction. There is nothing inherently
wrong with that, but its definitely not necessary. There are many ways to repatriate funds without raising suspicion, incurring a tax liability or violating the law. One such way is a loan. Lent funds are not taxable income. One can apply for and receive a loan from an offshore company on private terms of repayment. If you're not proficient ant documenting such transactions, it is easy to hire an attorney or CPA to draft the appropriate Note for execution by representatives for the offshore entity and yourself.
Also, proper structuring should result in a seriously decreased need for personal funds. Expenses such as travel, living, utilities and entertainment can and should be paid for by Corporate entities and in the name of corporate entities.