Tax Havens of the World

interesting book

Once I receive it (about two days now) I will let everyone know if it is any good or not.

Just having some information will be useful for my future.

I am having huge problems justifying my taxes taken to be spent on thousands of worthless things around the world and in the US.

Please report back. I feel your pain.

does anyone have advice?

what books to buy?
what other tax shelters to get?

I bought that book about 5 years ago. Pretty useless- most of the info is outdated

If you are a US citizen there are hardly any legal ways to avoid taxes.

You want to lower your taxes so badly that you're going to move to the Bahamas to get citizenship and give up your US citizenship?

Hate to break it to you all, but for US citizens there's no free ride left off shore. In the late 1990's Congress passed a lot of legislation to prohibit and prosecute abusive off-shore structures. For example Internal Revenue Code 956A of the Revenue Reconciliation Act speaks about passive assets in foreign corporations where US citizens hold stock. Without going into it, a passive asset is stuff like certificates, stocks, bonds, cash, any asset that doesn't directly relate to you making money, such as a factory. This is one of the many kisses of death for a webmaster who's only asset is a server and TON's of cash flow. There's a ton of stuff written in the IRC that basically says if you're a US citizen you owe your US tax rates. Period.

That being said, there are a few things you can do, but they are very specific, and not all that great. Any book you buy that promises to save you thousands is probably going to get you into trouble.

My best advice is to find a GOOD lawyer who specializes in off shore tax havens. Such structures do exist but the free ride is OVER and you're going to need a personal advocate to keep yourself out of trouble. That person ain't me, though.

Some of these books may help you hide money. They may tell you the best places to hide it, but remember, hiding is still illegal. Back in the 1970's and 1980's it was a breeze to hide things, but after the legislation of the 1990's and the attack on the World Trade Center, all these banks are rolling over and giving up the names of all their US account holders, making a lot of the old tricks of the trade IRRELEVANT.

The IRS is a lot smarter than people think. They find stuff a lot smaller than people would think the IRS would care about. The IRS does this specifically to keep even the little guys scared.

My taxes will be done tomorrow when I mail in the final check. Glad it is all over with. But then got till April 15th to send in the first quarter estimated payments! YAY

Depends what you want a tax haven to be

The common concept, tho it has some truth, is a place to stuff a load of money defrauded from some countries revenue collectors.

There are very few countries left that still have the old concept of tax haven left. The rest have caved in to the OECD, including the Bahama's, and are transparent.

There are many variables depending on what citizenship you hold - this can cramp your style before you get off the ground. There are still a few countries where barriers are placed to stop concept of their citizens using "offshore" - Libia, US and Saudi are most of em. US is hard to kill since they still want IRS returns and an answers to very specific questions, which, if answered incorrectly, means jail time. By answering the questions - this defeats the whole purpose of "tax havens" and amounts to complete disclosure. US folks need very good lawyers for this stuff! :-)

It may also be a matter, - usually is, - of actually being offshore or at least not living within the country where you are a citizen. I've been in "tax havens" for years now, but can't say I'd regret any moment of it and can see no reason for setting up home back in my country of citizenship. The quality of life is tops - no tax is fine, but the lifestyle is vastly superior to industrialized countries.

For legitimate tax purposes, it's not only a jurisdiction that matters, but a decent corporate structure in place, possibly covering more than one jusidiction and with banking in other jurisdiction/s... and, where you live can be another jurisidiction :-)

I'm not really looking to hide assets or income.

What I am looking for is a way to live and if needed get citizenship in a income tax free (or very low) country. My business receives more than half my income from non-US sources. If I established my business in the Bahamas that would give me what I need, relief for oppressive taxes.

You wrote all that before I churned out my shit!! :-)

Yea.. agree with you!

If you are a US citizen debbie, that's the start of the problem.

I'm no expert on US taxation - you know more than me, - I understand disclosure of "foriegn interests" is required. This is the same problem US people have who are currently "offshore" - they have to remain "clean" to be able to answer what is asked.

Tho.. there are ways :-)

PS... And the US govt does give a few dollars in allowances for being "non resident" - think is around $70K-$80K/year.

I will have to look into that. thanks.

As I learn more (that is totally legit) I will let everyone know.

I think when I start posting the results it will be a good continuing thread.

anyone who live in the US and make a good amout of money in certain parts of this industry could move their operations, company, and themselves off-shore.

Exactly the reason I moved, tho not from the US.

It took a long while thinking over and researching... and the only way was to actually move offshore. Since then, no taxes are OK - it took over six months to get the idea I never had to fill in a form ever again and this was "legal"

The offshore lawyers quit charging for advice, confirmed it was all legal, and told me to stop fussing and go to the beach and enjoy freedom :-)

But the main feature, least for me, is the quality of life - there is no comparison - amazing stuff :-)

Find someone that really understands the issue. Books get outdated quick.

I'm sure there's someone here that knows a lawyer that only work with offshore questions that can refer you. But what ever you do, don't base your decision on just a book.

Agree!

And another thought - deal direct with an offshore lawyer. Not some asshole who reads the same books offered by net marketers.

I listened to a number of "onshore" lawyers - that was a total waste of time and money. I then flew, literally, around the globe and met a number of lawyers in different jurisdictions - the difference was amazing. But.. all that was unnecessary, it was much simpler in the end :-)

PS... This is ironic!!! :-) One of the lawyers I did ask for advice "onshore", now keeps calling me asking for advice. WTF!!! :-) Nice lady, but hell! :-)

Just move to the White House..

Good post


I was thinking the same thing... if you have enough money to start thinking about offshore 'tax havens', you probably have enough sense (and money) to consult with a professional whos job it is to stay up to date with all of that - Vs reading it out of a book that may have outdated or dangerous information.

Where are you living now?

Canadian Prime Minister registered his companies in the bahamas and pay no taxes... Barbados is also popular

Tax evasion = Jail time

have fun with bubba

It is not tax evasion!

It is moving your company, income, and citizenship to another country!

and living there!!

everything I wish to understand is all legal. I do not want anything else.

Barbados company is the way to go. Just like PM Paul Martin.

NicheWealth.com