Please explain 'tax minimization' legit techniques through offshore corps - GoFuckYourself.com - Adult Webmaster Forum

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Mutt

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#1

Please explain 'tax minimization' legit techniques through offshore corps

08-20-2012, 07:45 PM

Mitt Romney does it, billion dollar US corporations do it, and if you look at most of the big programs in porn they have corporations in the UK and the Carribean for tax purposes i'm sure.

So how legally does it work?

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wdsguy

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#2

08-20-2012, 07:56 PM

You gotto know the right people.
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xXXtesy10

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#3

08-20-2012, 07:58 PM

Originally posted by wdsguy

You gotto know the right people.

Google HSBC

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BIGTYMER

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#4

08-20-2012, 07:59 PM

There is a thread about this somewhere on here...
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Joshua G

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#5

08-20-2012, 09:17 PM

you should go into merrill lynch wealth management & ask them that question. they will ask you how much you make. if you not making over 250K, they will laugh at you, then press a button & you will fall into a garbage chute.
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Paul Markham

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#6

08-20-2012, 11:25 PM

Ask an accountant, it's simple if you have the funds.

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John.

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#7

08-20-2012, 11:37 PM

Originally posted by joshgirls

you should go into merrill lynch wealth management & ask them that question. they will ask you how much you make. if you not making over 250K, they will laugh at you, then press a button & you will fall into a garbage chute.

what he said

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rowan

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#8

08-20-2012, 11:58 PM

Google Adsense is a separate company based for tax purposes in Ireland, from memory.
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Captain Kawaii

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#9

08-21-2012, 12:05 AM

Originally posted by Mutt

Mitt Romney does it, billion dollar US corporations do it, and if you look at most of the big programs in porn they have corporations in the UK and the Carribean for tax purposes i'm sure.

So how legally does it work?

If you have at least 100k to invest contact me, I can refer you to an excellent company, 110 years old that has proven to be quite the money makers with us. They set us up off shore easily and quickly. This is an OLD money firm.
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teomaxxx

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#10

08-21-2012, 03:40 AM

Originally posted by joshgirls

you should go into merrill lynch wealth management & ask them that question. they will ask you how much you make. if you not making over 250K, they will laugh at you, then press a button & you will fall into a garbage chute.

its more easy then 250k...there are Latvian banks you can have account with opening amount of 1k EUR. But then they suck for adult type of income, at least thats my experience.
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Adraco

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#11

08-21-2012, 04:29 AM

It's all very easy.
Setup a Panama company, or almost anywhere else where taxes are low or even zero. Then that company bill your legit, US based normal day to day operation, with invoices and all, for "consultancy services" and it just so happens that those invoices for "consultancy services" amounts to just about your yearly net profit. So you are basically moving the profit, which would be taxes with US taxes, out of the country and into a company which sees much lower taxes on its profits.

You can also set things up so that the Panama company ownes copyrights, brands, domains and such, and your US based company pay licensing fees to use the domains, brand names and other intellectual properties. Again, it just so happens,that the licensing fees, royalties and all amounts to just about the yearly net profit of the US based company.

That way you can take part of all tax deductions and stuff in the US, like business expenses and whatever not and then move the profits offshore and then cash out with much lower taxes.

To get a fully legal setup of the above basic scheme, go see a CPA or wealth management division at one of the largest banks. Do not fall for the millions of "start-your-own-offshore-company-we-promise-it's-legal-and-we-will-help-you" websites, which all claim to do it for about $1000 and up.

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Mutt

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#12

08-21-2012, 04:37 AM

Originally posted by Adraco

It's all very easy.
Setup a Panama company, or almost anywhere else where taxes are low or even zero. Then that company bill your legit, US based normal day to day operation, with invoices and all, for "consultancy services" and it just so happens that those invoices for "consultancy services" amounts to just about your yearly net profit. So you are basically moving the profit, which would be taxes with US taxes, out of the country and into a company which sees much lower taxes on its profits.

This is what I assumed is what's done. But doesn't the IRS or CRA in Canada see through that and make you defend what exactly these 'consultancy services' are and who is providing them?

My best friend comes from a fairly wealthy family, him and his sisters when they were young adults would get paid from the dad's company a couple grand a month. They didn't do any work. I wasn't jealous or envious, not in my nature to be that way BUT I could never understand how the taxman never investigated and I think the company was audited once.

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Phoenix

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#13

08-21-2012, 04:41 AM

Originally posted by Mutt

This is what I assumed is what's done. But doesn't the IRS or CRA in Canada see through that and make you defend what exactly these 'consultancy services' are and who is providing them?

My best friend comes from a fairly wealthy family, him and his sisters when they were young adults would get paid from the dad's company a couple grand a month. They didn't do any work. I wasn't jealous or envious, not in my nature to be that way BUT I could never understand how the taxman never investigated and I think the company was audited once.

Well those kids would have been paying tax on the income as well.
Im about to start a corporation in china..for non adult of course.
tax there is 4%

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Adraco

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#14

08-21-2012, 05:01 AM

Originally posted by Mutt

This is what I assumed is what's done. But doesn't the IRS or CRA in Canada see through that and make you defend what exactly these 'consultancy services' are and who is providing them?

My best friend comes from a fairly wealthy family, him and his sisters when they were young adults would get paid from the dad's company a couple grand a month. They didn't do any work. I wasn't jealous or envious, not in my nature to be that way BUT I could never understand how the taxman never investigated and I think the company was audited once.

"Create" whatever expense you feel is necessary. Have all your servers in the Panama company and rent them out to your US business at a steep price and keep the profit in the Panama company. Create licensing fees, royalties and other things.

About being paid from a company and never doing any work, that's absolutely legal. It's up to the companyto decide if your work is good enough to keep you hired. The tax man does not investigate exactly how much, if at all, you actually work. They look at your declared income, if you are paying taxes on that, then everything's fine in their eyes.

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sperbonzo

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#15

08-21-2012, 05:08 AM

Originally posted by Adraco

It's all very easy.
Setup a Panama company, or almost anywhere else where taxes are low or even zero. Then that company bill your legit, US based normal day to day operation, with invoices and all, for "consultancy services" and it just so happens that those invoices for "consultancy services" amounts to just about your yearly net profit. So you are basically moving the profit, which would be taxes with US taxes, out of the country and into a company which sees much lower taxes on its profits.

You can also set things up so that the Panama company ownes copyrights, brands, domains and such, and your US based company pay licensing fees to use the domains, brand names and other intellectual properties. Again, it just so happens,that the licensing fees, royalties and all amounts to just about the yearly net profit of the US based company.

That way you can take part of all tax deductions and stuff in the US, like business expenses and whatever not and then move the profits offshore and then cash out with much lower taxes.

To get a fully legal setup of the above basic scheme, go see a CPA or wealth management division at one of the largest banks. Do not fall for the millions of "start-your-own-offshore-company-we-promise-it's-legal-and-we-will-help-you" websites, which all claim to do it for about $1000 and up.

Some of this will change when FATCA is implimented. There will actually have to be a foreign national that is the signer for the offshore company and de facto owner.

.

Michael Sperber / Acella Financial LLC/ Online Payment Processing

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mafia_man

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#16

08-21-2012, 10:49 AM

Originally posted by Mutt

Mitt Romney does it, billion dollar US corporations do it, and if you look at most of the big programs in porn they have corporations in the UK and the Carribean for tax purposes i'm sure.

So how legally does it work?

It's not that hard.

You either move abroad or keep your money abroad.

As soon as I remit my money back to the UK I'll get taxed on it.

I'm out.
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teomaxxx

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#17

08-21-2012, 11:09 AM

Originally posted by teomaxxx

its more easy then 250k...there are Latvian banks you can have account with opening amount of 1k EUR. But then they suck for adult type of income, at least thats my experience.

just reading about Cyprus banks and adult income:
http://www.cclogic.com/forum/f2/offs...usiness-16546/
there are also some related threads to this topic.
they suck too
I had also in the past my account kicked out of one Austrian bank due bangbros sending me wires with title "bangbros com"

Last edited by teomaxxx; 08-21-2012, 11:10 AM.
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wdsguy

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#18

08-21-2012, 11:12 AM

The best solution is to not be a US citizen and try to get citizenship in a country with a much lower tax rate. There are all sorts of ways to minimize your taxes by setting up shop abroad but the problem is you are always going to be in a position to be fucked if you are a US citizen and the IRS decides to come after you at some point.

Last edited by wdsguy; 08-21-2012, 11:13 AM.
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Klen

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#19

08-21-2012, 11:19 AM

Originally posted by teomaxxx

just reading about Cyprus banks and adult income:
http://www.cclogic.com/forum/f2/offs...usiness-16546/
there are also some related threads to this topic.
they suck too
I had also in the past my account kicked out of one Austrian bank due bangbros sending me wires with title "bangbros com"

Lol which bank exactly ?
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ravo

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#20

08-21-2012, 11:38 AM

Originally posted by mafia_man

It's not that hard.

You either move abroad or keep your money abroad.

As soon as I remit my money back to the UK I'll get taxed on it.

This. You can have your offshore company makes as much money as you want, but as soon as you bring money back to your home country, it gets taxed. So, if you need money for your mortgage payments, food, etc, it will be taxed in your home country at your personal tax rates. (that's if you want to be fully legal about it)

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teomaxxx

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#21

08-21-2012, 12:01 PM

Originally posted by KlenTelaris

Lol which bank exactly ?

Hypovbg

and just now I am screaming for that as I am in urgent need of bank account for offshore company and the bank must be from one of the member countries "Financial Action Task Force on Money Laundering", which is exactly Austria or Switzerland - the last two bastions when offshore company can setup accounts when need to have a "serious outlook"
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sperbonzo

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#22

08-21-2012, 01:20 PM

Originally posted by mafia_man

It's not that hard.

You either move abroad or keep your money abroad.

As soon as I remit my money back to the UK I'll get taxed on it.

In the US it doesn't matter where you live. If you are a US citizen and you never set foot back in the US again, you will still owe taxes for the rest of your life, or until you renounce your US citizenship.

.

Michael Sperber / Acella Financial LLC/ Online Payment Processing

[email protected] / http://Acellafinancial.com/

ICQ 177961090 / Tel +1 909 NET BILL / Skype msperber
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lucas131

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#23

08-21-2012, 01:22 PM

please somebody share step by step manual with pictures, so everyone can make it offshore
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wdsguy

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#24

08-21-2012, 02:48 PM

Originally posted by sperbonzo

In the US it doesn't matter where you live. If you are a US citizen and you never set foot back in the US again, you will still owe taxes for the rest of your life, or until you renounce your US citizenship.

.

Exactly the point i was trying to make. Sucks being a US citizen sometimes.
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Barefootsies

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#25

08-21-2012, 03:02 PM

Originally posted by joshgirls

you should go into merrill lynch wealth management & ask them that question. they will ask you how much you make. if you not making over 250K, they will laugh at you, then press a button & you will fall into a garbage chute.

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