Are you interested in going offshore?
 

How many of you are still not offshore and have plans to do so? If you are interested, what's your main purpose: to avoid 2257 or to get tax deductions? I'm really interested to hear your opinion on this topic...

Some interesting threads on this topic:

it/710176-offshore-gibraltar-vs-cyprus.html
fucking-around-and-business-discussion/677668-incorporating-offshore-legal-mumbo-jumbo.html

Already offshore... reasons... (a) better lifestyle, (b) no taxation and (c) superior legal environment for the adult biz.

For any serious webmaster operations - it's not an option, but a necessity - tho appreciate US webmasters (or specifically, US citizens) will not get the full benefit on (b) and to a lesser extent (c).

which country would you suggest for incorporation?

Whee nettrust :winkwink: That really depends on individual background to a degree and what ya want to achieve at the end of the day.

It may be worth having a look at Bahamas, Panama and Gibraltar. Cyprus is OK, tho there is an obligation to do some accounts filing (why bother when you don't have to waste time on this elsewhere?)

For "blocking" and "barriers" would prob suggest Panama. The pluses to Gib are that it is in the EU and can be useful in complying with VISA regs within the EU and processing.

Other bit worth mentioning - banking should be in a different jurisdiction to that where the corp is founded (and no reason not to have more than one banking account for any corp).

Fundamentally... even before mapping out a possible structure - it's a good idea to do a "self-analysis" of what is legally possible and trying to stay within whatever "home country" laws. It may be worth consideration to being resident offshore - by doing so, this kills one hell of a lot of legal obstacles and keeps everything above board. This is easy for the majority of countries - tho there are about four which are an exception - Lybia, US, Saudi and some "stan" country. If nationality is with any of these countries - there are ... kinda obstacles. Example.. if a person is a US citizen, sure there is an allowance of around $80K for foreign residency - but the whole concept of offshore kinda falls apart after that, - simply because there is a legal requirement to report all foreign income on an annual basis and this wipes the privacy element of offshore. Tho... there are probably methods where there is a gain, and still have this totally legitimate (tho seriously need a lawyer for this).

Unless you want processing... my gutty feeling is Panama is prob a good idea - mainly for confidentiality. But again... there could be a scenario where a Panama corp is the owner of a Gib corp which can alleviate a small about of taxation in Gib and where the profits are moved over to Panama where there is no taxation. There are plenty ways to skin a cat and keep everything legal :winkwink:

PS Damn.. almost forgot!! If you are a US citizen, Panama is prob not such a good idea.

The problem with Panama (and a few other offshore jurisdictions) is that there is a MAT (Mutual Assistance Treaty) with the US - other countries don't have this. So... again.. it's prob worth consulting a lawyer - not really about offshore law, but more about US domestic law re any problems this could possibly cause.

As you and I discussed before, just about everyone has a MAT with the USA these days. Uncle Sam wants his money and will stop at nothing to get it.

This is true DWB - keep finding more of the damned things!

It seems a bit over the top that Uncle Sam is the only western country to tax their citizens even if they don't live in the US - and chase em worldwide!

yes, i am interested in going offshore............fishing

it sux to be double taxed, by the country you are living in and by the USA at the same time...

btw, USA is not the only country that taxes their citizens living abroad... :(

what about singapore?

porn is illegal like in the rest of Asia, and it's very expensive country... rent starts from thousand/month no matter how smal the room is.

but you forgot the extremely hot women there...although sort of stuck up....and the 100 degree weather....so humid there. u almost need to change shirts every few hours....shopping is great there...esp. orchard row and suntec

One bump here...

i'm looking for some really nice packages to offer to all of you who are actually interested... :)

Any news? I've been looking into this recently...

even if you have a company off shore, and host off shore.. but you ownthe company and you are a US citizen. you still get bonned the only way to really do this correctly is to denounce your US citizenship and move out of country.

Too many people think oh i'll just host off shore... which.. wont help you one bit.

Blame Canada

im interested...
but simply because i dont like staying in one place too long

i think i have some really nice tips and tricks to incorporate offshore, fast and cheap. feel free to send me an e-mail to nettrust [at] gmail. i'll be glad to answer to all of you.

ONe thing about that, is if you make the money show that it was earned from outside the US, then the first 80k is tax free

You can thank America's clueless politicans for this bullshit.

They don't seem to get that making US-Laws on a Global Network just pushes business out of their country, and stops nothing.

I wonder how much tax dollars will be lost over the next few years from this industry moving away from the USA.

What a bunch of dumbfucks.

someone found this thread interesting, so i'll simply bump it now...

I've got a Canadian friend interested in getting an offshore corp so he can get processing, if anyone has any suggestions, or places he can go to get something done, please let me know..

YOU ARE A LIAR AND A FAKE PLAYA :321GFY

I just lost everything I own in the world in Panama. EVERYTHING. My home, cars, bank accounts, business.

10 people invaded my home, tied up my fiancee, maid and employees, put a gun to her head, and forced her to open my safes. In broad daylight, with no masks, in the best building in the entire country.

http://RichardJSchueler.com

and that's just the tip of the horror iceberg.

Keep in mind, that if you can show your income as comming from OUTSIDE the US, then you dont pay taxes on the first 80K as a US citizen.

Yup most people don't realise this. They setup their company and run everything through it thinking they won't have to pay tax, then they get audited and get hit with tax evasion and goto jail. It would be better just to not your pay your taxes at all then try and hide the money from the govt.

Ive never heard of that one. I paid taxes on some 300-400k in 2001 from a company that was not in the USA. I was told I had to pay taxes on ALL of it.

Do you have any documents that discuss this?

IRS.gov.....

thats pretty crazy

What document though?

Sorry, thats the part I dont remember. I was looking for it, but can not find it. If you have a friendly accountant in the US, give them a call and ask.

Yo, I'm from the UK and fishing for off shore accounts and I need some more info, someone make a post...explaining whats the difference between UK and USA laws regarding taxes n shit

thx

The only reason I would go offshore is to be able to have my own Merchant Account and save 7% on processing fees. I tried once and get fucked, i'm not sure I want to try again.
Saving taxes... I don't mind paying taxes to my country, I make enouph money to do whatever I want. Giving a % of it to other people simply make me feel better. My 2 cents.

One of the things that People need to realize is that going off shore does not stop you from being under US law. If they pass the 2257 laws, they can simply make them so that if you sell content to a US citizen using a US credit card, then you must have the 2257. Something similar to the Gambling law.

I'm looking at incorporating offshore too. Panama is now on my "not to visit" places though.

What are the benefits of owning a corporation and bank account offshore, if you live in one of the EU countries and you're not a US citizen? I guess this depends on the laws of each country, but overall...complete tax free living?

Sweet, but what if you're a Canadian citizen living in Canada and you operate a company registered in Seychelles there? Are you required to pay tax in Canada?

To those interested in the Foreign Earned Income Exclusion:

http://www.irs.gov/businesses/small/...=97130,00.html

Looks like the requirements state if you are a US citizen you gotta live in the foreign country for at least 330 days of the year.

http://www.irs.gov/businesses/small/...=96817,00.html