Setting up offshore?
 

Hi-

I'm starting to make some decent cash and am wondering whether I should try to set up an offshore company (it was recently suggested to me that I should consider it).

Also, I would like eventually to do something gambling-related and it would be necessary for that.

I've noticed that a number of the biggest players have located offshore, and from google it seems as though it would be pretty straightforward to set up an offshore corp.

But it seems to me that it would be hard to disguise my income from my sites.

Has anyone done this or know of any good resources?

Jesus did it with no problems..

What ya gonna do when they catch you?! And they WILL sooner or later dipstick. And THEN they will take everything you have to cover the fines and penalties. :1orglaugh

Get a good accountant instead. Skip the hassle of going offshore. A top level tax dude will save you just as much money.

Why?

The whole thing sounds complicated, and risky.

Easy man.. look for the Nigerians and they'll set you up nicely.

elric, ICQ me and I will give you a guy's phone number... It can be done... but you will have to talk to him and I will have to let him know you are going to call... but it's really not a good ideal asking this on a public board..... Right now... they are really going after people with off-shore accounts... the IRS just took Master Card to court and won.... the guy will charge you so you will want to be making some very good money before you talk to him. he might tell you it's not worth it an longer with the US Govt. being on there High Horse RAT now.... Don't know have not talked to him in awhile about this subject.

There is nothing illegal about going offshore.

http://www.ocra.com/

Fast and professional.

Dont listen to any of the above, they have no idea what they are talking about. It is a multibillion dollar a year industry for a reason.

Just do it right the first time.

If you are planning on tax evasion...

If you send the money offshore, dont try and bring it back in unless you do it cash. Dont plan on using some offshore Visa as Visa likes to cooperate with the government.

Pick a jurisdiction that has no treaties with the US, and the name of the particular treaty escapes me right now, plenty of jurisdictions do exist that tell the USA to fuck themselves.

so offshore banking considered illegal in the usa? hahaha that is fucked up. i just read this

anyway, what do i care.

edit: i thought that the "it's illegal!" comments were a bit strange... :eek7
just read labret's post... i guess it isn't illegal in the usa.
with that said, as long as you don't try to pull some wool-over-eyes shit, and have it done professionally/above board, you'll be fine.


here in the uk, it is pretty big business... all the major banks have their shit together.

http://www.offshore.hsbc.com/
http://www.internationalbanking.barclays.com/
http://www.lloydstsb-offshore.com/
http://www.nationwideinternational.com/


as far as your situation goes...
whatever the laws say, there is nothing to stop you researching/reading about it or asking your bank advisor or accountant about it, which you will no doubt do if you're earning a tidy sum.

really... gfy is useful for a few resource links now and again, but that's about it.

what?

if he isn't trying to disguise what he is doing and has it done professionally with accountants/bankers aplenty, then why would "they" want to "catch" him, and more specifically, what would there be to catch him for?

When your doing volume of quarter million + then you look offshore..

No, offshore accounts are not illegal.
Tax evasion is illegal.

Some people just can't tell the difference between the two apparently.

if he isn't trying to disguise what he is doing

HM, odds are, this question was asked to hide the money. :winkwink:

They could never get Al Capone for any crimes, but they got him for Income Tax Evasion. With the banking systems Worldwide on high alert, it would be risky to try hiding income.

Why take that risk anyhow? It seems like once a month some kid comes in here asking about offshore. What are the benefits IF you are going to stay legal?! More interest? (Doubtful) Security? (LMAO)

It's better to pay the tax and be done with it. There are plenty of writeoffs available and such. I have personal experience with the IRS from my ex... its NOT fun when they start taking even your clothing to sell. :(

i'm reading now the book "The Complete
Guide to Offshore Money Havens, Revised and Updated 4thEdition: How to Make Millions, Protect Your Privacy, and Legally Avoid Taxes"
and it contains some interesting info.
I'd say, if you make it right, moving offshore will definetely pay off and there is no risk in doing it.