Avoiding Tax - Offshore Accounts?

qwertyboy said:
Wow..

This is what you do..this is a 10,000 ft overview for usa dudes and dudettes

1. Set up off shore corp(s). Many countries to look at
2. Set up off shore Bank account for this corp(s)
3. All your USA assets put into one of these corps. Depending on state you live in, this corp MIGHT have to own a CORP in your state first
4. All your offshore money, is offshore. What you bring to usa you have to pay tax on...So leave it there in a savings account
5. Someone breaks leg in your yard and wants to sue you for everything you got ? Good. You don't own crap now, they sue offshore corp. You think Panama, Belize, etc will honor a usa judgement? Um no
6. When you bring in cash for you pay taxes....Wait, your car in company name,, not yours..company gave you money for gas allowance ? Then don't claim it

This is the basics. Legal to "defer" taxes...Not avoid them
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You'd own something because you'd have to get a paycheck somehow to buy things such as food, shelter etc. Yeah maybe you can keep your company money in panama but once you get money out you'll owe taxes on it. Unless you are going to keep it all in panama and never spend it, I suppose you could keep it there and retire there lol. You have to have a permanent residence somewhere outside the US to get the tax benefits yourself.
 
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Think Mafia. In order to keep money floating and earning, outside of banks, you need your own small private police force. So, you invest in many local businesses, and those that fail to honor their agreements get visited by credible authority.

Banks do the same, but use Governments authority. Just keep out of the banks altogether. Diversify, be mobile, never use your name, ever. Forget you had one.
 
I have the perfect solution. If you don't want to pay any taxes, don't make any money. Simple.
 
Think Mafia. In order to keep money floating and earning, outside of banks, you need your own small private police force. So, you invest in many local businesses, and those that fail to honor their agreements get visited by credible authority.

Banks do the same, but use Governments authority. Just keep out of the banks altogether. Diversify, be mobile, never use your name, ever. Forget you had one.
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That's called money laundering.... yeah that's one way to not pay taxes lol
 
BlackSmack said:
You'd own something because you'd have to get a paycheck somehow to buy things such as food, shelter etc. Yeah maybe you can keep your company money in panama but once you get money out you'll owe taxes on it. Unless you are going to keep it all in panama and never spend it, I suppose you could keep it there and retire there lol. You have to have a permanent residence somewhere outside the US to get the tax benefits yourself.
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Not all renters even bother to peek at your drivers license. You don't need a landline. Satellite internet connections can be moved from the registered original location, and purchased anonymously. Cars can be rented off the books. Even cell phones can hook up to directional antennas for home use, so your location when using it is not easily known. Being anonymous is a fun and profitable art.
 
BlackSmack said:
That's called money laundering.... yeah that's one way to not pay taxes lol
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Ya, in some countries they call it that. But, believe it or not, not all countries have that notion. Some countries collect their taxes through other means, such as monopolies on Telcom and other basic services, and pay little to no attention to taxing income.

The question was how to avoid paying taxes. Did someone mention that it should be done legally? Or was the issue whether it should be done safely?
 
oqsales said:
Not all renters even bother to peek at your drivers license. You don't need a landline. Satellite internet connections can be moved from the registered original location, and purchased anonymously. Cars can be rented off the books. Even cell phones can hook up to directional antennas for home use, so your location when using it is not easily known. Being anonymous is a fun and profitable art.
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Yeah sounds fun, live in a trailer too, now that's a great way to make lots of money and not be able to spend it.

I doubt you do this yourself, there's reality, and then there's fantasy, tax haven is a fantasy unless you are wealthy and can have permanent residence outside us.
 
FYI, i wasn't saying your paycheck etc. but companies give allowances, loans etc
 
oqsales said:
Ya, in some countries they call it that. But, believe it or not, not all countries have that notion. Some countries collect their taxes through other means, such as monopolies on Telcom and other basic services, and pay little to no attention to taxing income.

The question was how to avoid paying taxes. Did someone mention that it should be done legally? Or was the issue whether it should be done safely?
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1. Offshore 99% of the time regards living in the US in the first place, so I was taking that stance.

2. People started talking about tax havens which is what I was responding to, a tax haven would be a legal way to "avoid taxes"
 
If you don't pay tax, you are not worth anything in that country, thus you can't buy any real property or investments. So you can't make your money work for you. Savings of shore will give you a big %0.00000000 interest on your money.

So i suggest you bring in your money under a company and make sure you pass all your receipt in your business, and just take a salary for your personal living. Corporate tax are very low, and you are able to deduct lots of stuff and also depreciate equipment and etc..
 
BlackSmack said:
Yeah sounds fun, live in a trailer too, now that's a great way to make lots of money and not be able to spend it.

I doubt you do this yourself, there's reality, and then there's fantasy, tax haven is a fantasy unless you are wealthy and can have permanent residence outside us.
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Yes, I've lived in a trailer, on a few farmers plots (lovely scenery, lovely trailer), with the relocated internet connection. I've owned several trailers. And rented apartments anonymously.

And as for living outside the US, it's not only for the wealthy. The US is relatively expensive, and a higher quality of life can easily be found elsewhere. I would not go back to the US.

I'm moving to my new house today - I paid US$1250 for the YEAR for a fully furnished two bath 4 bedroom two story house. And no tax snoops will ever drop by. If they do, a simple tip will make them smile and walk away.

I don't know what lifestyle you have - I'm guessing you need to support a largish house and family. I'm just a single gypsy, so I prefer to make my own single gypsy rules.
 
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oqsales said:
Yes, I've lived in a trailer, on a few farmers plots (lovely scenery, lovely trailer), with the relocated internet connection. I've owned several trailers. And rented apartments anonymously.

And as for living in the US, it's not only for the wealthy. The US is relatively expensive, and a higher quality of life can easily be found elsewhere. I would not go back to the US.

I don't know what lifestyle you have - I'm guessing you need to support a largish house and family. I'm just a single gypsy, so I prefer to make my own single gypsy rules.
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It's obvious you cant read so I end this.
 
dacash said:
If you don't pay tax, you are not worth anything in that country, thus you can't buy any real property or investments. So you can't make your money work for you. Savings of shore will give you a big %0.00000000 interest on your money.

So i suggest you bring in your money under a company and make sure you pass all your receipt in your business, and just take a salary for your personal living. Corporate tax are very low, and you are able to deduct lots of stuff and also depreciate equipment and etc..
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Cash Economy. Food Economy. Gold Economy. Trade Economy. There are many legitimate holdings for wealth.
 
BlackSmack said:
1. Offshore 99% of the time regards living in the US in the first place, so I was taking that stance.

2. People started talking about tax havens which is what I was responding to, a tax haven would be a legal way to "avoid taxes"
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Avoiding taxes safely and legal tax havens are quite different, we agree. I'm sure governments would do their best to avoid giving legal tax havens to those that aren't rich enough to be giving massive kick backs of one sort or another.

That is why I mentioned the core issue, and how to address it. Become an expat. Become anonymous. Keep your wealth diversified in the cash economy.

If I'm missing your point, you can explain what I missed. Insults do nothing for your argument.
 
umm why go through all the mess of registering a company abroad n all...

this is what i do... show expenditure... all of it... show little or no profit... that ways u dnt pay taxes... whats d need of all the headache??
 
I was audited once. The woman wanted to sleep with my auditor, and tried to make it clear that she wouldn't clear my case until he did her the favor she needed.

These people have leeways and powers that don't even have to be relevant to numbers. Yes, you can have your case re-audited by a higher authority if you feel wronged, but then your fees mount. And who ever knows who's in bed with whom.

After that, I opted out. Opted out of the system entirely. This is what I recommend.

If you feel social fiscal responsibility, tithe according to your good conscience. Don't depend on authority to tithe nicely.
 
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berrycorp said:
umm why go through all the mess of registering a company abroad n all...

this is what i do... show expenditure... all of it... show little or no profit... that ways u dnt pay taxes... whats d need of all the headache??
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For one thing, if you do your own taxes, this will take you many days of un-enjoyable work. And a few weeks of the stress of procrastination that leads up to the point where you can finally push yourself to do it.

And after that, the numbers won't be in your favor. You will owe money. Maybe money you already spent. You won't be able to get enough expenses. What are you going to do - invent them? No no no. Invisible money is one thing, invisible expenses are a whole nuther level of pissing off the government.
 
misterajc said:
Most of the former tax havens now make their banking information available to the US, so don't think that you can hide your income like this.

One way to keep your information out of the hands of the IRS is to set up an account with a non-US passport.
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It is even worse than you think. If you try to open an account in a bank that is a "qualified intermediary" then an american birthplace will already result in you being reported

If you have an EEC passport then you should be able to set up an account at one of the offshore UK islands like Jersey or the Isle of Man.
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If you do that you will anonymously pay withholding tax on the interest you get. This tax will get progressively higher over the next couple of years and eventually they will report you as well. This is even the case in some islands in the Caribbean. This should be relatively easy to avoid but getting a personal account in your name is NOT the way to do it.
 
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