Why You Should Consider an Offshore Bank Account

[nbruno322]

Good info...

"You may have wondered: “What’s the difference between having a bank account at Bank of America and having an offshore bank account?”

The truth is, there’s possibly all the difference in the world."

http://www.internationalman.com/articles/offshore-banking

 

[Zippyjuan]

Do you work for Doug Casey (notice a lot of your posts are links to his websites)?

 

[oyarde]

Not really interested in bank accounts , they can all be seized.

 

[LibForestPaul]

Not really interested in bank accounts , they can all be seized.

on-site gold repository could also be seized?

 

[DFF]

After the IRS FATCA program is implemented (which is essentially a form of capital controls) you may have difficulty opening a foreign bank account, because many foreign banks don't want to deal with all the burdensome paperwork involved in this program.

It's more cost efficient for them to to simply reject you - which is what many have been doing.

 

[oyarde]

on-site gold repository could also be seized?

Yeah , but not if nobody knows where you have it off shore and on shore .

 

[Pauls' Revere]

After the IRS FATCA program is implemented (which is essentially a form of capital controls) you may have difficulty opening a foreign bank account, because many foreign banks don't want to deal with all the burdensome paperwork involved in this program.

It's more cost efficient for them to to simply reject you - which is what many have been doing.

I'm researching a way in which I can simply open an account, trade equities, make a profit and keep what I earn. Some countries will let you do this with low/no tax but I'm still a US citizen so would probably be still be bound by worldwide income.

Is the best way to renounce my US citizenship, become a citizen in the host country. Open the account there then as a new citizen of a different country manage my account?

any help or suggestions please.

 

[Zippyjuan]

I'm researching a way in which I can simply open an account, trade equities, make a profit and keep what I earn. Some countries will let you do this with low/no tax but I'm still a US citizen so would probably be still be bound by worldwide income.

Is the best way to renounce my US citizenship, become a citizen in the host country. Open the account there then as a new citizen of a different country manage my account?

any help or suggestions please.

To give up your citizenship, you must leave the country and go to an embassy and turn in your passport. Unless another country agrees to accept you and issue a new passport, you will no longer be able to travel. The State Department also notes on their webpage on the topic:

https://travel.state.gov/content/tr...aws-policies/renunciation-of-citizenship.html

E. TAX & MILITARY OBLIGATIONS /NO ESCAPE FROM PROSECUTION

Persons who wish to renounce U.S. citizenship should be aware of the fact that renunciation of U.S. citizenship may have no effect on their U.S. tax or military service obligations (contact the Internal Revenue Service or U.S. Selective Service for more information). In addition, the act of renouncing U.S. citizenship does not allow persons to avoid possible prosecution for crimes which they may have committed in the United States, or escape the repayment of financial obligations, including child support payments, previously incurred in the United States or incurred as United States citizens abroad.

 

[oyarde]

Giving up us citizenship matters not . If you are living in another country , have no assets here and do not plan to return just quit filing taxes if your income sources are not documented? The IRS has to have documentation of income for you to determine taxes owed , if they have none you owe none ?

 

[oyarde]

I guess if you strongly feel there is someplace that will still be financially secure if the US collapses , having some gold and weapons stashed in a vault there might be beneficial if you plan to leave here for there and collect it . Bank accounts ? I see no real advantage to if it can be traced to you .

 

[Krugminator2]

I'm researching a way in which I can simply open an account, trade equities, make a profit and keep what I earn. Some countries will let you do this with low/no tax but I'm still a US citizen so would probably be still be bound by worldwide income.

Is the best way to renounce my US citizenship, become a citizen in the host country. Open the account there then as a new citizen of a different country manage my account?

any help or suggestions please.

You could renounce your US citizenship and become a citizen of Singapore. That's the only country I have ever heard that trading income isn't taxed. I'm guessing it is not easy to become a citizen of Singapore.

Trading is already not taxed at as high of rate in the United States as most other jobs. If you are trading for yourself, you don't pay FICA on trading income. If you are so successful trading, my guess is you will have no trouble finding advice on minimizing taxes. I am not a tax advisor, but you can basically get your tax rate to around 16-17% if you are very successful trader. You can set yourself up as an S corp pay yourself 100k as a wge. You can defer 40 of that 100k into a Solo 401k. You can deduct your health insurance. Then any income over 100k is passed through the business and paid as a dividend which is taxed at the dividend rate of 15%.

Seems like that's a better idea than renouncing your citizenship and moving to Timbuktu.

 

[Pauls' Revere]

To give up your citizenship, you must leave the country and go to an embassy and turn in your passport. Unless another country agrees to accept you and issue a new passport, you will no longer be able to travel. The State Department also notes on their webpage on the topic:

https://travel.state.gov/content/tr...aws-policies/renunciation-of-citizenship.html

what if I can hold dual citizenship. I think you can pick which country to pay taxes to as long as they have an agreement with the US?

 

[Pauls' Revere]

Giving up us citizenship matters not . If you are living in another country , have no assets here and do not plan to return just quit filing taxes if your income sources are not documented? The IRS has to have documentation of income for you to determine taxes owed , if they have none you owe none ?

So I can pay taxes on SS with those that have totalization aggrements but finding a host country where that would be taxed less?

 

[Zippyjuan]

what if I can hold dual citizenship. I think you can pick which country to pay taxes to as long as they have an agreement with the US?

As long as one of those citizenships is the United States, you are subject to the laws of the United States and income earned in other countries may be taxable. And the host country could possibly tax you as well.

Might read this: http://time.com/money/4298634/expat-expatriate-taxes-us-myths/

 

[Jamesiv1]

If you're gonna bail on the system, why not just bail without the bureaucrat drama and paperwork. Develop a fake identity in the new country and stay off the grid - especially any parts of the grid that require a photo.

or grow a beard and mustache if a photo is necessary to survive.

 

[Pauls' Revere]

You could renounce your US citizenship and become a citizen of Singapore. That's the only country I have ever heard that trading income isn't taxed. I'm guessing it is not easy to become a citizen of Singapore.

Trading is already not taxed at as high of rate in the United States as most other jobs. If you are trading for yourself, you don't pay FICA on trading income. If you are so successful trading, my guess is you will have no trouble finding advice on minimizing taxes. I am not a tax advisor, but you can basically get your tax rate to around 16-17% if you are very successful trader. You can set yourself up as an S corp pay yourself 100k as a wge. You can defer 40 of that 100k into a Solo 401k. You can deduct your health insurance. Then any income over 100k is passed through the business and paid as a dividend which is taxed at the dividend rate of 15%.

Seems like that's a better idea than renouncing your citizenship and moving to Timbuktu.

Now your talking. Many thanks.

 

[DamianTV]

As long as one of those citizenships is the United States, you are subject to the laws of the United States and income earned in other countries may be taxable. And the host country could possibly tax you as well.

Might read this: http://time.com/money/4298634/expat-expatriate-taxes-us-myths/

... and you act like you are just fine with not only taxing income, but the entire fiat financial system as well! THIS is why you are in the red.

 

[Zippyjuan]

... and you act like you are just fine with not only taxing income, but the entire fiat financial system as well! THIS is why you are in the red.

I see. Sharing information is promoting taxation. Can you show where I say taxes are good? Everybody would love to pay no taxes.

 

[DamianTV]

I see. Sharing information is promoting taxation. Can you show where I say taxes are good? Everybody would love to pay no taxes.

You never express an opinion on why income taxation is theft. You know, like the sign RON PAUL had on his desk in congress? If you do oppose income tax, explain why, and genuinely agree with stating the problems it causes, that is +REP worthy.

So, speaking of facts:

EVERY country that has had a Fiat Currency has COLLAPSED.

Takes about 100 to 150 years to do the job. None the less, they have ALL collapsed. Now, if you say they must have collapsed for another reason, although it is possible because sometimes that does happen, that will be -REP worthy because you'll be stating they ALL collapsed for any other reason but a fully DISHONEST currency. You validate the problems created by thieves and sociopaths. That is my biggest beef with you, except in india where cows are sacred, then I go with baby seal, the other other other other white meat. And for fuckness sake, crack a joke once in a while!

 

[NorthCarolinaLiberty]

Can you show where I say taxes are good? Everybody would love to pay no taxes.

No, that is hardly the case.

"Most conservative criticisms about the ill-effects of taxes are exaggerated or untrue. Taxes are in fact good..."
http://governmentisgood.com/articles.php?aid=17

Op-Ed
"Good Reasons for Taxes"
https://www.brookings.edu/opinions/good-reasons-for-taxes/



"Why taxes are a good thing"
By Jack Lessenberry
https://www.metrotimes.com/detroit/why-taxes-are-a-good-thing/Content?oid=2174958



"10 Big Reasons to Feel Good About Taxes"
(Click here for 96 more everyday reasons)
http://www.taxfairness.ca/en/page/10-big-reasons-feel-good-about-taxes


"How I Know Higher Taxes Would Be Good For The Economy"
https://www.forbes.com/sites/greats...s-would-be-good-for-the-economy/#1fc3dc31987c



"Raising Taxes Is Good for the Economy"
By Adam Eran
https://www.laprogressive.com/raising-taxes-is-good-for-the-economy/

I see. Sharing information is promoting taxation.

I see even better, and so do others here. Your "sharing information" is not really in the spirit of sharing. The way you use that word makes it sounds like you have the interest of the OP and others at heart, which is clearly not the case. See below.


Definition of share
Word forms: shares, sharing, shared

7. transitive verb/intransitive verb
If you share something that you have with someone, you give some of it to them or let them use it.
He shared his food with the family.
Scientists now have to compete for funding, and do not share information among themselves.
I wanted everybody to share.



8. transitive verb
If you share something personal such as a thought or a piece of news with someone, you tell them about it.
It can be beneficial to share your feelings with someone you trust.



https://www.collinsdictionary.com/us/dictionary/english/share