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/arti...fshore-banking
"Paper money has the effect to ruin commerce,oppress the honest, and open the door to every species of fraud and injustice"
~GEORGE WASHINGTON
Do you work for Doug Casey (notice a lot of your posts are links to his websites)?
Not really interested in bank accounts , they can all be seized.
on-site gold repository could also be seized?Originally Posted by oyarde
Yeah , but not if nobody knows where you have it off shore and on shore .
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.
The Creature from Jekyll Island:
We're being governed ruled by a geriatric Alzheimer patient/puppet whose strings are being pulled by an elitist oligarchy who believe they can manage the world... imagine the utter maniacal, sociopathic hubris!
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/tra...tizenship.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.
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?
The Creature from Jekyll Island:
We're being governed ruled by a geriatric Alzheimer patient/puppet whose strings are being pulled by an elitist oligarchy who believe they can manage the world... imagine the utter maniacal, sociopathic hubris!
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-...axes-us-myths/
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 ?
Do something Danke
So I can pay taxes on SS with those that have totalization aggrements but finding a host country where that would be taxed less?
The Creature from Jekyll Island:
We're being governed ruled by a geriatric Alzheimer patient/puppet whose strings are being pulled by an elitist oligarchy who believe they can manage the world... imagine the utter maniacal, sociopathic hubris!
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 .
Do something Danke
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.
Last edited by Krugminator2; 07-16-2017 at 07:39 PM.
Now your talking. Many thanks.
The Creature from Jekyll Island:
We're being governed ruled by a geriatric Alzheimer patient/puppet whose strings are being pulled by an elitist oligarchy who believe they can manage the world... imagine the utter maniacal, sociopathic hubris!
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.
- Don't lie.
- Don't cheat.
- Don't steal.
- Don't kill.
- Don't commit adultery.
- Don't covet what your neighbor has, especially his wife.
- Honor your father and mother.
- Remember the Sabbath and keep it Holy.
- Don’t use your Higher Power's name in vain, or anyone else's.
- Do unto others as you would have them do to you.
"For the love of money is the root of all evil..." -- I Timothy 6:10, KJV
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