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See told you I didn't know. What about leaving the US for two years but
keeping your citizenship. There is special consideration on your income
like no tax from US if paid by a foreign Corp during a leave of absence of
not less than 2 years. You might be correct about 25% ownership but isn't
that the incentive for establishing an Offshore Corp to take advantage of
the tax or lack off from the US.
Robert
At 03:03 PM 6/17/1999 -0700, Jim Allen wrote:
>Actually taxes for a US citizen are never that simple. If you have
income, you
>pay tax. If you own more than 25% (I think it is) of the shares of a non-US
>corporation, your tax bill will include taxes on THAT corporation's income as
>well, no matter where it is, Marshall's, Ouga Douga, BVI, North Pole, etc.
>
>It's like the Eyes of Texas, do not think you can escape them.....
>
>Jim Allen
>
>Robert Cummings wrote:
>
>> With an Offshore Corporation the Corp would pay no US or Aussie tax. The
>> investors would have a foreign tax liability if they receive any income
>> from the Corp or realized capital gains while living in the US. You on the
>> other hand if you stayed there for two years would pay no tax from a salary
>> you paid yourself from the Corp. After a longer term it of residency it
>> changes to a question of citizenship term of stay in either countries
>> during a calender year.
>> Of course the usual deal I really don't know ask a real Offshore tax guy. I
>> would suggest talking to the VP's of an excising Offshore Corp to get
>> references to whom that may be. Plus the IRS watches these very carefully
>> and you need to be sure your on firm ground before attempting this kind of
>> scrutiny.
>>
>> Robert
>
>
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