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OK, this ahs been discussed before and there are only a couple of things I can
addd to Gerald's reply.
I recently received a spam re: a "business opportunity" which was a MLM system
selling seminars on setting up offshore investment accounts to avoid taxes.
They had several levels of education which can run into thousands of dollars
and the sellers keep a large part of it. Paul probably ran into one of the MLM
people.
After paying what I feel was an outrageous amount of taxes, I looked into doing
something offshore several years ago. I forget the exact details - and there
are many of them - but the main point was that you can have an offshore account
but, IMO, the risks are HUGE.
Like many concepts to avoid taxes - like various estate planning tools - the
main idea is that if YOU own something, if YOU get income from something, then
YOU pay taxes... period. It doesn't matter where it is. The only for way for
YOU to avoid taxes is if YOU don't own it. For example, if your assets are in
a trust which transfers ownership and control from YOU. To avoid paying estate
taxes, for example, you can transfer assets to heirs, charities, etc. (within
limits) while you are alive and essentially have use of the assets but not pay
certain taxes taxes. (this is a gross oversimplification to illustrate the
concept.)
Now, you can do this with offshore accounts. But you have to transfer your
assets to an offshore entity. If you transfer your assets to an offshore trust
- not owned by you - than you MAY be able to avoid taxes. But do you have a
trusted relative in the Cayman Islands or will you transfer your hard-earned
money to some trustee you don't know?
My preference is to keep my money where I can get to it and pay whatever taxes
I have to. Of all the "rich" people I know
Mike
______________________________________________________-
Paul Altman wrote:
> Did you guys know that it's easy to make a guaranteed 10% a month, with
> little risk? (snip) Any comments, guys?
>
> Paul
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