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There are other ways, for example if you can claim Canadian citizenship
(through your wife) I believe you can live in the Caymans or Bermuda and
avoid Income Taxes.
I, for example, claimed Irish Citizenship with the idea that once my
children are out of school I might move to Bermuda. The main
disadvantage is the price of a home that aliens must pay. Then of course
medical attention is better in the US and each family is only entitled
to one car.
The advantage, tax-wise, is that Ireland (and Canada, I believe) does
not tax non-resident citizens. Bermuda, and I believe the Caymans, does
not levy an Income Tax on resident aliens.
Therefore, you escape the taxes of both countries. You have an extra
hour of sleep each day as well.
The rule as far as the USA is concerned (last I checked) is that you are
allowed back to the US "on average" 180 days a year. Bermuda is roughly
an hour out of New York, for example, so such a trip back is almost like
a fair commute to work....nothing more.
Then too, after a period of years as an expatriate, any money you
inherit from a US citizen is not subject to Estate Taxes of some form. I
do not recall precisely how that is, but there is an advantage there as well.
There are other countries other than the Caymans and Bermuda, but those
are the ones I've looked into.
--PJS
Eliot Kaplan wrote:
>
> Gram,
>
> Thanks for your response!
>
> I guess the next logical question is: Where (what country & state/province)
> have you found that is so resident/income friendly that no taxes are
> required?
>
> My wife is Canadian, so I often ponder whether I could trade from there with
> significantly less taxes.
>
> I could get residency through her, and have often considered Vancouver and
> its environs a healthier alternative to Southern CA, which is where I am
> now.
>
> The US with its ever increasing legal controls, taxes, pollution and
> overpopulation have certainly got me looking at a potentially quieter, more
> hassle free existence across the border.
>
> If only winter weren't so extreme!
>
> Perhaps there are no "perfect" places?!
>
> So, where are you pray tell?
>
> Eliot
>
> Eliot Kaplan
>
> email: eliot@xxxxxxx
> web: www.isu.com
>
> ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
>
> > From: "Gram" <gramario@xxxxxx>
> > Reply-To: gramario@xxxxxx
> > Date: Sun, 25 Jun 2000 17:43:06 +0200
> > To: <realtraders@xxxxxxxxxxxxxxx>
> > Subject: [RT] R: R: Re: Stocks and futures
> >
> >
> > Hi Eliot,
> > I apologise for the fact that some people perhaps do not realise that I
> > neither live nor operate from or within the US.
> > I long ago decided that these costs had to be dealt with in order to be free
> > from some encumberances. I made my plan (much as most of us do when
> > trading), and then took steps to nurse and guide it to fruition.
> > I have no interest in the IRS or any other institution and there is no
> > reason why they should an interest in me..
> > I am not a "declared tax free" as you put it; my position is perfectly
> > legal.
> >
> > As to your question:
> > "Do you not get audited and harassed by the IRS? There might be a few
> > significant time, energy, and dollar costs in that, no?"
> >
> > The answer is, "No, I do not get audited nor harassed by anyone. Hence,
> > there are no significant costs (whether they be of a time, energy, or a
> > dollar nature)."
> >
> > Gram,
> >
> >> Are you just not paying taxes?
> >>
> >> I presume this means you are among the folks who believe you do not need to
> >> pay, that the Constitution or whatever "asks" for contributions but does
> > not
> >> and doesn't have the right to "demand" them. Is this so?
> >>
> >> I've heard of the "declared tax free', but, like many, I'm sure, have a
> > hard
> >> time believing that just not paying would work, and not cause significant
> >> problems.
> >>
> >> Want to enlighten us on what you mean? And how long you've done it
> >> successfully.
> >>
> >> Your point about other trading costs being insignificant in relation to
> >> taxes is clearly so, but I'm sure many of us have a hard time with the idea
> >> we can just walk away from taxes with no governmental recourse.
> >>
> >> Do you not get audited and harassed by the IRS? There might be a few
> >> significant time, energy, and dollar costs in that, no?
> >>
> >> Just an interested citizen, and I apologize to the list that this inquiry
> > is
> >> perhaps off topic.
> >>
> >> Eliot
> >>
> >>
> >> Eliot Kaplan
> >>
> >> email: eliot@xxxxxxx
> >> web: www.isu.com
> >>
> >> ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
> >>
> >>
> >>> From: "Gram" <gramario@xxxxxx>
> >>> Reply-To: gramario@xxxxxx
> >>> Date: Sun, 25 Jun 2000 07:39:18 +0200
> >>> To: <realtraders@xxxxxxxxxxxxxxx>
> >>> Subject: [RT] R: Re: Stocks and futures
> >>>
> >>> So many people spend time comparing brokers commissions, data feeds, etc.
> >>> which do indeed eat into their trading profits. But instead of
> > concentrating
> >>> solely on trading costs, look at it the other way for a moment: eliminate
> >>> all tax, all accountants, all paperwork, inheritance taxes, Capital Gains
> >>> and all corporate taxes and see what this does to your trading P&L.
> >>> Try thinking of it as $1 earned = $1 kept. It is much easier to become a
> >>> millionaire this way.
> >>> If you save 30+% a year on such costs, the choice between CQG or
> > Quote.com
> >>> becomes easier. You choose the best there is for your needs!
> >>> Just an idea.
> >>> Gram.
> >>>
> >>>
> >>>
> >>
> >>
> >>
> >
> >
> >
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