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Ben-
I spent a great deal of time on this strictly from a lay point of view; and
at the request of
someone who asked me to network on the subject of offshore. Without going
into a great deal
of detail here is a summary of our conclusions:
* For VERY wealthy people; it has been tax efficient to go offshore. By
'tax efficient' I mean
the wealthy who earn so much money on which they pay taxes; they are
compelled to go to great lengths to save on tax dollars. IOW: there are
certain income brackets who cannot afford to NOT try and go offshore. (BTW;
I am not one of these people. (:-) I just tried to help someone who asked
me to look into the research.)
* IOW they are going to pay onorous taxes anyway; so they will go to great
lengths to try
and shelter as much as possible.
* There were/have been ways to do this legally BUT a lot of these loopholes
have been closed
and are closing.
* All the legal areas are composed of various shades of GRAY. The IRS
MIGHT say they
are legal......or illegal........if challenged. If challenged and deemed
they must pay taxes they
would have had to pay those taxes anyway; so nothing ventured; nothing
gained.
* It is VERY expensive to have specialized lawyers create the necessary
documents which
create these tax-efficient structures.
* You then get in a trap of having to DEPEND ON LAWYERS from year to year
as the tax
rules change and their need to abolish old structures and create new ones.
This is both time consuming, expensive, and stressful for those who do not
fully understand the legal gymnastics
that occur in the game of staying one step ahead of the tax rules.
* The only way to do what the e-mail below suggests (not pay taxes
legally/or illegally) is to
take BOTH you and your money offshore with the prospect of never returning.
That would
probably work; but hey I'm no tax expert. (:-) I think there is some IRS
tax for taking money
offshore where you pay pay a premium on all your money before it leaves the
country.
* It DOES pay to establish an offshore entity for the purposes of
protecting your assets from
lawsuits, etc. These are pretty cut and dried and they work for the
purposes of keeping money
out of the hands of greedy lawyers, lawsuits, etc. Perhaps even disgruntled
spouses. (:-)
* I just pay my fair share of taxes like everybody else; because I don't
have enough money (nor will I likely) to worry about this subject.
FWIW..........I just wanted to chime in here on my limited experience in
this area.
chas
----- Original Message -----
From: profitok <profitok@xxxxxxxxxxxxx>
To: <Sigstroker@xxxxxxx>
Cc: <realtraders@xxxxxxxxxxxxxxx>; <gannsghost@xxxxxxxxxxxxxxx>;
<ntt-list@xxxxxxxxxxxxxxx>; <amibroker@xxxxxxxxxxxxxxx>
Sent: Thursday, April 03, 2003 12:49 PM
Subject: [RT] Re: taxes --- Offshore havens, etc.
> Hello
> Let me share my experience with very well to do clients who took the
> trouble to hire tax attorneys to set up all kinds of gimmicks to avoid
> paying taxes
> (including changing citizenship to other countries with lower or no tax)
> this EVENTUALLY back fire and cost them MUCH more then the original taxes
> due
> (legal and accounting fees) to avoid jail
> hope this help those who even Consider doing this
> nice day
> Ben
> ----- Original Message -----
> From: <Sigstroker@xxxxxxx>
> To: <omega-list@xxxxxxxxxx>
> Sent: Thursday, April 03, 2003 2:01 AM
> Subject: Re: taxes --- Offshore havens, etc.
>
>
> > "Come and go as you please"? How easy is it to get a visa to enter the
> U.S.
> > after renouncing citizenship?
> >
> >
> > In a message dated 4/2/03 7:23:52 PM Pacific Standard Time,
> > l.walko@xxxxxxxxxxx writes:
> >
> > > You CAN live quite nicely and walk away in such a manner that the
> > > IRS cannot get you. Two options:
> > >
> > > (1) if you are a US citizen, renounce it --this has no impact on
> > > your children or spouse although you will not be able to vote.
> > > Once you stayed away from the US for 18 months plus one
> > > consecutive day, you can come and go as you please. If you
> > > return prematurely, the IRS will consider your move a tax
> > > avoidance scheme and force you to pay up.
> > >
> >
>
>
>
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>
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>
>
>
>
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