Going Offshore

Even if you renounce your citizenship U.S. law says you have to pay income taxes for an additional 10 years. Do they have the biggest shit for brains on earth or what?

Also, for a lot of people tax avoidance is just as much an ethical issue as about saving yourself money. The vast range of truly heinous activities paid for by your taxes is enough for many people to find any way possible to not fund those activities.
 


How many people are going to leave the US, all their family and friends and renounce their citizenship, just to save some money on taxes? My bet, not many. If it works for you great, but for most people it just makes no sense. Think about it ... how many well known and highly successful US-born entrepreneurs have done this? I can't think of a single one, so maybe it's 0.0001%. Maybe it's not so great an idea for most people? I mean if it was, don't you think Sergey, 50 cent, and Charlie Sheen would have done it already?

This is not meant for anyone on this board or anyone in particular, but in my (extensive) experience, the only people who worry about this offshore shit are those that aren't yet making enough to support their desired lifestyle. These people should focus on providing more value to society and making more money. Giving up your citizenship and living in some shitty 3rd world country is not the answer.

I'd put this whole post in my Sig if it could be handled by the forum... disoimtw, you think like a low-income-earning newb. Are you, by chance, an american under the age of 25?

I could literally pick apart every line you've said here on this whole thread today and make you feel childish, but I'm going to save us both some time and just say instead:

You'll never be a baller until you Think like a baller... Stop looking at the world like $50k is a good annual income and go try to earn your first million this year.

..And for the sake of all that is good; do some travelling! -America is the 3rd world country...
 
Yeah bro, you're right. And with your $5 blog post offer I think we all have a pretty good idea of which flock you're flying with lol


yes, point and laugh at the lead gen offer I break even on

you really are an idiot lol

consider shutting your trap and opening your ears, you might learn something here for as long as the others allow you to stick around
 
lol at people thinking going offshore is all about tax evasion/avoidance. No one thinks about avoiding lawsuits?
 
yes, point and laugh at the lead gen offer I break even on

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Don't be talking about offshore shit like you're a baller when you post $5 bullshit on forums, it just doesn't fly homie. Go back to your sandbox and play with the rest of the kiddies...
 
lol at people thinking going offshore is all about tax evasion/avoidance. No one thinks about avoiding lawsuits?

Why do you need to go offshore to have lawsuit protection? The key is to own nothing, but control everything. And have a good umbrella policy! But if you own nothing no one will waste their time suing you. You don't need to do a bunch of complicated and expensive offshore stuff to make yourself "lawsuit proof"...
 
Dude, you need to be talking to an attorney and tax guy on this and not the WF board OR:

you-gonna-get-raped.jpg


On a side note, from the tax savings side and legal, look at the Dominican Republic. You get a stable banking system with all the major players there. Low corp tax rate, if you convert some of your money to their currency you can make 20+/-% interest on savings. They pay interest monthly and will deposit it to any account you choose. Heck if you have enough you can put the principal in one account and spend the interest. You could even use the savings account interest as your tax hedge.....

(Ok maybe posting this question on WF isn't a bad idea.)
 
Please do. Everything else you've said is wrong so it should be funny...
Oy, I just don't have time for all of that. Why don't you ask me to teach you a whole year's worth of kindergaren lessons instead??

Here's the highlight reel:

dsiomtw said:
Maybe it's not so great an idea for most people? I mean if it was, don't you think Sergey, 50 cent, and Charlie Sheen would have done it already?
Those ppl are obviously not 'Most Ppl,' LOL.

Anyway, many of us, even me who earns far, far less than Sergey & Sheen, look down at them in terms of freedom. What good is a million bucks a week if you have to give up all of your free time to earn it? That's not #winning.

I am 100% sure that the top 100 Richest people in the world are people you will never, ever hear of. -And they laugh every time someone mentions the "Target" richest people like Sergy, Sheen, and even Slim Carlos, who have basically trapped themselves into lives of responsibility and hard work.

-You seem really stuck on defending the masses and only considering their viewpoint, since you keep coming back to what is right for "Most People" in your explanations... Meanwhile, we're all kinda laughing at you for wanting to be like "Most People." -We want to be more like billionaire people. (The billionaires that you don't ever hear of.)

dsiomtw said:
...in my (extensive) experience, the only people who worry about this offshore shit are those that aren't yet making enough to support their desired lifestyle.
This one cracks me up! I wanna post a "notsureifserious.gif" here but I can sadly tell that you are somehow.

The fact is that you need to make a lot of money, many millions, to START worrying about "this offshore shit." -There is no legit reason for it otherwise anymore, none at all.

We can no longer hide convenience money from Uncle Sam; that's all but impossible after 9/11 and especially after Obama's changes in the money-tracing laws more recently.

The only time one needs to deal with offshore money now is when there are tax loopholes for big dollars, plain and simple. -Trying to do it otherwise is like riding the little yellow bus to school.

dsiomtw said:
Giving up your citizenship and living in some shitty 3rd world country is not the answer.
It may not be for those who are brainwashed into thinking the USA is a 1st world country and the rest of the world is made up of 2nd & 3rd world countries.

Look around you; this board is full of people who have ALREADY LEFT the US... I have spent months at a time in Europe and Thailand... And I plan to fully leave it as soon as it makes financial sense for me as well.

dsiomtw said:
I think you'd be hard-pressed to find many successful US-born entrepreneurs or high net worth individuals who have given up their US citizenship and moved abroad just to save on taxes.
-Another classic. Sig-worthy, even.

I am confident in saying that there are more than a couple or three. ;) (And that may just be in this thread!) In fact just a day or two ago someone here posted a link to an article saying that the US Embassies of the world are mostly BACKLOGGED with people renouncing their US citizenship, because they can't process them all fast enough.

The taxes here are so unfairly collected and like GeoMark said, so Unethically used, that once you get a taste of a better life with less tax outside the states, pretty much EVERYONE wants to renounce their citizenship here.

dsiomtw said:
owning 2 homes 1000 miles apart and moving back and forth just to save 13.95% on your state taxes does NOT make any financial sense, nor is it very practical.
What would you rather have; 13.95% of a billion dollars, or the $500k price of 2 homes plus some yearly moving expenses? You think too small, once again.

Over and over in this thread you just keep thinking like someone who is content earning $50k a year. -Please do us and all of the future folks who read this thread a favor and stop trying to Lower our Standards!
 
To really do it right you have to have a sophisticated structure put together by a firm that does this sort of thing. It's too easy to mess up. I saw someone post Ireland on here, read the rules of having a company there. It's not that easy to set it up.

The best structures use some multiplier filter for different facets of their business, one side is nothing but expenses so the profits go outside the US. With all the law changes it's getting harder and harder to do.

Check this out, don't be Glock.......but what they did was brilliant while it lasted!
Glock's Secret Path to Profits - BusinessWeek


HA! Lukep I know a few people who have technically left the US for Costa Rica because of taxes, cost of living, and quality of life.
 
Anyway, many of us, even me who earns far, far less than Sergey & Sheen, look down at them in terms of freedom. What good is a million bucks a week if you have to give up all of your free time to earn it? That's not #winning.

Come on, who are you kidding, Sheen has transcended any perceived connection money has to freedom. Are you a PPC guy, if so you have to worry about account bans, Sheen don't. Are you an SEO guy, if so you have to worry about goog sandboxin your autoblogs, Sheen don't. Sheen drinks, smokes and snorts whatever he wants, tells the heads of studios to "fuck off", and lives in his own private brothel of "goddesses". I'll take his freedom over some some bullshit tax haven "look at me I can work anywhere on a laptop" perception of freedom any day of the week.

total homo
 
Come on, who are you kidding, Sheen has transcended any perceived connection money has to freedom.
Well, He's done a far better job of it than most like him, I gotta give him that... But I still don't wanna be like him. Not at all.

Are you a PPC guy, if so you have to worry about account bans, Sheen don't.
Hehe, you got that right!

Are you an SEO guy, if so you have to worry about goog sandboxin your autoblogs, Sheen don't.
Well, I'm a quantity guy though, so really, google can sandbox away and I'll just make 100 more sites the next day so I won't even notice it...

Sheen gotta memorize lines and be at the studio for hours on end; way to much work for me! ;)


Sheen drinks, smokes and snorts whatever he wants, tells the heads of studios to "fuck off", and lives in his own private brothel of "goddesses". I'll take his freedom over some some bullshit tax haven "look at me I can work anywhere on a laptop" perception of freedom any day of the week.
Are you sure you're not perceiving his personal brothel as more than it is? That sounds like a lot of responsibility, even just to keep the bitches from killing each other... ;)

Drugs are even worse. Talk about high-maintenance... Shit's illegal to buy and own, fucks you up while doing it, drastically shortens your lifespan, and leaves you an imbicile even if you quit it early on.

I have very little envy for sheen on those two counts. (Yeah I'm married.)

And as for telling the network execs to go fuck themselves, I can do that right here from my house by not watching their networks. -Again, sounds like too much work to me.

total homo
You sound a little horny here... No thanks I'm straight. ;)
 
Sheen drinks, smokes and snorts whatever he wants, tells the heads of studios to "fuck off", and lives in his own private brothel of "goddesses". I'll take his freedom over some some bullshit tax haven "look at me I can work anywhere on a laptop" perception of freedom any day of the week.

Sheen is a fucking idiot with more money than brains. With the "brilliant" way that he manages his money, he'll be on his way to being in debt the same way Michael Jackson was.

Don't be small minded and short sighted.
 
All I know is I'm shopping for a home in Georgia right now and couldn't even imagine moving to a tax haven.

I think it's a matter personal preference. I look at guys living overseas and it just doesn't cut my jib. I'm not at the point in my life where I want to make such a drastic lifestyle change.

This is right around the style, area, and price range I'm interested in.

Alpharetta, GA Home for Sale :: 16065 Hopewell Road 30004 :: The Buyer's Agency

You have to love the foreclosure market right now. :)
 
Sheen is a fucking idiot with more money than brains.

Does it piss you off that a "fucking idiot" makes more money than you?

With the "brilliant" way that he manages his money, he'll be on his way to being in debt the same way Michael Jackson was.

Most indications seem to be that Sheen is/was a functional addict. There are plenty of more (semi)sober stars that have done far worse with their money, like Nic Cage. No matter, I was mostly joking, I don't touch drugs (a bottle of gin on the other hand....), I'm not a star fucker and wouldn't miss a beat if Sheen OD'd tomorrow.

Don't be small minded and short sighted.

This, but for totally different reasons than you. I don't get the time trade off and hassle that goes into the logistics and implementation of doing that 5 flags bull shit or going through these avenues of setting up holding companies, transferring assets, researching various tax laws; you can throw me into the "you're doing it wrong" camp with dsiomtw. When I get to 7 figures in my account, and I'm not posturing like some people on WF, I've got a ways to go (have I told you about my startup?) my biggest concern will be getting to 8, not looking for a condo in Kazakhstan. If you like traveling and working in various locales, fine, but then you'd be doing it when you were making $100,000 and not waiting for $100,000,000. I just don't get total lifestyle changes predicated on avoiding taxes, are you gonna have them chisel your final bank balance on your tombstone?