Quote:
Originally posted by Sarah - GSS
In Canada, which I'm sure works very similar to the U.S., the government taxes 100% of your worldwide income if you are a resident of Canada for 183 days in the year. Setting up your business offshore is legal in itself, but keep in mind you are still "required" to pay taxes on your income in the country which you reside.
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Yep, its something close to that. On the U.S. tax return is a question, something like:
"Do you have any money invested in a foreign country, or a substantial controlling interest in a foreign business?"
Lie, and you just made a felony.
There are ways to use offshore (U.S. movie productions all do it) but you need a sophisticated attorney that specializes in such to be (almost) safe, not some clowns on the Internet.