Contemplating going offshore, need advise and info - GoFuckYourself.com

Penn E. Less · 01-17-2003, 02:59 PM

Thinking about moving domains, hosting, banking, etc. offshore. Need resources, links and "what to look out for" when going offshore. Thanks in advance.

Juicy D. Links · 01-17-2003, 03:00 PM

Do it man, fuck the IRS ...I do

Hentai · 01-17-2003, 03:09 PM

FYI, it is tax evasion to collect money from your offshore account and not report it

Juicy D. Links · 01-17-2003, 03:11 PM

Quote:

Originally posted by Hentai
FYI, it is tax evasion to collect money from your offshore account and not report it

And your point?

Penn E. Less · 01-17-2003, 03:11 PM

Not if you "move" offshore, period.

Rocky · 01-17-2003, 03:17 PM

move to Sealand

Pleasurepays · 01-17-2003, 04:54 PM

Quote:

Originally posted by Penn E. Less
Not if you "move" offshore, period.

if you are a US citizen you are required to report all income earned world wide. it has nothing to do with where you are.

the best advice on this issue is to avoid advice that you are not paying for from a credible source.

Pleasurepays · 01-17-2003, 04:57 PM

Quote:

Originally posted by Rocky
move to Sealand

holy shit! i thought that was just some joke and people were posting photos of an abondoned oil drilling platform or something.

http://www.sealandgov.com/

i'm movin to Sealand baby!

m0rph3us · 01-17-2003, 05:19 PM

Quote:

Originally posted by Pleasurepays

if you are a US citizen you are required to report all income earned world wide. it has nothing to do with where you are.

the best advice on this issue is to avoid advice that you are not paying for from a credible source.

get a Canadian Citizenship, drop your US citizenship then move to a tax haven. Problem solved. And no I'm not kidding.

Beastiepoo · 01-17-2003, 05:21 PM

Quote:

Originally posted by Pleasurepays

if you are a US citizen you are required to report all income earned world wide. it has nothing to do with where you are.

To this day I find this the most ridiculous part of being a US citizen living abroad. Don't get me wrong, I still do it, but what business of the US government is it what sort of money I make anywhere else in the world? You have to earn a significant amount before you have to actually PAY any taxes on the money earned but why should I have to tell them about it regardless? Do they assume that since I'm an american citizen that EVENTUALLY I'll wanna move back to the US and 'take advantage' of the services that US taxes pay for?

MJH · 01-17-2003, 05:40 PM

It is my understanding that any US citizen is liable to tax on any income earned worldwide over $72,000 USD per year whilst offshore. But there is nothing to stop an offshore company that is managed by an American citizen earning as much money as it wants and owning what ever it wants without tax implication if done correctly..

MJH

PS. Email me if you want more information about reputable people to contact regarding this.. [email protected]

Beastiepoo · 01-17-2003, 05:48 PM

Quote:

Originally posted by MJH
It is my understanding that any US citizen is liable to tax on any income earned worldwide over $72,000 USD per year whilst offshore.

Yes that is exactly right...but WHY??? If I already pay tax on the income in the country where I reside, why should I have to pay tax to a country where I'm not living/working?

Granted at the moment I'm not raking in more than $72000 p/a so it isn't an issue but it is always a possibility.

Marcus · 01-17-2003, 05:49 PM

Quote:

Originally posted by m0rph3us

get a Canadian Citizenship, drop your US citizenship then move to a tax haven. Problem solved. And no I'm not kidding.

isn't the tax in canada like 50%?
And isn't it hard as fuck to become a canadian citizen?
I looked into becoming a resident because I wanted to buy a condo in Canada because the real estate is so cheap and there were a lot of rules.

UnseenWorld · 01-17-2003, 05:52 PM

Quote:

Originally posted by Beastiepoo

To this day I find this the most ridiculous part of being a US citizen living abroad. Don't get me wrong, I still do it, but what business of the US government is it what sort of money I make anywhere else in the world? You have to earn a significant amount before you have to actually PAY any taxes on the money earned but why should I have to tell them about it regardless? Do they assume that since I'm an american citizen that EVENTUALLY I'll wanna move back to the US and 'take advantage' of the services that US taxes pay for?

Well, a system where you pay separately for each government service provided might be more fair in a lot of respects, but I don't know how it would work. If they need to build an overpass in Omaha that you might or might not use someday from wherever you live now, who would they bill? Or, maybe we could just put toll bridge over every overpass.

The advice given above for renouncing your citizenship seems like what you should do if you don't want to participate in the US and its tax system.

<IMX> · 01-17-2003, 05:59 PM

Quote:

Originally posted by MJH
It is my understanding that any US citizen is liable to tax on any income earned worldwide over $72,000 USD per year whilst offshore. But there is nothing to stop an offshore company that is managed by an American citizen earning as much money as it wants and owning what ever it wants without tax implication if done correctly..

MJH

PS. Email me if you want more information about reputable people to contact regarding this.. [email protected]

Hey boss!

m0rph3us · 01-17-2003, 06:02 PM

Quote:

Originally posted by Marcus

isn't the tax in canada like 50%?
And isn't it hard as fuck to become a canadian citizen?
I looked into becoming a resident because I wanted to buy a condo in Canada because the real estate is so cheap and there were a lot of rules.

yes it is. but you missed the part about getting a citizenship AND MOVING TO A TAX HAVEN. Canadians pay tax on worldwide income if they are a resident in Canada for more than 183 days a year. It's not like in the US where you pay tax no matter where you reside as long as you are a citizen.

I"m not sure how complex it is to get it though. Real estate in western canada is expenisve as fuck!

m0rph3us · 01-17-2003, 06:03 PM

Quote:

Originally posted by <IMX>

Hey boss!

LOL

BJ · 01-17-2003, 06:06 PM

I know dudes that work for Intel in Indonesia that pay little/no taxes and are US citizens.... sumptin bout be able to prove you live outside the country for x% of a year.

Tipsy · 01-17-2003, 06:08 PM

Quote:

Originally posted by UnseenWorld

Well, a system where you pay separately for each government service provided might be more fair in a lot of respects, but I don't know how it would work. If they need to build an overpass in Omaha that you might or might not use someday from wherever you live now, who would they bill? Or, maybe we could just put toll bridge over every overpass.

The advice given above for renouncing your citizenship seems like what you should do if you don't want to participate in the US and its tax system.

Eh? Your post makes no sense. If you don't live in the country and are paying (sometimes hefty) taxes in the country you do live why should you still be liable for taxes back where you were born. With a couple of exceptions the US is fairly unique in this. Thankfully if I wanna go live elsewhere my tax laibility to the UK ends and so it should. I'm using the services etc provided by the country I live/work in so they need to be getting my tax.

The flyover you mentioned above would obviously be paid by for the people who are gonna use it ie those that live there still. She never came close to mentioning different tax for different servies, simply that why on earth when you live and pay tax elsewhere should you still have to file US tax reports and be liable for US tax.

MJH · 01-17-2003, 06:27 PM

Hey IMX ;)

Should have know you would be around here tonight..

Tax advice is a good resource to add to Megamaster.com ;)

I have already had 8 people asking me for contact info etc via email .

MJH

m0rph3us · 01-17-2003, 06:29 PM

Quote:

Originally posted by MJH
Hey IMX ;)

Should have know you would be around here tonight..

Tax advice is a good resource to add to Megamaster.com ;)

I have already had 8 people asking me for contact info etc via email .

MJH

can you say new webmaster affiliate program ?

MonkeyMan · 01-17-2003, 06:31 PM

Quote:

Originally posted by m0rph3us

can you say new webmaster affiliate program ?

Um.... yea theres this thing called an accountant...... I think I'd choose my accountant over m0rph3us's "Tax Affiliate Pragram"

<IMX> · 01-17-2003, 06:33 PM

Quote:

Originally posted by MJH
Hey IMX ;)

Should have know you would be around here tonight..

Tax advice is a good resource to add to Megamaster.com ;)

I have already had 8 people asking me for contact info etc via email .

MJH

I'm writing an article on it now for the new Lyford Digital Resources site Porn Knowledge. This is research. Honest.

hehehe good idea m0rph3us

Tipsy · 01-17-2003, 06:34 PM

The fact that tax keeps getting bought into it bothers me as it clouds the issue. I need an offshore account soon too for a few reasons none of which are tax related. Unfortunately those that have one rarely if ever post about it on a public board so first hand info is hard to come by.

MJH · 01-17-2003, 06:35 PM

Good idea ;)

With the amount of money I have spent on tax advise over the years I think I could give better advice than alot of accountants ( US and UK ones ) I have met.. I know good advisors in offshore locations .. The key is to find both on shore and offshore advisers that can work together..

MJH

m0rph3us · 01-17-2003, 06:35 PM

Quote:

Originally posted by MonkeyMan

Um.... yea theres this thing called an accountant...... I think I'd choose my accountant over m0rph3us's "Tax Affiliate Pragram"

oh shit you're right,

if you're in the US, MAKE SURE, you use a company in the US like KPMG

http://www.tax-news.com/asp/story/st...storyname=8885

MonkeyMan · 01-17-2003, 06:36 PM

Quote:

Originally posted by Tipsy
The fact that tax keeps getting bought into it bothers me as it clouds the issue. I need an offshore account soon too for a few reasons none of which are tax related. Unfortunately those that have one rarely if ever post about it on a public board so first hand info is hard to come by.

http://www.yambo.biz

Works for me

lol

Tipsy · 01-17-2003, 06:42 PM

Yambo has some huge flaws in the info listed on their site which worries the hell out of me. If they can't even get basic details on their main pages right....

MonkeyMan · 01-17-2003, 06:45 PM

Quote:

Originally posted by Tipsy
Yambo has some huge flaws in the info listed on their site which worries the hell out of me. If they can't even get basic details on their main pages right....

I've never had any problems but then again I've never had more than 1K$ there at any given time.

You have access to muitiple banks In multiple countries, but I wouldnt trust them with a LOT of money.

Tipsy · 01-17-2003, 06:46 PM

Quote from an old post I made about yambo to save retyping

Quote:

I was looking at them but the pricing makes little sense to me.

i.e.

Incoming wire transfer to USA bank 1%

Now if it's incoming would it not be from a USA bank rather than to a USA bank? If it's going to a USA bank would it not be outgoing?

Incoming payments in PayPal.com 9%

Given the above I'm confused whether that's money going from the account to paypal or coming in from paypal. If it's for money coming in from paypal that's just stupidly expensive. If it's money going out of the account to paypal it's not a problem as that would rarely if ever happen. Although it says incoming payments it seems far too steep and given the above may even actually be money going out to paypal.

MonkeyMan · 01-17-2003, 06:48 PM

I belive its 9% from paypal to them.... I've sent money to paypal from there and they didn't take 9%.... just e-mail them and ask if your confused.

Tipsy · 01-17-2003, 06:50 PM

Quote:

Originally posted by MonkeyMan
I belive its 9% from paypal to them.... I've sent money to paypal from there and they didn't take 9%.... just e-mail them and ask if your confused.

That's what it says so is probably right. The fact that the wire made no sense made me wonder.

The problem is 9% to have a payment into the account from paypal is almost exactly 9% too high. I'd rarely need to put money into paypal just take it out and certainly won't pay 9%.

Oh well - I'll probably just keep looking

MonkeyMan · 01-17-2003, 06:51 PM

Hey if you find anyone make sure you let us know.
Never hurts to have more options.

besterman · 01-18-2003, 07:57 PM

an offshore company owned by an offshore trust in which you are the trust consultant/protector has zero tax liability regardless of your citizenship....but consult with your lawyers.

dotdude · 05-20-2003, 11:37 AM

did u manage to find something good to go 100% offshore?

01-17-2003, 02:59 PM	#1
Penn E. Less Confirmed User Join Date: Oct 2002 Posts: 367	Contemplating going offshore, need advise and info Thinking about moving domains, hosting, banking, etc. offshore. Need resources, links and "what to look out for" when going offshore. Thanks in advance. __________________ <br><a href="http://marketing.ucumseeme.com/dat.shtml"><img src="http://marketing.UCumSeeMe.com/images/ucsmm2_120x60.jpg"></a><br> Click the button above!<br> ICQ# 169177761

01-17-2003, 03:11 PM	#5
Penn E. Less Confirmed User Join Date: Oct 2002 Posts: 367	Not if you "move" offshore, period. __________________ <br><a href="http://marketing.ucumseeme.com/dat.shtml"><img src="http://marketing.UCumSeeMe.com/images/ucsmm2_120x60.jpg"></a><br> Click the button above!<br> ICQ# 169177761

01-17-2003, 03:17 PM	#6
Rocky Confirmed User Join Date: Jul 2001 Location: Living Off The Grid Posts: 3,022	move to Sealand __________________ Are you down with Sin?

01-17-2003, 06:34 PM	#24
Tipsy Confirmed User Join Date: Jul 2001 Location: See sig Posts: 6,989	The fact that tax keeps getting bought into it bothers me as it clouds the issue. I need an offshore account soon too for a few reasons none of which are tax related. Unfortunately those that have one rarely if ever post about it on a public board so first hand info is hard to come by. __________________ Ignorance is never bliss.

01-17-2003, 06:42 PM	#28
Tipsy Confirmed User Join Date: Jul 2001 Location: See sig Posts: 6,989	Yambo has some huge flaws in the info listed on their site which worries the hell out of me. If they can't even get basic details on their main pages right.... __________________ Ignorance is never bliss.

01-17-2003, 03:00 PM	#2
Juicy D. Links So Fucking Banned Industry Role: Join Date: Apr 2001 Location: N.Y. -Long Island -- Posts: 122,992	Do it man, fuck the IRS ...I do

01-17-2003, 03:09 PM	#3
Hentai Registered User Join Date: Sep 2002 Posts: 52	FYI, it is tax evasion to collect money from your offshore account and not report it

01-17-2003, 05:40 PM	#11
MJH Registered User Join Date: Mar 2002 Location: UK Posts: 18	It is my understanding that any US citizen is liable to tax on any income earned worldwide over $72,000 USD per year whilst offshore. But there is nothing to stop an offshore company that is managed by an American citizen earning as much money as it wants and owning what ever it wants without tax implication if done correctly.. MJH PS. Email me if you want more information about reputable people to contact regarding this.. [email protected]

01-17-2003, 06:06 PM	#18
BJ Confirmed User Join Date: Mar 2002 Location: asia Posts: 5,590	I know dudes that work for Intel in Indonesia that pay little/no taxes and are US citizens.... sumptin bout be able to prove you live outside the country for x% of a year.

01-17-2003, 06:27 PM	#20
MJH Registered User Join Date: Mar 2002 Location: UK Posts: 18	Hey IMX ;) Should have know you would be around here tonight.. Tax advice is a good resource to add to Megamaster.com ;) I have already had 8 people asking me for contact info etc via email . MJH

01-17-2003, 06:35 PM	#25
MJH Registered User Join Date: Mar 2002 Location: UK Posts: 18	Good idea ;) With the amount of money I have spent on tax advise over the years I think I could give better advice than alot of accountants ( US and UK ones ) I have met.. I know good advisors in offshore locations .. The key is to find both on shore and offshore advisers that can work together.. MJH

01-17-2003, 06:48 PM	#31
MonkeyMan So Fucking Banned Join Date: Dec 2002 Location: New York.... Not the city... Up north further. Its about a six hour drive to the city from here. I don't like the city much. The air is not as clean, but they do have better strip clubs. Posts: 1,026	I belive its 9% from paypal to them.... I've sent money to paypal from there and they didn't take 9%.... just e-mail them and ask if your confused.

01-17-2003, 06:51 PM	#33
MonkeyMan So Fucking Banned Join Date: Dec 2002 Location: New York.... Not the city... Up north further. Its about a six hour drive to the city from here. I don't like the city much. The air is not as clean, but they do have better strip clubs. Posts: 1,026	Hey if you find anyone make sure you let us know. Never hurts to have more options.

01-18-2003, 07:57 PM	#34
besterman Confirmed User Join Date: Jan 2003 Posts: 623	an offshore company owned by an offshore trust in which you are the trust consultant/protector has zero tax liability regardless of your citizenship....but consult with your lawyers.

05-20-2003, 11:37 AM	#35
dotdude Registered User Join Date: Apr 2003 Posts: 16	did u manage to find something good to go 100% offshore? __________________ Offshore adult hosting services with uptime guarantees. http://www.cyberoffshore.com/ ICQ: 35042927