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Would you renounce your citizenship to pay less tax?

  • #41
  • Sep 2, 2018 2:08pm Sep 2, 2018 2:08pm
Quoting lemercenaire
One of these Libertarian Ideals may suit you: https://en.wikipedia.org/wiki/List_of_micronations
lol the camp started by school teachers looks the kingdom sought.
  • #42
  • Sep 2, 2018 3:24pm Sep 2, 2018 3:24pm
Quoting richyRich27
{quote} lol the camp started by school teachers looks the kingdom sought.
I have a space down the back field that could be very promising. Fresh water, good soil. A bit prone to flooding, mind you.

Also Sovereign Citizenship would be an attractive concept if Homeland Security and the FBI didn't have the bad manners to classify them as budding terrorist members, lol.
  • #43
  • Sep 2, 2018 3:40pm Sep 2, 2018 3:40pm
guys, the more I read about using a corporate structure, the more I know staying sole trader is right. for trading forex.

Quote
The company will also need to register for Workcover and pay insurance premiums based on the salary that you will be taking. It will also need to register as an employer with a super fund and make 9.5 per cent compulsory super contributions on your behalf.


this is just one paragraph. the world is mad, I see absolutely no reason why any small business owner >10 million per year should go with the messy tangled bullcrap of incorporation.

its like the government are punitively penalising you for running a company. you pay your company tax and every single dollar you want to put in your pocket to use, is further taxed at the maximum income tax rate. THEY WANT YOU TO JUST BE A SOLE TRADER.

this is clear.
  • #44
  • Sep 2, 2018 3:57pm Sep 2, 2018 3:57pm
Quoting richyRich27
Im sure this idea is considered tax evasion by western nations. The fact remains there is an endless list of countries that are much less greedy for the money high net worth individuals make. Would you renounce your citizenship and turn in your passport to live in a country that asks for much less tax? Wikipedia provides a list you can sort by percentage (scroll down to the list) https://en.wikipedia.org/wiki/List_of_countries_by_tax_rates I trade as a sole trader, I dont believe in incorporating with a business like trading as their...

Tax for FX and other kinds of investing/trading in the Netherlands is 1.2%
  • #45
  • Sep 2, 2018 4:02pm Sep 2, 2018 4:02pm
Quoting tradur
{quote} Tax for FX and other kinds of investing/trading in the Netherlands is 1.2%
hec yeah love the Netherlands. do you have a link to formal information reflecting that?
  • #46
  • Sep 2, 2018 4:04pm Sep 2, 2018 4:04pm
my grandad was dutch actually on my fathers side.
  • #47
  • Sep 2, 2018 4:25pm Sep 2, 2018 4:25pm
Quoting richyRich27
{quote} hec yeah love the Netherlands. do you have a link to formal information reflecting that?
https://uitspraken.rechtspraak.nl/#zoekverfijn/ljn=BQ2071&idx=1&so=Relevance

Fx falls under box 3 wealth tax. You pay every year 1.2% wealthtax. So no tax for FX, but only 1.2% on all your wealth which is on your bank on 1 january.
  • #48
  • Sep 2, 2018 4:35pm Sep 2, 2018 4:35pm
Quoting richyRich27
{quote} can you provide the relevant link mate?
ask a tax accountant and be over with. i know what am talking about.

i dont know any links sorry. just google it
  • #49
  • Edited 4:59pm Sep 2, 2018 4:39pm | Edited 4:59pm
Quoting SunTrader
https://www.ato.gov.au/Individuals/International-tax-for-individuals/In-detail/Foreign-income-of-Australian-residents/Foreign-income-of-Australian-residents-working-overseas/
that link is for australian residents for tax purposes.

we are talking about you living overseas and be non resident for tax purposes!!! that means you live at least 6 months outside australia.

The only exception where you have to lodge your tax return in Australia (if you are living overseas); if you have assets in Australia; such as a home, or business within Australia.

Of course; anybody be it Australian or not; being in Australia or not; if you have assets generating income within Australia; you have to pay tax for that.

https://www.ato.gov.au/Individuals/international-tax-for-individuals/work-out-your-tax-residency/
  • #50
  • Edited 5:19pm Sep 2, 2018 4:57pm | Edited 5:19pm
Quoting alphadude
{quote} ask a tax accountant and be over with. i know what am talking about. i dont know any links sorry. just google it
thanks for sticking with it. I found this

Quote
When living overseas, there are three possible tax scenarios:

  1. You remain an Australian tax resident and are taxed on all worldwide income, but credits are available for foreign taxes paid.
  2. You remain an Australian tax resident under our law, but also become a tax resident of the foreign country. If there is a Double Tax Treaty with that country, then Australia’s ability to levy tax will be limited or excluded.
  3. You become a non-resident under Australian laws, and only taxed in Australia on certain income and gains from Australian

...

[/list]
and this
Quote
Investment income – Interest, royalties and dividend income on Australian investments of non-residents are subject to withholding tax of 30% for unfranked dividends and royalties, 10% for interest and 0% for fully franked dividends. Withholding rates may be reduced by any double tax agreements between Australia and the other relevant country. No claims can be made for deductions for share portfolio expenses. Income from investments in foreign countries held by non-residents is not taxed in Australia



https://www.accru.com/2018/08/australians-working-abroad-how-will-you-be-taxed/
  • #51
  • Sep 2, 2018 5:02pm Sep 2, 2018 5:02pm
Quoting richyRich27
{quote} hec yeah love the Netherlands. do you have a link to formal information reflecting that?
I have a couple of Dutch friends who are well along the path of getting the hell out of Dodge.
  • #52
  • Sep 2, 2018 5:03pm Sep 2, 2018 5:03pm
interesting, and this

https://www.quillgroup.com.au/blog/australian-resident-for-tax-purposes-explained/

it seems you can become a non resident of Australia by not living here, and not have tax liabilities in AU

it seems I wont have to give up my passport, I just have to establish domicile in Macau
  • #53
  • Sep 2, 2018 5:05pm Sep 2, 2018 5:05pm
Quoting lemercenaire
{quote} I have a couple of Dutch friends who are well along the path of getting the hell out of Dodge.
asia is the future really. its where life runs wild
  • #54
  • Sep 2, 2018 5:08pm Sep 2, 2018 5:08pm
Quoting alphadude
{quote} that link is for australian residents for tax purposes. we are talking about you living overseas and be non resident for tax purposes!!!
it seems Ive doubted you twice now. good job we have smart cookies in these forums. thank you, will investigate further and provide links later tonight.

cheers mate.
  • #55
  • Sep 2, 2018 5:21pm Sep 2, 2018 5:21pm
Quoting lemercenaire
{quote} I have a couple of Dutch friends who are well along the path of getting the hell out of Dodge.
Because of tax?!
  • #56
  • Sep 2, 2018 5:26pm Sep 2, 2018 5:26pm
why do i have to leave? its just a tax. if you profit, share a bit.
its simple.
Profit growth tells you the trader ability.
  • #57
  • Sep 2, 2018 5:37pm Sep 2, 2018 5:37pm
Quoting richyRich27
{quote} asia is the future really. its where life runs wild
If you are genuinely serious about this and have the funds to back it up, then you should look into becoming a ''Perpetual Traveler'' aka a ''Global Nomad'' / ''Nomad Capitalist''.

I lived this way myself for a number of years and my ex still does. At the moment she's in Fuertaventura. Before that, it was S.Ireland and So Cal.

Look into Flag Theory.

Have laptop, will trade.

Man oh man...memories. See what you've done, lol.
  • #58
  • Sep 2, 2018 5:39pm Sep 2, 2018 5:39pm
Quoting tradur
{quote} Because of tax?!
Nope.

Three nice cars stolen from outside his home and trashed over the last couple of years had a lot to do with it.
  • #59
  • Sep 3, 2018 4:46am Sep 3, 2018 4:46am
i lived for a couple of years in the carribean on a tax-free island. i would never do it again because
) missed my family&friends
) missed the culture of my homecountry
) moscitos
) water quality
) healthcare bad
) too hot all day

money cant compensate these for me important factors...

europe is still nice (in some parts) but criminality goes in the wrong direction. in some parts i expect kind of civil wars.
trading is like dancing, don't think and just listen to the music!
  • #60
  • Sep 3, 2018 4:47am Sep 3, 2018 4:47am
Quoting birdland
i lived for a couple of years in the carribean on a tax-free island. i would never do it again because ) missed my family&friends ) missed the culture of my homecountry ) moscitos ) water quality ) healthcare bad ) too hot all day money cant compensate these for me important factors... europe is still nice (in some parts) but criminality goes in the wrong direction. in some parts i expect kind of civil wars.
what a nice guy.
Profit growth tells you the trader ability.
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