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Would you renounce your citizenship to pay less tax?

  • #101
  • Sep 4, 2018 12:08pm Sep 4, 2018 12:08pm
Quoting richyRich27
{quote} For me this is just a thought experiment. I am in all likelihood going to pay the 50% the taxman wants which will cause me to throw away 3 million this financial year (expected) Ive been to asia many times and know what its like. But I suspect you have to prove residency in the new country and open a different bank account. Trusting large sums to a 3rd world country I couldnt stomach. I dont think its just as simple as staying away from australia, you would probably need some documentation hoop jump pain in the ass thing. Im still going...
Most well-to-do countries require a lot of documentation to gain their citizenship, that's not unusual. I think one should just accept that if they want to go through with such an idea.
  • #102
  • Sep 4, 2018 12:16pm Sep 4, 2018 12:16pm
Alphadude
May your sails always be full and the sun on your back...cheers
  • #103
  • Sep 4, 2018 12:24pm Sep 4, 2018 12:24pm
Quoting james1254
{quote} Most well-to-do countries require a lot of documentation to gain their citizenship, that's not unusual. I think one should just accept that if they want to go through with such an idea.
very true. they are all governments.
  • #104
  • Sep 4, 2018 6:58pm Sep 4, 2018 6:58pm
Quoting richyRich27
(because getting a formal residency anywhere seems like a pain in the ass)
I don't want to flog a dead mule here, so this will be my last note. You don't have to be a resident of a foreign country for a Corporation you "own" to be domiciled there. Many popular spots to choose from - I looked at Panama, Ecuador, etc. You do have to be careful about where you might choose, since there are many countries on "grey lists" that might not be acceptable to a given bank or forex broker in its home country. But there are ways around that, also... Many, many people go offshore in various ways to lessen their tax burdens and that can be done legally and transparently. People run afoul of their home country tax man when they try to hide things, fail to file requisite paperwork, and otherwise ignore the rules. And, once again: why don't you consult with a qualified tax attorney in Oz? Pick one with extensive experience in this specific area. I'd hate to know I had to rely on random public forum members for expert advice....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #105
  • Sep 4, 2018 7:04pm Sep 4, 2018 7:04pm
Quoting james1254
Most well-to-do countries require a lot of documentation to gain their citizenship, that's not unusual. I think one should just accept that if they want to go through with such an idea.
Do you have any Irish heritage?

https://www.investopedia.com/articles/personal-finance/030216/5-countries-where-its-easy-gain-citizenship-retire.asp
"If The Fool persists in his Folly he will become wise." - William Blake
  • #106
  • Sep 4, 2018 7:08pm Sep 4, 2018 7:08pm
Money talks, bullshit walks.

http://nomadcapitalist.com/2016/06/20/best-citizenship-by-investment-programs/
"If The Fool persists in his Folly he will become wise." - William Blake
  • #107
  • Sep 4, 2018 9:59pm Sep 4, 2018 9:59pm
Quoting The Fool
{quote}I don't want to flog a dead mule here, so this will be my last note. You don't have to be a resident of a foreign country for a Corporation you "own" to be domiciled there.
With all that advice just overflowing, so whats the tax rate on a yacht in international waters.
  • #108
  • Sep 4, 2018 11:18pm Sep 4, 2018 11:18pm
Quoting richyRich27
With all that advice just overflowing, so whats the tax rate on a yacht in international waters.
Give me an example of "international waters" where you can moor a yacht. Ships have to have a flag and a home.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #109
  • Sep 5, 2018 2:32am Sep 5, 2018 2:32am
Quoting richyRich27
{quote} With all that advice just overflowing, so whats the tax rate on a yacht in international waters.
I'd do some research into the daily maintenance costs for a luxury yacht (or any yacht) before going down that route. Remember the wages for your crew
  • #110
  • Sep 5, 2018 4:03am Sep 5, 2018 4:03am
Quoting lemercenaire
{quote} I'd do some research into the daily maintenance costs for a luxury yacht (or any yacht) before going down that route. Remember the wages for your crew
Yes the Yacht would be very very large

Thats the "mad" dream anyway. First you lock in 10 mill, and put it in conservative low yield places to cover your nut for life....then the fun part starts if you can continue your trading.
  • #111
  • Sep 5, 2018 12:41pm Sep 5, 2018 12:41pm
Wealth is commanding a fleet of Apache choppers, landing you in residence, the loyal mercs call you sir and call your wife miss. On landing they point front, left and right while you stroll your family and guests into your domain. 5 fully armed apaches maintain vigilance, while you entertain guests. thats wealth...thats safety....thats forex.
  • #112
  • Sep 5, 2018 1:13pm Sep 5, 2018 1:13pm
Quoting lemercenaire
{quote} I'd do some research into the daily maintenance costs for a luxury yacht (or any yacht) before going down that route. Remember the wages for your crew
parking the yacht cost more than its maintenance.

... and international waters have many ladies... and that means you may lose your yacht to divorce

https://www.youtube.com/watch?v=Z-bS408zSfU
  • #113
  • Sep 5, 2018 1:28pm Sep 5, 2018 1:28pm
Only a trader who is struggling with trading wants to pay less tax.

  • #114
  • Sep 5, 2018 1:32pm Sep 5, 2018 1:32pm
Quoting raklian
Only a trader who is struggling with trading wants to pay less tax.
Since you probably see things your way, you likely have things, your way.
  • #115
  • Sep 5, 2018 1:51pm Sep 5, 2018 1:51pm
Quoting alphadude
{quote} parking the yacht cost more than its maintenance. ... and international waters have many ladies... and that means you may lose your yacht to divorce https://www.youtube.com/watch?v=Z-bS408zSfU
https://www.youtube.com/watch?v=GHdPgGKN2d8
  • #116
  • Sep 5, 2018 2:10pm Sep 5, 2018 2:10pm
Quoting raklian
Only a trader who is struggling with trading wants to pay less tax.
Eh?
  • #117
  • Sep 5, 2018 2:15pm Sep 5, 2018 2:15pm
Quoting raklian
Only a trader who is struggling with trading wants to pay less tax.
Only a fool doesn't try to find ways to pay less.
  • #118
  • Sep 5, 2018 7:03pm Sep 5, 2018 7:03pm
Quoting raklian
Only a trader who is struggling with trading wants to pay less tax.
Only a gullible fool of the highest order wants to pay any tax and an even greater fool to pay *more* tax. Paying tax is an enslavement process.
  • #119
  • Sep 6, 2018 6:13am Sep 6, 2018 6:13am
Giving up his US citizenship helped an entrepreneur become one of Thailand's richest men

https://www.cnbc.com/2018/09/05/bill-heinecke-gave-up-us-citizenship-to-become-a-thailand-billionaire.html
  • #120
  • Sep 6, 2018 6:32am Sep 6, 2018 6:32am
Quoting Macdon
{quote}Only a gullible fool of the highest order wants to pay any tax and an even greater fool to pay *more* tax. Paying tax is an enslavement process.
Tax funds infrastructure and services, without it we would all be living in the wild west.
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