So your brokarage account just hit 7 figures

Quoting Moe

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once my account do hit that, i plan on moving to the bahamas full time setting up a ibc and a trust company and doing all my business offshore.

ps. please don't tell the i.r.s http://www.forexfactory.com/forexfor...ons/icon12.gif

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Quoting twinchell

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We won't tell them a thing. By the way, is your real name Moe?

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Quoting Moe

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once my account do hit that, i plan on moving to the bahamas full time setting up a ibc and a trust company and doing all my business offshore.

ps. please don't tell the i.r.s http://www.forexfactory.com/forexfor...ons/icon12.gif

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Quoting NipthePips

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I'm sorry, Im slow


what is an IBC and a Trust Company lol...how do you dodge taxes with that?

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Quoting zenseven

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IBC - International Business Company, Many countries in Bahamas will allow you to incorporate such structure to operate outside country without almost any taxes (except yearly fee)
Trust Company it is a little bit complicated,
one of the reasons: it helps you to make your suns and daughters happy because with such company you can make inheritance for them without any obligations...
BUT BETTER YOU NEED TO ABANDON US, EU, SWISS CITIZENSHIP.

for personal uses best place without taxes is Andorra.

_____________

To answer question:
1. at 100 000 it is worth to go offshore. I believe only UK citizens do not need to pay taxes from Forex trading.
2. At 1 000 000 I'll take usual 5% to place in low income deposit belonged to my wife for HER and CHILDREN safety reasons. and usual 5% to deposit to my bank account
3. Keep on my good trading.
Personally I do not abandon trading at all whatever. I will trade for current living and for fun.
Because I like trading

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Quoting dukeofdents

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To all those who take it the wrong way that I continuosly state that I work like a dog for my trading $$, let's get one thing straight. I am not saying that everyone out there is some "rich kid having fun pressing buttons on a computer". My whole point was, if and when you do get a million bucks, don't be an a$$hole. Don't forget where you came from and who you are, and don't waste your money on unnecessary extravagance. Be who you are today, just with more money. The point is, money absolutely will not make you happy, it will just make it easier.

When you have a valet park your car, don't be a d!ck. Give him a big tip. If you like pizza, don't start eating escargot. Drink a $15 bottle of wine just like always, some of it is just as good as a $200 one anyway. Sometimes a lot of money changes some people in a bad way.

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Quoting dukeofdents

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Okay, here's what f?cks me up about this thread...

Everyone wants to get filthy stinking rich then give 10% to the starving pygmies in New Guinea. Or else buy a freaking Ferrari and screw everyone else, I'm the rich a$$hole with a flip-open cellphone and a blackberry so why doesn't your working-class a$$ park my Ferrari for me? Oh boy, look at me, I have Armani sunglasses.

All I need is $300,000 free and clear, no tax, no nothing, to live how I want to. Is that so much to ask?

I must come from a more humble environment than everyone else, because it's great to dream, but I want reality. 1 million USD is more than I could ever imagine, and would be great, but $300,000 is enough to set me up permanently. That's all I need.

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Quoting zenseven

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IBC - International Business Company, Many countries in
Bahamas will allow you to incorporate such structure to operate outside
country without almost any taxes (except yearly fee)
Trust Company it is a little bit complicated,
one of the reasons: it helps you to make your suns and daughters happy
because with such company you can make inheritance for them without any
obligations...
BUT BETTER YOU NEED TO ABANDON US, EU, SWISS CITIZENSHIP.
for personal uses best place without taxes is Andorra.

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Quoting fukinagashi

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I understand why it would be necessary to give up US citizenship, considering that the U.S. uses citizenship in addition to residency in determining whether a person's income is subject to U.S. taxation. All U.S. citizens, including those who do not live in the United States, are subject to U.S. income tax on their worldwide income.

But that does not apply to EU or Swiss citizens. Here it is residency what counts.

And even if you become or remain a resident in Switzerland the system is here very advantageous for rich people. Over a certain amount of wealth and income you can basically negotiate you communal taxes with your local tax office. That is why we attract people like Phil Collins, Peter Ustinov or Michael Schumacher. They can legally be rich and still pay peanuts. And if you want to put the cream on top you make your Offshore-Trusts and no matter how much is in there, your money has legally become invisible against fiscal and even legal activities (divorce etc.) while still gaining revenues, until it gets touched again by the beneficiary (which can be still you).

But now comes my real, high priority question: Why Andorra? 0% Income Tax is nice, but to become a resident in Andorra first is the bigger issue. A work permit is as difficult to get as a passive residence permit. I don't even know how they think about you being a trader, since you cannot ecome self employed in Andorra before you have not stayed there for 10 ears legally. And being an incredibly rich, but illegal alien does not sound like my idea of a fun future ;-). And speaking of that, who wants to learn
Catalan?

I say: Come to Switzerland and get a good tax adviser and bring your money to a good old Swiss private banker. Preferably one of the good old houses (200 years+), like Mirabaud, Pictet, LODH etc. (http://www.swissprivatebankers.com/). They do protect, manage and increase your wealth objectively and independently, while profiting of their experience having survived the worst fiancial global crisis.

Is it very obvious that I work for one of these banks and live in Switzerland myself? ;-)

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Quoting NipthePips

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Visualize this...



You go to the computer like any other day to see what bias the Euro and Cable have for the day, you look for upcoming news, you study the charts a little and you are ready to place your trade and watch the market work.

After a few hours, you are happy with the pip amount you made for the day and you decide no more trading for the day. But unlike other days when you get up and leave the computer, you notice something different

Your account balance says $1,005,308.57

You immediately get up and....

(finish the story here. Add anything you want, things you will buy, people you will call, protection you would set up, accounts you will open, let the sky be the limit.)

This should be fun to see what people goals and dreams are here at FF

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