Does anyone have any experience with international finance? Particularly IBCs and offshore banking?


Disclaimer: I am not a cop, IRS agent or snitch.

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It is not my expertise. If you are a U.S. citizen you are normally trapped. We have a global tax system that requires you to pay Federal Taxes regardless of where you work.

If you are not a U.S. citizen, then you have tons of options.

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Hawaii (fuck) You

All dealings will be done on an EU passport.

Ps. I personally identify as American and love this country. I just also believe if you can leverage the law to your advantage why not?

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First off, estate taxes are only applied at very high levels are inherited wealth. Before you worry too much, look at where those taxes are applied. If you are lucky enough to have that much wealth, then you should certainly seek an experienced estate planner. There are lots of products that helped minimize your ultimate tax liability.

I bet you can escape U.S. taxes. I'll try to do some research when I get back to the U.S. tomorrow.

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Hawaii (fuck) You

I only took one accounting class in my life, but I do remember one thing the teacher said that has stuck with me for all these years. He said that the IRS sees taxable income the way we see a duck. "If it looks like a duck, quacks like a duck..." In other words, if anything even slightly resembles taxable income, the IRS sees it as taxable income. "Pay me, you motherfucker!"

That being the case, I think the best you can do is find support for taking a position that based on his circumstances he does not owe whatever tax. Whether that stands up under scrutiny is a different story, but at least he'll have a reasonable position he can take.

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Freedom is our Strength.

I read through pub 559. The 2017 estate tax does not start until $5.49m in wealth. No where could I find info on Toxic's situation. It seems like the IRS views U.S. based assets for resident aliens like it views citizen's assets, that is taxable. But he is a dual citizen, and he may have protection under certain tax treaties.

Way beyond my experience. I am genuinely interested in the right answer. I'll search more when I get home.

And yes, the IRS takes a very expansive view of income. If they didn't, people would just shift their income to whatever method is untaxed.

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Hawaii (fuck) You

I have an offshore account you can send it to and avoid taxes. PM me all your info and l will get you the account number.

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I know you're responding in jest. In any case, FACTA has shut down most of the offshore hiding of money. Sure you can do flat out illegal stuff, but most international banks are reporting your earnings to the IRS now.

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Hawaii (fuck) You

First question, is your estate worth more than $5.45 million dollars?

If the answer to that is no, then you are exempt from estate taxes (at least under current laws)

As far as maximizing retirement vehicles, use a Roth IRA if possible. You'll pay the normal income taxes upfront on the income you use to put in there. However, the growth will be 100% tax free so you do not pay taxes when you draw from it in retirement.

The problem with a Roth is you have caps on how much you can put away there and if you're saving the 15% most retirement advisors suggest, you will probably be hitting those annual caps and the money above that (if put into something like a 401k or traditional IRA) would have growth subject to taxes.

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“When I walked in this morning, and saw the flag was at half mast, I thought 'alright another bureaucrat ate it.'" - Ron Swanson

5.49 million. And yet MANY are attempting to convince the nation that the threshold for the "death tax" should be significantly raised, if not eliminated to benefit the lower what, 90%?

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There are only two examples of infinity: The universe and human stupidity and I'm not sure about the universe.

When the wealth is equity in a company that you built/own then yes it most certainly should be raised. It really punishes entrepreneurs, farmers (as the land value counts towards it, and those who invest in real estate.

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“When I walked in this morning, and saw the flag was at half mast, I thought 'alright another bureaucrat ate it.'" - Ron Swanson

Bitcoin. You stick to the legal advice, and I'll take care of the illegal advice.

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So as a society we should value having smart/successful relatives over hard work?

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Freedom is our Strength.

Won't somebody think of the real estate investors?!?

Farmers (today) are just Wall Street execs in overalls.

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Someone has only visited the "farm" at Lincoln Park Zoo.

If you don't think that farming is hard work, I can get you a gig for 30 days or so doing it.

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For the proprietor or the hired help?

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Many proprietors are still the hired help.

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Just shoot a note to noted anti-globalist global capitalist Steve Bannon.

https://www.washingtonpost.com/politics ... e622d170a5

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Soccer 1,2,3
Spanish Honor Society 1,2,3,4
Forensics 1,2,3,4

"Smiles with Nostrils"

"...no Hmong, go find some blacks"

Not as many as there should be.

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True, but the unwillingness of younger generations to take over family farms is being solved as you pointed out, by corporations.

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You have any stats on that? If true, and if they come from a large farm, they're idiots. But If kids are turning down the opportunity to run a 50 gilt, 300-acre operation, then that makes sense because they're going to get crushed anyway. I can't imagine there are many of those left, though.

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The cost of getting into commodity ag is obscene for the profit margins available. That's why young people aren't doing it. I know a few who would love to have stayed home but the finances just don't stack up. First the big farms buy up available land or worse, investors from outside areas drive up values as long term investment potentials when other areas of the market are doing poorly and run things through farm management companies that are pretty brutal to deal with for folks without equity. Not to mention the equipment costs. The 300 acre 50'sow farm still exists but they are few and far between. Kind of like the 30 milk cow dairy.

Definition of big farm keeps changing too but most of the farms here, barring the one giant hog operation, the owners are in the fields as much as hired help.

The big enough farms have ways around theses things anyways. It's the midsize s guys that get hammered.

My estate isn't worth 5.4 million at this point but I'm still 3p years away from retirement and or death. I was just interested in getting into some international property and I know for some countries you either have to be a citizen or an international business corporation.

Avoiding getting taxed out the ass on capital gains is a secondary concern.

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A few small points on cap gains,

1) You don't pay until you recognize the gain,
2). The U.S. has very favorable cap gain tax rates,
3). The best part about the death tax is that you heirs get a stepped up basis on appreciated gains. Meaning, you never pay cap gains on the stocks or property.

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Hawaii (fuck) You