Safe Haven

[bajanboost]

I paid an offshore specialized lawyer to setup an offshore company that allowed me to only pay 2% on Capital Gains - Has anyone else done this as yet or do they have another method to reduce my taxes further?

If anyone wants, I can PM them the lawyer's details that set it up for me. She specializes in offshore IBC (international business companies).

[Big Time Coin]

What about income?  And how are you handling the "look-through" policy of the IRS?

[bajanboost]

What income?
Profit yielded from BTC investments?

[BitGlory]

You are fiscal resident of 1 state if you live there for half a year. If you won't pay taxes you need:

1-an offshore company
2-a bank account linked to that company
3-travel tickets

Done.

[BitGlory]

I was forgetting, you need some anon debit cards that you can buy here instantvcc.eu, they have a 3.5k USD year limit and can be loaded with a bank transfer. They're not linked to any name, so you can safely withdraw all your income to an ATM. So offshore bank account> debit card> banknotes.

I don't want to encourage tax fraud, that is still a crime in all countries of this World and I have no RESPONSIBILITY in the actions that others will perform with such info.

[zeroday]

Now I'm living in Caribbean country and have offshore company with bank account.
Any profit received by me from abroad, including gains from BTC trade, is absolutely tax free.

I could help opening offshore companies and accept payments with bitcoins. However, there are many restrictions for US residents.

[bajanboost]

Now I'm living in Caribbean country and have offshore company with bank account.
Any profit received by me from abroad, including gains from BTC trade, is absolutely tax free.

I could help opening offshore companies and accept payments with bitcoins. However, there are many restrictions for US residents.

Just please note that you can run into very hot water if you do not follow protocol properly. It is best to leave it to the lawyers and or tax consultants if you are talking about substantial finances here. Just my two mBTC to the wise.

[bit777]

You should explore Costa Rica. $1k incorporating fee, 2-300$ per year fixed fee corp taxes. That's it. No reporting, No income tax, no nothing. You can easily open a bank account in CR and keep your money there.

[bajanboost]

You should explore Costa Rica. $1k incorporating fee, 2-300$ per year fixed fee corp taxes. That's it. No reporting, No income tax, no nothing. You can easily open a bank account in CR and keep your money there.

We actually were going to do this as our first option but access money, legal structure, etc makes CR not viable.

[Tritonio]

access money, legal structure, etc makes CR not viable.

Can you please elaborate on the specific problems that you have with Costa Rica? "Access money" I suppose you mean it's not easy to withdraw money from that country's banks, right? What about the "legal structure"?

[bajanboost]

access money, legal structure, etc makes CR not viable.

Can you please elaborate on the specific problems that you have with Costa Rica? "Access money" I suppose you mean it's not easy to withdraw money from that country's banks, right? What about the "legal structure"?

I don't remember much of the details, only that it didn't work out well with us when we were being coached by a tax consultant - I just know we end up staying away from CR due to issues. I'll call the tax consultant this week and ask him why he told us to stay away from CR

[Jobe7]

Hmm.. assuming you had a large amount of btc and converted to fiat and talking about storing that..?

Personally I would have:

1. Kept most of it as btc on various wallets.
2. Made an account with every trust worthy exchange (many new ones appearing lately).
3. Made/Linked a new bank account with each different exchange account I made.
4. Exchange/move btc to fiat to whichever bank account when money was needed, rotating through each.

If a large amount of fiat was needed .. well, depends how much really..

1. Make a large sale of btc with cash in person (highly not reccomended)
2. Exchange/move btc to fiat to all your bank accounts at once or within the time period you've given yourself.
3. Be prepared, setup a business & bank account. Send money to that, stating its capital investment.

Though you'd probably have to pay tax on no 3.

Note .. there's a lot of very rich people with money hiding, avoiding a LOT of tax, who should be paying tax, or should be violently poked with sharp sticks, repeatedly. I'm hoping you're someone who's become wealthy off of btc, in which case, more power to you.