Buying a car in Europe with a offshore bank account

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0w1ck

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Sep 3, 2019
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Hi, i currently reside in europe and i'm trying to buy an 80k Eur. car.
I work online and i use a offshore ltd and bank account to receive my money so i don't pay any taxes in my country.
I wonder if it is too risky to spend this much on a car and maybe it would trigger the IRS?!
If i had to legalize this money in my country i would be losing up to 70% after every tax, so thats totally a NO NO.
Anyone has any idea what would be the best option for me to make a purchase like this?
 
From which country do you plan to buy car ?

You want to register car in your personal name ?
 
That's a big NO, at least in Portugal I know a car over 50k triggers a red flag
 
It will depend much on which country you live in and how your personal finance looks. For instant if you get money from the state it won't be a good idea. If the country you live in (like Scandinavian countries) prohibit use of cash at large sums it's also not a good idea, but if you live in a country where cash is still something people use i.e. Germany it may not be a problem.

BTW. There is a similar thread on the forum.
 
0w1ck said:
0w1ck said:
I wonder if it is too risky to spend this much on a car and maybe it would trigger the IRS?!
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IRS???? are you a U.S Person then? ns2.

Didn't you watch this film below btw...lol? Driving around in an 80k would put you on radar with i.e jealous neighbors, friends and strangers. conf/(%


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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Leasing is your best option. Usually you can change cars every 3y and includes full insurance.

The Tax office in your country might wonder what are you doing with that card if your tax bill is too low. I would create a local company in your country just to deduct expenses like the car

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams
 
Damn, this turned out to be a good topic to talk about here.
In my particular case I am indeed from portugal and i'm trying to buy a car here. I don't find 80k too much for a car, in this case a tesla p100d.
I've been thinking about buying the used car in germany and import it to my country, since it's an electric car and its on the EU i won't have to pay taxes on it legalizing it in portugal, so thats a plus.
Yes i was thinking about registering it in my personal name, but since i have literally never paid one cent in taxes in this country, its kinda of a complicated situation.
 
GiGoGo said:
GiGoGo said:
Leasing is your best option. Usually you can change cars every 3y and includes full insurance.

The Tax office in your country might wonder what are you doing with that card if your tax bill is too low. I would create a local company in your country just to deduct expenses like the car
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Find a smaller leasing company and lease the car with an option to buy. Make sure they sell the car to as 'damaged' (so less valuable). Or you might setup a company that you own and leases the asset you.

You also might investigate the option to buy/register the car in country 1 and use it in country 2. (check taxes and possible mandatory re-registring after a certain in country 2)
 
The model of leasing a car and later buy it for nothingor 1/3 of the new car price is actually very good. But even better is it to buy with a company.
 
iloveyouguys said:
iloveyouguys said:
You can't invest after you die. At some point, you will want to enjoy depreciating assets. 😉
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That's why you will never be rich with that mind set. To get rich and stay rich you don't ever buy depreciating assets unless you can write off the depreciation. That's why 99.9% of people despite earning good money all their life finish their lives broke because they buy depreciating assets i.e cars, iphones, designer clothes etc - total loss items 🙁

Leasing is way to go thu&¤#

Locking up 80k in capital in a depreciating car when that same 80k can be working for you to earn you money makes no sense as your just destroying capital.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Martin Everson said:
Martin Everson said:
That's why you will never be rich with that mind set. To get rich and stay rich you don't ever buy depreciating assets unless you can write off the depreciation. That's why 99.9% of people despite earning good money all their life finish their lives broke because they buy depreciating assets i.e cars, iphones, designer clothes etc - total loss items 🙁

Leasing is way to go thu&¤#

Locking up 80k in capital in a depreciating car when that same 80k can be working for you to earn you money makes no sense as your just destroying capital.
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There is a lot of merit in what you're saying, but I see no problem in Tiger Woods buying his own jet
 
speedster said:
speedster said:
There is a lot of merit in what you're saying, but I see no problem in Tiger Woods buying his own jet
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lol...

Trust me people who own yachts and jets either bought them with dirty money so don't give a damn about burning cash or they buy via company as expense and are claiming the depreciation which is HUGE on a jet!!!!!

Btw didn't Trumps new tax law allow 100% write off for private jet depreciation I read below....lol..rof/%.

https://www.businessinsider.nl/tax-...vate-jet-sales-2018-2?international=true&r=US

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Martin Everson said:
Martin Everson said:
That's why you will never be rich with that mind set. To get rich and stay rich you don't ever buy depreciating assets unless you can write off the depreciation. That's why 99.9% of people despite earning good money all their life finish their lives broke because they buy depreciating assets i.e cars, iphones, designer clothes etc - total loss items 🙁

Leasing is way to go thu&¤#

Locking up 80k in capital in a depreciating car when that same 80k can be working for you to earn you money makes no sense as your just destroying capital.
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you're just generalizing everything..
That "To get rich and stay rich you don't ever buy depreciating assets unless you can write off the depreciation" is the stupidest s**t i've read in this forum.
Why would i ever have a lot of numbers if i can't enjoy them?
As a 23 year old, I gratefully have the luxury to buy whatever the f**k i want, and i wont ever regret it.
Anyway, that's off topic, Anyone still has any idea what would be the best option for this purchase?
 
0w1ck said:
0w1ck said:
Anyone has any idea what would be the best option for me to make a purchase like this?
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The best option would undoubtedly be not to make a purchase like this ... but get an old already depreciated car with plenty of mileage left on the clock ... something you can walk away from at the blink of an eye.

Second best options are mentioned above ... leasing, via company
 
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