Hello without saying too much, I run a business where I sell bitcoin at a markup and get paid via bitcoin no fiat or banks involved. (I sell $70 in BTC and get paid $100 in BTC, not that simple) I do a lot of volume and I am a US citizen. What would be the best options to avoid taxes besides just not paying but I prefer avoiding them legally if possible.
Offshore benefits for US Citizen NO bank needed
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Legally? Renounce your US citizenship and move abroad.
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This is the probably the answer to your question.
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This is the probably the answer to your question.
Is this the only option? Is there anything that can be done with nominees or anything like that?
Not legally, no.
Just make sure you're taking advantage of all deductions available to you and structuring your income in an optimal way. A good tax adviser can help you with that.
You can move to Puerto Rico or maybe USVI to lower your tax burden some, but to legally avoid taxes without the scales of economy of large corporations is not really an option.
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This is the probably the answer to your question.
Just make sure you're taking advantage of all deductions available to you and structuring your income in an optimal way. A good tax adviser can help you with that.
You can move to Puerto Rico or maybe USVI to lower your tax burden some, but to legally avoid taxes without the scales of economy of large corporations is not really an option.
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This is the probably the answer to your question.
Well for Canadians life is much easier. You only need to sell all your assets. Give up your drivers license, your provincial ID and move yourself to another country. You can move to Panama, get their friendly countries visa and live there for as long as you want. But as a US citizen you have to file all your tax returns even if your income is low and bank accounts info etc. Modern day slavery comes with a US citizenship of course. That is why I never recommend anyone to do anything with USA or become a US resident or citizen. Good luck.
Even that won't work as you are still liable for tax for another 10 years LOL
https://en.wikipedia.org/wiki/Expat...reated Internal,of their loss of citizenship.
So it will take you 10 years before you won't be taxed in US if you give your citizenship today.
What you need is someone that you can trust, from low tax country who will do things for you and file taxes and you'll just be hired in by his company (so to reverse things a bit). That's extremely difficult to find but it's not impossible...
That was the old law. After 2008, new laws were passed. Now you need six years of filed returns plus assets less than 2 million dollars for no exit tax and another passport handy to renounce. One of Facebook founders did that in 2012 before Facebook became public. Google for updated info.
Thanks Davis123 for the update.
I found more information about the topic in this document so I'll share it if someone needs it:
https://www2.deloitte.com/content/d...ts/Tax/us-tax-PCS-FAQ-expatriation-020315.pdf
I found more information about the topic in this document so I'll share it if someone needs it:
https://www2.deloitte.com/content/d...ts/Tax/us-tax-PCS-FAQ-expatriation-020315.pdf
Thx I know these updated laws in detail. Frankly speaking I never found a passport good enough as US except Canada and U.K. both of which require significant investments and moving there full time to give up my US passport. I do have a Comorros passport which was available sometime ago but not anymore. Maybe in future I will finally move to U.K. someday as I found U.K. much better than Canada.
oh my, how many times has this been asked here already.
Code:
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site:offshorecorptalk.com us bank account
I'm not aware of a US bank you can open for your company, but you hijack this thread so I would ask you to open a new one to avoid any mix up on this thread.
Thank you 😉
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
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