15 Ways Rich People AVOID Paying Taxes
- Thread starter troubled soul
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Very good video thu&¤#
I knew 14 of the 15 points.
Point 7 - I didn't know that scheme but dammmmn that's a good one. So someone can dump $100k into a painting. Hold it for a few years then get it professionally valued at $5m and donate this to a charity and get the tax deduction for the donation smi(&% . Might be an idea for some crypto hodlers to think about if they live in a high tax country and donations are tax deductible. You can offset your crypto capital gains with a charitable donation of a painting you bought years ago cheaply that has increased in value.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
I knew 14 of the 15 points.
Point 7 - I didn't know that scheme but dammmmn that's a good one. So someone can dump $100k into a painting. Hold it for a few years then get it professionally valued at $5m and donate this to a charity and get the tax deduction for the donation smi(&% . Might be an idea for some crypto hodlers to think about if they live in a high tax country and donations are tax deductible. You can offset your crypto capital gains with a charitable donation of a painting you bought years ago cheaply that has increased in value.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
Good point!
There is even the digital alternative for a painting --> NFT (non fungible tokens) 😉 It allows even more creativity for valuating NFTs
Yes all makes sense now 😉.
https://www.reuters.com/lifestyle/sothebys-sale-digital-only-artwork-fetches-168-million-2021-04-14/
Imagine donating digital art work to charity like Oxfam to get the tax deduction. I would be like - "Ok so what email do I send the jpeg to?" smi(&%
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
It is like never ending Fight between Mouse and Cat.
People can find one way or another way to Save Tax.
When Internet is new, Authority thought now it is hard to save tax. We can find everything in Digital World.
Now face the reality, Internet, Digital world make tax saving easy .
People can find one way or another way to Save Tax.
When Internet is new, Authority thought now it is hard to save tax. We can find everything in Digital World.
Now face the reality, Internet, Digital world make tax saving easy .
I agree, most countries didn't even have a Cyber crime department.
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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.
Just ten years ago almost all Europeans could simply leave, and cut all ties with, their home countries and pay no income tax by simply not having a tax residence anywhere else. Things can happen very quickly, especially when bankrupt welfare states get desperate for revenue. Always plan defensively.
It definitely put a smile on my face. thanks for sharing. ill use it with and for my clients 🙂 Its a very comprehensive and concise video that explains the topic taxes way better than I have ever been able to do.
As minor details;
14. don't EVER control your trust. it will be tax transparant insofar they are not yet anyways.
Trusts and foundations are challenging albeit not impossible to navigate currently. For trusts the key words are: discretionary, irrevocable, and class of beneficiaries.
A foundation nowadays could proof to be more configurable. As a rule of thumb; common law = trust where civil law = foundation. In hybrid countries it depends. (U)HNWI just shift their residency and/or citizenship to find the most convenient system applicable to their situation.
Pay off / bonus
the pay-off about Switzerland is not correct. Education and healthcare are definitely not free. And taxes high.. Well that is to be seen. It depends on the canton and how you are being paid. Corporate taxes are around 15% which is slightly higher than Cyprus and Bulgaria. Malta I leave out as the conditions to qualify for the 5% are subject to a lot of details which in return you could name hidden taxes.
As minor details;
14. don't EVER control your trust. it will be tax transparant insofar they are not yet anyways.
Trusts and foundations are challenging albeit not impossible to navigate currently. For trusts the key words are: discretionary, irrevocable, and class of beneficiaries.
A foundation nowadays could proof to be more configurable. As a rule of thumb; common law = trust where civil law = foundation. In hybrid countries it depends. (U)HNWI just shift their residency and/or citizenship to find the most convenient system applicable to their situation.
Pay off / bonus
the pay-off about Switzerland is not correct. Education and healthcare are definitely not free. And taxes high.. Well that is to be seen. It depends on the canton and how you are being paid. Corporate taxes are around 15% which is slightly higher than Cyprus and Bulgaria. Malta I leave out as the conditions to qualify for the 5% are subject to a lot of details which in return you could name hidden taxes.
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