Taxes from trading futures

[Delta]

Hi, I trade futures, its my only income.
Wonder, if I ll need just offshore bank account or also a company to have zero income taxes legally. I ve EU citizenship.
Currently am funded by apexfunding and they use wise, which report my balance to tax authorities, althought not sure whats the threshold and if they do so every year regardless of transfers. Maybe just irregular or high amounts.

Can u recommend some options how to lower or avoid taxes completelly?

Regards,
Delta

 

[Martin Everson]

Delta said:
Wonder, if I ll need just offshore bank account or also a company to have zero income taxes legally.
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You need to start with correct residency and/or residency program.

Delta said:
Can u recommend some options how to lower or avoid taxes completelly?
Click to expand...

To lower taxes you simply need to make less money. To avoid taxes you need to move somewhere that does not tax the income.

P.S I moved thread to correct section.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Delta]

Martin Everson said:
You need to start with correct residency and/or residency program.



To lower taxes you simply need to make less money. To avoid taxes you need to move somewhere that does not tax the income.

P.S I moved thread to correct section.
Click to expand...

Unfortunatelly none of it as an option for me at this moment, maybe Cyprus next year but need something for this year.
Will wise report every transfer to tax authorties, if I ll do so to offshore bank account regularly like every quarter? or split money to multilpe banks in same country, low amounts up to 7k-10k?
Isnt there any non-bank entitiy that doesnt report anything, prolly offshore one?
I was expecting perhaps, if I d send money to offshore bank acc, it d be sufficient as those entities will probably not report anything to tax autorties of different country in EU.
Hard to tell at this moment.

Regards,
Delta

 

[Martin Everson]

Delta said:
Will wise report every transfer to tax authorties, if I ll do so to offshore bank account regularly like every quarter? or split money to multilpe banks in same country, low amounts up to 7k-10k?
Click to expand...

Ask them.

Delta said:
Isnt there any non-bank entitiy that doesnt report anything, prolly offshore one?
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I cannot help you with tax evasion.

Delta said:
Unfortunatelly none of it as an option for me at this moment, maybe Cyprus next year but need something for this year.
Click to expand...

Wait until next year in that case.


Wishing you a happy new year.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Delta]

Martin Everson said:
I cannot help you with tax evasion.
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Legally arent there other alternatives than just changing residency or traveling that would lead to be outside of tax residency for more than 183 days, wich I assume will help.

Any idea, what data wise collect and send to tax authorities? Do they send these data regardless of reaching any thresholds?

Hapy new year too.

 

[Martin Everson]

Delta said:
Legally arent there other alternatives than just changing residency or traveling that would lead to be outside of tax residency for more than 183 days, wich I assume will help.
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There are costly arms length solutions but why bother when you can just relocate and be done.

Delta said:
Any idea, what data wise collect and send to tax authorities? Do they send these data regardless of reaching any thresholds?
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They say the below. They take combating tax evasion seriously now.

https://wise.com/help/articles/2932394/how-does-tax-work-with-my-wise-account
Any more detail you need to ask them directly.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Delta]

Martin Everson said:
There are costly arms length solutions but why bother when you can just relocate and be done.
Click to expand...

Easier said than done but thats one of the options I do consider now, just not sure how to properly proceed. Will membership here help with that lil bit?
For example Honduras wants around 30k per year. Need something cheap and fast and somehow get rid off current residency, if its possible.

Or will make non-crs bank but again google not a good help. Wonder, if USA based acc is good option gor EU, Puerto Rico seems fine althought not sure, if the cheapiest one, just need to be able to pay with it in eur or withdraw via ATM.

Is withdrawing via ATM fron non-crs banks in country of residency suspicious? Prolly will need to go to neighbouring country to withdraw.

Martin Everson said:
Any more detail you need to ask them directly.
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Last time I ve asked them what r their thresholds and if they communicate with tax authorities and my acc was deactivated. Althought I didnt provide any personal info, so whats the point and when I ve logged in, there wasnt the message they ve mentioned should appear.

"Your Wise account has been deactivated. Unfortunately, Customer Support doesn't have access to the information on why we closed your account.
If you're not happy with our decision to close your account or would like to claim any remaining funds, you can appeal our decision.
How to submit an appeal?
Even if we deactivated your account, you will still need to use your login details to access the appeals flow."

 

[Martin Everson]

Delta said:
Easier said than done but thats one of the options I do consider now, just not sure how to properly proceed. Will membership here help with that lil bit?
For example Honduras wants around 30k per year. Need something cheap and fast and somehow get rid off current residency, if its possible.

Or will make non-crs bank but again google not a good help. Wonder, if USA based acc is good option gor EU, Puerto Rico seems fine althought not sure, if the cheapiest one, just need to be able to pay with it in eur or withdraw via ATM.

Is withdrawing via ATM fron non-crs banks in country of residency suspicious? Prolly will need to go to neighbouring country to withdraw.
Click to expand...

I cannot help you with tax evasion as I said already.

Delta said:
Last time I ve asked them what r their thresholds and if they communicate with tax authorities and my acc was deactivated. Althought I didnt provide any personal info, so whats the point and when I ve logged in, there wasnt the message they ve mentioned should appear.

"Your Wise account has been deactivated. Unfortunately, Customer Support doesn't have access to the information on why we closed your account.
If you're not happy with our decision to close your account or would like to claim any remaining funds, you can appeal our decision.
How to submit an appeal?
Even if we deactivated your account, you will still need to use your login details to access the appeals flow."
Click to expand...

Well that is their response to your question. I do not know more than them about their own policies unfortunately.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.