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]

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.

 

[Delta]

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 those︀ entities will probably not report anything to tax autorties of different country in EU.
Hard to tell at this moment.

Regards,
Delta

 

[Martin Everson]

Ask them.

I cannot help you with tax evasion.

Wait until next year in that case.

Wishing you a happy new⁣ year.

 

[Delta]

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]

There are costly arms length solutions but why bother when⁠ you can just relocate and be done.

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.

 

[Delta]

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, if︀ the cheapiest one, just need to be able to pay with it in eur or︁ 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.

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

"Your Wise︇ 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 your︈ 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 to︉ use your login details to access the appeals flow."

 

[Martin Everson]

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

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