Moving to a Tax Haven. Advice please...
- Thread starter bassmaan
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So I had my first meeting. Looks like I will be incorporating in the British Virgin Islands and leaving Canada. There is 0% tax and no filing or accounting required. The accountant is currently looking into all contingencies of possible withholding tax issues from online income from the US. Any one know anything about withholding tax???
The set up fee is about $7k + $16K for the land transfer tax im going to have to pay to get rid of my condo. Then there is a $2k yearly fee for the corporation. Over all this is a lot better than the 30% tax i would pay if I incorporated in Canada or the 46% I would pay if I continued working as an indevidual.
The restrictions on what countries I can spend my time in and for how long seem to be a lot more strict than I expected. I was advised to never spend more than a couple months in Canada or the US per year and to make sure its not the same months across years.
Other than that it looks like the adventure begins when I leave for Vegas next week!
The set up fee is about $7k + $16K for the land transfer tax im going to have to pay to get rid of my condo. Then there is a $2k yearly fee for the corporation. Over all this is a lot better than the 30% tax i would pay if I incorporated in Canada or the 46% I would pay if I continued working as an indevidual.
The restrictions on what countries I can spend my time in and for how long seem to be a lot more strict than I expected. I was advised to never spend more than a couple months in Canada or the US per year and to make sure its not the same months across years.
Other than that it looks like the adventure begins when I leave for Vegas next week!
"Still water run deep when that coke is cheap
But when that price go south, get your surf boards out"
good luck
But when that price go south, get your surf boards out"
good luck
Panama is a great choice, and you can own land there without all the problems of owning landing in Costa Rica.
These guys are crazy - $250k is not a ton of dough - but it is a ton of dough if you are making it without paying high taxes and living somewhere much less expensive like Panama or Costa Rica.
If you have the balls to make that type of move, DO IT -- you will never regret it. You may want to be careful about renouncing your citizenship right away. Go check it out for 6-12 months and see if you like, then move forward.
If you go to Panama, PM me and I will give you some great places to check out.
These guys are crazy - $250k is not a ton of dough - but it is a ton of dough if you are making it without paying high taxes and living somewhere much less expensive like Panama or Costa Rica.
If you have the balls to make that type of move, DO IT -- you will never regret it. You may want to be careful about renouncing your citizenship right away. Go check it out for 6-12 months and see if you like, then move forward.
If you go to Panama, PM me and I will give you some great places to check out.
What your doing is a great idea, i do what your planning to do.
- no taxes
- lower cost of living
Those people who say 250k or whatever is not enough... In a country like Panama, you can live very well on 15k a year, vs the 50k you'd need in Canada.
- no taxes
- lower cost of living
Those people who say 250k or whatever is not enough... In a country like Panama, you can live very well on 15k a year, vs the 50k you'd need in Canada.
ok...
1. a public forum not a good place to discuss tax shelters.
2. $250k a year is not worth the effort, there is a ton of work involved here and risks involved. If you are talking about a permanent move out of your country maybe.
3. Work in Affiliate Marketing for a year see if the $250k trend continues before looking for shelter.
4. If you are really set on this.. Get a good lawyer, a great Tax advisor, look into setting up a corporation and eventually residence in Gibraltar or maybe the very expensive cayman's. It would also be smart to set up a bank account outside the country of incorporation that offers identity protection.
That is my 2 cents. But as I said I don't advice #4 for your situation.
1. a public forum not a good place to discuss tax shelters.
2. $250k a year is not worth the effort, there is a ton of work involved here and risks involved. If you are talking about a permanent move out of your country maybe.
3. Work in Affiliate Marketing for a year see if the $250k trend continues before looking for shelter.
4. If you are really set on this.. Get a good lawyer, a great Tax advisor, look into setting up a corporation and eventually residence in Gibraltar or maybe the very expensive cayman's. It would also be smart to set up a bank account outside the country of incorporation that offers identity protection.
That is my 2 cents. But as I said I don't advice #4 for your situation.
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