forex bob
http://discuss.seasteading.org/t/cost-of-renouncing-us-citizenship/622/14
Actually this topic crosses over into my area as well. May I suggest that it doesn’t make too much sense to give up citizenship for most people. What most are trying to accomplish is just to protect their money. You can do that without the cost and limitations of giving anything up.
What I recommend for traders/investors is to open up an IBC (International Business Corporation). It cost around $1000 US and about $400 a year after that. However, an IBC acts like a citizen of the country where it was created. When you put all your assets in the name of the IBC those assets no longer belong to you, they belong to the company. If you are sued, the courts can’t touch the corporates money. If the government looks at your taxes, you only made as much as you actually take out of the IBC. The IBC can buy a boat or a house and pay you to watch it for the company. You pay taxes only on your actual pay.
For US citizens, living outside the US, you can deduct up to $96,000 per person ($192,000 per couple) from your income. Meaning, that you can live tax free and not give up anything. For a little more razzle-dazzle and to keep things moving, you can move your IBC from one country to another or open a second IBC in a different country and transfer assets between the two.
The IBC holding company acts like a citizen of a different country and your native country has no jurisdiction over the business of another country. Of course your IBC will have to pay taxes on its income to the other country so make sure you pick a country that doesn’t tax foreign income like Belize or Panama.
To the courts and tax office, it will look like you are just over broke but you do damn well on what little you make. Many investments are not permitted to US citizens with less that $500,000. Plus there are other restrictions to what you can do with those investments. An off shore IBC removes all those restrictions and limitations while preserving your ability to come and go as you please with your regular passport.
Should you want a second passport, there are no limitations unless one of the governments don’t allow duel citizenship. The easiest countries to get citizenship in and a second passport, is Dominican Republic and Paraguay. Unfortunately, those two passports won’t get you into too many other countries without a visa. The US and Canada are the two passports most accepted anywhere. European Commonwealth is the best for Europe, naturally. Citizenship in any of the member countries will get you a European pass.
If there are any here that is looking for a passive income, (income that you don’t actually have to work for), I will be happy to share what I know there as well.
