I think the safest places to put your bucks, as an American, would be in an Iraqi, Iranian, or even a Nigerian bank.
Better find a new way to hide your money...
- Thread starter papajohn56
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My next trip I'm going to try and get a bank account in a South Pacific country
I got a Cook Island drivers license in 30 min
They can only say no
All you need is internet banking
I got a Cook Island drivers license in 30 min
They can only say no
All you need is internet banking
dual citizenship is easier in some countries. Note I didn't say easy, just easier then others.
For example, Dominican Republic will cost you 30k for an instant 2nd passport that will help you gain citizenship in their country. If thats too high for you, I heard Israel will grant you citizenship if you want to convert and visit their country for awhile...
Purchasing land in other countries though and living there for a short time usually does the trick though in most other countries. Once you have the dual citizenship/passport, your pretty much ahead of the game when it comes to moving money offshore and protecting it better. Just make sure you travel alot and can justify it if you do get called out.
For example, Dominican Republic will cost you 30k for an instant 2nd passport that will help you gain citizenship in their country. If thats too high for you, I heard Israel will grant you citizenship if you want to convert and visit their country for awhile...
Purchasing land in other countries though and living there for a short time usually does the trick though in most other countries. Once you have the dual citizenship/passport, your pretty much ahead of the game when it comes to moving money offshore and protecting it better. Just make sure you travel alot and can justify it if you do get called out.
Really? I'm not raising the bullshit flag but it seems so unlike the US to let that slide. I know here overseas land needs to be stated.
Maybe because they don't really care when or where you spend your money ... they only care about knowing when you make money and/or bring it in to the US.
I don't get where the money is coming from that you'd be able to transfer it to an offshore bank without record of it. If it goes to a merchant account first, they've got to report it, and if you're getting commissions from an affiliate network, chances are you've filled out a w9 or similar form, which of course gets reported at the end of the year.
So what's the point in "hiding" it in the first place?
So what's the point in "hiding" it in the first place?
Ever heard of having your merch account or aff network make payments to your bank account? Simpler terms... your business bank account? thats located in another country? payable to the business and its ID number that was established in the other country?
Unless you go around telling everyone thats your 2nd account all day, there is no way for the affiliate network to know.
This shit comes up all the time. At the end of the day, if you're a US citizen and only a US citizen, there's not much you can do.
Yeah you can have monies paid directly to your offshore companies, but as a US citizen you are supposed to report and pay taxes on that income.
Ok fine you say, no one knows about it so you decide not to pay taxes on it. Fine. Now the big problem is getting the money back into the US in a form that you can spend.
About the best you can do is get a debit card from one of your offshore bank accounts and use it to pay for "incidentals" but that's not going to get you far.
You could write checks from your offshore business checking account, but good luck buying anything meaningful with a check from your business account in barbados or wherever.
If you have really big balls I guess you could try hiring a boat to transport you back and forth with suitcases full of cash ... but short of that ...
Yeah you can have monies paid directly to your offshore companies, but as a US citizen you are supposed to report and pay taxes on that income.
Ok fine you say, no one knows about it so you decide not to pay taxes on it. Fine. Now the big problem is getting the money back into the US in a form that you can spend.
About the best you can do is get a debit card from one of your offshore bank accounts and use it to pay for "incidentals" but that's not going to get you far.
You could write checks from your offshore business checking account, but good luck buying anything meaningful with a check from your business account in barbados or wherever.
If you have really big balls I guess you could try hiring a boat to transport you back and forth with suitcases full of cash ... but short of that ...
I don't know much about the real estate game, but the wealthiest guy I've met under 35 so far was the son of a broker from socal. They took frequent trips down to Central/South America.
Lol weren't you the one who evaded all your credit card collecters? And you're lecturing others on paying debts?
You only have to declare what, anything over 10k when you fly right? The way I look at it, anyone that HAS enough money to have an offshore account should have a lot of their debts in order, meaning house paid for.. cars paid for.. etc. About the only debt you should have is shit like food, utilities, phone, etc, and even these I have paid for up to 12 months in advance.
You could easily go to South America for a day or 2 once a month, bring back 9.9k in cash and live on that for easily a month or 2. I remember working a 9-5 gig and getting paid 5k a month ( after taxes ) and was living nice on that with a wife and 3 kids.
Also, a key thing you bring up is what you said "if you're a US citizen and only a US citizen", hence my point in being a dual citizen earlier in this thread. There is talk that even if you are American and renounce, that the US will still come after you for taxes, but again.. IF your wealthy enough to have an offshore account, you should have all your debts in order in the first place and all your ducks lined up to even do this.
This isn't a game for those with a couple hundred thousand or even low 7 figures and for sure isn't for anyone relying 100% on affiliate marketing and has only been doing it for a couple years.
The big thing isn't just hiding money there the government never sees, it's not paying taxes on the interest as it grows.
If you have $500,000 invested here and it's growing at about 8% a year you pay taxes on that each year and it cuts it down quite a bit. Invest $500,000 in an off shore account and watch that money grow tax free. That's what most people are doing in reference to off shore accounts.
The idea isn't to get out of paying the first tax bill on the money but instead the yearly bills after on the interest earned each year. So when evaluating foreign accounts you have to factor in risk+return+local taxes to decide what places are best.
If this was purely about where to hide your money plenty of places around the world you can do that very nicely. It's just pretty useless if the money is not going to grow. For example a foreign safe deposit box.
If you have $500,000 invested here and it's growing at about 8% a year you pay taxes on that each year and it cuts it down quite a bit. Invest $500,000 in an off shore account and watch that money grow tax free. That's what most people are doing in reference to off shore accounts.
The idea isn't to get out of paying the first tax bill on the money but instead the yearly bills after on the interest earned each year. So when evaluating foreign accounts you have to factor in risk+return+local taxes to decide what places are best.
If this was purely about where to hide your money plenty of places around the world you can do that very nicely. It's just pretty useless if the money is not going to grow. For example a foreign safe deposit box.
exactly Mike ^^. I didn't touch on this point, but its true. Hiding money 1 time doesn't mean shit. Its securing it somewhere safe and favorable for not only the initial tax hit, but for any future tax hits from interest and gains made from that money.
The problem with this is that, is it really worth it to travel to some foreign country once a month just to bring back $9,999? Most people making a good amount of money i.e. people interested in this stuff, can't live on $9,999 a month.
It's not just talk, they absolutely will. Technically you are supposed to pay taxes for another 10 years after you give up your US citizenship. If you don't they WILL get you once you come back and step foot in the US. Maybe not the 1st time, but they will grab you right at the airport.
I'm not sure this is necessarily true. I know a lot of "rich" people who have mortgages on their primary residence. A mortgage is cheap money and even a novice investor can borrow money at 5-6% via a mortgage and get a 10%+ return. A good investor should be able to average 20% or more. Nothing wrong with borrowing at 5-6% in order to make 10-20%.
It's really the "low 7 figure" people who are mostly interested in this stuff. Because to them taxes reduce their spendable income significantly. At the next level up you're making so much money that most people I know just don't care about the taxes enough to worry about offshore stuff, etc., because they still have so much left over after taxes that it just doesn't matter. Why deal with the hassles and stress if you make more money than you could possibly spend...
(This goes for "normal" rich people who aren't hell bent on wasting money as quickly as possible buying every toy under the sun, insist on owning 3 houses, 12 cars, expensive yachts, planes, etc. Most "rich" people I know have no interest in this type of stuff.)