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Does anyone have any direct experience with so called "Checkbook IRA's"?
One of the attorneys I spoke with recently regarding restructuring my assets suggested moving my IRA's into an off-shore LLC (say, Belize) into what is called …
I believe it is a completely separate topic so created a separate thread for it.
Yeah, $80k is way out of the ballpark. A 1-2 person internet company with no tangible products looking for an offshore jurisdiction is standard fare for them and shouldn't require specialized CPA advice; the tax attorneys at the firm should be able to handle it.
I'd say that $10k each ($30k total) for an upper tier onshore law firm, CPA firm and offshore law firm (Walkers, Maples, Ogier) would be the maximum I would pay for this. You could probably eliminate the CPA firm as I mentioned, making this $20k max. Your mileage will vary.
Not really. Our offshore law firm's KYC questionnaire only required 2 pages of standard contact info and addresses; they did require scans of passports and proofs of addresses for the general partners and major unitholders though. Mike is correct that the lawyers have a duty to learn the client's needs from their conversations and not to pass you a 50 page boilerplate questionnaire.
As for picking the structure and populating the names, I've seen 50/50 of reused materials and creative new language, I think the latter becomes more frequent over time. Sometimes having the same language as 100 other clients is a good thing and if you don't want boilerplate treatment, make sure you have only 1 point person and not 9-10 different names on the time sheets for your invoices.
Obtain russian citizenship.Here is,our ''IRS'' still sometimes have difficulties to understand what a brokerage is.Additionally,In some cases a small entity here pays only 6% in taxes per year,not sure if a web based bussiness would qualify,but it very much might be.
There`s no privilege whatsoever in offshore banking - you still pay taxes.There are some benefits for the large companies with big staff in terms of the wafge tax reduction,as i recall.
That's just flat wrong. Why would anyone the America region choose Russia, especially having to pay 6% instead of 0% in a tax haven close to home.
Also wrong about only big businesses benefitting.
And wrong about your offshore tax assumption.
If you read the thread these concepts were already discussed, including profit deferral and 0% taxes offshore. And using the foreign earned income of around 100k you can avoid self employment tax of 15% plus tax free on first 100k earned if your primary residence is outside the US.
Im not an accountant nor attorney and this is not tax advice
I meant you pay 6% as a small venture in Russia being a Russian citizen,I didn't mean Russia as offshore zone.Sure there are zero tax heavens in Caribbean basin,what I meant you still have to pay 100% whatever you tax rate is in US for the income in that offshore.Plus,in some places you might be obliged to hire couple of locals as a so called "technical managers".Maybe in some places you don't have to,but that's what I was told by local attorney when I used to live there.
I did a research on offshores some years ago and to me it appeared more like myth.
It is funny to read all this stuff, attorney here.... attorney there.... and nobody talks about CFC RULES.
The only good way to do this is the google, starbucks, shell etc.. way with Ireland and Holland as the main players, you will arrange a tax bracket in Holland that is confidential so you will not trigger the CFC RULES and pay legally less tax.
Another way is to be a citizen in a tax friendly country (not for US).
All the rest is just tax evasion and the structures will trigger the CFC RULES in your home country.
You will find allot of online sellers of offshore structures trying to sell stuff like Panama foundation with a Belize IBC and they tell you that this is the safe way to go offshore but in court they will look at that foundation and just look at the way it is used for and that will trigger the CFC RULES.
Just remember that all this companies and even attorney´s, all that they are after is your money!
Maybe this is a good subject for a webinar Mike?
How to legally going offshore?