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I was going to form an offshore company with nominee for shareholders and director and open company bank account in some of the exotic islands. The whole idea is to just hide part of my income and withdraw the money from ATM or spend online or whatever a credit/debit card can offer.
But i read some posts that going offshore does not solve taxation problems and i am curious how exactly tax authorities will know about this part of my income i make thru my anonymous poffshore company? Can someone explain?
Also i was going to use a broker for this service and i see offers from $1500 up to $5000. I know i must be careful but i have no idea what i can do after i wire them the fees and all i can do is wait and pray. Any suggestions?
I was going to form an offshore company with nominee for shareholders and director and open company bank account in some of the exotic islands. The whole idea is to just hide part of my income and withdraw the money from ATM or spend online or whatever a credit/debit card can offer.
You will still need to give ID to open an account. Your talking about tax evasion here (illegal).
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But i read some posts that going offshore does not solve taxation problems and i am curious how exactly tax authorities will know about this part of my income i make thru my anonymous poffshore company? Can someone explain?
They might not. Or they might check ATM records of withdrawals from a Bank in Panama.
Quote:
Also i was going to use a broker for this service and i see offers from $1500 up to $5000. I know i must be careful but i have no idea what i can do after i wire them the fees and all i can do is wait and pray. Any suggestions?
Thanks for your posts and comments.
Yes very expensive to setup, plus all them withdrawal fees etc.
The fact of the matter is "Offshore" benefits few people.
Best stick to DGC and a ATM card, don't bother with Offshore.
I already aplied for ATM card but still waiting to get it. The problem is that i paid for it and right after that the card provider stopped replying my emails
Now all i can do is just waiting.
I know tax evasion is illegal but when they take 40% of all i make working 18 hours a day i think i'd better hide a little part of it. Or i better stop working and become the next one waiting for the government to give me money to live and increase taxes to the ones who work.
[quote=mafiaman They might not. Or they might check ATM records of withdrawals from a Bank in Panama. MM[/QUOTE]
Banks in Panama cannot provide transactions records unless a major crime has occurred. Dope, terrorism and the like. It is against the law for a banker to cough up such information.
Now, before that happens, somebody needs a judge order in Panama which usually is not going to happen if some taxman asks for it. And then, is the tax man going to ask if you are a customer bank by bank?
Banks in Panama cannot provide transactions records unless a major crime has occurred. Dope, terrorism and the like. It is against the law for a banker to cough up such information.
Now, before that happens, somebody needs a judge order in Panama which usually is not going to happen if some taxman asks for it. And then, is the tax man going to ask if you are a customer bank by bank?
Maybe an unrealisitic way to get caught. But the possible is there if you get audited.
Marc Harris learned about the respect of privacy in Panama when he was hauled back to USA commando style by FBI men to be judged...
Debit card : the IRS in USA seized few years back all the records from major international cards issuers (Visa, mastercard..etc) and , specifically most of their records pertaining to international cards (offshore too)... Bet there is some people that are cold sweating...
Banks: never ask for a card via intermediary.. It is easier and safer to have it delivered by the bank with which you have an account..Chose a reputable bank as well... It is not because the agent is linked to a specific bank that you cannot change..Go for banks with international networks.
Saving tax : you might save some tax but that might be partially offset by the cost of maintaining an offshore presence that looks credible...
Last edited by obera : 03-30-2007 at 08:34 PM.
Reason: Accidental double post, and it seems I can't delete this one... so I'll just turn it into something more useful.
I have a friend here in france ,he is from the United States last year he tried to start a new business in import export here in france , but a friend of main suggested him to start his business and to incorporate in Algeria cause there is no high fees there and Algeria haven't tax Treaties with U.S.A but the only problem that he had is to find an Algerian Partner to incorporate and he got it, and as he told me the business going very well , so I think algeria is a good place to incorporate.
have a good luck with your Business and I wish you all the best.
Save taxes by going offshore
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