Bob; I am reluctant to speak in great detail. But in general you start a company in Gibraltar, and that fee is around $1000 +\- depending on who does it. That company can open bank accounts in it's name, also brokerage accounts. They charge an annual fee, and a per transaction fee, plus postage etc. If you had $100,000 it would pay to place it there.The cost of setup and annual maintenance should be under 1-2% You can then buy Altamira funds, BRE-X stock, whatever, buy sell, accumulate etc. You must declare the existence of this account to revenue canada, and all earnings in it, and pay taxes, if you wish.
If you do not, and they never find out about it, you are fine. If they tap your phone for 3 months and accumulate a body of data that tells them what you earned, they will sieze Canadian property to recover the taxes. It may be jailable??. So you never phone from home, or fax from home. Use the phone cards to issue orders to buy/sell, or a secure internet pathway. You can use your own phone for getting prices from your own broker, and you should keep a small brokerage accoount for this purpose.
How do you access the money?. An offshore visa card, used only to get cash from ATMs, do not live like a king. Do not buy a house worth money you cannot show is yours, and so on. Most tax evaders get caught by that sort of thing. I think there are some offshore web sites. But take care some are scams to get your money. Maybe some are IRS/REVCAN stings?
The best way to do it is to choose a place you make a trip to 1-2 times a year. Like Turks and Caicos, or other islands in the caribbean or elsewhere that offer such services.There are dozens of them, depending on the ways you like to take trips. Of course you do not want the trip costs to exceed the profits, so some discretion is needed.
I know some places you can use, and if you e-mail me I will suggest one in the area you can travel to. It is not neccessary to go there often, but you need to check up on things from time to time.
Bill |
