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Pastimes : Let's Talk About Our Feelings!!! -- Ignore unavailable to you. Want to Upgrade?

To: Ilaine who wrote (41866)	6/26/1999 12:19:00 PM
From: nihil	Read Replies (1) \| Respond to of 108807

The risk is minimal is you stick to name brand institutions that are regulated by a responsible government (a big English bank for instance). In theory, you can even use a U.S. bank, but I wouldn't. I would use a double blind, so that you had a legitimate reportable non-controlling interest in a corporate entity overseas that was protected by bank secrecy laws there. This would permit you to report your ownership in a foreign business to the IRS without penalty or tax (as long as there was no cash flow to your U.S. tax entity) while the overseas entity accumulates untaxed income in the tax haven corporation. You still need to have all of your entities located where you (or your legal surrogate) can if necessary sue and collect (English entities are very good for this). I do not pretend to be an expert in this field. It is on the edge where law and economics merge into divinity. The power to accumulate wealth and pass it down through the generations without paying tax is godlike. It is said that one can establish his own sovereign state in the Seychelles and write the laws one wishes. True, a band of freebooters attempted to seize the Seychelles, but how would that have affected an island state spun off from that country? All of us can take a big step toward tax autonomy by moving our tax residence to Florida and packing a gun. I wouldn't go that far myself. One simple solution is to buy rare British empire postal stamps (after becoming expert in the field). Use overseas never repatriated cash for the purchase. The invoice omits detailing the precise defect that makes them valuable and a much less valuable imitator can goes into your US collection (this is a refinement for the supergreedy). The valuable stamp can go in a safe deposit anywhere. Passes untaxed to your heirs. Well chosen, it appreciates. Sold overseas for cash in some non-taxed place like Bahrein you can invest the proceeds in your haven.