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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (23814)5/21/1999 8:50:00 AM
From: Patrick Slevin  Respond to of 44573
 
Yeah, that's why Antiguan corporations and (I Think) Cayman Banks are popular.

You just have to be very careful how it is structured. There are a lot of pitfalls to snare the US Citizen who plays that game.

Again, it's not for the average Joe(sephine). It's a very complex setup that requires a lot of capital. For example, I know one fellow from your neck of the woods who daytrades as much as a hundred contracts on a trade. Everything flows in and out of a Cayman Bank.

If he were doing ones and twos like us he would be living in Paris, Texas, and operating out of a checking account at Joe's First National Savings and Loan.



To: GROUND ZERO™ who wrote (23814)5/21/1999 9:32:00 AM
From: Brian Hornby  Read Replies (1) | Respond to of 44573
 
I am actually very sure about that point - no matter where you put the money, you owe tax on it. Now the IRS may not easily find out about money in offshore account, but you still owe tax on it and not declaring is a no-no etc. I will post a link to an IRS document that says the same in a lot of words if I get a chance.


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