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robdamel's avatar

Would you be willing to move to a country described as a tax haven?

Asked by robdamel (786points) April 1st, 2011

I was looking out of curiosities through a list of countries described as tax havens. One that particularly caught my interest was Bermuda – since its close to the USA, can Americans just pop over there and live? How about open a business?

Would you be willing to move to any tax havens?

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9 Answers

JLeslie's avatar

You can’t just hop over to Bermuda and work, because it is not America or a territory of America, and they have their own requirements for expats to work. Here is one link with some info. Also, laws have changed, so I am not up-to-date on US tax laws regarding expats, but it used to be you had to be in the US less than 30 days in a year to qualify for an examption in paying US tax. I think back when my husband was an expat it was the first $75K you earned was tax free, but above that was taxed. But, I was still living in the states, not sure if we filed separately that year, so his salary was evaluated separately from mine? Not sure.

robdamel's avatar

I do know USA taxes based on citizenship, and wherwver we are in the world we still have to pay taxes. But, i think the tax is necessary only if our income is above 75k yearly. We would have to remove citizenship if we were to be free from american taxes. I could be wrong about if it has to exceed 75k yearly, or if the tax gets into effect after 75k total.

12Oaks's avatar

No, I’m not moving. I have a personal tax haven which is stashed with “tax-free income” from side jobs, tips, gambling winnings and the like. I don’t remember anyone from the IRS being there at the last card game to help with the blinds, so they ain’t getting no cut. I can’t remember no help building that fence last summer, neither. 100% into the pocket, 0% to the tax collector.

math_nerd's avatar

@12Oaks :: Please stop using the roads I am responsible enough to pay for. At least I graduated high school.

12Oaks's avatar

@math_nerd I’m a CDL driver and pay more in fuel and highway taxes a year then you will in a lifetime.

As far as graduating myself from high school early? I ain’t hurting, buddy. I ain’t the one who has to pay five digits a year to keep going to school because high school just wasn’t enough I am proud of being able to complete high school on my 16th birthday, and securing my job just a few hours later. I’m not sure why you decided to point that out. Do you like math? What is 75×4 x 2×40 – 0%? That’s what this high school graduate gets as a side job. Not bad, huh? Or should I have kept going to school until 18? LOL

Tocon_Tactus's avatar

Already there. Not everyone lives in the USA.

Response moderated (Personal Attack)
Response moderated (Personal Attack)

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